London Open Briefing: Tuesday, September 1, 2026

The London session begins with a slight risk-on tone, as indicated by the Risk Meter at +0.12. Asian equities saw the JP225 gain +0.64%, while the USTEC also rose +0.14%. In the currency and commodity markets, XAUUSD declined -0.41%, and USDCHF advanced +0.15%. Over the past 24 hours, CAD and EUR have shown strength, with JPY and NZD appearing weaker.

Early European data has presented a mixed picture. Spain’s S&P Global Manufacturing PMI (EUR) registered 49.5, falling short of the 49.7 consensus. The Silf/Swedbank Manufacturing PMI (SEK) also came in below expectations at 56.1 versus 56.5. However, Swiss Retail Sales y/y (CHF) significantly outperformed, reaching 2.3% against a 0.5% consensus. Germany’s Retail Sales y/y (EUR) was 0.6%, below the 0.7% consensus, though the m/m figure was 0%, above the -0.4% consensus. The RBA Index of Commodity Prices y/y (AUD) matched its consensus at 15.5%.

Looking ahead, a series of S&P Global Manufacturing PMI releases for Italy, France, Germany, and the Eurozone are scheduled from 07:45 UTC to 08:00 UTC. The most anticipated release for the European session is the CPI y/y (EUR) at 09:00 UTC, with a consensus forecast of 3.1%. Later in the New York session, high impact USD data includes the S&P Global Manufacturing PMI, ISM Manufacturing Prices Paid, and ISM Manufacturing PMI, all due between 13:45 UTC and 14:00 UTC.

Traders will likely focus on the upcoming CPI y/y (EUR) release for immediate market direction.

Scheduled this session (High and Medium impact)

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.