US futures trade mildly up after a weak Friday, but broader moves are constrained by the US Labor Day holiday—US markets remain closed Monday and reopen Tuesday, keeping sentiment cautious ahead of the week. #markets #FiatNews

European equities opened slightly higher: Stoxx 600 +0.1%, with the German DAX leading at +0.4%. Prague’s bourse closed positive as well, supported by gains in COLT CZ, KB and Moneta, while Doosan and Erste weighed on the index. #DAX #PX #FiatNews

Markets show an odd disconnect: volatility across bond, equity and currency markets has fallen to exceptionally low levels, even as macro and political risks persist. Equity valuations are approaching historical extremes while measures of market uncertainty are subdued compared with the spike seen at the height of tariff-related tensions. Volatility rose during the earlier tariff peak but has since eased to unusually low readings. Inflation remains above the Feds 2% target and there have been public government attacks on the central bank, yet estimated equity risk premia are near 2% per Goldman Sachs—roughly one-half to one-third of historical norms (pre-2020). Corporate investment-grade credit spreads are also at very low levels, consistent with the broader drop in price-of-risk measures. Low risk premia affect valuations directly—analysts discount expected dividends at smaller spreads and investors appear more willing to buy expected dividend streams at current risk-free rates. A fundamental explanation could be that new technologies materially improve firm profitability and reduce overall financial risk; behavioral explanations such as heightened investor enthusiasm are also possible and left to readers to assess. — Jiří Soustružník #Fed #inflation #equities #GoldmanSachs #FiatNews

Spanish equities have outperformed both European peers and the US this year, with the IBEX 35 up nearly 30% year-to-date and the IBEX Small Cap rising about 22%. The rally has been led by banks and firms focused on the domestic market, while headline performers include BBVA (+67% YTD), Santander (+85%), Ferrovial (+14%) and Iberdrola (+17.5%). #IBEX35 #BBVA #Santander #Iberdrola The strength is backed by a solid macro backdrop: Spanish GDP grew 0.7% in Q2, beating estimates, and Spain is forecast to be among the EU’s fastest-growing economies with about 2.6% growth in 2025 and 2.0% in 2026. By comparison, major European indices are also positive this year — DAX +20%, FTSE 100 +13%, Stoxx 600 ~+8% — while the S&P 500 is up roughly 10%. Analysts point to structural drivers behind the outperformance. "Spanish economic success is partly driven by massive immigration… which has boosted domestic consumption and corporate revenues," said Arturo Bris of IMD. Anthony Esposito of AscalonVI Capital cautioned that investors may underweight risks from debt, inflation and labour markets, but called the case for Spain "compelling," noting attractive valuations (Spain P/E ~12 vs ~20 in France/Germany and ~13 in Italy) and exposure to growing sectors like finance, public services and renewables. #FiatNews

Weekly highlights and timing: Sept. 2 — EMU preliminary CPI (2.0% y/y) and ISM manufacturing (48.9); Sept. 4 — Czech CPI (2.5% y/y) and ADP (+70k); Sept. 5 — U.S. nonfarm payrolls (+75k consensus) and unemployment rate (4.3%). Poland’s NBP meeting (Sept. 3) and various industrial orders reports also scheduled. #MacroCalendar #FiatNews

Key corporate reports this week include Salesforce, Broadcom and Dollar Tree, among others. Notable scheduled releases: Broadcom (Q3), Salesforce (quarterly report), Dollar Tree (Q2). Other firms on the calendar: Zscaler, Macy’s, Copart, UiPath and more. #Salesforce #Broadcom #DollarTree #FiatNews

Novo Nordisk announced results at the European Society of Cardiology: Wegovy (semaglutide) reduced the risk of major cardiovascular events by 57% versus Eli Lilly’s Zepbound (tirzepatide) among patients who remained on treatment; risk was 29% lower even with treatment interruption. Wegovy is now presented as the only GLP‑1 with demonstrated CV benefit in obese non‑diabetic patients. Shares rose ~3%. #NovoNordisk #EliLilly #Wegovy #FiatNews

Political risks in Europe remain elevated. The fate of France’s government could complicate fiscal consolidation and pressure French sovereign bonds, while planned reforms to the Netherlands’ pension system raise risks for longer-dated Dutch debt. #France #Netherlands #FiatNews

Eurozone outlook: preliminary Aug CPI is due Sept. 2 with consensus at 2.0% y/y. Markets expect the European Central Bank to pause rate cuts for now, so euro-area inflation prints may have muted market impact relative to U.S. data. #ECB #EUInflation #FiatNews

Fresh U.S. datapoints will arrive ahead of payrolls: ISM manufacturing (Sept. 2, consensus 48.9), ADP employment change (Sept. 4, consensus +70k) and the JOLTS report for July. ISM price subindices and claims data can offer early clues on labor and inflation dynamics. #ISM #ADP #FiatNews