Limit Up! 25 September 2025

Ian Reynolds September 25, 2025

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Overnight

Economic Indicators Released Overnight

Japan's CPI trend is still down despite the small miss overnight.
Australian CPI came in much hotter than expected and has risen from 1.9% YoY in July
The big jump in US New Home Sales surprised everyone

US new home sales jump to more than 3-1/2-year high; economists dismiss rise as a fluke [Reuters]

Summary of 5-Year Treasury Note Auction (September 24, 2025)

Security: 5-Year Note, CUSIP 91282CPA3, Series AD-2030, 3-5/8% interest rate.
Offering Amount: $70 billion (accepted: $70,000,003,200).
High Yield: 3.710%.
Price per $100: 99.615328.
Bid-to-Cover Ratio: 2.34 (indicating solid demand).
Bidder Allocations: Indirect (59%): $41.5B; Direct (29%): $20.0B; Primary Dealers (12%): $8.3B.

Overall, the auction showed strong investor interest, with foreign and institutional buyers (indirect) taking the largest share, typical for a well-received sale.

But markets don't care, Powell's speech yesterday was markedly different from the post FOMC presser last week and that's what is moving markets.

US Equities

Breaking

Trump Says NATO Should Down Russian Jets Breaching Airspace [Bloomberg]

US debt investors raise alarm over lending standards [FT]

Equities end lower as valuation concerns creep in [Reuters]

Italy urges Gaza flotilla to hand over aid after drone attack [Reuters]

Bitcoin

Gold and Silver sold off with equities but Bitcoin bounces. You have to say that the recent stellar performance of Gold and Silver has pulled in hot retail money and that money will reallocate quickly whether for a good or bad reason. Read more

BITCOIN/USD

Commodities

Classic price action from Gold, as we revisit the scene of the crime and bounce. Read more

GOLD/USD Daily

Foreign Exchange

USD/YEN messiest chart in the world right now but some clarity coming through. Despite Bessent/Trump/America wanting/needing lower rates, Powell isn’t going to help them out. Read more

USD/YEN Daily

Equities

The structure is trying to break and a confirmation below 22,595 would test pivot low at 22,065. The bearish engulfing candle from Tuesday is in charge for now and only a close above 22,785 will negate. Read More

NASDAQ COMPOSITE Daily