# European Markets Slip Ahead of Key U.S. Jobs Data as Tariff Concerns Loom
**Note**: This analysis is generated during European session, markets open. Event times in US Eastern Time.
## Major News
Global markets are experiencing mixed sentiment as key economic indicators loom. U.S. stock futures are little changed ahead of Thursday’s jobless claims data, with S&P 500 futures down 0.13%, Dow futures off 0.14%, and Nasdaq futures declining 0.15%. European indices opened lower, with the Euro Stoxx 50 down 0.23%, DAX down 0.11%, and FTSE 100 down 0.24%, although CAC 40 managed a slight gain of 0.11%. The Nikkei rose by 0.38%.
In trade news, the U.S. has expanded its tariff investigations to include masks, syringes, and robotics, potentially impacting import costs. Meanwhile, China is urging its companies to avoid extreme discounting in the U.S. market, reflecting ongoing tensions. On the currency front, the EUR/USD pair is stabilizing around 1.1750 after a bearish correction, while gold prices are struggling to recover from a recent correction from record highs of $3,791.
Market participants are closely monitoring upcoming economic data and Federal Reserve speeches for further direction. Overall, the current market sentiment remains cautious as investors await critical economic indicators.
## Performances
### US Futures
US futures indicate opening sign for cash market.
| Future | Price | Daily Change (%) |
|---|---|---|
| S&P 500 Futures | 6695.25 | -0.13 |
| Dow Futures | 46467.00 | -0.14 |
| Nasdaq Futures | 24744.00 | -0.15 |
### Major US Indices (Previous Close)
Previous close performance for US indices.
| Index | Price | Daily Change (%) |
|---|---|---|
| S&P 500 | 6636.68 | -0.50 |
| Dow Jones | 46113.99 | -0.55 |
| Nasdaq 100 | 24500.84 | -0.59 |
### European Indices Performance
| Index | Price | Daily Change (%) |
|---|---|---|
| Euro Stoxx 50 | 5450.85 | -0.23 |
| DAX | 23594.15 | -0.11 |
| CAC 40 | 7806.75 | 0.11 |
| FTSE 100 | 9228.12 | -0.24 |
### Nikkei Performance
| Index | Price | Daily Change (%) |
|---|---|---|
| Nikkei | 45773.22 | 0.38 |
### FX Performance
| Currency Pair | Price | Daily Change (%) |
|---|---|---|
| EUR/USD | 1.17 | -0.07 |
| USD/JPY | 148.73 | -0.05 |
| GBP/USD | 1.34 | -0.04 |
| USD/CHF | 0.80 | 0.14 |
| USD/CAD | 1.39 | 0.02 |
| AUD/USD | 0.66 | 0.05 |
| NZD/USD | 0.58 | 0.05 |
### Commodities Performance
| Commodity | Price | Daily Change (%) |
|---|---|---|
| Crude Oil | 64.58 | -0.22 |
| Gold | 3779.80 | 0.33 |
| Silver | 44.45 | 0.42 |
| Natural Gas | 2.87 | -9.05 |
### BTC and ETH Performance
| Crypto | Price | Daily Change (%) |
|---|---|---|
| Bitcoin | 111870.75 | -1.30 |
| Ethereum | 4019.49 | -3.21 |
## Economic Calendar of Today (Most Important Events)
The following table lists high-importance economic events for today, 2025-09-25, with times in US Eastern Time.
