Market Commentary: Tuesday 23rd September

Asian equities swung between gains and losses, with Hong Kong down 1.1% on light volumes as super typhoon Ragasa threatened major disruption. Mainland China also retreated, while chipmakers rose after Nvidia’s OpenAI investment. The MSCI Asia Pacific Index was flat overall. S&P 500 futures were steady after another record close, European contracts rose 0.2%, and Treasuries were shut for a Tokyo holiday. The Indian rupee hit a record low on tariff and visa concerns, gold reached fresh highs, and oil slipped. Attention turns to the Fed, with Powell speaking Tuesday and core PCE on Friday which is expected to slow to 0.2% m/m, keeping annual inflation at 2.9%. With equities up $15 trillion since April and rates already cut once, investors are watching if the Fed balances inflation relief with labour market weakness before September’s meeting. Geopolitics stayed in focus as Trump pressed India with steep visa hikes, weighing on the rupee and IT sentiment. In Hong Kong, the typhoon is testing new severe weather trading rules, while New Zealand prepared to appoint its first female, foreign born central bank governor.

**For professional investors only** Any opinions, news, research, analyses, prices, or other information contained in this blog is provided as general market commentary and does not constitute (and should not be construed as containing) investment advice or an investment recommendation, or an offer of, or solicitation for, a transaction in any financial instrument. Some of this information may have been provided by third-party sources and, although believed to be reliable, it has not been independently verified and its accuracy or completeness cannot be guaranteed. No representation or warranty, expressed or implied, is made or given by or on behalf of iSAM Securities or its directors or any other person as to the accuracy, completeness or fairness of the information or opinions contained in this blog, and no responsibility or liability is accepted for any such information. As a result, any person acting on any information does so entirely at their own risk. iSAM Securities will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.