Market Wrap

FISG Daily Market Wrap 23th September

Oil Falls Toward $98 as US-Iran Talks Ease Supply Concerns and European Data Strengthens

European economic data surprised to the upside, with the UK Manufacturing PMI Flash rising to 52.0 from 51.7, above the 51.5 forecast. Germany’s Composite PMI Flash climbed to 53.8 from 51.8, while the German Services PMI reached 52.9, compared with expectations of 49.9 and a previous reading of 49.7. Asian bonds and Treasury futures advanced as oil extended its decline following signs of diplomatic progress between the US and Iran. Australian and New Zealand government bonds rallied, while the US 10-year yield remained near 4.93% after falling alongside crude. Brent slipped around 1.2% toward $98 a barrel, extending its longest losing streak in a year. President Donald Trump said US officials held a “very good” three-hour meeting with Iranian representatives in New York, with further talks expected soon. Iran’s Deputy Oil Minister said half of the damaged capacity at the South Pars gas field has returned to production, according to Fars News. Saudi Arabia also moved to restart a key pipeline as efforts to restore energy flows continued across the Persian Gulf. Stocks edged higher, with Asian equities gaining 0.1% after chipmakers helped push the Nasdaq 100 to another record. European futures rose around 0.4%, while US equity futures pointed to more modest gains. The dollar gained 0.1% for a fourth consecutive advance. Investors continued to watch Federal Reserve commentary for clues on the path of interest rates, after officials warned that inflation remains too high and could require further tightening. Gold slipped 0.4% to around $4,345 an ounce, while Bitcoin rose more than 1% to about $87,200. Italy plans to maintain its commitment to keep the budget deficit below the European Union’s 3% of GDP ceiling this year, compared with 3.1% in 2025, according to sources. Attention is also turning to the Trump-Xi summit this week, where trade, Taiwan, AI and other economic issues are expected to feature. The summit will bring together a large group of US corporate leaders, while there will not be a comparable delegation of Chinese executives. President Donald Trump and Japanese Prime Minister Sanae Takaichi also agreed to closely coordinate on issues related to China, according to a Japanese government spokesman. Meanwhile, Takaichi urged the United Nations to remove references to Japan and Germany as “enemy states,” a classification China has recently cited in criticism of Tokyo following tensions over Taiwan. FISG Daily Market Wrap provides a concise view of the forces moving global markets, helping investors stay informed and better prepared for what comes next.


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ANG IYONG TRADINGKARANASAN