After the US holiday, the euro‑dollar week begins with a busy calendar. Eurozone inflation due this morning is expected to ease slightly, possibly below consensus, while this afternoon US ISM manufacturing data will be watched for signs of tariff‑driven supply shocks and resulting price pressures. #EURUSD #inflation #ISM #FiatNews

U.S. policy shifts in financial regulation could have global consequences, warn Gary Gensler, Lev Menand and Joshua Younger in a VoxEU analysis. They say current U.S. moves combine familiar deregulatory steps with largely unprecedented policies that may reshape the dollar-based system and international finance. "[They] could endanger the foundations of the global dollar system, namely bilateral cooperation, trust and interdependence," the authors write.

The economists point to concrete measures: proposals to step back from the Basel regulatory framework, suggestions to exclude government bonds from some leverage metrics, a softer approach to bank merger reviews, and efforts that have almost dismantled the Consumer Financial Protection Bureau. Treasury official Scott Bessent is cited as saying the U.S. should "selectively pick what is inspiring" from Basel rules. Analysts warn these changes could raise leverage, weaken enforcement, encourage financial crime (including via stablecoins outside government reach) and ultimately put upward pressure on interest rates.

Basel rules—originating from the 1974 banking crisis and tightened under Basel III after 2010 to raise capital and liquidity—have long underpinned international banking standards. The VoxEU piece argues U.S. unilateral departures could undermine those norms and harm global financial stability. Rohit Chopra, who led the CFPB under President Biden, is quoted: "by its nature the CFPB is a law‑enforcement agency. It sues big financial institutions that cheat consumers." #USD #Basel #CFPB #stablecoins #FiatNews

Aswath Damodaran commented that markets have repeatedly moved to new highs despite recurring concerns about high valuations, arguing that interest rates are not the primary determinant of market valuations in the past decade. #FiatNews

China’s EV makers are battling a price war at home that is cutting into margins; BYD, despite its scale, is also feeling pressure on profitability from intensified domestic competition. #BYD #EVs #FiatNews

Alibaba shares jumped more than 19% in Hong Kong after the company reported a sharp revenue increase in its AI-focused segment; the surge added over $50 billion to Alibaba’s market value. #Alibaba #FiatNews

Eurozone manufacturing activity rose for the first time since mid-2022, supported by higher domestic demand and production. PMI surveys have lifted sentiment on future output. #eurozone #PMI #FiatNews

Spain is outperforming both Europe and the US this year: the IBEX 35 has gained nearly 30% year-to-date, while Spain also ranks as the top eurozone economy by growth in recent data. #IBEX35 #Spain #FiatNews

ECB President warned that if US President Donald Trump were to remove the Fed chair or Governor Lisa Cook, it could jeopardize both the US and the global economy, underscoring geopolitical risks to policy credibility. #FiatNews

Ranking of richest Czechs by e15.cz: Renáta Kellnerová tops the list with CZK 393 billion, followed by Daniel Křetínský at CZK 349 billion and Karel Komárek at CZK 259 billion. #CzechRepublic #FiatNews

Czech state budget deficit narrowed to CZK 165.4 billion at end-August, down from CZK 168.2 billion in July, the finance ministry reported. #CZK #fiscal #FiatNews

Conditions in Czech manufacturing deteriorated slightly in August as the PMI fell to 49.4 from July’s 49.7, marking a second month of decline below the 50 expansion threshold. #PMI #CzechRepublic #FiatNews

Czech GDP for Q2 was revised up to 2.6% year-on-year from a prior 2.4%, with quarter-on-quarter growth slowing slightly to +0.5% from earlier readings of +0.7% and +0.8%. #FiatNews

Oil prices reversed higher by about 1% Monday morning. Gold briefly traded above $3,480 following Friday’s gains. The Czech koruna strengthened to about 24.40 CZK/EUR intraday, though it later gave up part of those gains. #commodities #CZK #FiatNews

Weekly macro focus shifts to the US labour market: official jobs data due Friday will be central to Fed policy expectations and economic outlook. Current market positioning suggests traders expect weak payrolls. #USJobs #Fed #FiatNews

The euro climbed to 1.1705 USD/EUR as European bond yields rose. Analysts note yields may provide short-term support for the euro, but rising political risks in Europe could limit sustainable appreciation. #EUR #USD #FiatNews

