Weekly Recap: Silver Shines, Oil Climbs, Stocks Slip (September 22 – 26, 2025 Recap)

The week of September 23 to 26 featured a series of key economic releases and corporate earnings that shaped market sentiment. Flash PMI data from Germany, the UK, and the US signaled slowing but uneven growth, while Australia’s inflation ticked higher and the Swiss National Bank held rates steady. In the US, GDP was revised up, jobless claims eased, and PCE inflation remained moderate. Canada’s GDP returned to growth. Commodities posted strong weekly gains, led by silver and oil, while equities ended slightly lower. Earnings from Micron, Cintas, Costco, and Accenture provided mixed stock reactions despite generally solid results.

Major Economic Indicators and Events in Review

Tuesday, September 23

10:30 am – Germany: Flash PMI (EUR)

September saw German private sector output rise to a 16-month high of 52.4, driven by stronger services at 52.5, while manufacturing slipped to 48.5. Growth was tempered by weak demand, falling new orders, and a sixteenth month of job losses. Inflation pressures picked up, and business confidence weakened amid economic uncertainty.

The EURUSD ticked up 0.1% from the previous day.

11:30 am – UK: Flash PMI (GBP)

September saw UK private sector growth slow to a four-month low, with the composite PMI easing to 51.0 from 53.5. Services remained in modest expansion at 51.9, while manufacturing output contracted sharply to 45.4. Demand was subdued, exports fell, and jobs declined for an eleventh month. Inflation pressures moderated, but business confidence weakened amid political and economic uncertainty.

The GBPUSD edged 0.08% higher on the day.

16:45 – USA: Flash PMI (USD)

September saw US business growth ease to a three-month low, with the composite PMI at 53.6. Services and manufacturing both lost momentum, while hiring slowed and inventories rose. Input costs climbed on tariffs, but weaker demand limited price increases, leading to the softest selling price inflation since April. Business confidence improved on hopes of lower rates.

USDJPY slipped 0.08% on the day.

Wednesday, September 24

04:30 am – Australia: CPI y/y (AUD)

The monthly CPI indicator rose 3.0 percent in the year to August, up from 2.8 percent in July. Housing, food, and alcohol and tobacco were the main drivers, while electricity prices jumped 24.6 percent as rebates rolled off. Underlying inflation eased slightly, with the trimmed mean (excluding electricity) at 2.6 percent.

AUDUSD fell 0.24% from the previous day.

Thursday, September 25

10:30 am – Switzerland: SNB Policy Rate (CHF)

The Swiss National Bank kept its policy rate at 0 percent on 25 September, reiterating its readiness to intervene in foreign exchange markets if needed. Inflation edged up to 0.2 percent in August but remains within the stability range, with forecasts of 0.2 percent in 2025, 0.5 percent in 2026, and 0.7 percent in 2027. Growth slowed in the second quarter, and the outlook has weakened due to higher US tariffs, with GDP expected at 1 to 1.5 percent in 2025 and just under 1 percent in 2026.

USDCHF gained 0.6% on the day.

15:30 – USA: Final GDP q/q (USD)

US real GDP grew at an annual rate of 3.8 percent in Q2 2025, revised up from 3.3 percent, after a 0.6 percent decline in Q1. The improvement was driven by stronger consumer spending and lower imports, partly offset by weaker investment and exports. Inflation rose modestly, with the PCE price index up 2.1 percent, while corporate profits increased slightly after revisions.

EURUSD fell 0.6% compared to the previous day.

15:30 – USA: Unemployment Claims (USD)

Initial jobless claims fell by 14,000 to 218,000 in the week ending September 20, while the four-week average eased to 237,500. The insured unemployment rate held at 1.3 percent, with continuing claims little changed at 1.93 million.

USDJPY edged 0.6% higher on the day.

Friday, September 26

15:30 – Canada: GDP m/m (CAD)

Canada’s real GDP rose 0.2 percent in July, the first increase in four months, driven by a 0.6 percent rebound in goods-producing industries. Mining, oil and gas, manufacturing, and wholesale trade led the gains, while services edged up 0.1 percent. Retail trade fell 1.0 percent, partly offsetting overall growth.

USDCAD ticked up 0.05% from the previous session.

15:30 – USA: Core PCE Price Index m/m (USD)

US personal income rose 0.4 percent in August, while disposable income also increased 0.4 percent. Personal consumption expenditures climbed 0.6 percent, led by services and goods. The saving rate stood at 4.6 percent, and annual PCE inflation was 2.7 percent, or 2.9 percent excluding food and energy.

EURUSD ticked up 0.3% from the previous day.

Commodities

1. Crude Oil
   1. Crude oil prices increased by 4.54% over the past week
2. Brent Oil
   1. Brent was up 3.24% compared to the previous week
3. Gold
   1. The precious metal Gold (XAUUSD) concluded the week on Friday with a 2.03% weekly increase
4. Silver
   1. XAGUSD increased by 6.87% from last week

Stock Market

1. S&P 500 decreased by 0.22%
2. DJIA was down by 0.06%
3. NASDAQ 100 decreased by 0.43%

Top Gainers

1. uniQure N.V. (QURE) 291.57%
2. Hang Feng Technology Innovation Co., Ltd. (FOFO) 287.60%
3. HCM III Acquisition Corp. (HCMA) 256.87%

Top Losers

1. Fitness Champs Holdings Limited (FCHL) -91.04%
2. WORK Medical Technology Group LTD. (WOK) -89.70%
3. Gaotu Techedu Inc. (GOTU) -87.59%

Company Earnings (September 22 -26)

Tuesday, September 23: MU (Micron Technology, Inc.)

Wednesday, September 24: CTAS (Cintas Corporation)

Thursday, September 25: COST (Costco Wholesale Corporation)

Thursday, September 25: ACN (Accenture plc)

Micron reported stronger-than-expected Q4 results with EPS of $3.03 and revenue of $11.32 billion, alongside a robust forecast. Barclays raised its price target to $195 while keeping an Overweight rating, citing stronger DRAM and HBM demand, higher SSD prices, and improving margins. Industry trends are viewed as positive in the near term.

MU shares fell 3.36% over the past week.

Cintas reported Q2 earnings of $1.20 per share, slightly beating estimates of $1.19 and up from $1.10 a year ago. Revenue rose to $2.72 billion, also topping forecasts. The company has surpassed EPS and revenue estimates in each of the past four quarters.

CTAS shares rose 2.05% from the previous week.

Costco reported membership fees of $1.72 billion, up from $1.51 billion a year ago after its first fee hike since 2017. The company operates 914 warehouses and ended the quarter with $14.16 billion in cash. Shares dipped 0.21% in after-hours trading to $940.

COST fell 3.70% over the week.

Accenture reported quarterly EPS of $3.03, topping estimates of $2.98 and up from $2.66 a year ago. Revenue rose to $17.6 billion, ahead of forecasts, with strong margins and return on equity.

ACN shares edged down 0.3% over the past week

Conclusion

Overall, the week highlighted mixed economic signals and cautious market sentiment. Growth indicators showed resilience in some regions but weakness in others, while inflation pressures remained uneven. Commodities outperformed with sharp gains in silver and oil, yet equities softened slightly. Corporate earnings were generally solid, though stock reactions reflected selective investor confidence. Markets now turn their focus to upcoming data and central bank guidance for clearer direction.