Market update: 30 September 2025

The Australian share market edged slightly higher this week, with the ASX 200 finishing up 0.2%. A rebound in resource stocks helped offset weakness across most other sectors. Healthcare was among the hardest hit, with CSL pressured by uncertainty around the latest round of pharmaceutical tariffs announced in the US. Inflation remains a key focus, with August CPI rising to 3% year-on-year, largely due to a 25% jump in electricity costs as state rebates expired. With price pressures still sticky, the RBA is widely expected to keep interest rates on hold at its September meeting.
In the US, major indexes ended the week lower, with investors digesting cautious comments from the Federal Reserve. Chair Jerome Powell pointed to upside inflation risks and a cooling labour market, which dampened expectations of further rate cuts. Inflation in August came in at 2.9% year-on-year, while GDP growth was revised up to a strong 3.8% quarterly pace, helped by consumer spending. On the corporate side, September was the strongest month for IPOs since 2021, while NVIDIA’s US$100 billion commitment to expand AI infrastructure marked one of the largest investments in the sector’s history.
European markets fared better, closing in positive territory as business activity reached its highest level in 16 months. The Eurozone economy continues to show signs of steady, if modest, growth. In Asia, Chinese equities recorded slight gains, supported by improved domestic liquidity, although key economic indicators were limited. Japan’s inflation came in below expectations at 2.5% year-on-year, easing pressure on the Bank of Japan to raise rates in the near term.
Overall, global markets remain finely balanced, with inflation trends, central bank policy signals, and major corporate developments setting the tone. Investors will continue to watch whether inflation moderates further, and how policymakers adjust their stance as economies navigate between growth resilience and lingering price pressures.
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