Daily Update — October 01, 2025
Building Electrification; Q4 Global Economic Outlook; and Public Vs. Private Ratings
Today is Wednesday, October 1, 2025, and here’s your curated selection of Essential Intelligence on global markets from S&P Global. Subscribe to be notified of each new Daily Update.
Energy Transition & Sustainability
Listen: Duct bills: Heat pumps seek market share amid US building electrification push | EnergyCents
Buildings in the US account for about 40% of domestic energy demand and about 25% of greenhouse gas emissions. Increased electrification of buildings, particularly in heating, is core to policy makers realizing decarbonization ambitions.
Julia Kim, a US power markets expert at S&P Global Commodity Insights, joins the “EnergyCents” podcast with hosts Hill Vaden and Sam Humphreys to discuss incentives behind US building electrification and explain how the pace of heat pump adoption will reflect regional differences in incumbent heat source and state-level policy.
Economy
Global Economic Outlook Q4 2025: Global Resilience Battles U.S. Policy Unpredictability
US policy uncertainty, while declining, continues to hang over the global macro picture, according to a recent report from S&P Global Ratings. US tariffs and policies more generally dominate discussions with S&P Global Ratings’ clients and stakeholders and remain front and center in its credit conditions forecasting exercise.
S&P Global Ratings analysts continue to believe that sustained policy uncertainty "leaves money on the table." This is because investment and discretionary consumer spending, and hence employment and output, are lower than they otherwise would be. Policy uncertainties, more than the policies themselves, are moving the macro needle.
Private Markets
Rating Types And Their Applications In Private Markets
The power and popularity of private markets has increased market discussion on the roles of and differences between public versus private ratings, according to a report by S&P Global Ratings.
Many investors and asset managers require ratings for securities to differentiate among assets with varying credit risks. Ratings also help to create a common scale for reporting credit exposures across institutions. For example, public ratings are used in the broadly syndicated loan market to facilitate syndication because they support systemic transparency for an instrument that will be held and traded by multiple managers across dozens of portfolios.
In case you missed it
- Property and casualty insurers' stocks limped to the finish line of an up-and-down third quarter, despite impressive gains from large-cap insurers.
- Thailand's 5% broken white rice prices have plunged to their lowest levels in over eight years, weighed down by sluggish international demand and a weakening baht.
- Total new vehicle inventory increased 1.1% month over month in August 2025, according to S&P Global Mobility's Retail Advertised Inventory data for the US market. Inventory now sits at 2.73 million units, up from 2.7 million in July.
Upcoming events
- Impacts of the Budget Reconciliation Package on the US Power Sector | October 2 (Webinar)
- Before the Tape: A Q3 Earnings Preview and Preparation Guide | October 7 (Webinar)
- CERAWeek 2026 | March 23–27, 2026 (Houston)