September 3 Global Stock Market Report: Google Monopoly Concerns Eased, Rebound, September Volatility Continues

As of September 3, global stock markets are rebounding on news of Google's antitrust sanctions being eased. However, traditional September bearish concerns and tariff policy uncertainty still weigh on the market. Asian and European markets opened with a rebound, recovering from the previous day's global bond selloff and stock market declines.

[Major Index Overview]

On September 2, the US market fell on the first trading day of September. The S&P 500 index fell 44.72 points (0.69%) to 6,415.54 points, and the Dow Jones Industrial Average fell 249.07 points (0.55%) to 45,295.81 points. The Nasdaq Composite Index fell 175.92 points (0.82%) to 21,279.63.

The VIX fear index hit a four-week high of 17.11, indicating increased volatility.

[Google Monopoly Concerns Eased]

The futures market rebounded on September 3rd. Alphabet (Google) stock surged in after-hours trading, fueled by news that the company avoided severe penalties for antitrust violations.

S&P 500 futures rose 0.3%, signaling a rebound.

[Tariff Policy Uncertainty]

The federal appeals court ruling that Trump's global tariff policy is unlawful is adding to market uncertainty. This is fueling concerns about tariff revenue and the impact on budget deficit reduction.

[China Market Strength]

The Chinese market opened strong on September 3rd. The Shanghai Composite Index opened at 3,865.29 points, up 7.16 points (0.19%), and the Shenzhen Component Index opened at 12,599.96 points, up 46.12 points (0.37%).

The Hang Seng Index in Hong Kong opened at 25,660.65 points, up 164.10 points (0.64%), demonstrating continued strength in technology stocks.

[Korean and Japanese Markets]

The Korean KOSPI opened at 3,177.75 points, up 5.40 points (0.17%). It has maintained a solid performance, rising 32.24% year-to-date and 19.05% over the past year. Japan's Nikkei 225 Index opened at 42,085.66 points, down 224.83 points (0.53%), continuing its downward trend following the previous day's decline of 371.6 points (0.88%) to 41,938.89 points.

[Australia and Singapore]

Australia's S&P/ASX 200 Index opened at 8,812.90 points, down 87.70 points (0.99%), and Singapore's Straits Times Index opened at 4,295.39 points, down 3.12 points (0.07%).

[Major Indices]

On September 3, European markets rebounded from the previous day's sharp drop. The German DAX index rose 183.4 points (0.78%) to 23,670.73 points, recovering from the previous day's plunge of 550 points (2.29%).

The UK's FTSE 100 index rose 50.46 points (0.55%) to 9,167.15 points, and the French CAC 40 index rose 70.44 points (0.92%) to 7,724.69 points.

[Background to the previous day's plunge]

On September 2, European markets fell in tandem with the global bond sell-off. The German DAX plunged 2.29%, the UK's FTSE 100 fell 0.87%, and the French CAC 40 fell 0.70%.

[Indian Market Correction]

The Indian Sensex index fell 206.61 points (0.26%) to 80,157.88 points. It appears to be undergoing a correction following its 555-point surge on September 1.

On September 3, 4,225 stocks were traded, of which 2,566 rose and 1,495 fell. 119 stocks hit 52-week highs.

[Major Currency Trends]

The US dollar index rose 0.04% to 98.34. It has fallen 9.99% year-to-date and 2.89% over the past year, maintaining a medium- to long-term bearish trend. While tariff policy uncertainty and concerns about the Federal Reserve's independence are putting negative pressure on the dollar, in the short term, global risk mitigation is providing some support for safe-haven asset demand.

[US Treasury Bonds]

The 10-year Treasury yield surged 5 basis points to 4.269%, and the 30-year Treasury yield hit its highest level since mid-July. The decline in bond prices (and rising yields) is putting negative pressure on stocks.

Investors are cautious, viewing the 10-year yield near 4.5% as a critical point where stock demand begins to wane.

[Global Bond Selloff]

A simultaneous selloff occurred in the global bond market, attributed to resurgent inflation and debt concerns.

[US vs. Chinese Tech Stocks]

US technology stocks faced downward pressure the previous day, but expectations for a rebound are rising following news of Google's monopoly sanctions being eased. Chinese technology stocks continue to rally, supported by a 0.64% opening gain in the Hong Kong market.

[Friday's Employment Report]

The August employment report, scheduled for release on September 6th, will be this week's most important event. The results are expected to determine whether and how much the Federal Reserve will cut interest rates in September.

[Concerns about Fed Independence]

The ongoing conflict between Trump and the Federal Reserve is causing instability in the US Treasury market. Concerns are growing about the impact of political pressure on monetary policy.

[Historical Bearish Patterns]

September is historically the most difficult month for the US stock market. Over the past 35 years, the S&P 500 has fallen an average of 0.8% in September, recording declines in 18 of those 35 periods.

[Portfolio Adjustment Timing]

Investors returning from summer vacations and tax-related trading leading up to the end of the year are contributing to increased volatility in September.

[Short-Term Risk Factors]

- Seasonal weakness in September: Possibility of a correction based on historical patterns

- Tariff policy uncertainty: Continued turmoil due to court rulings

- Rising bond yields: Negative pressure on the stock market

- Concerns about the Fed's independence: Instability due to political interference

[Investment Opportunities]

The continued strength of the Chinese market is attracting attention, and the easing of Google's monopoly sanctions is also increasing the possibility of a rebound in US technology stocks.

The relative stability and solid year-end performance of the Korean market are also positive factors.

[Risk Management]

Given the rising bond yields and increased volatility, it is time to reduce positions and strengthen risk management. A cautious approach is particularly advisable ahead of Friday's employment report.

Considering the traditional September bearish pattern, increasing the weighting of defensive assets and adjusting positions to prepare for volatility are recommended.