European stocks fell on the opening, Asian stock markets generally closed higher, gold and silver rose sharply, and the currency circle fell sharply

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Source: Wall Street CN  

Boosted by the rally in U.S. stocks and eased concerns over the Bank of Japan’s (BOJ) policies, Asian stock markets generally rose on Monday. However, Trump’s announcement of plans to launch a comprehensive reform of the H-1B visa program is bringing new uncertainty to the global technology industry and companies that rely on overseas talent.  

On Monday, September 22, European stocks opened generally lower, while Asian stocks mostly closed higher—mainly due to eased market concerns that the BOJ would sell its massive ETF holdings. The Japanese yen weakened against the U.S. dollar. The U.S. Dollar Index edged up 0.1%, extending its rally for the fourth consecutive day. Spot gold maintained its strength, rising $5.96 per ounce within 5 minutes to $3,714.37 per ounce, setting a new record high.  

Cryptocurrencies declined: Bitcoin fell more than 2% in 24 hours, Ethereum dropped nearly 7% in 24 hours, Dogecoin slid nearly 11% in 24 hours, and Cardano (ADA) fell more than 8% in 24 hours.  

- The Euro Stoxx 50 Index opened down 0.1%, Germany’s DAX Index fell 0.3%, the UK’s FTSE 100 Index declined 0.1%, and France’s CAC 40 Index dropped 0.1%.  

- Japan’s Nikkei 225 Index closed up 1% at 45,493.66. Japan’s TOPIX Index closed up 0.5% at 3,163.17. South Korea’s KOSPI Index closed up 0.7% at 3,468.65.  

- The U.S. Dollar Spot Index remained little changed. The euro was stable against the dollar at $1.1736.  

- The Japanese yen fell 0.2% against the U.S. dollar to 148.25.  

- The yield on the 10-year U.S. Treasury note rose 1 basis point to 4.14%.  

- Spot gold maintained its strength, rising $5.96 per ounce within 5 minutes to $3,714.37 per ounce, setting a new record high.  

- Spot silver rose 1.48% to $43.75.  

- West Texas Intermediate (WTI) crude oil rose 0.8% to $63.16 per barrel.  

- Cryptocurrencies declined: Bitcoin fell more than 2% in 24 hours, Ethereum dropped nearly 7% in 24 hours, Dogecoin slid nearly 11% in 24 hours, and Cardano (ADA) fell more than 8% in 24 hours.  

## U.S. Stocks Hit New Highs Amid "Bubble" Discussions  

On Monday, spot gold maintained its strength, rising $5.96 per ounce within 5 minutes to $3,714.37 per ounce, setting a new record high.  

Spot silver rose 1.48% to $43.75.  

Cryptocurrencies declined: Bitcoin fell more than 2% in 24 hours, Ethereum dropped nearly 7% in 24 hours, Dogecoin slid nearly 11% in 24 hours, and Cardano (ADA) fell more than 8% in 24 hours.  

Trump’s proposed domestic policy has brought new volatility to the market. Last Friday, he called for a comprehensive reform of the H-1B visa program, proposing to set the application fee at $100,000. This move may inject new uncertainty into the global market—particularly for U.S. companies that have long relied on the program to hire skilled technical talents such as computer programmers, data analysts, and engineers, especially technology firms in California. The pressure is particularly evident in India and its $280 billion IT industry.  

Despite policy uncertainty, global stock markets remain at record levels. Julian Emanuel, a strategist at Evercore ISI, stated in a report: "Discussions about a ‘bubble’ have officially entered market conversations, but a bubble is still a long way off." Evercore puts the probability of a bubble scenario (where the S&P 500 hits 9,000 points by the end of 2026) at 25%, while its base-case forecast is 7,750 points.  

Garfield Reynolds, a strategist at Bloomberg, argued that amid low market volatility and interest rate cuts by the Federal Reserve, the clouds raised by the visa issue are unlikely to hinder the U.S. stock market’s march to new highs. He analyzed that the profitability of technology companies appears sufficient to absorb any sudden surge in visa fees.  

## Market Focus on Japan’s Political Situation and Fed Moves  

This week, investors will also focus on key developments in Japan and the United States. On Monday, the leadership election of Japan’s ruling party officially kicked off, and the market is closely watching its outcome.  

In the United States, traders will parse a series of economic data, including the Federal Reserve’s preferred inflation indicator. Fed Chair Jerome Powell is scheduled to speak on the economic outlook on Tuesday—after he pushed back against market expectations of rapid interest rate cuts last week. In other markets, U.S. Treasury prices edged lower, with the yield on the 10-year Treasury note rising 1 basis point to 4.14%. After a slight decline last week, crude oil prices rose 0.6%, while silver climbed to its highest level since 2011.  

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