London, Sept. 23, 2025 – Global markets climbed on Tuesday as enthusiasm over artificial intelligence (AI) continued to funnel money into technology stocks, while expectations of further U.S. interest rate cuts pushed gold to a fresh record high.
Quick Takeaways
- AI momentum fuels stock gains: Tech giants continue to lead global indexes higher.
- Nvidia commits big to AI: A $100 billion investment in OpenAI lifts investor confidence.
- Gold surges to record: Prices hit $3,759.02/oz as investors hedge against uncertainty.
- Federal Reserve in focus: Markets await Chair Jerome Powell’s latest policy comments.
- German economy shows signs of acceleration: Activity sped up in September, supporting euro zone yields.
Big Tech Extends Market Leadership
The EURO STOXX 600 rose 0.4%, with Germany’s DAX and France’s CAC 40 climbing 0.5% and 0.7% respectively. The rally mirrored Wall Street, where Nvidia announced a $100 billion investment in OpenAI, with the first delivery of data-center gear slated for the second half of 2026.
Analysts at Deutsche Bank noted that the “Magnificent 7” — Apple, Microsoft, Alphabet, Amazon, Meta, Tesla, and Nvidia — continue to dominate U.S. equity gains, much like in 2023 and 2024.
Gold Hits New Heights
Investors are also hedging equity risk by turning to gold, which surged nearly 9% this month alone. The precious metal touched a record $3,759.02 per ounce, according to LBMA pricing, as investors brace for further U.S. monetary easing.
Meanwhile, futures on the S&P 500 and Nasdaq reflected caution after recent peaks, with traders closely watching remarks from Federal Reserve officials, including Chair Jerome Powell.
Bonds, Yields, and Regional Markets
Euro zone bond yields steadied after data showed Germany’s business activity grew at its fastest pace in 16 months, echoing PMI figures reported by S&P Global. The benchmark 10-year German yield hovered at 2.75%.
In Asia, chipmakers and tech-heavy indexes saw gains. South Korea’s Kospi added 0.5%, Japan’s Nikkei is up 6.5% for September, and Taiwan’s main index has risen nearly 7%. China’s CSI300 cooled after a liquidity-fueled rally earlier in the month.
Fed Signals and Currency Moves
Markets are pricing in a 90% chance of another Fed rate cut in October and a 75% chance in December, based on CME FedWatch data. Still, Federal Reserve officials remain divided: new Governor Stephen Miran has argued for sharply lower rates, while others urge caution.
The dollar weakened against major peers, slipping to 147.72 yen. The euro held steady at $1.179, while Sweden’s crown stabilized after the Riksbank cut its policy rate to 1.75%.
Oil Eases on Oversupply Worries
Oil prices softened as oversupply fears outweighed geopolitical risks. Brent crude edged down 0.4% to $66.27 per barrel, while U.S. West Texas Intermediate slipped 0.3% to $62.02.
Bottom line: Tech-led optimism and gold’s safe-haven appeal are defining this market cycle, but Fed signals and global growth trends will decide whether the rally can hold.
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