Key Events in Global Markets

U.S. Small Business Optimism Improves In August: NFIB

Small business confidence in the U.S. improved in August, largely led by stronger sales expectations and easing uncertainty, results of a monthly survey by the National Federation of Independent Business showed on Tuesday. The NFIB Small Business Optimism Index rose 0.5 points to 100.8 in August. Economists were looking for a higher score of 101. The latest reading is about 3 points above the 52-year average of 98.

UK Retail Sales Growth Accelerates: BRC

UK retail sales growth accelerated in August thanks to the sunny weather and the interest rate reduction, data from the British Retail Consortium showed Tuesday. Retail sales increased 3.1 percent on a yearly basis in August, following a growth of 1.0 percent in the previous year. Food sales advanced 4.7 percent after a growth of 3.9 percent last year. At the same time, non-food sales grew 1.8 percent, reversing last year’s 1.4 percent decline.

Vietnam exports to the U.S., imports from China fall in August after tariffs take effect

Vietnam’s exports to the United States fell 2% in August from July to $13.94 billion, Vietnamese customs data showed on Tuesday, as a tariff of 20% on shipments to the United States took effect. Imports from China also fell 2% in August from July, the Customs Department said. The Trump administration has repeatedly accused Vietnam of being used as a transshipment hub for Chinese goods directed to the United States.

Gold To Outweighs U.S. Treasuries in Global Reserves

According to recent data, gold now comprises a larger share of global central bank reserves than U.S. Treasuries, marking a major shift in the composition of sovereign wealth holdings. This is significant. For decades, Treasuries were considered the safest and most liquid asset for reserve managers worldwide. The fact that gold is now overtaking them speaks volumes about changing risk perceptions — not just about return on capital, but return of capital.

Gold is no longer just a “barbarous relic.” It’s back in the conversation as a core asset class, a portfolio hedge, and a geopolitical reserve tool — and in today’s macro environment, that makes it a uniquely potent force.

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