Eurozone August flash composite PMI 52.1, above consensus 51.7 and prior 52.0.

Goldman One Delta head Rich Privorotsky said AI and momentum trades swung sharply over the past 48 hours; Goldman’s GSPUMOMO momentum portfolio has fallen nearly 7%. Goldman Prime data show the move in positions has been much milder: momentum exposure is close to neutral and recent increases are chiefly in net exposure rather than gross leverage. That is material after a sizeable July de‑risking—investors still hold meaningful AI and semiconductors exposure but remain well below prior position peaks. Semiconductor internal leverage has already fallen, though residual system leverage could trigger passive de‑risking and forced selling if prices drop quickly. Lower market liquidity in August may further amplify AI swings; intraday price action looks “fundamental” but may overstate underlying fundamental change. Watch total leverage, Prime positions and semiconductor fund flows to judge whether this volatility will broaden into wider de‑risking.

EUR/USD rose to a three-month high of 1.1711.