Q3-2025 Macro Outlook: Less chaos, and hopefully a bit more clarity
Market drivers and catalysts
Equities: Nvidia hits $4T; EU trade deal hopes lift DAX/CAC; WPP profit warning
Volatility: VIX down to 15.9; calm ahead of CPI; ETF flows turn defensive
Digital assets: BTC record highs; ETH surges; IBIT/ETHA inflows strong
Fixed Income: US Treasuries bounce on successful auction, with 30-year auction on tap today
Currencies: Dollar trading mixed; the BRL tumbles on Trump tariff attack
Commodities: Trump confirms 50% tariffs on copper; gold finds a fresh bid
Macro events: US weekly initial jobless claims & 30-year bond auction.









