China Boosts Gold Reserves by 650,000 Ounces as Prices Rally 
China Exports Surge 25% in August as Trade Surplus Hits $119 Billion 
Jefferies Names 6 Top India Stock Picks Across Key Sectors 
Iran Vows Tougher Response as U.S. Sanctions Squeeze Economy 
Iran Plans New Gulf Restricted Zone as Hormuz Tensions Push Oil Higher 
Japan, U.S. Stay Aligned on Yen as Currency Surges 
OPEC+ Expected to Hold October Oil Output Steady 
ECB Set for September Rate Hike as Energy Prices Fuel Inflation 
Hungary Industrial Output Beats Forecasts With 4.7% July Growth 
European Stocks Flat as Iran Tensions, ECB Rate Hike Loom 
South Korea GDP Surges on Chip and AI Boom 
UK House Prices Fall for First Time Since 2023 
Oil Prices Rise as Hormuz Tensions Threaten Supply 
US Stock Futures Mixed as Strong Jobs Data Boosts Fed Rate Hike Bets 
Gold Prices Rise as Yen Rally Weakens Dollar 
Uranium Prices Could Top $100 as Nuclear Demand Grows 
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Asian stock markets opened cautiously on Monday as investors awaited developments on a potential U.S. government shutdown. President Donald Trump is set to meet with congressional leaders later in the day to discuss extending federal funding. Without a deal, the shutdown would begin Wednesday, coinciding with the implementation of new U.S. tariffs on trucks, pharmaceuticals, and other goods.
Analysts warn a prolonged closure could hinder the Federal Reserve’s policy decisions ahead of its October 29 meeting, as key reports like September payrolls would be delayed. Bank of America noted that while private data could fill gaps, the lack of official government releases may slightly reduce the likelihood of an October rate cut, though markets still price in a 90% chance. Growth impacts are expected to be minor, with estimates of a 0.1% reduction in GDP per week of closure. However, permanent job cuts tied to the shutdown could weigh on employment and consumer confidence.
Despite political uncertainty, equities may find support in seasonal trends. Historically, the fourth quarter has been favorable for U.S. stocks, with the S&P 500 posting gains nearly three-quarters of the time. On Monday, S&P 500 and Nasdaq futures gained 0.2%, while European futures, including Eurostoxx 50, FTSE, and DAX, also rose 0.3%. Japan’s Nikkei dipped 0.7% after a strong September, while South Korea’s market advanced 1.2%. MSCI’s Asia-Pacific index outside Japan rose 0.4%, adding nearly 4% in September.
Treasury yields steadied at 4.17% after recent pressure from strong U.S. economic data. The dollar index held firm at 98.134, with the euro trading at $1.1708 and the yen at 149.49.
In commodities, gold hovered near record highs at $3,764 an ounce, while oil prices eased. Brent crude slipped 0.8% to $69.57, and U.S. crude fell 0.9% to $65.14 as Iraq resumed exports through a key pipeline. OPEC+ is expected to approve another output hike of at least 137,000 barrels per day at its upcoming meeting.
