This Week
Early in the week, OPEC+'s September 7th decision to increase output by 137k bpd in October was in focus. On Monday, Gold prices hit fresh record highs. On September 8th/9th, the EU and US are set to discuss potential sanctions on Russia, and a decision could be made on oil-related sanctions or tariffs. On Wednesday (Sep 9), Apple will hold its most important event of the year, which will see the unveiling of the iPhone 17, Apple Watch, AirPods, and other product announcements/updates. Thursday brings key US inflation data (2.9% expected).
Stocks
GOOGLE (ALPHABET)
Google’s price jumped 12.36% to rise to an all-time high after positive regulatory developments boosted the stock price. On September 3rd, a major ruling in an antitrust case against Google was made, outlining that the company would not be forced to spin off its Chrome browser or other key instruments. The US administration also signaled it was moving away from proposed restrictions on AI platforms, which were seen to support Google’s AI development in Gemini and Search. The rollout of the new Pixel 10 was also launched alongside new AI software updates for Gemini.
BROADCOM
Broadcom’s stock price rose 16.27% to surge to a record high in a week that saw the company post blowout earnings. Third quarter results showed total Revenue hitting a record $16 billion, up 22% year on year, while AI semiconductor revenue jumped over 63%, highlighting growth in demand. Future guidance was also raised, leading some analysts to point to the company being an important challenger to the dominance of NVIDIA in the sector. Broadcom also announced that it had received an order of $10 billion for custom AI chips from an unnamed company. By the end of the week, investment banks and brokerages such as TD Cowen and JPMorgan upgraded its stock price on optimism in the future of the company.
Commodities
Crude Oil
Crude oil prices dropped 3%, following rising oil inventories in the United States as the driving season drew to an end. Traders were also focused on potential US sanctions or tariffs on Russia. The other major focus was the OPEC+ meeting on September 7th, which saw an increase in production, but relieved traders expecting a larger output increase.
Gold
Gold prices surged 4%, and recorded their largest weekly increase in months as the metal jumped to a new all-time high amid strong expectations of rate cuts in September and the coming months. This came after lower-than-expected NFP data and amid further news that global central banks and global funds are increasing gold purchases amid rising global tensions after the presidents of China, India, and Russia attended a military parade in China.
Silver
Silver prices climbed 3% to hit a fourteen-year peak last week as expectations mounted for multiple interest rate cuts. Lower-than-expected NFP data on Friday saw speculation that the Fed could opt for a 50 basis point cut before the end of the year. Geopolitical tensions over Russia and Ukraine saw a boost in safe-haven silver, but the metal was also supported by potential industrial demand as the growing AI industry requires electronics and connectors made from silver.
EUR/USD
The EUR/USD fell 0.25% in a highly volatile week, which saw the pair climb to a one-month high before pulling back on Friday afternoon. Lower-than-expected NFP figures pulled the pair back into negative territory on expectations of Fed rate cuts. On the other hand, Thursday’s lower-than-expected Eurozone retail sales data pressured the Euro.
Recap
Last week, the S&P 500 climbed 0.33%, the Nasdaq jumped 1.14% and the Dow Jones declined 0.32%.
US stock indices rose to fresh all-time highs as expectations built that the Fed could order a 50-basis-point rate cut, or opt for three rate cuts of 25 basis points by year’s end. The catalyst was US data throughout the week, including Friday’s lower-than-expected NFP figures. On Friday, President Trump was expected to announce potential oil sanctions or tariffs, but no action materialised. Crude oil prices declined on Friday to a two-week low, while Natural Gas prices rose to their highest levels in three weeks. Gold prices surged to an all-time peak, while silver prices hit a 14-year high as markets priced in rate cuts. Platinum prices rose to a one-month high, but finished only slightly above Monday’s opening price. Palladium prices finished slightly lower.