Canada Retaliatory Tariffs on U.S. Goods Take Effect 
China Boosts Gold Reserves by 650,000 Ounces as Prices Rally 
Oil Prices Climb as Iran Threatens Gulf Energy Infrastructure 
UK House Prices Fall for First Time Since 2023 
China Exports Surge 25% in August as Trade Surplus Hits $119 Billion 
Uranium Prices Could Top $100 as Nuclear Demand Grows 
Japan Foreign Reserves Plunge $79.6 Billion After Record Yen Intervention 
Oil Prices Rise as Hormuz Tensions Threaten Supply 
Hungary Industrial Output Beats Forecasts With 4.7% July Growth 
Asian Stocks Rally as AI Optimism Fuels Chipmaker Surge 
ECB Set for September Rate Hike as Energy Prices Fuel Inflation 
China Expands Influence in Global Gold Market 
Asian Stocks Mixed as Korean Chipmakers Rally 
China to Inject $45 Billion Into State Financial Institutions 
Gold Holds Near $4,400 as Fed Hike Bets Rise 
US Stock Futures Mixed as Strong Jobs Data Boosts Fed Rate Hike Bets 
OPEC+ Expected to Hold October Oil Output Steady 
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Global stock markets slipped on Wednesday while gold retreated sharply from its recent rally, as investors reassessed stretched valuations and booked profits. The pullback followed growing geopolitical uncertainty after the planned summit between U.S. President Donald Trump and Russian President Vladimir Putin was postponed, while doubts lingered over a potential meeting between Trump and Chinese President Xi Jinping. Despite recent conciliatory tones from Washington and Beijing, Trump added to the ambiguity, saying the meeting “maybe won’t happen.”
Gold prices tumbled more than 5% on Tuesday, marking one of the sharpest declines this year, before sliding another 0.6% to $4,098.89 per ounce. The metal had surged over 50% year-to-date, driven by safe-haven demand amid global uncertainty and expectations of U.S. rate cuts. Analysts, including Tony Sycamore from IG, attributed the sell-off to excessive speculative positioning and “FOMO-driven” buying, noting parallels with stretched valuations in tech-heavy markets such as the Nasdaq.
The MSCI Asia-Pacific ex-Japan index dipped 0.24%, while Nasdaq futures fell 0.2% and S&P 500 futures eased 0.07%. Netflix shares plunged nearly 6% after missing quarterly earnings, while General Motors jumped 15% following an upbeat profit outlook. In Europe, futures also weakened, with the EUROSTOXX 50, FTSE, and DAX down between 0.15% and 0.5%.
Japan’s Nikkei dropped 0.9% after two days of gains fueled by optimism over fiscal stimulus under new Prime Minister Sanae Takaichi. Analysts see “Sanaenomics” as supportive for equities through pro-growth and reform-focused policies. Meanwhile, China’s CSI300 fell 0.2% and Hong Kong’s Hang Seng slipped 0.42%.
In currency markets, the yen weakened 0.8% following Takaichi’s win, while the dollar held firm. The Bank of Japan is expected to keep rates unchanged next week, and the U.S. Federal Reserve is widely anticipated to cut rates by 25 basis points. Oil prices edged higher, with Brent at $61.51 and WTI at $57.46 per barrel, as markets awaited further central bank cues amid a prolonged U.S. government shutdown.
