Morning Economic Report 9-26-25

APAC was listless and awaits Wall St reaction for new swathe of Trump tariffs. Unless US production is planned, 100% tariffs will be placed on branded pharma products, 25% on all heavy trucks, 50% on kitchen cabinets and bathrooms and 30% on upholstery. Because European companies have US sectors, their investors are relatively sanguine. Confusing enough, Trump also signed TikTok deal and said he good talks with Xi. Investors are risk light with the USD remaining firm with the echo of stronger US GDP, lower Jobless Claims and reduced rate cut outlook. All eyes very much on Monthly PCE today. DAX +0.43%, CAC +0.58%, FTSE +0.20%, Euro STOXX600 +0.30%. The USD still driving forex, sees a small correction, but remains firm in the face of US GDP beat and reduced rate cut expectations. DXY 98.41. Gold $3753. BTC $109,232.