Daily Update — September 09, 2025
Zero-emission Buses; US Recession Signals; August Private Equity Deal Value Up
Today is Tuesday, September 9, 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
Zero-emission buses reshape EU bus production
Zero-emission buses in Europe, including battery-electric and hydrogen buses, gained significant traction in 2024, rising 4 percentage points year over year to capture 25% of the market. Performance data from the first half of 2025 indicates a sustained trend. S&P Global Mobility expects the market share for zero-emission buses to rise to 30% of total buses sold in 2025.
Within this sector, battery-electric vehicles dominate, while hydrogen vehicles remain niche, with only 250 hydrogen fuel-cell electric buses sold in 2024.
Economy
iBoxx USD Emerging Markets Monthly Commentary: August 2025
Several economic indicators have pointed toward a recession in the US economy in recent months. The Conference Board Leading Economic Index, released Aug. 21, fell by 0.1% in July amid weak new orders and pessimism about business conditions. The index has been signaling a recession for the past six months.
In August, the Bureau of Labor Statistics revised previous months’ job reports downward, showing that hiring is frozen, with only 33,000 jobs added in May and June. The market expects rate cuts in the next three to six months, particularly after the Fed cited higher tariffs, a slowdown in payroll job growth and GDP growth of 1.2% in the first half of 2025, compared with 2.5% in 2024.
Private Markets
Global private equity deal value climbs 10% YOY in August
Global private equity and venture capital deal values in August grew 10% year over year to $58.22 billion from $52.74 billion, according to S&P Global Market Intelligence data. The number of deals dropped to 827 from 927 over the same period.
The total deal value in the year to Aug. 31 climbed to $479.76 billion from $450.22 billion in the first eight months of 2024. The deal count dropped to 8,327 from 8,810 over the same period.
In case you missed it
- The lifting of forbearance by the Central Bank of Nigeria from June 2025 will likely lead to higher nonperforming loans for Nigerian banks in 2025.
- European carbon prices climbed to multimonth highs in the week ended Sept. 5 as shipping companies rushed to secure allowances ahead of Sept. 30, when they must surrender allowances, and rising gas prices boosted power sector demand.
- Lesotho plans to diversify its economy from diamonds to critical minerals by tapping its coal fields for rare earths.
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