In this week’s Macro Mondays, James Todd is joined by Spyridon Kokas and Mita Chaturvedi to dissect a turbulent week in markets. President Trump has unveiled plans for sweeping new tariffs, including a 100% tariff on pharmaceutical imports, just as Washington stares down another potential government shutdown at the October 1st deadline. The Dollar continues to weaken, with Treasury yields sliding as faith in U.S. data erodes and the Fed faces pressure to accelerate rate cuts. Gold and silver both powered to record highs on surging ETF demand, while the Dollar-Yen teeters as the Bank of Japan signals a hawkish tilt. Brent struggles to hold above $70/bbl amid Russian supply hits and a surprise surge in Indonesian exports to China. In equities, Boeing rebounds on a huge Turkish Airlines order, even as the S&P 500 consolidates after recent losses. With non-farm payrolls and critical inflation prints due this week, markets are bracing for another bout of volatility.

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Key highlights include:

✅  President Trump imposes new tariff

✅ Looming threat of a US government shutdown

✅ US labour market data on watch this week

✅ USD weakens

✅ Gold makes new all-time highs

✅ S&P 500 recovers from a 3-day decline

📊 Key data releases this week:

📅 Monday – Euro Area Economic Sentiment, Spain Harmonised Inflation

📅 Tuesday – Japan Retail Sales, China NBS and RatingDog Manufacturing PMI, German Harmonised Inflation, France, Italy and Germany Harmonised Inflation, German Unemployment Rate, US JOLTs

📅 Wednesday – US ISM Manufacturing PMI

📅 Thursday – Challenger Job Cuts, US Jobless Claims

📅 Friday – Euro Area PPI, US Non-Farm Payrolls, US ISM Services PMI

🕒 This episode was recorded on Monday, the 29th September, 2025 at 11AM BST.

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