2: The European Central bank held interest rates steady at 2% today, waiting to see the impact of the new US-EU trade agreement. Meanwhile, across the pond, US consumer prices rose 0.2 percentage points to 2.9% in August, highlighting the ongoing challenges for the Fed as President Trump’s tariff policies stoke inflation fears while he also pressures the regulator to lower rates. For more on why that matters, see this explainer by GZERO’s Alex Kliment.
248 million: Going once, going twice. The famed auction house Sotheby’s annual losses have doubled to $248 million, as the global art market continues to collapse due to uncertainty about the US economy and a tapering-off of interest from high-end Asian buyers.
50: Mexico will slap 50% tariffs on Chinese/Asian automobiles, up from the current 20%. The move is part of a broader tapestry of new trade barriers meant to protect the country’s own industries from Asian competition, but the moves will also be welcomed by the US – Washington has accused Mexico of being a “back door” for cheaper Asian goods to enter the US.
