# European Markets Steady Amid Trump’s Tariff Threats as Indices Show Modest Gains
**Note**: This analysis is generated during European session, markets open. Event times in US Eastern Time.
## Major News
Global markets exhibited mixed sentiment today amid political developments and trade policy announcements. In the U.S., futures for the S&P 500, Dow, and Nasdaq rose slightly, with changes of 0.10%, 0.10%, and 0.15%, respectively. President Trump announced a controversial 100% tariff on branded drugs unless companies establish manufacturing in the U.S., raising concerns about potential cost increases for pharmaceutical firms.
In Europe, indices such as the Euro Stoxx 50, DAX, CAC 40, and FTSE 100 saw gains, with daily changes of 0.45%, 0.06%, 0.36%, and 0.13%, respectively, as investors appeared unfazed by Trump’s tariff threats. The market sentiment was further buoyed by Noba Bank’s successful debut, highlighting a positive trend for IPOs in the region.
Conversely, the Nikkei index declined by 0.41%, reflecting regional uncertainties. In the bond market, RBC suggested that a 10-year gilt yield above 4.75% could present a favorable entry point for long-term investors, given the fiscal concerns surrounding the UK’s Labour Party.
Overall, while the U.S. political landscape creates volatility
## Performances
### US Futures
US futures indicate opening sign for cash market.
| Future | Price | Daily Change (%) |
|---|---|---|
| S&P 500 Futures | 6664.50 | 0.10 |
| Dow Futures | 46319.00 | 0.10 |
| Nasdaq Futures | 24630.75 | 0.15 |
### Major US Indices (Previous Close)
Previous close performance for US indices.
| Index | Price | Daily Change (%) |
|---|---|---|
| S&P 500 | 6604.20 | -0.06 |
| Dow Jones | 45948.42 | -0.32 |
| Nasdaq 100 | 24393.95 | 0.33 |
### European Indices Performance
| Index | Price | Daily Change (%) |
|---|---|---|
| Euro Stoxx 50 | 5473.55 | 0.45 |
| DAX | 23614.86 | 0.06 |
| CAC 40 | 7850.10 | 0.36 |
| FTSE 100 | 9226.37 | 0.13 |
### Nikkei Performance
| Index | Price | Daily Change (%) |
|---|---|---|
| Nikkei | 45448.84 | -0.41 |
### FX Performance
| Currency Pair | Price | Daily Change (%) |
|---|---|---|
| EUR/USD | 1.17 | 0.09 |
| USD/JPY | 149.86 | 0.08 |
| GBP/USD | 1.34 | 0.07 |
| USD/CHF | 0.80 | -0.01 |
| USD/CAD | 1.39 | 0.04 |
| AUD/USD | 0.65 | -0.09 |
| NZD/USD | 0.58 | -0.07 |
### Commodities Performance
| Commodity | Price | Daily Change (%) |
|---|---|---|
| Crude Oil | 65.09 | -0.15 |
| Gold | 3771.50 | -0.10 |
| Silver | 45.26 | 0.33 |
| Natural Gas | 3.23 | 0.37 |
### BTC and ETH Performance
| Crypto | Price | Daily Change (%) |
|---|---|---|
| Bitcoin | 109441.48 | 0.39 |
| Ethereum | 3938.05 | 1.67 |
## Economic Calendar of Today (Most Important Events)
The following table lists high-importance economic events for today, 2025-09-26, with times in US Eastern Time.
| Date | Time | Cur | Imp | Event | Actual | Forecast |
|---|---|---|---|---|---|---|
| 2025-09-26 | 01:30 | 🇯🇵 | Medium | BoJ Board Member Noguchi Speaks | ||
| 2025-09-26 | 03:00 | 🇪🇺 | Medium | Spanish GDP (QoQ) (Q2) | 0.8% | 0.7% |
| 2025-09-26 | 05:30 | 🇪🇺 | Medium | Italian 10-Year BTP Auction | ||
| 2025-09-26 | 05:30 | 🇪🇺 | Medium | ECB President Lagarde Speaks | ||
| 2025-09-26 | 06:00 | 🇪🇺 | Medium | France Jobseekers Total (Aug) | ||
| 2025-09-26 | 08:30 | 🇺🇸 | High | Core PCE Price Index (YoY) (Aug) | 2.9% | |
| 2025-09-26 | 08:30 | 🇺🇸 | High | Core PCE Price Index (MoM) (Aug) | 0.2% | |
| 2025-09-26 | 08:30 | 🇺🇸 | Medium | PCE Price index (YoY) (Aug) | 2.7% | |
| 2025-09-26 | 08:30 | 🇺🇸 | Medium | PCE price index (MoM) (Aug) | 0.3% | |
| 2025-09-26 | 08:30 | 🇺🇸 | Medium | Personal Spending (MoM) (Aug) | 0.5% | |
| 2025-09-26 | 08:30 | 🇨🇦 | Medium | GDP (MoM) (Jul) | 0.1% | |
| 2025-09-26 | 08:30 | 🇨🇦 | Medium | Wholesale Sales (MoM) (Aug) | ||
| 2025-09-26 | 08:31 | 🇨🇦 | Medium | GDP (MoM) (Aug) | ||
| 2025-09-26 | 10:00 | 🇺🇸 | Medium | Michigan 1-Year Inflation Expectations (Sep) | 4.8% | |
