Summary
Global markets advanced over the week ending 25 September, supported by a pronounced retreat in energy prices that eased near-term inflation concerns following the Federal Reserve’s rate increase the previous week. Brent crude futures were little changed, settling at USD 104.32 a barrel, up 0.43% over the week, while U.S. gold futures declined 2.34% to USD 4,321.20 per ounce as the U.S. dollar strengthened (Reuters; MarketWatch, September 2026). U.S. equities gained across all three major indices, with the NASDAQ Composite up 2.06%, the S&P 500 up 1.21% and the Dow Jones Industrial Average up 0.28%, ending a run of consecutive weekly declines (MarketWatch, September 2026).
European equities also advanced, with the STOXX Europe 600 up 0.50%, the FTSE 100 up 0.34% and the CAC 40 up 0.16% (MarketWatch, September 2026). Three central bank decisions shaped the regional picture: the Swiss National Bank held rates unchanged, the Riksbank retained a dovish tone, and Norges Bank adopted a relatively hawkish stance (Swiss National Bank; Sveriges Riksbank; Norges Bank, September 2026).
Asian markets diverged. The Nikkei 225 rose 2.07% to close at 66,364.20, while the CSI 300 fell 1.51% and the Hang Seng Index declined 0.97% (MarketWatch, September 2026). The yen weakened modestly, with USD/JPY rising 0.25% to close at 157.28 (MarketWatch, September 2026).
Market Snapshot
Weekly performance across major global indices (week ending 25 Sep 2026):
| Index | Last Week’s Closing Price | Weekly Change (%) | Direction |
| DJIA | 51,828.62 | 0.28 | ▲ |
| S&P 500 | 7,743.41 | 1.21 | ▲ |
| NASDAQ Composite | 27,068.72 | 2.06 | ▲ |
| FTSE 100 (UK) | 10,695.25 | 0.34 | ▲ |
| CAC 40 (France) | 8,077.80 | 0.16 | ▲ |
| STOXX Europe 600 | 638.65 | 0.5 | ▲ |
| Nikkei 225 (Japan) | 66,364.20 | 2.07 | ▲ |
| CSI 300 (China) | 4,439.14 | -1.51 | ▼ |
| Hang Seng (Hong Kong) | 24,510.09 | -0.97 | ▼ |
| Brent Crude | 104.32 | 0.43 | ▲ |
| Gold | 4,321.20 | -2.34 | ▼ |
Foreign Exchange
(For the week ending 25 Sep 2026)
| Pair | Last Week’s Closing Price | Week’s Change (%) |
| EUR/USD | 1.1391 | -0.83 |
| USD/JPY | 157.28 | 0.25 |
| GBP/USD | 1.3245 | -1.12 |
| USD/CHF | 0.8283 | 0.77 |
| AUD/USD | 0.7023 | -1.42 |
U.S. Markets Overview
Major U.S. equity indices finished the week higher, with the NASDAQ Composite rising 2.06%, the S&P 500 gaining 1.21% and the Dow Jones Industrial Average adding 0.28%, ending a run of consecutive weekly declines (MarketWatch, September 2026). The retreat in energy prices supported sentiment, easing near-term inflation concerns after several weeks of elevated crude prices and providing relief to rate-sensitive sectors following the Federal Reserve’s increase to a 3.75%–4.00% target range the previous week (Reuters; MarketWatch, September 2026).
Economic data released during the week was mixed. The September flash manufacturing PMI continued to show divergence between the manufacturing and services sectors, with manufacturing activity constrained by elevated borrowing costs and input cost pressures; while some sub-indices showed signs of stabilisation, overall expansion momentum slowed (S&P Global, September 2026). Weekly initial unemployment claims remained at relatively low levels, pointing to continued labour market resilience, though continuing claims rose, indicating that job seekers are taking longer to secure new positions (U.S. Department of Labor, September 2026).
Housing data was the week’s upside surprise. August new home sales rose 6.4% month on month to a seasonally adjusted annualised rate of 684,000, the highest level in eight months. Builders supported demand through price reductions and incentives including mortgage rate buy-downs, with the median new home price falling to USD 393,700. Elevated mortgage rates continued to constrain the market, with annualised sales still lower than a year earlier and buyers remaining highly price-sensitive (U.S. Census Bureau, September 2026).