US futures trade mildly up after a weak Friday, but broader moves are constrained by the US Labor Day holiday—US markets remain closed Monday and reopen Tuesday, keeping sentiment cautious ahead of the week. #markets #FiatNews

European equities opened slightly higher: Stoxx 600 +0.1%, with the German DAX leading at +0.4%. Prague’s bourse closed positive as well, supported by gains in COLT CZ, KB and Moneta, while Doosan and Erste weighed on the index. #DAX #PX #FiatNews

Markets show an odd disconnect: volatility across bond, equity and currency markets has fallen to exceptionally low levels, even as macro and political risks persist. Equity valuations are approaching historical extremes while measures of market uncertainty are subdued compared with the spike seen at the height of tariff-related tensions.

Volatility rose during the earlier tariff peak but has since eased to unusually low readings. Inflation remains above the Feds 2% target and there have been public government attacks on the central bank, yet estimated equity risk premia are near 2% per Goldman Sachs—roughly one-half to one-third of historical norms (pre-2020). Corporate investment-grade credit spreads are also at very low levels, consistent with the broader drop in price-of-risk measures.

Low risk premia affect valuations directly—analysts discount expected dividends at smaller spreads and investors appear more willing to buy expected dividend streams at current risk-free rates. A fundamental explanation could be that new technologies materially improve firm profitability and reduce overall financial risk; behavioral explanations such as heightened investor enthusiasm are also possible and left to readers to assess.

— Jiří Soustružník #Fed #inflation #equities #GoldmanSachs #FiatNews

The e15.cz ranking of the wealthiest Czechs is led by Renáta Kellnerová and her family, whose fortune is estimated at 393 billion koruna (Kč). Majority owner of Energetický a průmyslový holding (EPH) Daniel Křetínský ranks second with 349 billion Kč, and investor Karel Komárek is third with 259 billion Kč.

Fourth place goes to arms-group owner Michal Strnad at 239 billion Kč. Shared fifth are J&T co-founders Patrik and Jozef Tkáč, each listed with combined assets of 173 billion Kč. Sixth is real-estate entrepreneur Radovan Vítek with 138 billion Kč, followed by Agrofert owner and ANO chairman Andrej Babiš at 126 billion Kč. Pavel Tykač is eighth with 102 billion Kč, Ivan Jakabovič ninth with 86 billion Kč, and Martin Drda closes the top ten at 74 billion Kč.

The report notes that other publications produce different rankings because they use distinct valuation methods. For example, Euro recently placed Strnad top with 330 billion Kč (Křetínský 280 billion Kč, Kellnerová 315 billion Kč), while Forbes ranked Kellnerová first at 378 billion Kč, Křetínský second at 284 billion Kč and Komárek third at 262.5 billion Kč. #e15 #RenataKellnerova #DanielKretinsky #KarelKomarek #FiatNews

Spanish equities have outperformed both European peers and the US this year, with the IBEX 35 up nearly 30% year-to-date and the IBEX Small Cap rising about 22%. The rally has been led by banks and firms focused on the domestic market, while headline performers include BBVA (+67% YTD), Santander (+85%), Ferrovial (+14%) and Iberdrola (+17.5%). #IBEX35 #BBVA #Santander #Iberdrola

The strength is backed by a solid macro backdrop: Spanish GDP grew 0.7% in Q2, beating estimates, and Spain is forecast to be among the EU’s fastest-growing economies with about 2.6% growth in 2025 and 2.0% in 2026. By comparison, major European indices are also positive this year — DAX +20%, FTSE 100 +13%, Stoxx 600 ~+8% — while the S&P 500 is up roughly 10%.

Analysts point to structural drivers behind the outperformance. "Spanish economic success is partly driven by massive immigration… which has boosted domestic consumption and corporate revenues," said Arturo Bris of IMD. Anthony Esposito of AscalonVI Capital cautioned that investors may underweight risks from debt, inflation and labour markets, but called the case for Spain "compelling," noting attractive valuations (Spain P/E ~12 vs ~20 in France/Germany and ~13 in Italy) and exposure to growing sectors like finance, public services and renewables. #FiatNews

