September 22, 2025
United States:
US Stocks Take Step Back as Traders Await New Catalysts
US stocks stepped away from all-time highs as a quiet week began with traders looking for new catalysts to push the market further.
The S&P 500 Index fell 0.2% at 9:36 a.m. in New York, after touching a record driven by an interest-rate cut from the Federal Reserve. The tech-heavy Nasdaq 100 Index declined 0.1%
Europe:
European Shoppers Cut Spending Due to US Tariffs, ECB Poll Shows
Euro-zone consumers have reduced spending and shifted away from US goods as President Donald Trump’s tariffs stoke uncertainty about the economic outlook, according to a European Central Bank survey.
The trade dispute is “significantly affecting the behavior and expectations” of households in the region, the ECB said in a paper published Monday. About a quarter of respondents said they’re switching away from American products, while 16% said they’ve reduced overall outlays.
Asia:
PBOC Unswayed by Fed’s Cut as Policy Path Hinges on Data at Home
People’s Bank of China Governor Pan Gongsheng said any changes to monetary policy will be guided primarily by domestic factors, indicating moves made by the US Federal Reserve won’t determine Beijing’s interest-rate decisions.
“China’s monetary policy focuses on domestic priorities while considering internal and external balance,” Pan said at a briefing in Beijing on Monday when asked about how the PBOC would now act in light of the Fed’s recent rate cut. “China’s central bank has made clear our macro-level principles of determining monetary policy.”
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