Macro Wrap

Most equity markets traded in positive territory. The S&P 500 gained 0.2%, bouncing back after Friday’s losses following the payrolls report, the 10-year US Treasury yield fell by 3bp to 4.04%, the DXY index eased 0.3% to below 97.50. WTI rose almost 0.9% to $62.4. Gold advanced further to $3,636.

China's trade figures revealed an improved balance in August, with the surplus rising by nearly $4bn to $102.3bn, surpassing, the year-to-date average of almost $98bn. China's exports rose 4.4% in August 2025 to USD 321.8 billion, below expectations and the slowest since February, due to tariff easing and reduced demand. A 90-day tariff truce with the US kept tariffs at 30% and 10%. Exports grew to Japan, Taiwan, Australia, ASEAN, and the EU. Data is sentimentally positive for Industrial commodities and metal mining stocks

Gold prices record fresh high for the year to trade above $3650 on Tuesday amid expectation of interest rates cuts from US Fed in upcoming FOMC on 16-17 September along with strong demand from Global central banks and gold banked ETFs. Gold prices have surged 39% ytd. Sentimentally negative for India rupee.

Economic Calendar US Non Farm Payrolls Annual Revision, UK BoE Breeden Speech.