The trading week of September 21 to 26, 2025, unfolded against a backdrop of heightened tariff uncertainties, central bank rhetoric, and pivotal economic data releases, driving cautious market sentiment worldwide. U.S. equity indices managed modest daily gains but faced weekly softness, while European and Asian markets showed mixed resilience amid trade concerns. Precious metals like gold and silver surged as safe-haven assets, while cryptocurrencies struggled under macroeconomic pressures. Below, we dive into the week’s major financial events, spotlight key economic developments with a narrative focus, and summarize the performance of major world indices, commodities, forex, and crypto markets.
Major News Highlights of the Week
The week kicked off with central bank voices setting the tone. On Monday, September 22, Reserve Bank of Australia (RBA) Governor Michele Bullock addressed the House of Representatives, emphasizing that higher interest rates had successfully tamed inflation to 2.7% by June 2025, with the economy slightly outperforming expectations. Her remarks suggested a cautious RBA stance, with markets assigning just a 10% chance of a near-term rate cut, bolstering the Australian dollar briefly. That evening, Bank of England (BoE) Governor Andrew Bailey’s speech hinted at a dovish tilt, though specifics were limited, keeping sterling under pressure amid global policy debates.
Tuesday, September 23, was a data-heavy day, with preliminary Purchasing Managers’ Index (PMI) releases painting a mixed picture of global private sector activity. In the Eurozone, the HCOB Composite PMI inched up to 51.2, signaling modest expansion, but the Manufacturing PMI slumped to 48.5—well below the expected 50—highlighting persistent sector weakness, while Services PMI climbed to 51.4, offering some relief. These divergent signals weighed on the euro, with EUR/USD hovering near 1.1800. In the UK, the S&P Global Composite PMI underwhelmed at 51.0 against a 52.7 forecast, driven by slumping exports and steep job losses, pushing GBP/USD below 1.3500. Across the pond, the U.S. S&P Global Manufacturing PMI held steady at 52.0, aligning with forecasts and implying Q3 GDP growth of 2.5% annualized, supporting a resilient dollar outlook. Later, Fed Chair Jerome Powell’s speech in Providence underscored a balanced labor market but flagged tariffs as a potential inflationary “pass-through,” with no clear signal on October rate moves. Bank of Canada (BoC) Governor Tiff Macklem, speaking in Saskatoon, warned of export declines in tariff-hit sectors like steel and canola, praising the Fed’s evidence-based approach amid global spillover risks.
Wednesday, September 24, saw Australia’s August CPI rise to 3.0% year-on-year, slightly above the 2.9% consensus, driven by housing (+4.5%) and food (+3.0%). However, a trimmed mean of 2.6% and electricity rebate phase-outs (pushing prices to 5.9% without them) tempered expectations for imminent RBA rate cuts. Bailey’s second speech reinforced the BoE’s openness to further easing, citing cautious consumer behavior, though internal Monetary Policy Committee splits clouded November’s outlook.
On Thursday, September 25, the Swiss National Bank (SNB) held its Sight Deposit Rate at 0%, as anticipated, pausing after six cuts since March 2024. Chairman Martin Schlegel highlighted U.S. tariffs as a drag on Swiss exports but dismissed negative rates, stabilizing the franc. The U.S. Q2 GDP estimate was revised upward to 3.8% annualized from 3.3%, fueled by robust consumer spending (+2.5%), though tariff concerns lingered as a future headwind.
Friday, September 26, brought Japan’s Tokyo CPI, steady at 2.5% year-on-year (core ex-food/energy at 2.5%, down from 3.0%), above the Bank of Japan’s 2% target due to subsidies, supporting a cautious stance on rate hikes. In the U.S., the August Core PCE Price Index met expectations at 0.2% month-on-month and 2.9% year-on-year, with headline inflation at 2.7%, reinforcing the Fed’s path toward an October rate cut while noting limited tariff-driven price pressures.
The week’s narrative was dominated by tariff anxieties—U.S. levies on Swiss goods, Canadian commodities, and broader imports—coupled with resilient but uneven global growth. Markets leaned toward continued monetary easing, with the Fed and BoE in sharp focus.
