🌅 Morning Update – 26.09.2025 📉 Asia-Pacific markets slipped after President Trump unveiled new tariffs (100% on branded drugs, 25% on heavy trucks) set to take effect on 1 October. Pharma stocks led losses, with Japan’s Topix healthcare index down over 1%. Shanghai Composite −0.18%, while Australia traded flat. 🏦 Fed outlook under scrutiny as stronger US GDP and durable goods data reduced expectations for rapid rate cuts. Traders will focus on today’s remarks from Fed officials, including Williams, Bowman, Daly and Goolsbee, for clues ahead of the October and December meetings. 🏯 Japan’s Tokyo inflation held steady at +2.5% y/y in September (vs 2.8% expected). BoJ minutes signalled readiness to tighten further if growth and prices remain on track, with some voices pushing for quicker normalisation. 🇨🇳 China’s central bank reiterated its independent stance, prioritising domestic conditions over the Fed. Beijing also continues efforts to expand yuan bond internationalisation, though foreign ownership remains under 2%. 🌍 Elsewhere in Asia, Bank Indonesia pledged bold measures to stabilise the rupiah, while India is seen as a “quiet corner” where foreign inflows could return as earnings improve. In commodities, Chinese gold demand is softening with record discounts, while India stays resilient ahead of festival season. 💡 Stay tuned with NordFX – your edge in the global markets!