September 2025

• Global markets rebounded in September as easing monetary policy expectations and stabilising economic data improved investor confidence.
• Technology and artificial intelligence-related sectors continued outperforming global equity markets.
• Central banks across several developed economies implemented additional interest rate cuts to support slowing growth.
• Bond yields declined further as inflation continued moderating globally.
• Chinese stimulus measures helped stabilise sentiment across Asian and emerging markets.
• Commodity prices delivered mixed performance amid improving financial conditions and moderate global demand.

Asia (ex. Japan)

Asian markets outside Japan advanced during September as additional Chinese policy support measures and continued semiconductor demand improved regional investor sentiment.

Taiwan and South Korea remained strong performers due to sustained artificial intelligence infrastructure investment, while Chinese equities stabilised following targeted fiscal and monetary easing initiatives.

Europe

European equities delivered positive performance during September as additional European Central Bank interest rate cuts supported financial conditions and investor confidence.

Although economic growth remained relatively weak across parts of the eurozone, lower borrowing costs improved sentiment toward consumer and industrial sectors.

United States

U.S. equities advanced during September as investors responded positively to expectations for continued Federal Reserve policy easing and resilient corporate earnings.

Technology and artificial intelligence-related companies remained dominant market leaders, supported by ongoing infrastructure investment and strong earnings growth.

United Kingdom

UK equities delivered positive performance during September as easing inflation and lower borrowing costs improved financial conditions.

Markets increasingly anticipated additional Bank of England rate cuts as domestic economic growth remained moderate and inflation pressures continued easing.

Japan

Japanese equities remained relatively stable during September as strong technology demand and improving domestic consumption balanced the impact of a firmer yen on exporters.

Investors continued monitoring gradual Bank of Japan policy normalisation while benefiting from resilient corporate profitability trends.

Emerging Markets

Emerging markets advanced during September as improving global liquidity conditions and additional Chinese stimulus supported investor appetite for higher-risk assets.

Technology-focused Asian economies continued outperforming due to sustained semiconductor and artificial intelligence-related investment growth.

Commodities

Commodity prices delivered mixed results during September. Oil prices stabilised as lower interest rates and improving financial conditions supported demand expectations.

Industrial metals strengthened modestly following Chinese stimulus measures and improving manufacturing sentiment, while gold prices remained elevated amid declining bond yields and continued central bank demand.