MARKET MOVEMENTS:
–Brent crude oil is up 1.2% to $68.31 a barrel
–European benchmark gas is up 1.6% to 32.13 euros a megawatt-hour
–Gold futures are up 0.9% to $3,547.60 a troy ounce
–LME three-month copper futures are down 0.1% to $9,892.50 a metric ton
TOP STORY:
Gold Futures Rise to Record High on Fed Concerns, Rate-Cut Expectations
Gold futures set a fresh record high on intensifying concerns around the U.S. Federal Reserve's independence, mounting interest-rate-cut bets and tariff uncertainty.
Continuous gold futures on the New York Mercantile Exchange rose 0.8% to $3,543.80 a troy ounce in European midday trading, having reached as high as $3,557.10/oz earlier in the session.
The precious metal is now up more than 34% in the year to date on safe-haven demand, reflecting U.S. tariff-driven trade uncertainty and persistent geopolitical tensions, President Trump's move to oust Fed Governor Lisa Cook, and expectations of a September interest-rate cut.
Gold miners climbed on the record, with Hochschild Mining shares up 6.2%, Fresnillo up 1.7% and Harmony Gold up 4.6%.
OTHER STORIES:
Data Centers That Don't Exist Yet Are Already Haunting the Grid
Data centers are desperate to connect to the U.S. electric grid. What remains fuzzy is how many will ultimately be built and how much electricity they will require.
U.S. utilities are reporting a sharp upswing in interconnection requests from prospective data centers that will need an extraordinary amount of electricity to power America's artificial-intelligence race. In some cases, the collective requests equal or surpass-by multiples-the existing electricity demand in a utility's entire service region.
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Equinor to Subscribe for Orsted Shares Worth Up to $939 Million in Rights Issue
Norway's Equinor pledged to support Orsted's rights issue by subscribing for up to $939 million of the Danish company's new shares.
Last month, the Danish wind-farm developer announced plans to raise $9.4 billion through a rights issue as it seeks new funds to shore up its balance sheet in response to industry challenges.
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Corn and Soybeans Rule the American Farm. Why That's a Growing Problem, in Charts
American farmers are good at producing two crops: corn and soybeans. Too good, actually.
Farmers are expected to harvest one of the largest crops in history in the coming weeks, according to the U.S. Department of Agriculture. The harvest follows several years of bumper crops for farmers, fueling a glut that is driving down commodity prices. Weaker prices are crimping profits and farmers' ability to stay afloat.
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EV Deals Are Booming Ahead of Tax-Credit Expiration
DENVER-At a Kia dealership here on the city's south side, a steady stream of shoppers navigate around noisy renovation work in search of electric vehicles with supercheap lease deals.
How cheap? As of last week, Emich Kia offered to lease the small Niro EV for $40 a month before taxes. The EV6 lease was being marketed for less than $100 a month, while a $65,000 three-row EV9 could be had for $189 a month before taxes.
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Tesla Cuts Price for One Model 3 Variant in China
Tesla cut the price of one variant of its Model 3 car in China as it seeks to ride out intense competition and weakening demand in the country.
The U.S. electric-vehicle maker cut the price of the long-range rear-wheel drive version of Model 3 to 259,500 yuan, equivalent to $36,391.43, from 269,500 yuan, according to the company's website on Monday.
