Key takeaways
- A U.S. court ruling against Trump’s tariffs shocked investors, raising fresh concerns over trade policy.
- U.S. manufacturing remained weak while UK borrowing costs surged to 1998 highs, pushing sterling lower.
- Gold hit a record above $3,535 an ounce as safe-haven demand intensified.
- Bitcoin climbed past $111K, while gold and the dollar both gained as investors shifted positions.
Geopolitics & Market Sentiment
On September 3, 2025, markets recorded a broad selloff as investors reacted to a U.S. court ruling that deemed most of President Donald Trump’s tariffs illegal, raising fresh concerns about trade policy and fiscal stability. The decision, paired with soft U.S. manufacturing data and renewed fiscal worries in Britain, weighed heavily on equities, pushing safe-haven prices to fresh records.
On the diplomatic front, President Trump vowed to challenge the ruling on tariffs in the Supreme Court, Intensifying the legal and political uncertainty surrounding U.S. trade policy. Meanwhile, leaders from China and Russia showed closer cooperation at the Shanghai Cooperation Organization summit, pledging deeper ties with India in what analysts viewed as a counterweight to Washington.
In Europe, tensions over Ukraine persisted with little diplomatic engagement. President Trump said he was “very disappointed” in Russian President Vladimir Putin, marking a rare public expression of frustration from Washington.
On the economic front, U.S. manufacturing shrank for a sixth straight month in August, with the ISM index at 48.7, showing the real pressure coming from tariffs. Conditions were reported as worse than during the Great Recession despite a slight uptick from July. Meanwhile, Treasury Secretary Scott Bassent defended the tariff policy while stressing Federal Reserve independence, as traders grew more certain of a September rate cut after Jerome Powell warned of rising job risks.
In Britain, 30-year government bond yields rose to their highest since 1998, at 5.723%, driving sterling lower as investors questioned whether the Labour government can keep spending under control.
In Crypto, Bitcoin extended gains past $111,000, rising nearly 2% in the past 24 hours as traders digested stronger U.S. dollar moves and supportive industry news. Ethereum hovered near $4,324 while Solana surged more than 5% past $207, driven by renewed institutional flows. Meanwhile, industry headlines were busy, with Strategy buying 4,048 Bitcoin for $449 million, Revolut lining up a $75 billion share sale, and Kraken rolling out tokenized stocks on Ethereum to expand its xStocks platform across the world’s largest decentralized network.
Price movements
Global Indices
- S&P 500 Index (SPX): 6,415.53 (-0.69%)
- Dow Jones Industrial Average (DJI): 45,295.81 (-0.55%)
- Nasdaq Composite Index (IXIC): 21,279.63 (-0.82%)
- Nikkei 225 Futures (NK2251D): 42,160.0 (-0.45%)
- Euronext 100 Index (N100-D): 1,575.17 (-1.07%)
- FTSE 100 (FTSE): 9,161.8 (-0.41%)
Cryptocurrencies
- Bitcoin (BTCUSD): 111,289 (+1.87%)
- Ethereum (ETHUSDT): 4,323.99 (+0.22%)
- Binance Coin (BNBUSDT): 853.03 (+0.87%)
- Solana (SOLUSDT): 207.67 (+5.25%)
Major Stocks
- Nvidia (NVDA): 170.78 (-1.95%)
- Tesla (TSLA): 329.36 (-1.35%)
- Microsoft (MSFT): 505.12 (-0.31%)
- Meta Platforms (META): 735.11 (-0.49%)
- Apple (AAPL): 229.72 (-1.04%)
- Amazon (AMZN): 225.34 (-1.60%)
Commodities
- Silver (XAGUSD): 40.90 (+0.15%)
- Gold (XAUUSD): 3,535.08 (+2.56%)
- WTI Crude Oil (USOIL): 65.53 (+0.39%)
- Brent Crude Oil (BRENT3I): 68.16 (-3.68%)
Forex
- U.S. Dollar Index (DXY): 97.88 (+0.67%)
- EUR/USD: 1.1640 (-0.60%)
- GBP/USD: 1.3392 (-1.11%)
- USD/JPY: 148.37 (+0.82%)
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