Market Information Monday 29 September 2025

Next week’s U.S. jobs report faces a delicate balance: enough labour market weakness to justify rate cuts, but not so much to spark recession fears. Economists expect 39,000 new jobs and 4.3% unemployment, though a disappointing number could trigger market volatility. High stock valuations and a potential government shutdown add further uncertainty.

China’s industrial profits rose 20% in August, the first monthly growth since April, reversing earlier declines. The rebound was driven by lower costs, government measures to curb fierce price wars, especially in the EV sector, and a low base effect. Still, weak domestic demand and high US tariffs keep economic conditions “severe and complex”, according to officials.

President Donald Trump again threatened to fire Federal Reserve chair Jerome Powell, posting a cartoon on Truth Social. He criticizes the Fed for keeping rates too high, despite a recent 25-basis-point cut, and hopes to replace Powell with an ally. The move comes as economic prospects remain uncertain and the Fed weighs further rate reductions.

The 6M Euribor increased with 1 basis point to 2.11% compared to previous business day. The 10Y Swap decreased with 1 basis point to 2.72% compared to previous business day.

In the attachment, today’s market data on money and capital market rates as well as other rates are presented.