| 2025-09-26 | 10:00 | 🇺🇸 | Medium | Michigan 5-Year Inflation Expectations (Sep) | 3.9% | |
| 2025-09-26 | 10:00 | 🇺🇸 | Medium | Michigan Consumer Expectations (Sep) | 51.8 | |
| 2025-09-26 | 10:00 | 🇺🇸 | Medium | Michigan Consumer Sentiment (Sep) | 55.4 | |
| 2025-09-26 | 11:30 | 🇺🇸 | Medium | Atlanta Fed GDPNow (Q3) | 3.3% | |
| 2025-09-26 | 13:00 | 🇺🇸 | Medium | U.S. Baker Hughes Oil Rig Count | ||
| 2025-09-26 | 13:00 | 🇺🇸 | Medium | FOMC Member Bowman Speaks | ||
| 2025-09-26 | 13:00 | 🇺🇸 | Medium | U.S. Baker Hughes Total Rig Count | ||
| 2025-09-26 | 15:30 | 🇬🇧 | Medium | CFTC GBP speculative net positions | ||
| 2025-09-26 | 15:30 | 🇺🇸 | Medium | CFTC Crude Oil speculative net positions | ||
| 2025-09-26 | 15:30 | 🇺🇸 | Medium | CFTC Gold speculative net positions | ||
| 2025-09-26 | 15:30 | 🇺🇸 | Medium | CFTC Nasdaq 100 speculative net positions | ||
| 2025-09-26 | 15:30 | 🇺🇸 | Medium | CFTC S&P 500 speculative net positions | ||
| 2025-09-26 | 15:30 | 🇦🇺 | Medium | CFTC AUD speculative net positions | ||
| 2025-09-26 | 15:30 | 🇧🇷 | Medium | CFTC BRL speculative net positions | ||
| 2025-09-26 | 15:30 | 🇯🇵 | Medium | CFTC JPY speculative net positions | ||
| 2025-09-26 | 15:30 | 🇪🇺 | Medium | CFTC EUR speculative net positions | ||
| 2025-09-26 | 18:00 | 🇺🇸 | Medium | FOMC Member Bostic Speaks |
**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 26, 2025, several key economic events are poised to influence market dynamics, particularly affecting currencies such as the USD, EUR, and JPY.
At 08:30 ET, the U.S. will release the Core PCE Price Index and Personal Spending data for August. The Core PCE is forecasted to remain at 2.9% YoY, with a MoM increase of 0.2%. Personal Spending is expected to rise by 0.5%. Any deviation from these forecasts could significantly impact the USD, as the PCE is the Fed’s preferred inflation gauge.
Additionally, the Michigan Consumer Sentiment and Inflation Expectations indexes will be released at 10:00 ET, with expectations set at 55.4 and 4.8% (1-year) and 3.9% (5-year), respectively. These figures will provide insight into consumer confidence and future inflation, further influencing the USD.
In the Eurozone, Spanish GDP growth for Q2 is reported at 0.8%, exceeding the 0.7% forecast, potentially strengthening the EUR. ECB President Lagarde’s speech at 05:30 ET may also impact market perceptions of future monetary policy.
Finally, BoJ Board Member Noguchi’s remarks at 01:30 ET could provide insights into Japan’s monetary policy stance, affecting the JPY. Overall, today’s events will be closely monitored for their potential market impacts.
## Remaining Economic Calendar Comment for the Week (Important Events Only)
On September 22, 2025, several economic events significantly impacted global markets, particularly currencies. Notably, Canada’s RMPI for August reported a surprising decline of -0.6%, far below the forecast of 1.2%, likely exerting downward pressure on the CAD. The New Housing Price Index also fell by -0.3% against expectations of stability, further indicating weakness in the Canadian economy.
In Europe, the HCOB France Manufacturing PMI came in at 48.1, below the expected 50.2, signaling contraction in the sector, which may weaken the EUR. Conversely, the Eurozone Services PMI exceeded forecasts at 51.4, suggesting resilience in services despite overall concerns.
In the U.S., the GDP growth for Q2 was robust at 3.8%, surpassing the forecast of 3.3%, while Durable Goods Orders surged by 2.9% against an expected decline, strengthening the USD. Initial Jobless Claims also surprised positively at 218K, below the anticipated 233K, reinforcing a strong labor market narrative.
Market participants will closely monitor speeches from various central bank officials, including Fed Chair Powell and ECB representatives, for insights on future monetary policy, which could further influence currency movements.
