News Recap • Week 36 2025

Check the news below and make sure to visit my latest Market Recap as well.

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Macro

• Mon Eurozone factory activity expanded for the first time since mid-2022 while activity in Japan, South Korea, and Taiwan contracted. China’s private survey showed a surprise expansion as well. (Reuters)
• Tue Eurozone inflation ticked up from 2% in July to 2.1% in August. Economists had expected it to stay unchanged. Core inflation remained at 2.3%. The closely watched services inflation rate ticked down from 3.2% to 3.1%. With inflation on target, the ECB is expected to keep its interest rate steady at 2% for the foreseeable future. (CNBC)
• Wed President Trump asked the Supreme Court to quickly accept and rule on his effort to overturn the recent court rulings that called most of his tariffs illegal. (CNBC)
• Thu The private sector added just 54,000 jobs in August according to ADP, well short of the 75,000 consensus estimate among economists and down from 106,000 in July. (CNBC)
• Thu The US and Japan finalized their new trade deal with a baseline 15% tariff on nearly all US imports from Japan. (CNBC)
• Thu Trump said on Thursday that his administration will impose tariffs on semiconductor imports from companies not shifting production to the US. (Reuters)
• Fri Nonfarm payrolls increased by a meager 22,000 in August according to the Bureau of Labor Statistics, well below the 75,000 forecast. And while the July number saw an upward revision of 6,000, the number for June was lowered by 27,000 to a net loss of 13,000 jobs. The unemployment rate ticked up from 4.2% to 4.3%, in line with expectations. However, the reduction in immigration into the US combined with productivity gains and earnings boosts thanks to AI distort the image significantly. Either way, the poor labor market data at the very least gives the Fed what it needs to cut rates at the next meeting. The only remaining question now is whether the cut will be 25 or 50 basispoints. (CNBC)
• Fri Interest rates plummeted on Friday after the latest US non-farm payrolls data showed a significant slowdown in the labor market, causing the biggest one-day drop in mortgage rates in over a year. The 30-year fixed mortgage rate is now 6.29% after peaking at 7.08% in May. (CNBC)
• Fri President Trump threatened to launch a trade investigation after the EU gave Google what he called a “discriminatory” $3.5 billion fine. (CNBC)

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Other

• Mon The latest trial data from Novo Nordisk showed a significant reduction in risk of heart attack, stroke or death in certain patients on Wegovy compared with Eli Lilly’s competitive drug. (CNBC)
• Tue A federal judge ruled on Tuesday that Google does not have to divest its Chrome browser. The ruling comes a year after Google was found to hold an illegal monopoly in the search business. Alphabet stock jumped more than 9% to a new all-time high on Wednesday after the news. (CNBC)
• Tue AI startup Anthropic raised a $13 billion funding round at a $183 billion post-money valuation, roughly triple its latest valuation in March. (CNBC)
• Tue Swedish FinTech giant Klarna is seeking to raise up to $1.27 billion in its NYSE IPO, selling around 34.3 million shares between $35 and $37 each. The listing would value the company at around $14 billion. (CNBC)
• Thu Danish Ørsted sued the Trump administration over its order to stop construction on Revolution Wind. (CNBC)
• Fri Tesla’s board is asking investors to approve a new pay plan for CEO Elon Musk worth nearly $1 trillion, to be unlocked in tranches if the company achieves a series of milestones over the next decade. One of the wilder milestones is a $8.5 trillion market cap for Tesla, approximately 8x its current value and twice the size of the most valuable company in the world, Nvidia. (CNBC)
• Fri TikTok now has more than 200 million monthly active users in Europe, up from 175 million last year. (Reuters)
• Fri AppLovin and Robinhood will join the S&P 500 index before September 22, replacing MarketAxess Holdings and Caesars Entertainment. Both AppLovin and Robinhood jumped around 7% immediately after the news. (CNBC)

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Earnings

• Wed American Eagle delivered a big earnings beat and attributed a big portion of the success to its massively successful Sydney Sweeney ad campaign. Shares surged almost 38% on Thursday after the report. (CNBC)
• Wed Figma reported earnings for the first time as a public company and delivered numbers slightly above estimates. However, the company’s growth rate is definitely slowing down, making some investors nervous. The stock plummeted 19.9% after the report to its lowest level since the IPO. (CNBC)
• Thu Broadcom delivered a small beat on both the top and bottom lines. The company also said it has secured $10 billion in orders from a new client for custom chips, widely speculated to be OpenAI. Shares popped 9.41% to a new record high on Friday and have now gained 44.45% in 2025 alone. Simultaneously, Broadcom overtook Saudi Aramco to become the world’s 7th most valuable company with a market cap of $1.575 trillion. (CNBC)
• Thu Lululemon’s revenue came in slightly below forecast while earnings were solidly above. However, the company cut its full-year guidance to EPS around $12.87, far below the $14.45 consensus estimate. The stock dropped 18.58% on Friday and has now lost two thirds of its value since the 2023 peak. (CNBC)