| Date | Time | Cur | Imp | Event | Actual | Forecast |
|---|---|---|---|---|---|---|
| 2025-09-25 | 02:00 | 🇪🇺 | Medium | GfK German Consumer Climate (Oct) | -22.3 | -23.3 |
| 2025-09-25 | 03:30 | 🇨🇠| High | SNB Interest Rate Decision (Q3) | 0.00% | 0.00% |
| 2025-09-25 | 03:30 | 🇨🇠| Medium | SNB Monetary Policy Assessment | ||
| 2025-09-25 | 04:00 | 🇨🇠| Medium | SNB Press Conference | ||
| 2025-09-25 | 04:00 | 🇪🇺 | Medium | ECB Economic Bulletin | ||
| 2025-09-25 | 08:30 | 🇺🇸 | Medium | Continuing Jobless Claims | 1,930K | |
| 2025-09-25 | 08:30 | 🇺🇸 | Medium | Core Durable Goods Orders (MoM) (Aug) | -0.1% | |
| 2025-09-25 | 08:30 | 🇺🇸 | Medium | Core PCE Prices (Q2) | 2.50% | |
| 2025-09-25 | 08:30 | 🇺🇸 | High | Durable Goods Orders (MoM) (Aug) | -0.3% | |
| 2025-09-25 | 08:30 | 🇺🇸 | High | GDP (QoQ) (Q2) | 3.3% | |
| 2025-09-25 | 08:30 | 🇺🇸 | Medium | GDP Price Index (QoQ) (Q2) | 2.0% | |
| 2025-09-25 | 08:30 | 🇺🇸 | Medium | Goods Trade Balance (Aug) | -95.70B | |
| 2025-09-25 | 08:30 | 🇺🇸 | High | Initial Jobless Claims | 233K | |
| 2025-09-25 | 08:30 | 🇺🇸 | Medium | Retail Inventories Ex Auto (Aug) | ||
| 2025-09-25 | 09:00 | 🇺🇸 | Medium | FOMC Member Williams Speaks | ||
| 2025-09-25 | 10:00 | 🇺🇸 | High | Existing Home Sales (Aug) | 3.96M | |
| 2025-09-25 | 10:00 | 🇺🇸 | Medium | Existing Home Sales (MoM) (Aug) | ||
| 2025-09-25 | 10:00 | 🇺🇸 | Medium | FOMC Member Bowman Speaks | ||
| 2025-09-25 | 13:00 | 🇺🇸 | Medium | 7-Year Note Auction | ||
| 2025-09-25 | 13:00 | 🇺🇸 | Medium | Fed Vice Chair for Supervision Barr Speaks | ||
| 2025-09-25 | 15:30 | 🇺🇸 | Medium | FOMC Member Daly Speaks | ||
| 2025-09-25 | 16:30 | 🇺🇸 | Medium | Fed’s Balance Sheet | ||
| 2025-09-25 | 19:30 | 🇯🇵 | Medium | Tokyo Core CPI (YoY) (Sep) | 2.8% |
**Notes**:
– **Cur**: Currency associated with the event (with flag emoji).
– **Imp**: Importance (High, Medium, Low, None).
– **Actual**: Reported value (if available).
– **Forecast**: Expected value (if available).
On September 25, 2025, several key economic events are poised to influence market dynamics, particularly in the EUR, CHF, and USD currencies.
At 02:00 ET, the GfK German Consumer Climate for October recorded -22.3, exceeding expectations of -23.3, which may provide a slight boost to the Euro as it suggests improved consumer sentiment in Germany.
The Swiss National Bank (SNB) is expected to maintain its interest rate at 0.00% during its decision at 03:30 ET, with no surprises anticipated. The subsequent monetary policy assessment and press conference will be closely watched for any hints on future policy shifts, potentially impacting the Swiss Franc.
In the U.S., a series of economic indicators will be released at 08:30 ET, including Continuing Jobless Claims and Core Durable Goods Orders. The forecasts indicate potential weakness, with Core Durable Goods Orders expected at -0.1% and Durable Goods Orders at -0.3%. These figures could weigh on the USD if they fall short of expectations.
Later in the day, Existing Home Sales data at 10:00 ET will be critical, with forecasts suggesting a continuation of trends in the housing market. Overall, the market will remain vigilant for any shifts in sentiment that could affect currency valuations throughout the trading day.
## Remaining Economic Calendar Comment for the Week (Important Events Only)
The week of September 22, 2025, featured several notable economic events impacting global markets, particularly currencies.
The Canadian dollar (CAD) faced downward pressure following a disappointing Retail Market Price Index (RMPI) release, which fell by 0.6% against a forecast of 1.2%. Additionally, the New Housing Price Index also reported a decline of 0.3%, contrasting with expectations of no change. This underperformance raises concerns about the strength of the Canadian economy.
In the Eurozone, mixed PMI results were observed. German Manufacturing PMI printed at 48.5, below the anticipated 50.0, indicating continued contraction. Conversely, the Services PMI exceeded expectations at 52.5, suggesting some resilience in the services sector. Overall, the Euro (EUR) may experience volatility due to these mixed signals.
The U.S. dollar (USD) received a boost from stronger-than-expected New Home Sales, which surged to 800K, far surpassing the forecast of 650K. However, the S&P Global Manufacturing PMI slightly missed expectations at 52.0, indicating potential softness in manufacturing.
The week concluded with significant speeches from various central bank officials, including Fed Chair Powell, which could further influence market sentiment and currency movements. Overall, the week’s data highlights a cautious outlook for CAD and EUR while supporting USD strength.
