Key events in Global Markets

U.S. Jobless Claims Unexpectedly Climb To Nearly Four-Year High

First-time claims for U.S. unemployment benefits unexpectedly increased in the week ended September 6th, according to a report released by the Labor Department on Thursday. The report said initial jobless claims climbed to 263,000, an increase of 27,000 from the previous week’s revised level of 236,000. Economists had expected jobless claims to edge down to 235,000 from the 237,000 originally reported for the previous week.U.S. Wholesale Inventories Inch Up 0.1% In July, Slightly Less Than Expected

U.S. Consumer Prices Climb 0.4% In August, Slightly More Than Expected

Following yesterday’s report showing an unexpected dip by producer prices, the Labor Department released a separate report on Thursday showing U.S. consumer prices rose by slightly more than expected in the month of August. The Labor Department said its consumer price index climbed by 0.4 percent in August after inching up by 0.2 percent in July. Economists had expected consumer prices to rise by 0.3 percent. The report also said the annual rate of consumer price growth accelerated to 2.9 percent in August from 2.7 percent in July, in line with economist estimates.

ECB Holds Rate Steady As Expected, Trims 2026 Growth Projection

The European Central Bank left its key interest rate unchanged on Thursday, as expected, and raised the euro area growth projection for this year while inflation forecasts were stable. The Governing Council, led by ECB President Christine Lagarde, held the deposit rate steady at 2.00 percent. The refinancing rate was left unchanged at 2.15 percent and the marginal lending rate at 2.40 percent.

The bank also released the latest ECB Staff macroeconomic projections for the euro area economy. Inflation forecasts were largely unchanged, while growth projections were revised. The ECB Staff projected Eurozone headline inflation to average 2.1 percent this year, 1.7 percent next year and 1.9 percent in 2027.

The Eurozone economy was projected to grow by 1.2 percent this year, which was faster than the 0.9 percent expected in June. The growth projection for next year was trimmed to 1.0 percent, while the projection for 2027 was unchanged at 1.3 percent.

Inflation-Adjusted Gold Price Trades at Historical High

Gold has surpassed its inflation-adjusted peak set more than 45 years ago, as growing concerns over the U.S. economic outlook propel the precious metal’s blistering three-year bull run further into uncharted territory.

The spot price of gold has climbed roughly 5% so far this month, reaching a record high of $3,674.27 an ounce on Tuesday. It has already set over 30 nominal records in 2025, but the latest rally marks a significant milestone: breaking through the inflation-adjusted high established on January 21, 1980, when gold peaked at $850 an ounce.

Adjusted for decades of inflation, that 1980 price is equivalent to approximately $3,590 today—though estimates vary depending on the method used, with some models suggesting a slightly lower figure. Regardless of the calculation, investors broadly agree that gold has now decisively breached that benchmark, reinforcing its long-standing reputation as a reliable hedge against inflation and weakening currencies.

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