Reminder: European markets will be closed today

European markets are closed today for Labor Day, including ECB payment and securities settlement systems, which will reduce liquidity and remove Europe as a leading market driver for the session. London remains open and will likely be the primary European market to watch. Market attention is focused on geopolitical risk from the US-Iran conflict, though US equity futures are modestly higher — S&P 500 futures +0.2% — suggesting limited near-term market reaction. The dollar has steadied after yesterday’s drop, with USD/JPY bouncing to ~157.25 (+0.5%), highlighting FX sensitivity and potential intervention concerns. Overall, reduced European liquidity and elevated geopolitical risk mean markets could be more vulnerable to outsized moves despite current calm in US futures.