Treasury supply remained a focus, with the Department of the Treasury selling 2-year, 5-year and 7-year notes during the week. Demand was uneven across the curve. Takedown at the short end was broadly steady, while the intermediate maturities saw notably weaker reception, with the 5-year note pricing above pre-auction expectations and primary dealers absorbing an elevated share of the offering (U.S. Department of the Treasury, September 2026).
European Markets
European equities advanced over the week, with the STOXX Europe 600 rising 0.50%, the FTSE 100 gaining 0.34% and the CAC 40 adding 0.16%, supported by the retreat in energy prices and the associated easing of industrial cost pressure across the region (MarketWatch; Reuters, September 2026).
Three central bank decisions shaped the regional picture. The Swiss National Bank left its policy rate unchanged, expressing cautious optimism that inflation would continue to moderate while emphasising continued uncertainty in the external environment; the franc consolidated at elevated levels (Swiss National Bank, September 2026). The Riksbank retained a dovish tone, indicating scope for further policy adjustment as growth slows and inflation pressures ease (Sveriges Riksbank, September 2026). Norges Bank adopted a relatively hawkish stance, maintaining restrictive rates to anchor inflation expectations, with the krone and energy prices supporting its position (Norges Bank, September 2026).
Asian Markets
Japan: Japanese equities advanced, with the Nikkei 225 rising 2.07% over the week to close at 66,364.20 (MarketWatch, September 2026). The yen weakened modestly, with USD/JPY rising 0.25% to close at 157.28, holding above the 157 level following the Bank of Japan’s increase to 1.25% the previous week (MarketWatch, September 2026).
China: Chinese markets declined, with the CSI 300 falling 1.51% and the Hang Seng Index easing 0.97% over the week to close at 24,510.09 (MarketWatch, September 2026). Mainland Chinese markets were closed on Friday 25 September for the Mid-Autumn Festival, with the CSI 300 figure reflecting the Thursday 24 September close.
Commodities
Oil (Brent Crude Futures): Brent crude futures (BZ=F) settled at USD 104.32 a barrel, up 0.43% from the previous Friday (Reuters; MarketWatch, September 2026). The benchmark traded in a wide range during the week but ended little changed, holding above the USD 100 level.
Gold (U.S. Gold Futures): U.S. gold futures (GC=F) settled at USD 4,321.20 per ounce, down 2.34% from the previous Friday (Reuters; MarketWatch, September 2026), as the retreat in energy prices reduced concerns over prolonged inflationary pressure and lowered demand for inflation hedges, with a stronger U.S. dollar adding to the decline (Reuters, September 2026).
Week Ahead
Points of focus flowing from the week’s developments:
- Federal Reserve policy: With the target range at 3.75%–4.00% and the September dot plot pointing to a possible further increase, attention turns to whether softer energy prices alter the case for an October move.
- U.S. Treasury demand: Uneven takedown across the 2-year, 5-year and 7-year auctions highlighted differentiated demand along the curve. Upcoming issuance will test whether intermediate-maturity demand recovers.
- U.S. labour market: Initial claims remain low while continuing claims rise. The widening gap between the two will be watched for signs of a softening hiring environment.
- U.S. housing: New home sales reached an eight-month high on builder incentives rather than improving affordability. Whether volumes hold once incentives moderate remains an open question.
- European monetary policy: Norges Bank raised rates and signalled it could go further, while the SNB and Riksbank both flagged upward inflation pressure. Markets will watch whether the Riksbank follows through on tightening before year-end.
- Asian markets: Japanese equities extended gains while Chinese markets declined. Mainland trading resumes following the Mid-Autumn Festival holiday.
- Currency market: Policy direction is now broadly aligned toward tightening across the Federal Reserve, the Bank of Japan and the European central banks, with the pace the key variable.
- Energy prices: Brent ended the week little changed after trading in a wide range, holding above USD 100. Direction from here remains a key input into the inflation outlook.
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