Weekly highlights and timing: Sept. 2 — EMU preliminary CPI (2.0% y/y) and ISM manufacturing (48.9); Sept. 4 — Czech CPI (2.5% y/y) and ADP (+70k); Sept. 5 — U.S. nonfarm payrolls (+75k consensus) and unemployment rate (4.3%). Poland’s NBP meeting (Sept. 3) and various industrial orders reports also scheduled. #MacroCalendar #FiatNews

Key corporate reports this week include Salesforce, Broadcom and Dollar Tree, among others. Notable scheduled releases: Broadcom (Q3), Salesforce (quarterly report), Dollar Tree (Q2). Other firms on the calendar: Zscaler, Macy’s, Copart, UiPath and more. #Salesforce #Broadcom #DollarTree #FiatNews

The United States has ended the long-standing “de minimis” customs exemption for small parcels, removing duty-free treatment that for nearly a decade had applied to imports valued up to $800. The change — with the exemption for China and Hong Kong eliminated in May under measures launched by President Donald Trump — means small packages entering the U.S. are now subject to duties, customs forms and new collection processes. Customs officials say more than $492 million in duties has been collected from affected parcels since May.

The $800 threshold had allowed nearly 1.4 billion duty-free small parcels into the U.S. last year — a roughly 600% increase over the prior decade — with at least three quarters estimated to originate from China and large e-commerce platforms such as Shein and Temu playing a major role. Before the policy change, the U.S. averaged about four million duty-free parcels per day; that figure has fallen to roughly one million per day since May. More than twenty national postal operators have paused shipments to the U.S., citing unclear CBP guidance.

Businesses and carriers are reacting unevenly. Some U.S. merchants welcome the shift: Jim Tuchler of GiftsForYouNow.com said his sales have recovered since the Chinese exemption was removed — "Despite price rises the volume and number of orders have increased compared with last year." Carriers including UPS and FedEx have reported lower volumes on U.S.–China routes; DHL Express Europe CEO Mike Parra said carriers will adapt, adding fees for customs handling and duties where required. The move also aligns the U.S. with stricter de minimis levels in the EU (€150) and the U.K. (£135), and introduces alternative postal fees of $80–$200 per item under a six‑month reciprocal tariff mechanism. #FiatNews

ECB likely to keep rates on hold in September after its July pause, with minutes suggesting the deposit rate could remain at 2.0% for an extended period. President Lagarde said the bank is comfortable with current settings; governors see inflation risks broadly balanced though some warn a stronger euro could risk undershooting the target. Markets price near‑certain September stability. #ECB #FiatNews

Risk update: External risks include an EU‑US trade conflict, heightened geopolitical tensions and Germany’s structural weaknesses. Domestic risks comprise persistent core inflation, weaker household consumption amid a cooling labour market and structural issues in the automotive sector. #FiatNews

FX: The Czech koruna strengthened below 24.50 EUR/CZK, supported by the central bank’s hawkish stance and a weak dollar. Further appreciation looks limited in the near term as the interest‑rate differential may have peaked; a key upside risk is a negotiated end to the war in Ukraine. #CZK #EURCZK #FiatNews

Inflation and monetary policy: Headline CPI eased from 2.9% to 2.7% y/y in July, but core pressures persist in selected services, rents and wages. Forecasts project average inflation of 2.4% in 2025 and 2.2% in 2026. The central bank held the repo at 3.50% in August and signalled a hawkish tone, reducing scope for further cuts this year. #CNB #FiatNews

Labour and confidence: Czech consumer confidence in July reached its highest level since late 2021, supporting the outlook for H2 2025. Yet the job market is slowly weakening—unemployment rose to 4.4% in July (+0.6 pp y/y), driven mainly by job losses in industry. #CzechRepublic #FiatNews

#Shares & stakes: Nikon shares rose after reports that EssilorLuxottica is considering increasing its stake in the company, drawing investor interest on potential strategic shifts. #Nikon #EssilorLuxottica #FiatNews

Howard Marks, co‑founder of Oaktree Capital, told Bloomberg he believes US equities look overvalued relative to fundamentals, describing the market as in an early phase of a bubble. #Oaktree #markets #FiatNews

Lego posted record H1 2025 sales of DKK 34.6bn (~$5.4bn), a 12% year-on-year increase. The company said growth was largely driven by robust sales of themed sets, including specific popular lines. #LEGO #FiatNews

Czech koruna sees limited movement versus the euro; EUR/CZK around 24.5278 with only minor intraday swings. CZK/USD is about 21.1650 as overall koruna trading remains quiet. #CZK #FiatNews

U.S. President Donald Trump on Monday renewed aggressive tariff threats, warning China it could face 200% duties if it restricts exports of rare-earth magnets and telling countries that levy digital services taxes (DSTs) on U.S. tech firms they will face “substantial” new tariffs and possible U.S. chip export limits. Trump made the comments after a White House meeting with South Korean President Lee Jae Myung and posted on Truth Social: "I, as president of the United States, will impose substantial additional tariffs..." and "Show respect to America and our amazing technology companies, or consider the consequences!"

