Headlines:
Tariffs quagmire dominates the setting to start the weekWhat does September normally have in store for markets?Gold eyes upside break to kick start September tradingThe surge in gold prices in not good news: an explainer on what's driving itECB's Lagarde: As of itself, French banking system is not a source of riskECB's Lagarde: US court challenge to Trump tariffs adds another level of uncertaintyEurozone July unemployment rate 6.2% vs 6.2% expectedEurozone August final manufacturing PMI 50.7 vs 50.5 prelimUK August final manufacturing PMI 47.0 vs 47.3 prelimUK July mortgage approvals 65.35k vs 64.40k expectedUK August Nationwide house prices -0.1% vs +0.2% m/m expectedSwitzerland August manufacturing PMI 49.0 vs 46.9 expectedSNB total sight deposits w.e. 29 August CHF 472.3 bn vs CHF 469.5 bn priorMarkets:
The big story over the weekend was the ruling by a US federal appeals court in deciding that Trump's tariffs are mostly illegal. That has the potential to open up a can of worms, with the decision now set to be appealed to the US Supreme Court by 14 October.
The mess is distracting markets a little but with it being a holiday in the US and Canada, any semblance of chaos is at least put off for another day for now.
Major currencies didn't get up to much as the dollar is just slightly on the softer side but nothing outstanding. EUR/USD is up 0.3% to 1.1720 levels but is unable to get past some short-term resistance around 1.1730-40. Meanwhile, the dollar remains little changed elsewhere with just the antipodes holding minor gains against the greenback otherwise.
In the equities space, European stocks started the day higher but are now feeling a bit lethargic. With Wall Street out for the long weekend, investor appetite seems to be sapped despite the tariff headlines. The focus this week will switch to the US labour market report on Friday.
One of the main movers today is gold as the precious metal climbs to fresh highs since the end of April. Buyers have got their sights on the $3,500 mark but might need an extra push to get there during the week. As gold powers through, silver is also shining brightly as it jumps up to hit the $40 mark for the first time since 2011. The move higher mostly came in Asia trading with just a light extension during European morning trade.
As we get into September trading, the key drivers will be US data and how that will impact the Fed outlook. We will get non-farm payrolls to work with this week before switching the focus to inflation numbers next week. And then the week after, it's all on the Fed.
This article was written by Justin Low at investinglive.com.Hence then, the article about investinglive european markets wrap dollar stocks hold more tepid precious metals climb was published today ( ) and is available on forex live ( Middle East ) The editorial team at PressBee has edited and verified it, and it may have been modified, fully republished, or quoted. You can read and follow the updates of this news or article from its original source.
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