INDONESIA: Country Wrap: President Heads to China
* Indonesian President Prabowo Subianto flew overnight to China to join dozens of world leaders at...
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LOOK AHEAD: Eurozone Timeline of Key Events (Times BST)
| Date | Time | Country | Event |
| 05-Aug | 0745 | FR | Industrial Production |
| 05-Aug | 0800 | ES | Industrial Production |
| 05-Aug | 0815 | ES | S&P Global Services / Composite PMI (f) |
| 05-Aug | 0845 | IT | S&P Global Services / Composite PMI (f) |
| 05-Aug | 0850 | FR | S&P Global Services / Composite PMI (f) |
| 05-Aug | 0855 | DE | S&P Global Services / Composite PMI (f) |
| 05-Aug | 0900 | EU | S&P Global Services / Composite PMI (f) |
| 05-Aug | 1000 | EU | PPI |
| 06-Aug | 0700 | DE | Manufacturing Orders |
| 06-Aug | 0830 | EU | S&P Global Final Eurozone Construction PMI |
| 06-Aug | 0900 | IT | Industrial Production |
| 06-Aug | 1000 | EU | Retail Sales |
| 07-Aug | 0700 | DE | Trade Balance / Industrial Production |
| 07-Aug | 0745 | FR | Foreign Trade |
| 11-Aug | 0900 | IT | HICP (f) |
| 11-Aug | 1000 | IT | Foreign trade and import prices |
| 12-Aug | 1000 | DE | ZEW Current Expectations Index |
OIL: Crude Slightly Lower Following OPEC Decision To Increase Output
Oil prices are slightly lower today after falling around 3% on Friday driven by growth concerns and their potential impact on energy demand. US July payrolls disappointed and showed sharp downward revisions to May/June, while a significant pickup in the US effective tariff was confirmed. In addition, OPEC increased its output target for September on the weekend. Excess supply fears have resurfaced after the market was concerned last week about the impact on supply if restrictions on Russia tightened.
- WTI is down 0.2% to $67.16/bbl today off the intraday low of $66.56 reached at the start of the session on the OPEC news. It had reached a high of $67.30. Brent is 0.3% lower at $67.84/bbl, close to today’s peak, after a trough of $67.39.
- OPEC agreed to increase output by 547kbd in September, above the 411k agreed for August. This unwinds the 2023 voluntary-cuts made as the group focuses on increasing its market share. There is still another 1.66mbd of reductions not due to be unwound until 2026 but OPEC says it is keeping its options open, according to Bloomberg.
- Goldman Sachs is not expecting any further OPEC production increases as the market is well supplied and as a result left its 2026 Brent forecast at $56/bbl and Q4 2025 at $64 (Bloomberg).
- Later final US June orders, Swiss July CPI and Spanish July unemployment print.
GOLD: Gold Prices Hold Onto Post-Payroll Gains
Gold prices rose strongly on Friday as US yields and the US dollar fell following weaker-than-expected US payroll data. The increase in the US effective tariff is also adding risks to the growth outlook. Bullion started today trending lower reaching a trough of $3345.12/oz before beginning to recover. It is currently down 0.1% to $3359.6. The USD index is 0.1% lower but the 2-year yield slightly higher.
- Silver also trended down at the start of the session but after a low of $36.678 it has bounced back and is now up 0.2% to $37.108, close to the intraday high.
- Equities are mixed with the Nikkei down 1.5% but S&P e-mini up 0.4% and Hang Seng +0.5%. Oil prices are slightly lower with WTI -0.2% to $67.22/bbl. Copper is down 0.2%.
- Later final US June orders, Swiss July CPI and Spanish July unemployment print.
