# 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 Trump’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 China’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 | 🇪🇺 | Medium | Spanish Unemployment Change (Aug) | 21.9K | 14.2K |
| 2025-09-02 | 04:00 | 🇧🇷 | Medium | IPC-Fipe Inflation Index (MoM) (Aug) | ||
| 2025-09-02 | 05:00 | 🇪🇺 | Medium | Core CPI (YoY) (Aug) | 2.2% | |
| 2025-09-02 | 05:00 | 🇪🇺 | High | CPI (YoY) (Aug) | 2.1% | |
| 2025-09-02 | 05:00 | 🇪🇺 | Medium | CPI (MoM) (Aug) | ||
| 2025-09-02 | 07:30 | 🇪🇺 | Medium | ECB’s Elderson Speaks | ||
| 2025-09-02 | 08:00 | 🇧🇷 | Medium | GDP (QoQ) (Q2) | 0.3% | |
| 2025-09-02 | 08:00 | 🇧🇷 | Medium | GDP (YoY) (Q2) | 2.1% | |
| 2025-09-02 | 09:45 | 🇺🇸 | High | S&P Global Manufacturing PMI (Aug) | 53.3 | |
| 2025-09-02 | 10:00 | 🇺🇸 | Medium | Construction Spending (MoM) (Jul) | -0.1% | |
| 2025-09-02 | 10:00 | 🇺🇸 | Medium | ISM Manufacturing Employment (Aug) | ||
| 2025-09-02 | 10:00 | 🇺🇸 | High | ISM Manufacturing PMI (Aug) | 49.0 | |
| 2025-09-02 | 10:00 | 🇺🇸 | High | ISM Manufacturing Prices (Aug) | 65.1 | |
| 2025-09-02 | 10:00 | 🇪🇺 | Medium | German Buba President Nagel Speaks | ||
| 2025-09-02 | 13:00 | 🇺🇸 | Medium | Atlanta Fed GDPNow (Q3) | 3.5% | |
| 2025-09-02 | 14:00 | 🇺🇸 | High | U.S. President Trump Speaks | ||
| 2025-09-02 | 20:30 | 🇯🇵 | Medium | au Jibun Bank Services PMI (Aug) | 52.7 | |
| 2025-09-02 | 21:30 | 🇦🇺 | Medium | GDP (QoQ) (Q2) | 0.5% | |
| 2025-09-02 | 21:30 | 🇦🇺 | Medium | GDP (YoY) (Q2) | ||
| 2025-09-02 | 21:45 | 🇨🇳 | Medium | Caixin Services PMI (Aug) | 52.4 |
**Notes**:
– **Cur**: Currency associated with the event (with flag emoji).
– **Imp**: Importance (High, Medium, Low, None).
– **Actual**: Reported value (if available).
– **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, today’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 UK’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, Spain’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.
