Global markets navigated volatility driven by geopolitical tensions and varied economic data. US stocks stumbled post-Labor Day, with some analysts suggesting easy gains may be over.
Oil prices rose sharply on reported explosions near Iran's Kharg Island, triggering "ferocious" backwardation in oil markets. Copper also soared to new records.
US consumer credit jumped past consensus in August, signaling robust spending, though Australian consumer sentiment weakened. China added 650,000 ounces of gold, its biggest monthly buy since 2023.
Qualcomm surged on an Amazon AI deal for custom data center chips, including a 25M share warrant. Meta also unveiled an AI personal assistant linked to WhatsApp and Instagram.
Watch for ongoing geopolitical developments and further AI-related corporate announcements.