Financial Markets Daily Report
02 septiembre 2026
Tuesday's session opened September on a risk-off note. The re-escalation of U.S.-Iran tensions continued to fuel a rally in oil and gas prices, adding pressure to market-based inflation expectations and reinforcing market-implied probabilities of Fed and ECB rate hikes.
Equities fell broadly across Europe and the U.S., with technology and cyclical stocks leading the decline. Sovereign yields surged to multi-year highs, but euro area peripheral spreads were little changed. In FX markets, the dollar firmed on rising rate expectations, pressuring the euro, sterling, and the yen.
On the data front, euro area headline inflation accelerated to 3.3% yoy in August due to higher energy prices, while core inflation edged down to 2.4%. The U.S. ISM manufacturing slowed to 54.6 points in August, a figure consistent with expanding output but that was also accompanied by signals of broadening price pressures.