London Open Briefing: Monday, September 7, 2026
London traders begin the week with a mixed sentiment handoff from Asia. Equity markets saw gains, with the JP225 up +0.40% and the USTEC rising +0.30%. However, safe haven gold, XAUUSD, declined -0.63%. Notably, the Japanese Yen showed broad strength, with USDJPY down -0.25%, EURJPY down -0.24%, and GBPJPY down -0.18%, suggesting a divergence from the general equity uptick.
Early European session data included Swiss unemployment figures, which met expectations. The Unemployment Rate n.s.a. (CHF) came in at 3%, matching consensus, and the Unemployment Rate (CHF) was 3.1%, also as anticipated. Switzerland’s Foreign Currency Reserves (CHF) were reported at 770.073B.
Of greater impact was Germany’s industrial output. Germany Industrial Production y/y (EUR) registered -1.6% against a consensus of -0.7%, while Germany Industrial Production m/m (EUR) fell -1.1% compared to a consensus of -0.4%. These figures represent significant misses. South Africa also released Net International Reserves (ZAR) at 73.686B, below the 75.129B consensus.
Over the past 24 hours, the Japanese Yen has been the strongest currency, gaining +0.21%, while the New Zealand Dollar was the weakest, down -0.15%. The broader market risk meter currently stands at +0.27, indicating a slightly risk-on environment. Retail books show a 23-point disagreement on sentiment for USDCHF.
The significant miss in German Industrial Production figures will likely remain a key focus for traders throughout the London session.
| At a glance | |
|---|---|
| Biggest moves since the previous session | XAUUSD -0.63%, JP225 +0.40%, USTEC +0.30% |
| Currency strength, 24h | JPY strongest at +0.21%, NZD weakest at -0.15% |
| Risk meter | +0.27 (risk-on) |
Times are UTC. This brief describes measured market state and the published schedule. It is not financial advice and nothing in it is a trade recommendation.