Trump also said, referring to magnets: "They must give us magnets. If they don't, we must charge 200% tariffs or something like that," and claimed U.S. withholding of Boeing parts had grounded Chinese aircraft. Boeing is reportedly negotiating sales of up to 500 planes with China. Chinese exports of rare-earth magnets rebounded after April export curbs, with shipments to the U.S. up 660% in June versus May; China controls roughly 90% of global supply and much of refining capacity. Henry Wang of the Center for China and Globalization said: "He's bluffing... we should not be carried away by the rhetoric."

The move escalates trade tensions as a temporary U.S.-China truce is set to expire in mid-November. Trump has targeted DSTs aimed at large tech firms such as Meta, Alphabet and Amazon, arguing they discriminate against U.S. companies; governments imposing DSTs counter that big tech earns large local revenues while paying little local tax. #China #trade #digitaltax #Boeing #US #FiatNews

Foreign exchange snapshot as of 08:57 CET: CZK/EUR 24.5565 (-0.0079%), CZK/USD 21.1235 (-0.0544%), USD/EUR 1.1625 (+0.0465%). Other notable rates: JPY/EUR 171.7805 (+0.0647%), CNY/EUR 8.3209 (+0.1318%). Markets may track these pairs as global risk sentiment shifts. #FX #EURUSD #FiatNews

US equities cooled yesterday: the S&P 500 fell 0.5% and the Nasdaq lost 0.4% in a modest correction after Friday’s sharp gains. Investors enter the new week with caution. #S&P500 #Nasdaq #FiatNews

Startups in the Czech Republic face heavy administration and a conservative investor culture. "In the US you can have a 70-person team without an accountant. Here you get piles of forms after founding a company," says Barbora Werdmölder, adding that risk-taking is often seen as foolish. #startuplife #FiatNews

About 1,600 startups operate in the Czech Republic, yet up to 30% of founders are considering relocating abroad. Barbora Werdmölder of Czech Founders cites shortages of capital, investors and supportive policies; US markets offer larger funding pools and higher valuations. #startups #CzechRepublic #FiatNews

The World Happiness Report places the Czech Republic among the 20 happiest countries. Honza Bureš attributes the ranking to a stable health and social insurance system and relative social equality, noting the country rates above Germany, the US and the UK. #WorldHappinessReport #CzechRepublic #FiatNews

Waymo NYC tests: Alphabet’s Waymo received permission to test up to eight autonomous vehicles in Manhattan and Downtown Brooklyn with a trained specialist onboard who will not actively drive. Testing may run through September with possible extension. Waymo already operates robotaxi services in LA, San Francisco, Atlanta, Phoenix and Austin. #Waymo #Alphabet #FiatNews

US stake in Intel: President Trump announced the US government will take nearly a 10% stake in Intel; shares rose more than 5% on Friday and a further >2% in Monday pre-market. The arrangement could convert CHIPS Act grants into equity. Trump had met Intel CEO Lip-Bu Tan last week and previously called for his resignation. #Intel #FiatNews

Nvidia preview: F2Q26 results are due Wednesday after the close. Analysts expect another strong report but slowing growth due to a high comparable base. Rising contribution from Blackwell should support revenue and profitability. China sales are a wildcard; H20 chip sanctions trimmed up to $8bn from the F2Q26 outlook. Prior H20-related impacts on F1Q26 included -$4.5bn in impairments and -$2.5bn in lost revenue. #Nvidia #FiatNews

Trade policy watch: The US administration is preparing a sector-specific tariff targeting furniture. While economically modest, the move signals the list of sectoral restrictions may not be finished. The note also flagged recent firm-level interventions such as moves involving Intel and Orsted. #trade #FiatNews