September 2025 – Markets notch solid gains despite political uncertainty

Global financial markets ended the third quarter on a positive note. Equities continued to advance in September despite uncertainty over the political risks faced by the United States. The Federal Reserve’s first rate cut in nine months contributed to risk appetite, even as the threat of a U.S. government shutdown cast a shadow at month-end. Gold reached new highs, while current bond yields declined. In Europe, Germany’s unexpected uptick in inflation served as a reminder of continuing pressures, although markets continued to rise.