Quarterly Outlook
Q3 Investor Outlook: Beyond American shores – why diversification is your strongest ally
Jacob Falkencrone
Global Head of Investment Strategy
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Morning Brew September 2 2025
Erik Schafhauser
Senior Relationship Manager
Summary: Record Gold and Tesla Sales lag
Good morning!
We are coming out of the long US Weekend today awaiting EU Inflation and the US Manufacturing PMI.
Gold hit a record over night, reaching 3508 fo the first time ever, we are now trading 3490 and Sulver is 40.70. Ole comments : Gold reached a fresh record overnight above USD 3500; the technical trigger being renewed momentum buying after months of sideways trading. The move was reinforced by silver’s surge above USD 40 to a 14-year high. Fundamentally, investment metals remain supported by the prospect of Federal Reserve rate cuts amid US stagflation risks, a weaker dollar, concerns over Fed independence, aggressive central bank demand, persistent inflation, and a general level of political and economic turmoil around the world.
Bank of Japan`s Himino said the central bank should keep raising interest rates but warned of high risks to the economy.
Stocks to watch are Nesle, which has a new CEO after Laurent Freixe was let go for an affair with a subordinate. Tesla reports disappointoig sales numbers in Europe and India
Isabel Schnabel of the ECB Board says rates should remain steady.
Ruben commented on BYD: BYD: scale meets price war
Key takeaways
Q2 profit fell on discounts; revenue still grew double-digit
China’s price war vs firmer overseas pricing drives the mix
EU duties and Europe build-out shape margins and pace
Trade safely!
Tuesday
- EU Inflation
- US PMI
Wednesday
- International PMI
- US Factory Orders
- JOLTS job opening
Thursday
- US ISM Manufacturing PMI, Initial Jobless Claims, Tade Balance
- Canada Trde Balance
Friday
- De Industrial Orders
- UK Retail Sales
- EU GDP
- US Nonfarm Payroll & Unemployment rate
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