Markets Mixed After Fed Cut, U.S.-China Truce

Global markets were mixed after the Federal Reserve delivered a widely expected 25 basis‑point cut, with Chair Jerome Powell warning further easing was "far from" guaranteed and cooling hopes of an additional December cut. European stocks edged down about 0.1–0.3% as investors digested a heavy slate of corporate earnings while the STOXX 600 remained on track for a monthly gain. The European Central Bank kept rates unchanged at 2% for a third straight meeting, reinforcing expectations policy will stay on hold. A U.S.–China summit produced a trade truce — including a 10% cut in some U.S. tariffs and commitments on rare earths, large purchases of U.S. goods and controls on fentanyl precursors — which helped shape sentiment. Corporate results drove stock‑level volatility, led by Alphabet’s upside, mixed showings at Meta and Microsoft, and upcoming reports from Apple and Amazon alongside numerous European company updates. Commodities moved modestly while German and U.S. 10‑year yields inched higher and Brent and WTI slipped roughly 0.1%, keeping market caution intact.