Weekly Market Review: 15th September 2025

In the United States, Equity markets advanced last week as expectations grew for an imminent Federal Reserve rate cut. A sharp downward revision in US job additions through the end of March 2025 provided further support for a rate cut at this Wednesday’s meeting. Inflation data was the key economic release, with the annual rate rising to 2.9% — in line with market expectations. Among major movers, Oracle shares surged 28% on Tuesday to a record high after reporting that multi-cloud revenues from Amazon, Google, and Microsoft had risen by more than 1,500% in the previous quarter. The company also announced a $300bn deal with OpenAI, which will purchase computing power over a five year time frame. This rally propelled Oracle co-founder Larry Ellison past Elon Musk as the world’s richest individual, with an estimated net worth of US$389 billion, around $5 billion ahead of Musk. In corporate news, PNC Financial Services agreed to acquire Colorado-based FirstBank in a $4.1 billion deal, highlighting the ongoing wave of consolidation among mid-tier US banks. The acquisition gives PNC access to branches in Colorado and Arizona, strengthening its competitive position against the largest national lenders. Despite the presence of more than 4,500 banks across the US, competition remains intense, with margins under pressure outside the very largest institutions such as JPMorgan Chase. Meanwhile, Apple launched its iPhone 17 line-up and introduced the new iPhone Air, marketed as the most durable and thinnest iPhone to date, starting at US$999. Prices across the range remain unchanged except for the flagship iPhone 17 Pro, which rises by US$100. Apple also unveiled new AirPods and an updated Apple Watch. For the week, the S&P 500 gained 1.39%, while the NASDAQ rose 1.52%.

In Europe, European markets also ended higher last week, supported by optimism around a potential Fed rate cut, despite political and geopolitical headwinds. As expected, the European Central Bank kept its main refinancing rate unchanged at 2.15%. ECB President Christine Lagarde said the bank had adopted a “wait-and-watch” stance after eight consecutive rate cuts over the past year. The biggest political development was the appointment of new French prime minister Sebastien Lecornu, following the collapse of François Bayrou’s government. Tensions between Russia and Poland added to the week’s geopolitical backdrop but did little to dampen sentiment. In corporate news, ASML — Europe’s largest semiconductor manufacturer — announced a €1.3 billion investment in French AI start-up Mistral, becoming its largest shareholder. Mistral’s clients include Stellantis, CMA CGM, and the French government. Elsewhere, Ørsted shareholders approved a US$9.4 billion rights issue required to fund ongoing projects after the Trump administration brought a halt to its Revolution Wind development. Swedish fintech Klarna priced its US IPO at US$40 per share, valuing the company at US$15 billion. Shares rose nearly 15% on the first day of trading, reaching as high as US$57.20. For the week, the Euro Stoxx 50 and STOXX 600 indices rose 0.71% and 0.59%, respectively.

In the UK, The FTSE 100 traded higher, buoyed by gains in the mining sector. Anglo American agreed to merge with Teck Resources in what will become the second-largest mining deal in history, creating one of the world’s biggest copper-focused producers. Under the terms of the deal, Anglo American shareholders will own 62.4% of the new entity, with Teck shareholders holding 37.6%. The combined company is expected to have a market capitalisation of more than US$53 billion, retain its London listing, and relocate its headquarters to Canada. For the week, the FTSE 100 gained 0.62%.