OMM Redaksiyası
Global markets came under selling pressure at the start of the new week after US President Donald Trump rejected Tehran’s seven-day ceasefire proposal to reopen the Strait of Hormuz to vessel traffic, Anadolu Agency reported.
Market sentiment had improved last week on expectations that geopolitical tensions could be addressed during the 81st session of the UN General Assembly. Trump’s rejection, however, reduced hopes for a near-term ceasefire between Washington and Tehran.
November-delivery Brent crude rose 2.5% to $109.6 a barrel as concerns over energy supplies intensified. The US Dollar Index gained 0.1% to 101.1, while gold fell 2.1% to $4,196 an ounce.
Bond yields remain elevated
The yield on the US 10-year Treasury note reached 5.23% on Sept. 25, its highest level since 2007, before stabilizing at 5.21% on Monday. The two-year yield rose four basis points to 4.91%.
The 30-year Treasury yield also reached its highest level since 2004 at 5.53% on Sept. 25 and stood at 5.51% on Monday.
Higher global bond yields are increasing borrowing costs for technology companies seeking to finance artificial intelligence initiatives worth billions of dollars. Analysts said selling pressure in bond markets could persist until there are clear signs that financial conditions have tightened sufficiently.
Money market estimates put the probability of a Federal Reserve interest-rate hike in October at 68%.
US markets open lower
Markets are awaiting clearer signals on US inflation and economic activity, with growth, nonfarm payrolls and personal consumption data due this week.
The White House said that the United States and China reached an agreement following Chinese President Xi Jinping’s visit to the US from Sept. 23 to 25. The deal would reduce tariffs on $30 billion worth of non-sensitive goods traded in both directions.
US stocks had closed higher on Sept. 25 amid expectations that a potential Middle East deal could ease energy-supply concerns. Gains in artificial intelligence shares also supported sentiment.
Shares of Microsoft rose 3.6% after the company announced new features for its “Copilot” chatbot, including a coding tool and an autonomous artificial intelligence agent called “Autopilot”.
Akamai Technologies gained 3.2% after signing an $11.6 billion, multi-year agreement with Anthropic.
The University of Michigan’s consumer sentiment index was revised upward to 48.1 for September, while US durable goods orders remained flat, contrary to expectations of a decline.
On Sept. 25, the Dow Jones Industrial Average rose 0.93%, the S&P 500 gained 0.51% and the Nasdaq advanced 0.48%. US indexes opened lower on Monday.
European and Asian equities
European stock markets traded mostly higher on Sept. 25, supported by gains in banking, mining and technology shares. Germany’s DAX 40 rose 0.56%, Italy’s FTSE MIB 30 gained 0.63% and the UK’s FTSE 100 increased 0.14%. France’s CAC 40 slipped 0.04%.
Asian equity markets faced a selloff toward Monday’s close. China’s industrial profits recorded their slowest monthly growth of the year, rising 4.2% in August.
Japan’s Nikkei 225 fell 0.1%, South Korea’s Kospi declined 2.1% and China’s Shanghai Composite dropped 1.7%. Hong Kong’s Hang Seng rose 0.6% near the close.
