Market update: 23 September 2025
Here in Australia, the ASX 200 slipped 1.0% to mark its third straight week of losses. Investors were in a profit-taking mood after August’s reporting season, and the energy sector was hit after the proposed $36.4bn takeover of Santos fell through. On the brighter side, technology and consumer discretionary stocks performed well, while softer-than-expected August jobs data has not changed the outlook for continued gradual RBA rate cuts.
In the US, major indices pushed to fresh record highs. The Fed cut rates for the first time in nine months, trimming by 25 basis points in what Chair Jerome Powell called a “risk management” move as the labour market shows signs of cooling. Retail sales painted a more upbeat picture, jumping 0.6% in August for the third month in a row. Adding to the optimism, a call between President Trump and China’s President Xi Jinping suggested progress on trade negotiations and agreement on US ownership of TikTok. AI also stayed in the spotlight, with surveys showing businesses already benefiting from productivity gains.
European markets were mixed, with the Euro Stoxx 50 gaining 1.3% while the Euro Stoxx 600 and FTSE dipped slightly. The Bank of England held rates at 4% but struck a cautious tone, signalling that any future cuts will likely come slowly and carefully.
Greater China markets were more subdued, with the Hang Seng up 0.6% but the Shanghai Composite down 1.3%. Investors took profits after a strong run as data showed retail sales, industrial output, and fixed asset investment all underperformed expectations, pointing to a broader slowdown after solid growth in the first half of the year.
In Japan, the Nikkei continued its record-breaking run, closing 0.6% higher. The Bank of Japan surprised markets by flagging plans to begin selling down its ETF and REIT holdings earlier than expected – a step towards normalising monetary policy.
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