Flash note

EM Debt keeps rising while DM sovereign and corporate markets take a breather

Global equity markets rebounded last week, recovering from 3 consecutive days of declines in late September

Good macro news gone wrong, China’s rare earth monopoly, and a toy bear beats the Mag 7. Each week, the Syz investment team takes you through the last seven days in seven charts.

Major U.S. stock indexes finished the week lower, driven in part by some hawkish commentary from Federal Reserve officials that seemed to dampen investor optimism around the pace of further interest rate cuts. The Nasdaq Composite fared worst, falling 0.65%, followed by the Russell 2000 Index, which registered its first weekly loss since early August. The S&P 500 Index also fell, while the Dow Jones Industrial Average was little changed. Within the S&P 500, the energy sector rallied, advancing alongside oil prices in response to President Donald Trump’s call for European Union nations to end purchases of Russian oil and gas. Most other sectors declined. The closely watched core personal consumption expenditures (PCE) price index rose 2.9% yoy, in line with July and consensus expectations.

Analysis of SNB meeting and press conference on 25.09.2025

Credit spreads tighten to new lows in the US, rates rise after the Fed

Technology stocks and semiconductors had a strong week following Intel’s news flow, but the leadership has changed. Also, a fresh all-time high for the Russell 2000 after a period of consolidation since 2001

The market déjà vu is real: after 164 trading days, the S&P 500 is up 10%—exactly the same gain seen at this point in Trump’s first term. Each week, the Syz investment team takes you through the last seven days in seven charts.

Major U.S. stock indexes rose to record highs during the week; Small-cap stocks rallied, with the Russell 2000 Index gaining 2.16%. The Nasdaq advanced 2.21% for the week, while the S&P 500 Index and Dow Jones Industrial Average added 1.22% and 1.05%, respectively. As expected, the Fed lowered short-term interest rates. Recent weakness in the labor market appeared to be the driver of the central bank’s decision to lower borrowing costs. The Fed’s Summary of Economic Projections indicated that most policymakers expect to lower the central bank’s policy rate by an additional 50 basis points by the end of the year, representing more easing than their last projections made in June. Expectations for rate cuts in 2026 and 2027 also increased.