3/10/2025 Daily Reports
Global Markets in Focus: US Jobs Data Delayed by Shutdown, Europe Activity Accelerates, Japan Braces for Leadership Vote
- Global markets are navigating mixed signals as a U.S. government shutdown (day 3) delays the crucial monthly jobs report, forcing the Federal Reserve and investors to await the private-sector ISM Services PMI for clues on the U.S. economy. Despite the data vacuum, U.S. equities are leaning “risk-on” with modest pre-market gains driven by AI/chip momentum.
- In Europe, the DAX is advancing on the back of encouraging Eurozone data, including a disinflationary Producer Price Index (PPI) drop of −0.3% m/m in August, and German Services and Composite PMIs hitting a 16-month high (Composite at 52.0). This reinforces the narrative of a “soft landing” and a potentially more flexible European Central Bank (ECB).
- Meanwhile, Asian markets saw the Nikkei outperform on tech strength. Japanese focus is now shifting to the upcoming LDP leadership race, whose outcome will determine the future direction of fiscal policy and the Bank of Japan’s monetary path, with the JPY slightly softer and the 10-yr JGB yield around 1.66−1.67%
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