Opinion – Monday 20 October 2025

U.S. Indexes closed higher on Friday with the S&P, NASDAQ 100 and Dow Jones all posting gains; however, the RUSSELL saw further pressure. The regional banking ETF had pared some of the prior day’s losses following woes at ZION and WAL, but regional bank...

Opinion – Thursday 16 October 2025

U.S. Indexes were bid into the US morning to peak just after the open before momentum turned with equities bottoming out after Europe left for the day. The trough was seen as Tech stocks took a hit, namely NVIDIA (NVDA), seemingly in response to a Reuters article that...

Opinion – Wednesday 15 October 2025

U.S. Indexes saw a gyration on Tuesday, as they were initially weighed on by continued heightened US/China tensions and mixed US bank earnings. Afterwards, Indices reversed through the majority of the US session, before once again falling near the close as Trump once...

Opinion – Tuesday 14 October 2025

U.S. Indexes rallied on Monday, paring some of the downside seen on Friday. U.S. President Trump announced China will face a 100% tariff from November 1st, late on Friday, but later suggested that everything will be “fine”. Treasury Secretary Bessent...

Opinion – Monday 13 October 2025

U.S. Indexes plummeted on Friday while havens rallied as US President Trump reignited trade concerns. In response to China’s rare earth export controls, Trump threatened massive tariffs on China, noting that other countermeasures are also under consideration. He...

Opinion – Thursday 9 October 2025

U.S. Indexes closed higher on Wednesday with upside led by the NASDAQ as tech stocks, namely NVDA, outperformed while the Dow lagged. Progress on the government shutdown was lacking, but there was some optimism in France regarding political instability and optimism on...

Opinion – Wednesday 8 October 2025

U.S. Indexes closed lower on Tuesday, with weakness seen in the wake of reports in the Information that internal data shows the financial challenge of renting out NVIDIA (NVDA) chips and its impact on margins. This hit the large-cap tech sectors and weighed on Indices...

Opinion – Tuesday 7 October 2025

U.S. Indexes closed primarily green with outperformance in the NASDAQ on Monday thanks to the rally in AMD shares. AMD has signed a deal with OpenAI, with OpenAI to deploy 6 gigawatts of AMD GPUs based on a multi-year agreement. Sectors were predominantly firmer, with...

Opinion – Monday 6 October 2025

U.S. Indexes closed the final session of the week mixed, with the tech-heavy Nasdaq 100 (-0.4%) lagging, and the small-cap Russell 2000 (+0.7%) outperforming. The former was weighed on by weakness in NVDA, AMZN, META, TSLA, and PLTR, which saw large-cap sectors...

Opinion – Thursday 2 October 2025

U.S. Indexes added to recent gains despite early weakness following the government shutdown. Outperformance was in the NASDAQ 100 while sectors were more mixed. Health Care was the clear laggard as the sector continues to benefit from President Trump’s...

Opinion – Wednesday 1 October 2025

U.S. Indexes broadly saw slight strength to settle around highs as they saw a bid through the US afternoon and into Month/Quarter-end, although the Russell 2000 did still close marginally in the red. There was little headline driver for the paring of losses seen,...

Opinion – Tuesday 30 September 2025

U.S. Indexes saw mild gains to start the week as NVIDIA gains (PT raise at Jefferies) supported in light newsflow, with Fed speak coming via Williams, Musalem, and Hammack, and US data in Pending Home Sales, which was better than expected. On the Fed footing, little...

Opinion – Monday 29 September 2025

U.S. Indexes closed the final session of the week in positive territory following strength in wake of the US PCE report for August, which saw all the major metrics print in line. Treasuries saw two-way action on PCE, while the Dollar sold off. In the FX space, the...

Opinion – Thursday 25 September 2025

U.S. Indexes closed lower, and it was largely one-way traffic from the sell-off at the open, albeit on no particular headline driver. The Dollar saw notable gains as it attempted to retrace its WTD losses, so far, which weighed on all G10 FX peers. The Australian...