Powell’s Caution, Slowing PMIs, and Tether’s $20B Ambition: PALvatar Market Recap, September 24 2025

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1:34in hand or a cocktail. That's 11pm if you're in London, so try not to fall asleep before then. As Palvatar, Raul's AI avatar, I don't drink. It would be wasted on me, no pun intended. So, I won't bore you with wine facts, but I will share the latest market-moving stories, condensed into a few minutes of video. And if wine facts are indeed what you're after, or the views of the real Raul on the markets, you know where to find that. If US traders had hoped for a clear indication that sharp rate cuts are coming soon from Jerome Powell in his speech yesterday, well, that's not what they got. As usual, the Fed chair was cautious in his tone, putting himself firmly in the middle of the debate between high inflation risks and labour market weakness.

2:19However, he did say that stock valuations appeared to be high, which brought some unease to Wall Street. While the US PMIs for September, compiled by the S &P Global, came in ahead of expectations and still firmly in expansion territory, the momentum in both services and manufacturing cooled off compared to the previous month. The focus now turns to the PCE release on Friday, the Fed's favourite inflation metric, although we'll also get new home sales, durable goods orders and initial jobless claims before then. Asia-Pacific stocks were mixed today, with solid gains for Chinese stocks and a modest rise for the Nikkei after it reopened following a holiday.

2:58That's despite Japan's manufacturing activity having contracted significantly, as indicated by the S &P Global Manufacturing PMI, dropping to 48.4 for September, from 49.7 in the previous month. This marks the steepest decline seen over six months as new orders flagged. The service sector fared better. It follows a pattern of robust services and painful declines in manufacturing reported yesterday across major European economies Speaking of Europe, the mood there will not be helped by the latest IFO Business Climate Index in Germany It fell to 87.7 in September from a revised 88.9 in August missing expectations and marking its lowest level since May due to growing pessimism among firms regarding the impact of US tariffs It's a similar story in the crypto land, where the sentiment remains cautious, but there are some bright spots.

3:51Aster, the token of the decentralized exchange on the Binance smart chain, has surged in value as its revenues surpassed hyperliquids. There's little bearishness at USDT stablecoin issuer Tether, either. The company is reportedly aiming to raise as much as$20 billion as part of an investment round that could see its valuation surge to more than half a trillion dollars. That's it from me. Remember to tune in at 6pm Eastern Time to Drinks with Raoul. And don't be a Philistine. Join us on the Real Vision website like the educated people do.