October 22, 2025 — Yesterday, major U.S. stock indexes ended mixed, with the Nasdaq slipping 0.04%. Japan’s Nikkei 225 hit an all-time intraday high before paring gains, while safe-haven assets came under pressure — spot gold fell below $4,200, and silver plunged more than 6%. Cryptocurrencies also declined, with Bitcoin dropping below $108,000. Market sentiment centered around a tug-of-war between “inflation data anticipation” and “earnings season divergence.”

U.S. Market: Narrow Range Trading Ahead of CPI and Earnings Guidance

Indexes: Dow Jones +0.02%, S&P 500 +0.03%, Nasdaq –0.04%. Tech stocks faced short-term pressure.

Sector performance: Energy stocks gained on oil price rebound, while profit-taking weighed on tech shares.

Key drivers:

Data vacuum: The U.S. government shutdown has delayed September CPI data to October 24, heightening caution.

Earnings focus: After-hours results from Tesla and IBM are expected to serve as near-term market catalysts.

Asia-Pacific & Europe: Nikkei Pulls Back After Record High as Political Premium Fades

Nikkei 225: Opened 1% higher at 49,675 (record high), but closed up only 0.2% at 49,316.

Policy insight: After Sanae Takaichi’s election as Prime Minister, expectations for fiscal-monetary stimulus synergy have been partially priced in, prompting profit-taking.

Europe:

Stoxx 600 +0.12%, DAX +0.18%; defense stocks (notably Rheinmetall) led gains.

FX impact: U.S. Dollar Index edged up 0.1% to 98.77; yen hovered near the ¥150 level.

Precious Metals & Crypto: Safe-Haven Demand Eases, Technical Pullback Intensifies

Gold: Spot gold fell below $4,200/oz, down over 1.5%, hitting its lowest since October 10.

Driver: Easing trade tensions reduced safe-haven demand, triggering long liquidation and technical selling.

Silver: Slumped 6.32% to below $49, highlighting heightened volatility.

Crypto: Bitcoin –3% to $107,000; Ethereum –4%. Weak risk appetite extended to digital assets.

Commodities: Oil Rebounds Slightly, Supply Surplus Still a Concern

Oil: Brent crude +0.8% to $61.5/bbl, WTI followed higher.

Short-term: Easing Middle East tensions supported a rebound, but IEA’s oversupply warning continues to weigh on the medium-term outlook.

Today’s Focus

U.S. September CPI data

Bank of Japan policy signals: Watch for how PM Takaichi’s cabinet advances “Abenomics-style” policies.

ECB speeches: Remarks by President Lagarde could influence euro movement.