Gold Shines, Oil Slips, Tech Earnings Steal the Spotlight (September 1 – 5, 2025 Recap) 

The first week of September brought a mix of key economic data and corporate earnings. U.S. manufacturing remained in contraction while services expanded modestly, and labor market reports showed slowing momentum. Australia posted modest GDP growth, while Canada saw job losses. In markets, gold and silver rallied, oil prices slid, and equities were mixed. On the earnings front, tech names including Figma, Salesforce, HPE, and Broadcom delivered results that drove sharp moves in their shares. 

Major Economic Indicators and Events in Review 

Tuesday, September 2 

17:00 – USA: ISM Manufacturing PMI (USD) 

August Manufacturing PMI rose to 48.7 from 48.0, signaling a slower pace of contraction. New orders returned to growth, but production and employment continued to decline. Supplier deliveries slowed, inventories stayed weak, and prices remained high. Exports and imports both contracted. Overall, 69% of manufacturing GDP shrank in August, though more industries showed signs of growth than in July. 

EURUSD fell 0.63% on the day. 

Wednesday, September 3 

04:30 am – Australia: GDP q/q (AUD) 

In June, GDP rose 0.6% for the quarter and 1.8% from a year earlier. Growth was driven by household and government spending, while public investment dragged and net trade added modestly via mining exports. For 2024–25, GDP grew just 1.3% — the weakest since the early 1990s outside the pandemic — with GDP per capita up 0.2% after a March quarter decline. 

AUDUSD increased by 0.36% from the previous day. 

Thursday, September 4 

09:30 am – Switzerland: CPI m/m (CHF) 

In August 2025, the consumer price index (CPI) slipped 0.1% from the previous month to 107.7 points, while annual inflation eased to just 0.2%. 

USDCHF ticked 0.18% higher from the previous day’s close. 

17:00- USA: ISM Services PMI (USD) 

August Services PMI rose to 52.0, signaling expansion for a third straight month. Business activity and new orders strengthened, while employment remained weak at 46.5. Supplier deliveries slowed slightly, and prices stayed elevated at 69.2. Inventories expanded, but order backlogs fell sharply to 40.4, the lowest since 2009. Overall, 12 industries reported growth, with activity supported by demand ahead of the holiday season despite tariff concerns. 

EURUSD slipped 0.11% on the day. 

Friday, September 5 

15:30 – Canada: Employment Change (CAD) 

In August, employment fell by 66,000 (-0.3%), driven by a sharp drop in part-time work (-60,000), while full-time jobs were little changed. The employment rate slipped 0.2 points to 60.5%, extending its year-to-date decline. Self-employment dropped by 43,000 (-1.6%), while public- and private-sector employment showed little change. 

USDCAD edged up 0.05% on the day. 

15:30 – USA: Non-Farm Employment Change (USD) 

In August, U.S. nonfarm payrolls rose slightly by 22,000, with health care adding jobs while the federal government and mining sectors lost positions. The unemployment rate held at 4.3%, little changed from prior months. Labor force participation (62.3%) and the employment-population ratio (59.6%) were steady, though both declined over the past year. Long-term unemployment stood at 1.9 million, making up over a quarter of all unemployed. Part-time work for economic reasons (4.7 million) and the number of people outside the labor force wanting a job (6.4 million) also showed little change. 

EURUSD rose 0.57% from the previous close. 

Commodities  

1. Crude Oil  

1. Crude oil prices decreased by 3.24% over the past week 

2. Brent Oil  

1. Brent was down 2.68% compared to the previous week 

3. Gold  

1. The precious metal Gold (XAUUSD) concluded the week on Friday with a 4.04% weekly increase 

4. Silver  

1. XAGUSD increased by 3.27% from last week 

Stock Market  

1. S&P 500 increased by 0.28% 

2. DJIA was down by 0.30% 

3. NASDAQ 100 increased by 0.97% 

Top Gainers  

1. HWH International Inc. (HWH) 256.25% 

2. Concorde International Group Ltd. (CIGL) 165.35% 

3. Hour Loop, Inc. (HOUR) 162.59% 

Top Losers  

1. Mechanics Bancorp (MCHB) -99.97% 

2. Chijet Motor Company, Inc. (CJET) -91.13% 

3. 707 Cayman Holdings Limited (JEM) -85.27% 

Company Earnings (September 1 -5) 

Wednesday, September 3: FIG (Figma, Inc.) 

Wednesday, September 3: CRM (Salesforce, Inc.) 

Wednesday, September 3: HPE (Hewlett Packard Enterprise Company) 

Thursday, September 4: AVGO (Broadcom Inc.) 

Figma’s revenue jumped 41% to $249.6M, while profit came in at $28.2M. The company launched four new products, expanded into AI features, and grew its customer base, with more than 80% now using multiple products. Looking ahead, Figma expects Q3 revenue of about $264M and full-year sales to top $1B. 

FIG shares tumbled 21.9% over the week. 

Salesforce boosted investor returns with a quarterly dividend and a $20B buyback expansion, alongside strong Q2 revenue and profit growth. 

CRM shares fell 2.14% over the week. 

Hewlett Packard Enterprise revenue rose 18% to $9.1B, boosted by strong demand in AI, servers, and networking. EPS came in at $0.44, topping expectations. The quarter included the closing of the Juniper Networks acquisition, which is expected to drive growth and cost synergies. Free cash flow was $719M, and HPE reaffirmed guidance with full-year non-GAAP EPS of $1.88–$1.92. 

HPE shares rose 4.21% from the previous close. 

Broadcom posted record revenue of $16B (+22% YoY), fueled by a 63% surge in AI semiconductor sales to $5.2B and 43% growth in infrastructure software to $6.79B. Adjusted EBITDA rose 30% to $10.7B. The company raised Q4 revenue guidance to $17.4B, with AI revenue expected at $6.2B. 

AVGO shares rose 12.61% from the previous week. 

Conclusion 

The week’s data and earnings painted a mixed picture — manufacturing weakness contrasted with steady services and slowing job growth, while Australia and Canada showed divergent economic signals. Commodities diverged, with oil sliding and precious metals rallying, and equities delivered modest gains overall. Corporate earnings, especially from tech, highlighted both sharp growth opportunities in AI and investor caution in other areas, setting the stage for continued market volatility ahead.