Iraq Seeks 6 Million Bpd OPEC+ Oil Quota 
US Stock Futures Mixed as Fed Rate Hike Bets Rise 
Asian Stocks Mixed as AI Chip Rally Meets Oil Surge 
Oil Prices Climb as Iran Threatens Gulf Energy Infrastructure 
South Korea GDP Surges on Chip and AI Boom 
Iran Plans New Gulf Restricted Zone as Hormuz Tensions Push Oil Higher 
China Boosts Gold Reserves by 650,000 Ounces as Prices Rally 
Brent Oil Tops $100 as Middle East Conflict Threatens Supply 
European Stocks Flat as Iran Tensions, ECB Rate Hike Loom 
Asian Currencies Mixed as Yen Rallies on BOJ Bets 
Canada Retaliatory Tariffs on U.S. Goods Take Effect 
Japan GDP Growth Beats Forecast, Boosting BOJ Rate Hike Bets 
China to Inject $45 Billion Into State Financial Institutions 
Iran Threatens Gulf Energy Assets as U.S. Tensions Escalate 
UK House Prices Fall for First Time Since 2023 
China Exports Surge 25% in August as Trade Surplus Hits $119 Billion 
ECB Set for September Rate Hike as Energy Prices Fuel Inflation 
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Asian shares climbed Monday, fueled by strong demand for tech giants like Nvidia, Alphabet, and Amazon, pushing S&P 500 futures to a fresh all-time high. Nasdaq futures rose 0.3%, while S&P 500 e-minis added 0.2%. Japan’s Nikkei jumped 1%, South Korea’s KOSPI gained 0.5%, and MSCI’s Asia-Pacific index outside Japan edged up 0.1%.
The bullish sentiment came despite caution over U.S. fiscal policy. Investors are watching progress on President Trump’s massive tax-and-spending bill, which the Congressional Budget Office estimates could add $3.3 trillion to U.S. debt. Meanwhile, Friday’s holiday brings U.S. non-farm payrolls data forward, with economists forecasting a modest 110,000 job gain and a rise in the unemployment rate to 4.3%.
Weaker labor data could boost odds of a July rate cut from the Federal Reserve. JPMorgan’s Michael Feroli noted that rising continuing claims and falling consumer confidence point to softening job conditions. A higher unemployment print could shift futures to price in deeper cuts beyond the currently expected 63 basis points for 2025.
U.S. Treasury yields held steady at 3.27% as easing expectations supported bonds despite concerns over ballooning deficits. However, the dollar weakened on expectations of slower growth and rate cuts. The euro hovered at $1.1731, sterling at $1.3719, and the yen strengthened to 144.48 per dollar. The U.S. dollar index slipped to 97.163, with Capital Economics warning further declines may trigger a broader selloff.
Gold prices fell to $3,266/oz as risk appetite returned, while oil extended its losses. Brent crude dropped to $67.22 and WTI to $64.84 amid concerns over rising OPEC+ supply and last week’s steep 12% drop.
