Equity Markets Ended September Under Pressure. The Australian Dollar Fell To An 11‑Week Low

The US equity indices closed mostly lower on Wednesday, as a rebound in oil prices offset the positive impact of softer‑than‑expected core inflation (Core PCE). By the end of the session, the Dow Jones (US30) fell 0.86%, the S&P 500 (US500) declined 0.25%, while the NASDAQ (US100) managed to close slightly higher at 0.24%. Market sentiment remained strained due to persistently elevated Treasury yields, fueled by another wave of inflation concerns linked to high energy prices and minimal progress in indirect US-Iran negotiations. Meanwhile, August Core PCE rose a modest 0.2% MoM, reinforcing hopes that the Federal Reserve may pause at its October meeting.

European equity indices ended September under notable selling pressure, as persistently high global bond yields and renewed inflation risks reduced investor appetite for risk ahead of the fourth quarter. Germany’s DAX (DE40) fell 0.79%, France’s CAC 40 (FR40) dropped 0.89%, Spain’s IBEX 35 (ES35) declined 0.47%, and the UK’s FTSE 100 (UK100) closed 0.29% lower.

Platinum prices (XPT) continued consolidating near $1,700/oz at the start of October, holding close to monthly lows amid pressure from elevated US Treasury yields and persistent inflation risks in the energy sector. Treasury yields remain near multi‑year highs due to concerns that high oil prices – supported by slow progress in US-Iran talks – will force central banks to maintain tight monetary conditions. The fundamental backdrop for platinum remains mixed, reflecting structural shifts in demand. According to the latest estimates from the World Platinum Investment Council (WPIC), platinum consumption in the automotive sector is expected to decline 4% in 2026, contributing to a projected market surplus of 265,000 ounces.

WTI oil prices rebounded on Wednesday, recovering to around $90 per barrel. The main driver was renewed geopolitical tension: reports of a firm stance by the Trump administration, which does not plan to ease sanctions on Tehran, dampened hopes for a near‑term expansion of Iranian exports. A further supply‑side constraint comes from expectations surrounding the upcoming OPEC+ meeting, where current production quotas are likely to remain unchanged. Although some lost volumes are being partially offset, the market’s structural deficit persists.

In Asia, Japan’s Nikkei 225 (JP225) rose 1.94%, China’s FTSE China 50 gained 0.36%, Hong Kong’s Hang Seng (HK50) added 0.37%, and Australia’s ASX 200 (AU200) closed 0.92% higher.

The Australian dollar (AUD) weakened to $0.69, hitting an 11‑week low amid broad US dollar strength and a reassessment of market expectations for the RBA’s rate path. Additional pressure came from trade data showing a narrowing surplus to a three‑month low. This exacerbated AUD weakness, with the currency falling 3.1% in September due to global risk aversion driven by the prolonged Middle East conflict.

The New Zealand dollar (NZD) entered October at its lowest level since November 2025, trading near $0.562. The currency continues to face strong pressure from global US dollar strength, driven by rising Treasury yields and expectations of sustained Fed tightening. At the same time, domestic fundamentals provide some counterbalance thanks to the Reserve Bank of New Zealand’s (RBNZ) hawkish stance. Persistent price pressures in the fuel sector lead traders to price in a high probability of another RBNZ rate hike at the October meeting.

S&P 500 (US500) 7,651.54 -19.30 (-0.25%)

Dow Jones (US30) 50,906.05 -443.87 (-0.86%)

DAX (DE40) 25,199.19 -200.02 (-0.79%)

FTSE 100 (UK100) 10,606.00 -30.71 (-0.29%)

USD Index 101.50 +0.13 (+0.13%)

News feed for: 2026.10.01

• Japan Tankan Large Manufacturers Index (m/m) at 02:50 (GMT+3) – JPY (MED)

• Japan Tankan Large Non-Manufacturers Index (m/m) at 02:50 (GMT+3) – JPY (MED)

• Australia Trade Balance (m/m) at 04:30 (GMT+3) – AUD (MED)

• Switzerland Consumer Price Index (m/m) at 09:30 (GMT+3) – CHF (HIGH)

• Switzerland Retail Sales (m/m) at 09:30 (GMT+3) – CHF (MED)

• German Manufacturing PMI (m/m) at 10:55 (GMT+3) – EUR (LOW)

• Eurozone Manufacturing PMI (m/m) at 11:00 (GMT+3) – EUR (MED)

• UK Manufacturing PMI (m/m) at 11:30 (GMT+3) – GBP (MED)

• Eurozone Unemployment Rate (m/m) at 12:00 (GMT+3) – EUR (MED)

• US Initial Jobless Claims (w/w) at 15:30 (GMT+3) – USD (MED)

• Eurozone ECB President Lagarde Speaks at 16:30 (GMT+3) – EUR (LOW)

• US ISM Manufacturing PMI (m/m) at 17:00 (GMT+3) – USD (MED)

• US Natural Gas Storage (w/w) at 17:30 (GMT+3) – XNG (HIGH)