Daily Summary : Google holds the market, Oil falls, Gold on ATH

6:44 PM 3 September 2025
  • The American stock market shows a clear divergence — Nasdaq and S&P 500 are rising in the cash market thanks to strong gains in technology companies, mainly Google, while Dow Jones remains under pressure from weaker labor market data and concerns about the economy's health. Looking at the contracts, it appears as follows: US500 is close to yesterday's closing, US100 is up by 0.25%, and US30 is down by 0.38%.
  • In the bond market, U.S. bond yields are falling, signaling demand for safe assets, while in other G7 countries — especially in the UK — long-term yields are rising to levels not seen in decades. Overall, investors are balancing between expectations for monetary support and concerns about fiscal risks and growth sustainability.
  • It's worth noting the 30-year yields in the U.S., which have approached the level of 50 basis points. After record short-term bond auctions in the U.S. in August, a reduction in issuance is expected in September. However, there is a risk of decreasing liquidity in the market.
  • Weak employment indicators increase expectations for Fed rate cuts, which supports valuations of growth companies and gold but also puts further pressure on the dollar.
  • The JOLTS report shows a decrease in new vacancies to 7.18 million from 7.357 million, with an expectation of an increase to 3.37 million.
  • Gold is rising to new historical highs in anticipation of a dovish tone from the Fed at the upcoming meeting. Gold is already reaching over $3,550 per ounce, while silver breaches the $41 per ounce level.
  • On the other hand, we observe slight downward pressure on industrial metals. Copper is falling today below $10,000.
  • Crude oil reacts negatively to rumors that OPEC+ might raise production again, dealing another blow to oil prices. Oil is down by over 2% today.
  • Natural gas prices in the U.S. have risen sharply during today's session, even exceeding the level of $3.1 USD/MMBTU amid expectations for renewed demand for electricity in the western states. Gas prices are stabilizing slightly above $3. Tomorrow, we will learn an important report on inventory status, with a clear increase expected due to low consumption last week.
  • Google essentially wins the antitrust lawsuit filed against it by the Department of Justice. The company is recording another all-time high in today's session, gaining about 8%, amid the resolution of many risk factors for the company. An indirect beneficiary of this verdict — Apple, is also rising. These two companies are saving the indices from further declines today.
  • The cryptocurrency market is doing well today. Ethereum is up by over 3%. Such high demand for extremely risky assets may signal that market sentiment is not yet as bad as some analysts and commentators might think.
  • Australia's GDP in annual terms for Q2 grows by 1.8% year-on-year, exceeding the expected 1.6% year-on-year. Previously, it was a growth of 1.4% year-on-year. In quarterly terms, this is a growth of 0.6% quarter-on-quarter, also above expectations.
  • The PMI index for services from China for smaller companies stands at 53 points for August, above the expected 52.4 and higher than the previous level of 52.6.
  • The PMI index for services from the eurozone ultimately falls lower at 50.5, compared to the preliminary reading of 50.7 and the previous level of 51 points. The reason is the decline in Germany's PMI below 50 points and low readings in Italy and Spain.
  • Eurozone PPI inflation stands at 0.2% year-on-year, against the expected 0.1% year-on-year and the previous level of 0.6% year-on-year. In monthly terms, it is a growth of 0.4% month-on-month, above the expected 0.2% month-on-month.
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