Gold Prices Rebound as Dollar Weakens, Fed Decision Looms 
Asian Stocks Rally as AI Optimism Fuels Chipmaker Surge 
UK House Prices Fall for First Time Since 2023 
China Exports Surge 25% in August as Trade Surplus Hits $119 Billion 
Gold Prices Rise as Yen Rally Weakens Dollar 
Hormuz Shipping Slows as Iran Threats Lift Oil Risks 
US Stock Futures Mixed as Fed Rate Hike Bets Rise 
Hungary Industrial Output Beats Forecasts With 4.7% July Growth 
Oil Prices Rally as Brent Nears $100 on U.S.-Iran Escalation 
Canada Retaliatory Tariffs on U.S. Goods Take Effect 
Japanese Yen Nears Seven-Month High as Oil Approaches $100 
Iran Vows Tougher Response as U.S. Sanctions Squeeze Economy 
South Korea GDP Surges on Chip and AI Boom 
China Inflation Accelerates in August as CPI, PPI Rise 
China Boosts Gold Reserves by 650,000 Ounces as Prices Rally 
US Bans Canadian Alcohol, Motorcycles as Trade War Escalates 
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Global markets tumbled Friday after weaker-than-expected U.S. jobs data heightened recession concerns and boosted expectations for a Federal Reserve rate cut in September. MSCI’s global equities index fell 1.32% to 917.39, its sharpest drop since mid-April, while the dollar and Treasury yields slid amid economic uncertainty and political turmoil.
The U.S. Labor Department reported only 73,000 nonfarm payroll additions in July, far below forecasts of 110,000. June’s figures were revised sharply down to 14,000 from 147,000. Following the report, President Donald Trump ordered the dismissal of Bureau of Labor Statistics Commissioner Erika McEntarfer, a Biden appointee, sparking investor concerns over data integrity. Anxiety deepened as Fed Governor Adriana Kugler announced her early resignation, further fueling volatility in currency and bond markets.
CME’s FedWatch tool showed traders pricing an 87.5% chance of a September rate cut, up from 37.7% the previous day. The dollar index fell 1.37% to 98.66, with the euro climbing to $1.1589 and the yen strengthening to 147.32. U.S. 10-year Treasury yields plunged 14 basis points to 4.22%.
Wall Street mirrored the global sell-off: the Dow Jones dropped 542 points, the S&P 500 fell 1.6%, and the Nasdaq lost 2.24%, its steepest decline since April. Amazon shares sank over 8% after disappointing cloud growth figures.
Adding pressure, Trump announced new tariffs up to 41% on imports from Canada, India, Taiwan, Thailand, and South Korea, with Mexico receiving a temporary reprieve.
Oil prices fell nearly 3% on demand fears and possible OPEC output increases, while gold surged 2% to $3,360 per ounce as investors sought safety amid mounting economic and geopolitical uncertainty.
