Zhi Tong Cai Jing·2025-09-25 22:29Market Overview - The three major U.S. indices declined for the third consecutive trading day, with the Dow Jones down 173.96 points (0.38%) at 45947.32, the Nasdaq down 113.16 points (0.50%) at 22384.70, and the S&P 500 down 33.25 points (0.50%) at 6604.72, pressured by rising U.S. Treasury yields [1] - European indices also fell, with Germany's DAX30 down 136.90 points (0.58%) at 23544.80, the UK's FTSE 100 down 36.88 points (0.40%) at 9213.55, and France's CAC40 down 32.03 points (0.41%) at 7795.42 [1] Commodity Prices - Light crude oil futures for November delivery fell by $0.01 to $64.98 per barrel, a decrease of 0.02%, while Brent crude oil futures for November delivery rose by $0.11 to $69.42 per barrel, an increase of 0.16% [2] - Bitcoin dropped over 3% to $109,421.30, and Ethereum fell over 6% to $3,903.01 [3] Precious Metals and Forex - Spot gold increased by over 0.3% to $3,749.04 [4] - The U.S. Dollar Index rose by 0.7% to 98.554, with the euro trading at $1.1653, the pound at $1.3335, and the yen at ¥149.89 [4] Economic Data - The U.S. economy grew at an annualized rate of 3.8% in Q2, revised up from 3.3%, indicating strong consumer and business spending resilience [5] - Economists expect the upcoming August personal consumption expenditure data to show nearly a 3% increase year-over-year [5] Federal Reserve Insights - Federal Reserve Governor Milan suggested the possibility of a rapid 50 basis point rate cut to mitigate economic risks, emphasizing the need for timely adjustments to monetary policy [6] - Dallas Fed President Logan proposed shifting from the federal funds rate to an overnight rate linked to U.S. Treasury collateral for more effective monetary policy execution [6] Mortgage Rates - U.S. mortgage rates rose to 6.3%, ending a streak of declines, which may impact affordability for potential buyers [8] - Economists believe that a drop below 6% could encourage more homeowners to sell, increasing the supply of second-hand homes [8] Regulatory Developments - Meta is facing potential EU charges for inadequate regulation of illegal content on its platforms, which could result in fines up to 6% of its global annual revenue [10] - Google may face a second significant fine from the EU related to competition law violations, following a previous fine of €2.95 billion for preferential treatment of its own advertising services [11]