ASML Holding(US:ASML) Sou Hu Cai Jing·2025-09-05 22:36Group 1 - European major stock indices fell on Friday due to weak U.S. employment data, with the Stoxx Europe 600 index closing down 0.2% after fluctuating throughout the day [1] - The U.S. Labor Department reported that non-farm payroll growth in August was significantly below expectations, and the unemployment rate rose to its highest level in nearly two years, raising concerns about economic slowdown [3] - Despite some investors interpreting the weak employment report as a signal for a rate cut by the Federal Reserve, the shadow of a potential recession continues to suppress risk appetite [3] Group 2 - The swap market has fully priced in a 25 basis point rate cut by the Federal Reserve this month, but expectations for a larger 50 basis point cut have not significantly increased [3] - Berenberg Bank economist Atakan Bekircan stated that the employment report was weak across various dimensions, but the slight increase in the unemployment rate suggests that the likelihood of a drastic rate cut remains low [3] - The market sentiment was cautious, with cyclical sectors like energy and finance under pressure, reflecting investor concerns about the economic outlook [3] Group 3 - Earlier in the week, European stocks had rebounded on rate cut expectations, but the Stoxx 600 index still posted a slight weekly decline of 0.2% [3] - RBC Wealth Management's strategy head, Frederic Carriere, warned that if the bond market experiences volatility due to rising inflation expectations, the stock market could face downward pressure [3] - The excitement in the market regarding rate cuts may be offset by inflation concerns, which is a current risk point that needs close monitoring [3]