πŸ“Š Market Snapshot

Gold XAUUSD: $4043.60 ↓ -1.46% (weekend, Friday close reference) WTI Crude USOIL: $85.035 ↑ +2.88% (weekend, Friday close reference)

πŸ”₯ Key News This Hour

1. OPEC+ Raises September Production Quota OPEC+ agreed to raise September oil production quota by 188,000 bpd, nominally fully offsetting the 2023 production cuts. The organization chose to gradually increase production despite ongoing Iran tensions. Saudi Arabia, Russia, Iraq, and others reaffirmed commitment to market stability. Next meeting scheduled for September 6; statement did not address post-September 2026 policy.

2. OPEC+ JMMC Concerned Over Energy Infrastructure Attacks The Joint Ministerial Monitoring Committee met, emphasizing the importance of protecting international shipping lanes to ensure continuous energy flow, and expressed concern over attacks on energy infrastructure. This stance is notable given the ongoing Middle East conflict.

3. US-Iran: Positions Remain Unchanged Analysts note that following Trump’s latest statement on Iran, neither side has shifted its position, and the risk of a broader conflict remains. Iran’s acting defense minister stated that Iran will not be caught off guard by enemies and will not stand idly by.

4. Israel Says It Has Not Agreed to Stop Gaza Attacks Israeli Security Cabinet member and Energy Minister Eli Cohen explicitly stated that Israel has not agreed to stop military strikes on Gaza, and the Security Cabinet has not voted on the so-called “Gaza ceasefire plan” in the past 72 hours. Sunday’s Israeli attacks on Gaza have killed at least 11 people.

5. Moscow Restaurant Bombing Confirmed as Terrorist Attack Moscow Mayor Sobyanin confirmed that the August 1 restaurant bombing was a terrorist attack, causing multiple casualties. Law enforcement is investigating.

🧭 Situation Assessment

Middle East tensions persist with US-Iran positions unchanged and risk of broader conflict remaining.

OPEC+ chose to increase production amid tensions while expressing concern over infrastructure attacks β€” oil prices may see heightened short-term volatility.

Gold pulled back nearly 1.5% from highs; if 10-year Treasury yields continue toward 5.2%, gold may face sustained pressure.

Next week’s NFP data will provide a new anchor for Fed policy expectations, potentially increasing market volatility.

⏰ Upcoming Key Data

  • Monday: China July RatingDog Manufacturing PMI; Switzerland July CPI MoM; France/Germany July Manufacturing PMI Final
  • Next Week Highlights: US Non-Farm Payrolls (NFP week); China July FX reserves, CPI, and trade balance; SpaceX Q2 earnings
  • OPEC+: Next meeting September 6