European Session Market Report Indices Decline Amid Tariff Uncertainty and Gold Hits Record Highs

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# European Session Market Report: Indices Decline Amid Tariff Uncertainty and Gold Hits Record Highs

**Note**: This analysis is generated during European session, markets open. Event times in US Eastern Time.

## Major News

Global market sentiment turned cautious today as U.S. futures showed declines amid renewed uncertainty over tariffs following a court ruling deeming many of President Trumpโ€™s tariffs illegal. S&P 500 futures fell 0.15%, Dow futures dropped 0.29%, and Nasdaq futures declined 0.12%. European indices also faced pressure, with the Euro Stoxx 50 down 0.49%, DAX losing 0.56%, CAC 40 decreasing by 0.34%, and FTSE 100 slipping 0.44%.

In commodities, gold prices surged to record highs above $3,500, driven by expectations of potential U.S. Federal Reserve rate cuts and increasing inflation concerns. This rally reflects a broader trend in precious metals as investors seek safe-haven assets amid geopolitical tensions, particularly with Chinaโ€™s assertive stance highlighted during the SCO summit.

The currency markets remain stable, but the sentiment is influenced by ongoing trade tensions, particularly between the U.S. and India, as former President Trump criticized their trade relationship.

In Asia, the Nikkei saw a slight increase of 0.02%, indicating a more resilient sentiment compared to Western markets. Overall, the market is navigating a complex landscape of geopolitical shifts, economic policy

## Performances

### US Futures

US futures indicate opening sign for cash market.

Future Price Daily Change (%)
S&P 500 Futures 6459.25 -0.15
Dow Futures 45460.00 -0.29
Nasdaq Futures 23409.25 -0.12

### Major US Indices (Previous Close)

Previous close performance for US indices.

Index Price Daily Change (%)
S&P 500 6461.82 -0.42
Dow Jones 45551.40 -0.09
Nasdaq 100 23404.05 -0.84

### European Indices Performance

Index Price Daily Change (%)
Euro Stoxx 50 5341.37 -0.49
DAX 23840.15 -0.56
CAC 40 7703.98 -0.34
FTSE 100 9155.69 -0.44

### Nikkei Performance

Index Price Daily Change (%)
Nikkei 42308.64 0.02

### FX Performance

Currency Pair Price Daily Change (%)
EUR/USD 1.17 -0.39
USD/JPY 148.59 0.97
GBP/USD 1.34 -0.85
USD/CHF 0.80 0.29
USD/CAD 1.38 0.13
AUD/USD 0.65 -0.64
NZD/USD 0.59 -0.71

### Commodities Performance

Commodity Price Daily Change (%)
Crude Oil 65.24 0.45
Gold 3550.20 -0.41
Silver 41.63 -0.31
Natural Gas 2.97 0.44

### BTC and ETH Performance

Crypto Price Daily Change (%)
Bitcoin 110233.59 0.94
Ethereum 4390.18 1.76

## Economic Calendar of Today (Most Important Events)

The following table lists high-importance economic events for today, 2025-09-02, with times in US Eastern Time.

