September 24th, London Update: Global Markets and Geopolitical Briefing

The Financial Source Podcast

Show Notes – Market & News Briefing (24 Sept 2025)

Overview:
Today’s briefing covers the latest developments in FX, commodities, trade policy, and geopolitics — the core drivers shaping global markets as Europe opens.

Topics Covered:

• FX & Central Banks:
  • Dollar firmed, EUR/USD briefly dipped below 1.18, GBP steady above 1.35.
  • USD/JPY moved toward 148.00 after weak Japanese PMIs.
  • AUD rallied on stronger-than-expected inflation; NZD followed higher.
  • PBoC fixed yuan in line with expectations; reports of RBI intervention to support INR.
• Commodities:
  • Oil extended gains on Trump’s rhetoric and reports Russia may prolong gasoline export ban.
  • US crude inventories showed a sharp draw, though weaker internals tempered the move.
  • Gold held above $3,750/oz after hitting record highs.
  • Copper slipped below $10,000/t; Peru’s Antamina mine forecast lower copper output this year but stronger zinc production.
  • US administration in talks for an equity stake in Lithium Americas as part of Thacker Pass project loan renegotiation.
• Trade & Tariffs:
  • Trump to host Australian PM Albanese in October.
  • Trump endorsed Argentina’s President Milei for re-election.
  • Canada’s PM Carney said trade talks with US will continue under the USMCA review; open to steel tariff discussions with China.
  • China’s Commerce Ministry: no preferential treatment at WTO; Premier expressed willingness to improve relations with Canada.
• Geopolitics:
  • Trump said NATO countries should shoot down Russian aircraft entering alliance airspace; G7 warned Moscow of added costs for repeated violations.
  • Trump stated Ukraine could “win back all its territory” with NATO and EU support; Zelensky welcomed the remarks.
  • Iran faces potential UN sanctions “snapback” as it fails to meet European conditions; Khamenei reiterated Iran does not intend to develop nuclear weapons.
  • Macron to meet Iran’s president this week.
  • US envoy reported Israel and Syria may be close to a de-escalation agreement on border tensions.

Why It Matters:
Today’s developments highlight rising FX volatility, commodity market sensitivity to geopolitical risks, and shifting dynamics in trade and security policy — all critical drivers for market direction.