Show Notes – Market & News Briefing (3 Sept 2025)FX: Dollar firm, euro slips to 1.16 despite eurozone inflation edging up to 2.1%. Yen weak on BoJ’s Himino reiterating scope for more hikes and Japanese political instability. Sterling tumbles below 1.35 as UK fiscal worries mount ahead of November budget. Antipodeans softer; PBoC fixes yuan stronger at 7.1089.Commodities: Gold hits fresh record above $3,547/oz before easing. Oil edges higher on Gaza and Ukraine tensions despite stronger dollar. EU moves to block loopholes ahead of 2027 Russian gas ban. Gazprom confirms 30-year Power of Siberia 2 gas deal with China. Russian oil exports from Tuapse set to rise in September. Shell to begin Pernis refinery turnaround mid-month.Trade & Tariffs: U.S. Treasury Secretary Bessent defends Trump tariffs, confident of Supreme Court backing; labels China and India “bad actors.” Brazil’s Lula calls Sept 8 BRICS meeting on tariffs. EU’s Costa stresses diplomacy over escalation. Japan denies agreeing to farm tariff cuts; India confirms bilateral trade talks with Washington.Geopolitics: Israel weighing full control of West Bank, new explosions reported in Gaza. Iran undecided on continuing nuclear talks with IAEA. Putin insists Ukraine settlement must address “root causes,” rules out NATO membership. Macron preparing Paris meeting to finalize Ukraine security guarantees. NATO flags GPS jamming, Finland says peace deal unlikely soon. Xi meets Putin, affirming close ties; Kim Jong-un arrives in China ahead of Victory Day parade.Focus ahead: U.S. ISM manufacturing data today, eurozone inflation snapshot, and Friday’s key U.S. jobs report.

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