Last updated: September 4, 2026, 2:26 PM ET
Global Markets
US stock futures slipped after data showed the economy added 162,000 jobs in August, fueling concerns that the Federal Reserve may hike interest rates soon. Treasuries fell as traders nudged up expectations for a rate increase later this month. European stocks were muted ahead of the data, though Volkswagen AG shares jumped 6 per cent after its board approved slashing up to 50,000 jobs in a historic restructuring. The Nikkei rose 0.5%, led by tech and financial stocks.
Fixed Income & FX
Treasury and European government bond yields were little changed ahead of the August U.S. employment report, a key input for the Fed’s decision. A rush to unwind yen-funded carry trades helped send the currency to a one-month high against the dollar as traders ramped up bets on further Bank of Japan rate hikes. The dollar slumped to start September, and a surging yen rippled across global currency markets. Emerging-market currencies were heading for a 10th successive week of gains, their longest streak since 2007. A further unwind of sizable short positions could accelerate the yen’s gains if it strengthens past 155 per dollar, according to JPMorgan strategists. Nomura said the Bank of Japan could raise rates at three consecutive meetings through December in an extreme scenario. India’s exporters are getting little help from a weaker rupee, as high tariffs and gaps in domestic manufacturing blunt the benefits, according to HSBC.
Energy & Commodities
Oil futures were on track for their largest weekly gain since mid-July after a flare-up in U.S.-Iran hostilities. Renewed strikes strain the flow of energy through the Strait of Hormuz, diminishing expectations the disruption will end soon. U.S. retail diesel prices hit a record, threatening to spike energy-driven inflation. European natural gas headed for a fourth weekly gain as fresh fighting boosted concerns about supply disruptions. German day-ahead power prices fell to their lowest level since June amid strong wind generation. Global food prices rose in August to the highest since 2022, as geopolitical tensions and extreme weather deepened supply concerns. Gold rose in early Asian trade, supported by a weaker dollar and dovish comments from U.S. policymakers. Some of the world’s biggest money managers have rebuilt their gold holdings after prices dropped. Copper is at risk of a rare supply decline as mine setbacks mount. Cobalt’s spectacular rally is reversing as the Democratic Republic of Congo’s exports pick up under a strict new regime, testing efforts to control prices.
Chicago wheat wavered throughout Friday’s session as markets weighed conflicting signals over the war in Ukraine, with Vladimir Putin’s suggestion of possible peace talks continuing to circulate. Malaysia’s palm oil exports likely fell last month on weaker festival demand in India. Saudi Arabia’s biggest barley buyer is shifting away from a key source of supply as the Russia-Ukraine war disrupts shipments, according to reports on the grain giant.
Deals & Corporate
EQT has agreed to buy a majority stake in insurance broker McGill and Partners for $2 billion. Anthropic PBC is set to finalize expanding its revolving credit facility to $15 billion, clearing a hurdle before the AI firm’s public listing. Blue Owl Technology Finance Corp. raised $150 million through a private placement, its third financing since June. China’s flash memory champion Yangtze Memory Technologies Co. has moved on to the next stage toward an IPO, a sign that the nation’s next marquee listing is progress. Portugal’s government will enter an additional round of negotiations with Deutsche Lufthansa AG and Air France-KLM over the sale of a minority stake in TAP. Nigerian billionaire Aliko Dangote said an IPO for his refinery, Africa’s largest, will open within two weeks, seeking to raise $1.6 billionin what would be Nigeria’s biggest offering. CTT - Correios de Portugal and BCC-Grupo Cooperativo Cajamar have ended talks over a potential acquisition of Banco CTT. Air India secured a $1 billion cash boost amid Singapore opposition over capital calls. Deutsche Bank led $1bn of troubled lending to Hollywood studio landlord Hackman Capital Partners. Lululemon cut its outlook again, now expecting annual sales of $10.35 billion to $10.5 billion. Docusign raised its sales outlook for the second time this year, citing a boost from AI-related demand. Zscaler reported a loss of $3.37 million and said it would cut 3% of its workforce as it reallocates resources to support AI growth initiatives. Adobe named Anil Chakravarthy as chief executive amid its AI transformation. The founder of a London wine-distribution business was sentenced in the US to six years in prison for orchestrating a scam that cost investors almost $100 million. A top-performing fund manager at Pimco is betting the next winners of the AI boom will be found outside of crowded US Big Tech firms, turning instead to Asian equipment suppliers. Double Line’s Robert Cohen says the debt of some