Weekly Performance and Last Prices: Major World Indices
Major indices posted modest daily gains but faced weekly hesitancy amid tariff concerns. The Dow Jones rose 0.65% to 46,247.29 on September 26 but slipped 0.15% week-on-week. Below is a snapshot of key indices (last price as of Sep 26; 1-week % change):
| Index | Last Price | 1-Week Change |
|---|---|---|
| Dow Jones | 46,247.29 | -0.15% |
| S&P 500 | 6,643.70 | -0.31% |
| Nasdaq | 22,484.07 | -0.65% |
| Small Cap 2000 | 2,434.32 | -0.59% |
| S&P/TSX (Canada) | 29,761.28 | -0.02% |
| DAX (Germany) | 23,739.47 | +0.42% |
| FTSE 100 (UK) | 9,284.83 | +0.74% |
| CAC 40 (France) | 7,870.68 | +0.22% |
| FTSE MIB (Italy) | 42,646.23 | +0.79% |
| Nikkei 225 (Japan) | 45,354.99 | +0.69% |
| Hang Seng (HK) | 26,128.20 | -1.57% |
| Shanghai Composite | 3,828.11 | +0.21% |
U.S. tech underperformed, while European indices like the FTSE 100 and FTSE MIB benefited from PMI-driven optimism. Asian markets were mixed, with Japan’s Nikkei gaining on steady CPI.
Commodities: Weekly Performance and Last Prices
Commodities, particularly precious metals, surged as safe-haven demand intensified amid trade tensions. Gold climbed 2.78% week-on-week to ~$3,809/oz, with a daily gain of 1.01%. Silver outperformed with an 8.62% weekly rise to $46.656/oz. Energy markets rebounded on demand signals, despite tariff fears capping industrial metals.
| Commodity | Last Price | 1-Week Change |
|---|---|---|
| Gold | 3,809.00 | +2.78% |
| Silver | 46.656 | +8.62% |
| Crude Oil WTI | 70.13 | +4.85% |
| Brent Oil | 73.00 | +5.17% |
| Copper | 4.7720 | +3.12% |
| Platinum | 1,013.75 | +11.68% |
Forex: 1-Week Performance
Forex markets remained range-bound, with the U.S. dollar holding steady after PCE and GDP data met or exceeded expectations. EUR/USD weakened on soft Eurozone manufacturing, while GBP/USD faced pressure from disappointing UK PMIs. USD/JPY gained on Japan’s cautious policy outlook.
| Pair | Last Price | 1-Week Change |
|---|---|---|
| EUR/USD | 1.1697 | -0.40% |
| GBP/USD | 1.3398 | -0.46% |
| USD/JPY | 149.47 | +1.02% |
| AUD/USD | 0.6544 | -0.68% |
| USD/CAD | 1.3938 | +1.21% |
Crypto: 1-Week Performance
Cryptocurrencies faced significant selling pressure, with Bitcoin dropping 5.52% week-on-week to $109,296 amid risk-off sentiment. Ethereum saw steeper losses, down 10.86% to $3,992.20, while altcoins like Solana plummeted 16.67%.
| Asset | Last Price | 1-Week Change |
|---|---|---|
| BTC/USD | 109,296 | -5.52% |
| ETH/USD | 3,992.20 | -10.86% |
| SOL/USD | 201.53 | -16.67% |
| XRP/USD | 2.7732 | -7.50% |
Outlook: Tariffs and Policy Divergence Ahead
As Q3 concludes, markets are bracing for October policy moves, with the Fed and BoE leaning toward further easing. U.S. economic resilience provides a buffer, but global trade frictions, particularly U.S. tariffs, threaten volatility. Investors should watch the BoJ’s response to steady inflation and the SNB’s tariff vigilance. The week’s data reinforces a soft-landing scenario, but policy divergence and trade risks will likely dominate headlines.
Disclaimer
MarketsFN.com is not a registered investment advisor and nothing in this article should be considered financial advice. The content is for informational purposes only and reflects the author’s interpretation of publicly available data. Trading in financial instruments and/or cryptocurrencies involves high risks, including the potential loss of some or all of your investment. Prices are volatile and may be influenced by external factors such as financial, regulatory, or political events. Always conduct your own research and consult with a qualified financial advisor before making investment decisions.
