The composite PMI dropped from 52.8 to 51.9 in December, with manufacturing output declining again. Overall, this reading still corresponds to decent GDP growth for the eurozone in the fourth quarter of 2025
Log in to today's North American session Market wrap for September 22
Markets started the week on the back foot today, but shook off early concerns as US tech shares continued their impressive rise.
This was fueled by a promise from Nvidia to invest up to $100 billion in OpenAI, boosting excitement around artificial intelligence.
Nasdaq and the broader tech sector are starting the week more cautiously, with overnight futures showing the Dow holding up relatively well against the more risk-sensitive Nasdaq.
(An informal invitation to consult our most recent analysis on the Dow)
Stocks ended higher ahead of President Donald Trump’s sweeping tariff announcement. Treasury yields rose following the private payrolls and manufacturing data. The dollar fell against major currencies, while gold climbed on safe-haven demand. Oil prices edged higher.
After the very fragile post-FOMC rebound, Friday's session saw American indices (notably techs) extend their recovery, aided by more measured remarks from Donald Trump, who said “there’ll be flexibility” on reciprocal tariffs.
PMI data released today will be closely scrutinised to gauge how the eurozone economy has navigated uncertainty triggered by Trump’s tariffs threats. Besides some sentiment effect, it is too early to assess the impact on the economy of Germany’s bold policy response to recent geopolitical events, with a commitment to heavily invest domestically.
