Global markets advanced in September as the US Federal Reserve delivered its first rate cut of 2025 and signalled further easing, boosting bonds, gold and US equities to new highs. Australian shares lagged, dragged by energy, banks and health care, although materials and gold miners outperformed. Local CPI surprised slightly higher, leading markets to push back expectations for any further RBA cuts. In New Zealand, growth disappointed, reinforcing a weak backdrop. Europe and the UK were mixed but broadly positive, while China remained soft with deflationary headline CPI and slowing exports, prompting expectations of more policy support over coming quarters.

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