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Wall Street ended the session lower. The S&P 500 and Dow Jones lost 0.55% each, while the Nasdaq fell 0.3%. Declines were driven mainly by recession fears after weak U.S. labor market data.
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Today’s NFP release came in far below expectations. Employment growth in August was just +22k versus expectations of +75k and +79k in July.
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Following the release, the U.S. dollar weakened sharply and is down 0.65% on the daily interval. EURUSD, meanwhile, is up 0.75%. Markets also began to price in a full 25bp rate cut at the Fed’s September meeting, along with further cuts in October and December.
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In addition, data for the previous two months were revised downward in total. June was revised to −13k (from +14k), and July to +79k (from +73k). Overall, June and July employment was 21k lower than previously reported.
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Similarly weak labor market data came from Canada, weighing on CAD. On the other hand, the Swiss franc and New Zealand dollar performed strongly today.
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Gold gained nearly 1.4%, reaching $3,600/oz for the first time in history.
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Crude oil fell about 2.5%, hitting two-week lows amid Saudi Arabia’s push to increase supply at Sunday’s OPEC+ meeting and the aforementioned recession concerns.
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Broadcom reported a 22% y/y increase in revenue to $16bn and a 63% jump in its AI segment ($5.2bn). It also secured a $10bn AI contract from OpenAI, sending its share price up as much as 14%.
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The European Commission fined Alphabet (GOOGL.US) €2.95bn for anticompetitive practices; Google announced it will appeal the ruling.
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European markets and the WSE ended in the red; however, positive sentiment appeared in the Polish energy sector amid a proposal to freeze energy prices for Q4 2025 and introduce a heating voucher for households.
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The cryptocurrency market showed moderate optimism. Bitcoin rose 0.2% today, while Ethereum fell nearly 0.7%.
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