FILE PHOTO: A specialist trader works on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., September 15, 2025. REUTERS/Brendan McDermid/File Photo

By Anna Szymanski

What matters in U.S. and global markets today

By Anna Szymanski

While investors last week welcomed the Federal Reserve’s first rate cut of 2025 and signals of further easing, sentiment is more cautious today, with U.S. stock futures easing slightly before the bell. President Donald Trump said on Friday that U.S. companies would need to pay $100,000 for new H-1B worker visas, a potential blow for the dominant U.S. tech sector. Investors will hear from a host of Fed officials this week as everyone awaits the release of the Fed's favored inflation gauge on Friday.

* Asian equities were mixed on Monday. While Japan’s Nikkeijumped over 1%, and Taiwan hit a record high, Indian sharesslipped following the Trump Administration's announcement of thenew H-1B visa fee on Friday. This move could hurt both U.S. techcompanies, which rely heavily on overseas talent, and India,which represented over 70% of approved H-1B visas last year. * Over in FX markets, things were relatively subdued. Theyen, which got a bounce last week from the Bank of Japan'shawkish shift, on Monday gave back some of its gains. Sterlingfell to a two-week low, following news of a surge in UKpublic borrowing and the Bank of England's policy decision lastweek that highlighted the challenges of balancing inflation andgrowth concerns. * Meanwhile, the dollar is down slightly early on Monday.Markets remain focused on the trajectory for U.S. monetarypolicy, pricing in 44 basis points of additional easing thisyear. Several policymakers are expected to speak this week,including New York Fed President John Williams and newlyappointed Governor Stephen Miran later today. The Fed'spreferred gauge of inflation, the Personal ConsumptionExpenditures Index, is due on Friday. Investors will be keen toget a better sense of the policy path ahead after Chair JayPowell's speech last week sent mixed signals.

Mike's off this week, but check out his column today explaining why the ECB could have a "contingency cut" in its pocket and what that means for dollar bets.

Market Minute

* India's $283 billion information technology sector will have to overhaul its decades-old strategy of rotating skilled talent into U.S. projects following U.S. President Donald Trump's move to impose a $100,000 fee for new H-1B visas from Sunday, according to tech veterans, analysts, lawyers and economists.

* South Korea's economy could fall into crisis rivalling its 1997 meltdown if the government accepts current U.S. demands in stalled trade talks without safeguards, President Lee Jae Myung told Reuters.

* U.S. tariffs imposed in August risk slashing up to one-fifth of Vietnam's exports to the United States, making it the worst-hit country in Southeast Asia, according to estimates by the United Nations Development Programme.

* The breathtaking expansion of U.S. gas exports in the last decade has reshaped global markets, but, writes ROI energy columnist Ron Bousso, a looming global oversupply along with rising power prices domestically could leave the industry exposed on both sides of its value chain.

* China's onshore equity markets are booming, outperforming many of their developed market counterparts this year, writes Emmer Capital Partners Founder Manishi Raychaudhuri in his latest piece for ROI. But he argues that whether this is the beginning of a true Chinese equity boom will likely depend on government stimulus and corporate discipline.

Chart of the day

After the Trump administration said on Friday that it would ask companies to pay $100,000 per year for H-1B working visas, some big tech companies and banks, including Microsoft, Amazon, Alphabet and Goldman Sachs, warned employees to stay in the U.S. or quickly return. However, the White House on Saturday clarified that this is a one time, not an annual fee, and that it will not be applied to existing visa holders re-entering the country.

Today's events to watch

* Chicago Fed National Activity Index for August * NY Fed President John Williams speaks (9:45 AM ET) * St. Louis Fed President Alberto Musalem speaks (10:00 AMET) * Cleveland Fed President Beth Hammack and Fed GovernorStephen Miran speak (12:00 PM ET)

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Opinions expressed are those of the author. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

(By Anna Szymanski; Editing by Peter Graff.)