technology behemoths is starting to look enticing after a borrowing binge to bankroll the AI buildout battered valuations, with Big Tech bonds offering value. GQG Partners Inc.’s sale of Adani Energy Solutions Ltd. shares during India’s closing auction overwhelmed demand from passive funds, contributing to price swings that have prompted a regulatory review. Bathla Group’s administrator gave a breakdown of known creditors for the first time, with $94 million of unsecured debts. The Australian property developer collapse has rippled into private credit markets, with some international investors canceling funding deals. West Ham United’s battle for control took another twist as a former chairman increased his stake while Czech billionaire Daniel Kretinsky also raised his. Polish anti-drone company Advanced Protection Systems is in the early stages of exploring strategic options, which may include a potential sale. Chinese University of Hong Kong is seeking a bank loan of around HK$4 billion ($510 million) to refinance a facility supporting its private hospital. Phu Nhuan Jewelry JSC, Vietnam’s largest listed jeweler, is securing a loan from the family of Chairwoman Cao Thi Ngoc Dung to rebuild its business after a national diamond-smuggling scandal. Oura’s IPO revealed high growth for the smart-ring maker, which posted 74% revenue growthin the nine months ended in June. Polymarket has launched perpetual futures contracts tied to oil, stepping into a market that rival Kalshi Inc. is also seeking to enter.
Sovereign Wealth & Public Finance
Norway’s $2.4 trillion sovereign-wealth fund proposed selling roughly $80 billionin U.S. Treasurys, recommending adding riskier debt in a bid to seek greater returns. The fund manager suggested slashing its government debt holdings at a time when yields are already climbing. Germany’s historic pension overhaul could increase annual inflows into the system’s three pillars by €90 billionannually, according to Apollo Global Management Inc. Italy will extend a tax cut on diesel fuel prices until Sept. 10, as Prime Minister Giorgia Meloni’s government continues to shield consumers ahead of a general election. The International Monetary Fund is considering opening a local office in Venezuela, establishing permanent representation in the country for the first time in years, according to people familiar with the matter. Spain is pushing for an EU oil and gas tax to pay for climate change response. The UK faces a major pensions shortfall, with calls for Brits to save more.
Geopolitics & Policy
Jared Kushner and Steve Witkoff’s trip to meet with the countries’ presidents comes at a precarious moment in the Ukraine conflict, with plans for peace talks set to resume this month. A Russian drone strike hit the office of Ukraine’s intelligence chief, Kyrylo Budanov, who advocates a negotiated settlement and is expected to meet with American envoys. Treasury Secretary Bessent blamed Ukraine for high energy prices, saying its attacks on Russian oil infrastructure were contributing to a global energy shock. President Trump threatened to halt some trade unless the Fed cuts rates, saying he could halt trade between the U.S. and countries with which it has a trade deficit if the central bank doesn’t do his bidding. Bank of England Governor Andrew Bailey warned of a populist threat to central bank independence, saying claims by some political leaders that rate-setters are ‘an unrepresentative elite’ pose ‘serious challenge’. The Trump administration asked the Supreme Court to allow mail voting limits, after a federal judge temporarily blocked a Postal Service rule that could impede millions of mail voters. A judge suggested the rules could cause ‘major disenfranchisement’. North Carolina is set to mail the fall’s first ballots as Trump tries to restrict them. Israel says it is cementing its foothold in southern Lebanon after the capture of a strategic ridge, as efforts to broker lasting peace have floundered. Yemen’s Houthis appear to be trying to gain control of a port city near the Bab al-Mandab Strait, a key choke point for global trade. Iran has emerged more confident after six months of war with the U.S., with new intelligence reports assessing that it now has a far better understanding of its capabilities and the limits of U.S. power. The Trump administration moved to drop protections for most U.S. wetlands, with a proposed rule that could strip federal protections from many that help feed drinking water systems. A surge of Russian sabotage attacks in Europe has raised concerns, with the risk of a fight that spirals out of control. Europe’s options are limited in responding to an unnerving series of plots and provocations. The Pentagon’s agreement with N.I.H. on biodefense has drawn alarm from Democrats, who warned it could allow a Pentagon cash grab. Federal regulators opened a probe into Tesla’s Cybercab rollout, with the NHTSA reviewing whether the new self-driving taxi, which has no steering wheel, meets federal auto regulations. Tesla began offering rides