Iraq is struggling to sell Basra crude after SOMO cut discounts by $9–$10/bbl versus August. Basrah Medium for September was offered at $15–$18 below the benchmark. Hormuz is not reopened.
Kuwait is exporting about 1 million barrels of crude a day, including STS outside Hormuz, as flows recover — almost two-thirds of last year’s 1.6 million b/d average. Hormuz is not reopened; Vitol and Macquarie Hormuz-flow stamps stay separate.
German industrial production fell 1.1% m/m sa/ca in July, Destatis said, missing a +0.1% consensus forecast. June was revised to 0.0% from provisional +0.2%. Autos fell 9.2% on a VDA multi-week pause.
Germany’s calendar and seasonally adjusted July 2026 trade surplus was 21.3 billion euros, Destatis said, after June’s 15.4 billion. Imports fell 5.7% m/m; exports fell 0.8%.
USD/INR drops to near 94.38 at the Monday open as FCNR(B) FX measures above $130 billion as of 31 August support the rupee. MCX crude near Rs 8,730 offsets.
USD/INR recovers near 94.68 from last week’s two-month low of 94.29 as oil extends its rally. DXY is near 98.80 (−0.1%).
USD/JPY sinks to mid-153.00s in Asian trade Tuesday — its lowest since February 18 — as Japan real wages rose 2.4% in July and Q2 GDP was revised to 1.4% annualized.
China’s central bank extended its gold-buying streak to 22 months in August, lifting official reserves to 76.73 million ounces (+650,000) — the biggest monthly add since October 2023.
Gold tumbles to around $4,380 (−2.10%) after August NFP printed +162K vs 56K, as the dollar and yields bid.
Gold tumbles to near $4,395 in Monday’s early Asian session after Friday’s +162K NFP vs 56K expected lifted CME FedWatch September hike odds to about 58.3%.
Gold snaps a two-day losing streak near $4,425.55 early Tuesday, looking toward the $4,465 area on a soft dollar.
AUD/USD trades about 0.13% higher near 0.7217 in European trade Monday — the highest in over three months — as RBA September hike bets firm after Q2 GDP.