MARKET TALKS:
Ukrainian Strikes Could Shift Russia's Oil Export Patterns -- Market Talk
1111 GMT - Ukrainian attacks on Russia's energy system could reduce exports of refined products and boost those of crude oil, analysts at ING say. "Ukrainian drone attacks on Russian energy infrastructure through August led to a spike in domestic fuel prices and saw the government extend a ban on gasoline exports," Warren Patterson and Ewa Manthey say. If these attacks intensify, analysts warn they could widen product cracks--the price differential between crude oil and refined products like gasoline or diesel. The damage to refineries would likely result in lower refinery runs, meaning fewer barrels of crude oil would be processed into refined products due to damaged or underperforming facilities. As a result, Russia might have to export more crude oil to compensate for lower refined products exports in order to maintain its revenue from oil exports. (giulia.petroni@wsj.com)
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Oil Rises Amid Weaker Dollar, Russian Supply Risks -- Market Talk
1103 GMT - Oil prices rise in afternoon trade, with Brent crude up 0.9% to $68.07 a barrel and WTI gaining 1% to $64.65 a barrel. Investors are keeping a close eye on Russian crude flows amid Ukrainian attacks against the Kremlin's energy infrastructure and European calls for secondary sanctions after President Trump doubled down on tariffs on India. Prices are also supported by a weaker dollar, which makes crude cheaper for buyers of other currencies. Still, expectations of a looming supply glut are capping further gains, weighing on the outlook. "The combined WTI position stayed in negative territory for a third week, with traders instead adding length to Brent for the first time in four weeks," analysts at Saxo say. "Overall, the total net long in Brent and WTI remain subdued amid worries about an emerging supply glut weighing on prices into 4Q and beyond." (giulia.petroni@wsj.com)
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Base Metal Prices Mixed in Low-Volume Trading -- Market Talk
1025 GMT - Base metal prices are mixed in thin trading, with LME three-month copper up 0.2% at $9,927.50 a metric ton and LME three-month aluminum down 0.15% at $2,615.0 a ton. Copper trades 1.2% higher on week on a weaker U.S. dollar, as it becomes cheaper for international purchasers to buy dollar-denominated goods. U.S. import premiums over LME prices for copper have also turned favorable, with spot premium prices suggesting tighter supply, ANZ Research analysts say in a note. Prospects of slowing refined copper production have also supported market sentiment, analysts say. Aluminum prices ticked lower after China's monthly production figures stayed elevated, though producers are warning of supply constraints, analysts add. (joseph.hoppe@wsj.com)
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U.K. Miners Rise as Gold Prices Buoyed by Potential U.S. Rate Cut, Tariff Uncertainty -- Market Talk
0851 GMT - Shares in London-listed gold miners rose after the market price of gold reached a four-month high of $3,457 a troy ounce. Gold continues to climb, getting closer to an all-time high, driven by expectations of a U.S. interest rate cut this month and tariff uncertainty, Interactive Investor Victoria Scholar say in a note. "Focus this week is on the Fed Beige Book, the U.S. jobs report, the Job Openings and Labor Turnover survey and the ADP Research Institute report," Scholar says. Hochschild Mining shares are up 5%, followed by Alien Metals, up 3.85%, and Fresnillo, up 1.6%. (anthony.orunagoriainoff@dowjones.com)
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European Gas Holds Below 32 Euros Ahead of Heating Season -- Market Talk
0838 GMT - European natural-gas prices remain below 32 euros a megawatt hour as concerns over supply shortages eased ahead of the heating season. Storage levels across the EU are more than 77% full, according to industry group Gas Infrastructure Europe, keeping the block on track to hit its 80% target by Nov. 1. Average LNG imports were 51% above the five-year seasonal norm at the end of August, analysts at ANZ Research say, helping offset reduced Norwegian flows due to seasonal maintenance. The region benefited from increased availability of LNG after China reduced its shipment purchases amid ample domestic supplies. The benchmark Dutch TTF contract is up 1% at 31.95 euros a megawatt hour in early trade, but down nearly 6% on the month. (giulia.petroni@wsj.com)
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Oil Stays in Tight Range Amid Russian Supply Risks, Rising OPEC+ Output -- Market Talk
0738 GMT - Oil prices continue to hold in a tight range, as the market weighs prospects of an impending supply surplus against fading hopes for a near-term ceasefire in Ukraine. Brent crude rises 0.4% to $67.75 a barrel, while WTI is up 0.5% to $64.32 a barrel, with U.S. markets closed for Labor Day. "Markets remained concerned about Russian oil flows, with weekly shipments from its ports dropping to a four-week low of 2.72 million barrels a day," ANZ analysts say, citing tanker tracker data. However, traders are factoring in rising OPEC+ supply that is expected to push the market into surplus later this year, weighing on prices. Meanwhile, China's factory activity rebounded in August, reaching a five-month high, but questions linger about the sustainability of this recovery. (giulia.petroni@wsj.com)
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Iron Ore Falls, Weighed by China's August PMI Readings -- Market Talk
0240 GMT - Iron ore futures are lower following China's August PMI data. Construction PMI for August declined sharply to 49.1, the lowest on record outside the pandemic, which reflects fading support from fiscal stimulus and a persistent decline in the property sector, says Capital Economics' Zichun Huang in a note. Meaningful demand growth for iron ore and steel from China's property market appears unlikely until new construction activity rises, ANZ's Daniel Hynes and Soni Kumari say. That said, the market expects China's policymakers to apply meaningful cuts to steel production capacity in the coming months, which could provide support to iron ore prices, they add. The most-traded iron-ore contract on the Dalian Commodity Exchange is 3.2% lower at CNY762.00 a ton. (megan.cheah@wsj.com)
Write to Barcelona Editors at barcelonaeditors@dowjones.com
(END) Dow Jones Newswires
September 01, 2025 10:11 ET (14:11 GMT)
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