Web Trader MT5 
U.S. stock futures held steady as investors assessed trade developments at the start of September, which is historically a weak month for stocks. Dow futures rose 41 points, with S&P 500 and Nasdaq 100 futures up 0.12% and 0.13% respectively. Markets reacted to Friday’s federal appeals court ruling that deemed most of Trump’s global tariffs illegal, stating only Congress can impose such broad tariffs.
Trump intensified his criticism of India on Monday. On Truth Social, Trump claimed India offered to eliminate tariffs but that it was getting late, without specifying when such an offer occurred. This follows the U.S. imposing 50% tariffs on India, including 25% duties for Russian oil purchases, which India has called unfair.
The Shanghai Cooperation Organization summit concluded in Tianjin, showing stronger member relationships amid global disruption from U.S. trade policies. The two-day conference of over 20 non-Western leaders highlighted China’s vision for an alternative global order challenging U.S. dominance. In his opening speech, Chinese President Xi Jinping criticized Trump’s tariffs.
Narenda Modi, prime minister of India and Chinese president Xi Jinping met on Chinese soil for the first time in seven years, framing their relationship as partners rather than rivals. This comes amid U.S. tariff pressures on both countries. Several member states agreed to establish an SCO development bank, advancing the bloc’s goal of creating an alternative payment system less dependent on the U.S. dollar.
Asia-Pacific markets traded mixed amid Shanghai Cooperation Organization meeting, with tariff concerns affecting sentiment following a U.S. federal appeals court decision. Japan’s Nikkei 225 traded flat while Topix gained 0.41%. Hong Kong’s Hang Seng fell 0.34% while China’s CSI 300 dropped 1.5%. Australia’s S&P/ASX 200 declined 0.36%.
In the commodities market, gold prices spiked in early trading today hitting a record $3,508 per ounce before retreating below the $3,500 mark. Silver also followed suit and jumped to a 14-year high breaking above $40.84 per ounce. Rate cut expectations continue to pressure the USD and push precious metals higher.
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