Key takeaways
- U.S. stocks retreated as firmer growth and inflation signals clouded expectations for further Federal Reserve easing.
- President Trump pressed Turkey on Russian oil purchases while Russia curbed fuel exports after Ukrainian drone strikes.
- Global debt surged past $337 trillion, highlighting financial strains as Banxico cut rates despite sticky inflation.
- Bitcoin slid to $109K while gold dipped again, with the stronger dollar weighing on both assets.
Geopolitics & Market Sentiment
On September 26, 2025, markets recorded modest declines as firmer U.S. data and hawkish-leaning remarks from Federal Reserve officials clouded the near-term path for rate cuts, lifting the dollar and pressuring risk assets.
On the diplomatic front, President Donald Trump met Turkish President Tayyip Erdogan and urged Ankara to halt purchases of Russian oil, adding to pressure on Moscow’s energy revenues and underscoring Washington’s bid to tighten compliance among partners.
Russia, meanwhile, moved to curb refined-fuel exports by extending a gasoline export ban and imposing a partial ban on diesel shipments after Ukrainian drone strikes disrupted refinery output, a step that kept energy markets watchful for product tightness.
In Asia, a CSIS report said global shipping lines continued to place substantial orders with Chinese shipyards despite new U.S. port fees on China-linked vessels, a reminder of Beijing’s entrenched role in maritime supply chains.
Separately, the Institute of International Finance reported that global debt to a record $337.7 trillion in the second quarter, with major economies leading the increase amid easier financial conditions.
On the economic front, revised U.S. figures showed second-quarter GDP growth accelerated to a 3.8% annualized rate, with durable goods orders in August beating expectations and weekly jobless claims falling to 218,000, signaling resilience even as hiring cools.
The combination, along with comments from Chicago Fed President Austan Goolsbee cautioning against cutting too quickly, tempered expectations for another 25 bp reduction at the October meeting following last week’s quarter-point move.
Treasury yields firmed alongside the U.S. Dollar Index, and investors turned to Friday’s PCE data for clearer guidance.
In Mexico, Banxico cut its policy rate by 25 bp to 7.5% and signaled it would consider further easing, balancing sticky core inflation against slowing growth.
In Crypto, Bitcoin slipped to a two-week low near $109,000 as the stronger dollar and firmer U.S. data weighed on risk appetite. Ethereum retreated below $4,000 and Solana fell more than 7% toward the high-$190s.
Meanwhile, Crypto headlines stayed active: the U.S. Senate prepared a hearing on digital-asset taxation next week, several major European banks outlined plans for a MiCA-compliant, and Australia flagged tougher penalties for non-compliant platforms.
Price movements
Global Indices
- S&P 500 Index (SPX): 6,604.73 (-0.50%)
- Dow Jones Industrial Average (DJI): 45,947.32 (-0.38%)
- Nasdaq Composite (IXIC): 22,384.70 (-0.50%)
- Nikkei 225 Futures (NK2251D): 45,370.0 (-0.20%)
- FTSE 100 (FTSE): 9,240.1 (-0.01%)
Cryptocurrencies
- Bitcoin (BTCUSD): 109,505 (-3.38%)
- Ethereum (ETHUSDT): 3,915.24 (-5.72%)
- Binance Coin (BNBUSDT): 952.76 (-6.45%)
- Solana (SOLUSD): 196.61 (-7.11%)
- BTC Dominance (BTC.D): 58.99% (+0.57%)
Major Stocks
- Nvidia (NVDA): 177.69 (+0.41%)
- Tesla (TSLA): 423.39 (-4.38%)
- Microsoft (MSFT): 507.03 (-0.61%)
- Meta Platforms (META): 748.91 (-1.54%)
Commodities
- Silver (XAGUSD): 45.129 (+0.08%)
- Gold (XAUUSD): 3,746.90 (-0.07%)
- WTI Crude Oil (USOIL): 65.29 (+0.12%)
- Brent Crude Oil (BRENT3!): 68.10 (-3.68%)
Forex
- U.S. Dollar Index (DXY): 98.08 (+0.63%)
- EUR/USD: 1.16681 (+0.02%)
- GBP/USD: 1.3345 (+0.03%)
- USD/JPY: 149.793 (+0.00%)
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