The gold rush isn't coming from where you think

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Global gold ETFs took in $18 billion in August, the second-largest monthly inflow on record.

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Saudi Arabia's East-West pipeline reportedly hit, but is said to be flowing as normal; DXY firmer into ISM Services - Newsquawk US Market Open

  • A US official told Semafor that there is a real possibility that Iran may want to inflict some pain on US President Trump before the midterms, and that Iran may do something in the next couple of weeks.
  • Yemen's government launched a campaign against the Houthis, recapturing the Bab al-Mandeb Strait.
  • Spanish PM Sanchez called for an early election after the government failed to pass a housing bill through the Spanish Congress.
  • Energy benchmarks fall, with price action choppy after reports that Saudi

Iran reiterates that the Strait will not reopen until its conditions are met; European equities set for a slightly lower open - Newsquawk EU Market Open

  • US President Trump said that he will be making a decision on Iran; Iran said the Strait of Hormuz will not reopen until its conditions are met.
  • APAC stocks began the week mostly higher in holiday-thinned conditions; US equity futures pared early upside in the absence of major fresh catalysts.
  • DXY strengthened to start the week; EUR/USD weakened overnight to its lowest since May last year, with the single currency not helped by the unrest in France.
  • Crude futures ultimately retreated despite the ini
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