Global Bond Sell-Off, PMI Surprises, and Crypto Legitimacy: PALvatar Market Recap, September 3 2025

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1:34him a few times on Real Vision lately, so check out those videos if you're wondering what his current thinking is. Okay, let's see what's going on. There's plenty to discuss. The dominant theme today is the rise in global bond yields, or a bond sell-off, as the two move inversely, which reflects growing concerns over government debt and fiscal sustainability. This has led to a flight to safety among investors, boosting the US dollar and gold, which has reached a fresh high, while pressuring equity indices across major economies. The uncertainty surrounding President Trump's tariffs, which were recently deemed illegal by an appeals court but are still in effect pending Supreme Court review, has further exacerbated the uncertainty.

2:18CNBC reports that the US 30-year Treasury yield nudged above 5 % this morning for the first time since July, but the US is not isolated in its problems. Japan's 30-year bond yield hit a record high, and the UK's long-term borrowing costs reached their highest since 1998, complicating Chancellor Rachel Reeves' autumn budget, which we've learned today will come in late November. It's hardly any better in France, where the government is on the brink of collapse, pushing the premium on 30-year bonds to levels not seen since the 2008 financial crisis. Even Germany, which was a beneficiary of the turmoil earlier in the year, is suffering right now, with long-term yields at 14-year highs.

3:04In economic data releases, the HCOB Eurozone Composite PMI, which combines manufacturing and services activity, showed slight growth for August. The reading of 51 was above initial expectations of 50.7, but revised down from earlier estimates. Any number above 50 indicates growth. The S &P Global Services PMI for Britain surged to 54.2 last August, the highest level since April 2024. Japan's services sector also reported continued growth, with its Services PMI standing at 53.1 for August. Meanwhile, the closely watched PMI figure for manufacturing from ISM came in at 48.7 for last month. While that's better than the July figure, it was still below market expectations.

3:52Tariffs were cited as the main drag. Looking ahead, attention is on upcoming labour market data, including Jolt's job openings today and non-farm payrolls due Friday in the US, both critical for assessing employment trends amid Federal Reserve discussions about potential interest rate cuts, driven by downside risks highlighted recently by Fed officials. Separately, oil prices are down today ahead of an OPEC Plus meeting this weekend, where the group will discuss another increase in output. Moving on to the crypto land, the asset's legitimacy has been given a major boost by the two main US market regulators, the SEC and the CFTC.

4:31In a joint statement, the agencies say that registered exchanges are permitted to facilitate some crypto trading. Speaking of exchanges, crypto firm Gemini says it aims to raise up to$317 million in its upcoming IPO. This would value the company at$2.2 billion. Another crypto company that's preparing to go public is Figure Technologies. It seeks a valuation of more than$4.1 billion and wants to raise more than half a billion dollars. In terms of price movements, one of the top performers among major coins today is Solana, after validators passed a proposal yesterday to implement Alpenglow. Decrypt reports that the upgrade should increase the speed of Solana's transaction finality by five times.

5:15It's expected to be implemented in the first quarter of next year. That's it for now. As you can see, there's plenty to digest and more key data to come today and later this week. See you tomorrow for another update.