Market Commentary: Tuesday 16th September

Stocks and gold surged to new highs as investors anticipated a Federal Reserve interest-rate cut. The MSCI All Country World Index rose 0.1% for its 10th consecutive day of gains, marking its longest winning streak in more than four years.

Asian shares climbed 0.7% to a record, while S&P 500 futures and European stock futures posted modest increases. The yen strengthened, partly on news that Japan’s Agriculture Minister Shinjiro Koizumi will enter the Liberal Democratic Party’s leadership race.

Financial markets remain focused on employment concerns, expecting a dovish Fed stance when it announces its policy decision and updates its economic forecasts—the dot plot—which previously indicated two quarter-point cuts for 2025. A US appeals court blocked the removal of Fed Governor Lisa Cook, while Stephen Miran’s Senate confirmation to the Fed’s board raised speculation that the dot plot could shift lower, potentially impacting bond markets.

Meanwhile, US-China talks advanced on a potential TikTok deal, and Trump announced upcoming UK economic agreements worth over $10 billion.

• Bitcoin rose 0.4% to $115,889.37

• Ether rose 0.4% to $4,529.68

• Gold was little changed

• Crude rose 0.2% to $63.41

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