European equities are set to open with a measured uptick, as the DAX hovers around 23,940 and trades about 0.2% higher on a technical rebound after last week’s losses; August closed roughly 0.7% lower, and the move below the 50-day moving average has added a cloud to the near-term outlook. September has a reputation for softness, and the technical breach of the 50-day line is keeping charts in a cautious mode. Separately, a U.S. appeals court ruling blocks a broad use of a national emergency to push tariffs, though the decision doesn’t take effect until October 14 and President Trump plans to appeal to the Supreme Court, leaving the policy’s ultimate impact on existing trade arrangements unclear.

U.S. stock futures are mixed: the Dow is about 0.2% lower near 45,545, the Nasdaq about 1.2% weaker at 21,456, and the S&P 500 down around 0.6% at 6,460, even as month-to-date performance shows the S&P up 1.9%, the Dow up 3.2%, and the Nasdaq up 1.6% as the Nasdaq markets close for a holiday. In Asia, sentiment is mixed, with the Nikkei roughly 1.6% lower while Shanghai and the CSI-300 are modestly higher. The euro has firmed about 0.2% to around 1.1708 per dollar, and gold sits near a record territory, trading around 3,476 per ounce, up 0.8% toward late-April highs. Brent crude is about 0.3% lower at 67.25 a barrel, with WTI down about 0.3% to 63.82. In corporate news, VW faces a €26 million penalty in Brazil over slave-like labor on an Amazon farm during the military dictatorship; VW says it will appeal.

Taken together, the tone is one of cautious footing rather than sure momentum: markets are balancing a technicals-driven pullback against policy uncertainty and lingering global growth questions, with gold and currencies pointing toward risk-off or safe-haven tendencies while equities show selective, modest gains. Investors will be watching for further clarity on policy moves and the durability of the current cycle as September unfolds.