Opinion – Tuesday 23 September 2025

U.S. Indexes closed higher on Monday, owing a large part of the gains to a strategic partnership announced between NVIDIA and OpenAI. The deal is to see NVDA invest up to USD 100 billion in OpenAI, deploying 10GW of AI centres, first to deploy in 2026. NVDA (+3.9%)...

Opinion – Monday 22 September 2025

U.S. Indexes closed higher on Friday led by the S&P 500 hitting fresh record highs while the majority of sectors were green. Upside was led in Tech with the heavy cap stocks outperforming, leading to the NASDAQ 100 outperforming, while the Russell 2000 pared from...

Opinion – Thursday 18 September 2025

Two-way action was seen following the FOMC, SEPs and Chair Powell’s press conference. A dovish reaction was seen after the Fed cut rates by 25bps, as expected, which was accompanied by dovish SEPs, as 50bps of further rate reduction is now seen in 2025, against...

Opinion – Wednesday 17 September 2025

U.S. Indices were rangebound on Tuesday, as traders await the pivotal FOMC meeting on Wednesday, with them widely expected to cut by 25bps, but there remains an outside risk of a larger cut, and attention will be accompanying commentary and updated SEPs. US data came...

Opinion – Tuesday 16 September 2025

U.S. Indices closed positive on Monday with outperformance in the NASDAQ 100 thanks to notable gains in Alphabet (GOOGL) and Tesla (TSLA), with Google joining the USD 3 trillion market cap club while Tesla shares rallied on the Musk share purchases. Other mega-cap...

Opinion – Monday 15 September 2025

U.S. Indices closed mixed again on Friday in what was ultimately quiet trade with tech gains buoying the NASDAQ 100. The majority of sectors closed red, led by Materials and Health Care but Utilities and Technology outperformed. T-Notes were sold across the curve in...

Opinion – Thursday 11 September 2025

U.S. Indices closed mixed again on Wednesday, while the Dollar finished flat with Bonds strong. Sectors were mixed, with Utilities, Tech, and Energy outperforming, with Tech names largely boosted by Oracle (ORCL) after rallying post-earnings with a chunky RPO of USD...

Opinion – Wednesday 10 September 2025

U.S. Indices closed mixed, with the S&P and NASDAQ 100 seeing slight gains, while the RUSSELL lagged, weighed by higher US yields. Amid Fed blackout, the US highlight on Tuesday was the Preliminary BLS Benchmark total payroll revisions for March 2025, which were...

Opinion – Tuesday 9 September 2025

U.S. Indices closed little changed on Monday, although outperformance was seen in the NASDAQ 100 thanks to gains in the Tech and Consumer Discretionary sectors. On the flipside, Utilities, real Estate and Consumer staples underperformed while overall breadth was weak...

Opinion – Monday 8 September 2025

U.S. Indices closed mixed, as stocks were choppy, bonds rallied, and the Dollar was soft after another weak US jobs report. The headline print missed analyst expectations at 22k, with three of the last four months printing below the breakeven estimate (see more...

Opinion – Thursday 4 September 2025

U.S. Indices closed mixed, while T-notes were bid and the Dollar soft. The mixed equity performance saw the Nasdaq and S&P outperform, largely a function of upside in Google and Apple, leading to the Communication and tech sectors outperforming. The upside was...

Opinion – Wednesday 3 September 2025

U.S. Indices closed in the red on Tuesday, as participants returned from the long Labour Day weekend, but were hit by the broader risk aversion amid numerous factors. In particular, but not limited to, the US appeals court ruling on Trump tariffs as illegal,...

Opinion – Tuesday 2 September 2025

A quiet start to European trading following Monday’s subdued session due to the Labour Day Holiday in America. Gold is the notable exception having hit a high at 3509 overnight before selling off, trading at 3485 as I go to post. The Euro is weaker, trading with a...

Opinion – Monday 1 September 2025

U.S. Indices closed lower on Friday with underperformance in the NASDAQ while the Dow outperformed. Sectors, however, were mixed, with Tech and Consumer Discretionary posting the largest losses, while Consumer Staples and Health Care outperformed. The focus on Friday...