🚨🚨🚨The market summary for October 21, 2025, excluding India, highlights a globally optimistic tone driven by receding US-China trade tensions and key political developments in Asia, with the US market showing mixed to positive movements ahead of a busy earnings week.

North America (US):

 * Stocks: US stock futures showed a slight decline after a strong rally on Monday, but the overall sentiment remained positive due to easing credit fears and optimism about trade talks.

   * The S&P 500 index was near all-time highs, closing with a marginal loss of 0.05% on the day but showing significant long-term growth.

 * Key Drivers:

   * Hopes for a quick resolution to the ongoing US government shutdown helped sentiment.

   * Focus was largely on the rush of corporate earnings releases, including major companies like GE and Coca-Cola.

   * Worries over US regional banks that had flared up the previous week appeared to be easing.

Asia (Excluding India):

 * Risk-On Sentiment: Asian stocks surged, bolstered by the prospect of easing US-China trade tensions and a robust Wall Street lead.

 * Japan: The Nikkei 225 climbed, reaching close to the symbolic 50,000 level, an all-time high. This rally was fueled by the confirmation of Sanae Takaichi as Japan's first female Prime Minister, with markets anticipating her to pursue pro-stimulus policies (often dubbed "Sanaenomics"), including continued cheap credit and large defense spending.

 * Greater China:

   * Hong Kong's Hang Seng and China's benchmark Shanghai Composite both posted gains, with technology heavyweights leading the way.

 * South Korea: The KOSPI index hit a new record high, supported by robust earnings in the semiconductor sector and global tech demand optimism.

Europe:

 * Stocks: European stock indices were mostly up or flat in morning trading, with the Stoxx Europe 600 gaining slightly. The FTSE 100 also posted a modest gain.

 * Sentiment: Markets were relatively subdued but benefited from the positive sentiment surrounding the US-China trade situation and the anticipated end to the US government shutdown.

 * Monetary Policy: European Central Bank (ECB) commentary reiterated its commitment to ensuring inflation stabilizes at the 2% target, noting that financial conditions had become less restrictive due to lower short-term rates and higher risk asset valuations.

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