Date Time Cur Imp Event Actual Forecast
2025-09-02 03:00 ๐Ÿ‡ช๐Ÿ‡บ Medium Spanish Unemployment Change (Aug) 21.9K 14.2K
2025-09-02 04:00 ๐Ÿ‡ง๐Ÿ‡ท Medium IPC-Fipe Inflation Index (MoM) (Aug)
2025-09-02 05:00 ๐Ÿ‡ช๐Ÿ‡บ Medium Core CPI (YoY) (Aug) 2.2%
2025-09-02 05:00 ๐Ÿ‡ช๐Ÿ‡บ High CPI (YoY) (Aug) 2.1%
2025-09-02 05:00 ๐Ÿ‡ช๐Ÿ‡บ Medium CPI (MoM) (Aug)
2025-09-02 07:30 ๐Ÿ‡ช๐Ÿ‡บ Medium ECBโ€™s Elderson Speaks
2025-09-02 08:00 ๐Ÿ‡ง๐Ÿ‡ท Medium GDP (QoQ) (Q2) 0.3%
2025-09-02 08:00 ๐Ÿ‡ง๐Ÿ‡ท Medium GDP (YoY) (Q2) 2.1%
2025-09-02 09:45 ๐Ÿ‡บ๐Ÿ‡ธ High S&P Global Manufacturing PMI (Aug) 53.3
2025-09-02 10:00 ๐Ÿ‡บ๐Ÿ‡ธ Medium Construction Spending (MoM) (Jul) -0.1%
2025-09-02 10:00 ๐Ÿ‡บ๐Ÿ‡ธ Medium ISM Manufacturing Employment (Aug)
2025-09-02 10:00 ๐Ÿ‡บ๐Ÿ‡ธ High ISM Manufacturing PMI (Aug) 49.0
2025-09-02 10:00 ๐Ÿ‡บ๐Ÿ‡ธ High ISM Manufacturing Prices (Aug) 65.1
2025-09-02 10:00 ๐Ÿ‡ช๐Ÿ‡บ Medium German Buba President Nagel Speaks
2025-09-02 13:00 ๐Ÿ‡บ๐Ÿ‡ธ Medium Atlanta Fed GDPNow (Q3) 3.5%
2025-09-02 14:00 ๐Ÿ‡บ๐Ÿ‡ธ High U.S. President Trump Speaks
2025-09-02 20:30 ๐Ÿ‡ฏ๐Ÿ‡ต Medium au Jibun Bank Services PMI (Aug) 52.7
2025-09-02 21:30 ๐Ÿ‡ฆ๐Ÿ‡บ Medium GDP (QoQ) (Q2) 0.5%
2025-09-02 21:30 ๐Ÿ‡ฆ๐Ÿ‡บ Medium GDP (YoY) (Q2)
2025-09-02 21:45 ๐Ÿ‡จ๐Ÿ‡ณ Medium Caixin Services PMI (Aug) 52.4

**Notes**:
โ€“ **Cur**: Currency associated with the event (with flag emoji).
โ€“ **Imp**: Importance (High, Medium, Low, None).
โ€“ **Actual**: Reported value (if available).
โ€“ **Forecast**: Expected value (if available).

On September 2, 2025, several key economic events are poised to influence market dynamics, particularly in the EUR and BRL currencies.

The Spanish Unemployment Change for August reported an actual increase of 21.9K, significantly higher than the forecast of 14.2K. This unexpected rise may weaken the EUR as it reflects deteriorating labor market conditions in Spain.

In the Eurozone, the Core CPI and CPI figures for August are anticipated at 2.2% and 2.1%, respectively. Any deviation from these forecasts could impact the EUR, especially if inflation data suggests a need for tighter monetary policy from the ECB.

For Brazil, the GDP growth figures for Q2 are expected to show a modest QoQ increase of 0.3% and a YoY growth of 2.1%. Should the actual figures fall short, the BRL could face downward pressure.

In the U.S., the S&P Global Manufacturing PMI is forecasted at 53.3, while the ISM Manufacturing PMI is expected at 49.0. A reading below 50 could signal contraction, impacting the USD negatively.

Overall, todayโ€™s data releases will be closely monitored for surprises that could shift currency valuations significantly.

## Remaining Economic Calendar Comment for the Week (Important Events Only)

On September 1, 2025, several significant economic events impacted global markets, particularly in the European and British currencies. The UKโ€™s Nationwide House Price Index (HPI) showed a year-over-year increase of 2.1%, but the month-on-month figure fell short of expectations at -0.1% versus a forecast of 0.1%, indicating potential weakness in the housing market. The S&P Global Manufacturing PMI for the UK also disappointed, coming in at 47.0, below the expected 47.3, signaling contraction.

In the Eurozone, the HCOB Eurozone Manufacturing PMI exceeded expectations at 50.7, suggesting mild expansion, while the German Manufacturing PMI was slightly below forecast at 49.8. Notably, Spainโ€™s Manufacturing PMI surged to 54.3, far surpassing the 52.1 forecast, which could bolster the euro against other currencies.

The AUD saw a positive surprise with a narrower-than-expected current account deficit of -13.7 billion AUD versus -15.9 billion forecasted. Meanwhile, the US markets received mixed signals, with the ISM Manufacturing PMI at 49.0, indicating contraction, and factory orders declining by 1.3%. These developments are likely to affect currency dynamics, with the GBP under pressure and the EUR gaining some strength amid mixed economic signals.