in the steering-wheel-free Cybercabin Austin, reflecting Elon Musk’s push to turn the EV maker into an autonomous-vehicle giant. The SEC moved to nix a rule on adviser political donations, which would no longer prohibit advisers from offering services to public pension funds if they made recent donations. The FCC asked a court to toss ABC’s suit over broadcast licenses, saying the lawsuit was premature. A federal panel again paved the way for one of President Trump’s construction projects, advancing a proposal for a White House visitor screening center. Trump also plans to break ground on an Arch before getting final approval, according to Interior Secretary Doug Burgum. The Missouri Supreme Court delivered a win for Democrats in a redistricting case, saying a map redrawn to benefit Republicans could not be used in November. Schools aiding minority students could lose tax-exempt status undera Trump plan. VP JD Vance said he wouldn’t call the Iran conflict a war, suggesting that when the conflict would end was up to Tehran. The Dutch central bank cut its gold reserves in the U.S., moving some 90 tons of gold out of the Federal Reserve Bank in New York, citing ‘geopolitical unrest’. Norway’s central bank is more likely to wait until December before raising interest rates again, according to Assistant Governor Karen Silk. The Philippine central bank said it’s “closely” monitoring the impact of the Middle East conflict after inflation barely eased in August. India’s key money market got unusually quiet at start of trade, with a record cash surplusin the banking system driving away borrowers. World Bank Executive Director Neelkanth Mishra pushed back on doubts over India growth, saying a range of high-frequency indicators show the economy is gaining momentum. Pacific leaders criticized China’s recent missile test in their region, taking a thinly-veiled swipe atthe unexpected move. Hong Kong’s boom in IPOs has turned getting shares into something of an invitation-only affair, as picky issuers rewrite the playbook for allocations.
Media & Tech
Fox News presenter and Trump ally Maria Bartiromo departed after 12 years, with the network saying she is no longer with Fox News Media. The dismissal came after Ms. Bartiromo shared internal Fox Business communications with the White House, a person familiar with the details confirmed. President Trump called the news anchor a ‘true warrior’ and said her fans ‘will not be happy’. Corporate America is getting hooked on open-source A.I., with companies like AT&T increasingly using cheap, freely available AI models over expensive ones from Anthropic and OpenAI. The French founders of Hugging Face are living the American Dream, having built a platform that has become central to the open-source AI movement. A hack of Hugging Face’s infrastructure by an aggressive “collective” of OpenAI agents showed the danger of AI systems that organize themselves, raising fresh questions about safety. OpenAI says it has overtaken Anthropic with its latest AI model, claiming its ‘Astra’ could be considered ‘artificial general intelligence’. Anthropic’s $2tn IPO puts powerful external trustees in spotlight, as public-market scrutiny will intensify pressure on the Claude maker’s unusual attempt to balance profit and purpose. Corporate America is axing the ‘micro-team’ boss, and Volkswagen’s board approved doubling job cuts to 100,000. Big Tech can build data centers people won’t hate, as companies racing to build AI factories are rethinking their plans in order to win back trust. Microsoft challenged data centre costs after pledging to protect ratepayers, appealing to Virginia Supreme Court over new rules requiring builders to fund transmission infrastructure upfront. The Morning Risk Report noted that Bernie, AOC and Bannon all want to fight data centers, citing El Nino and a shrinking cyber agency as national security risks. Fox News’s departure of Maria Bartiromo is covered extensively, with multiple outlets reporting on the exit. The sisterhood of the traveling brand sponsorships explores how Starbucks’ chai customization backlash sparked brand partnerships, as loyal tea drinkers called headquarters, emailed executives and signed petitions to try to get back their beloved formula. Paris Baguette’s CEO shared the ‘revealing’ lesson she learned early, and the search for new cures is broken, as it is too hard for medical researchers to launch clinical trials. The cancer vaccine gold rush has begun, with Tempus AI could capture a lucrative slice of Moderna and Merck’s personalized cancer therapy business, with Personalis at the center of the bet. Higher bond yields have a silver lining, with diesel hitting a new high and cancer vaccine picks and shovels gaining. The bond markets are pushing up rates, and central banks face pressure around the world, as rising yields reflect shifting expectations on how fast policymakers will raise interest rates. Fear not the bond market skinny dippers, as rising yields reflect higher AI-led growth, which means swimming costumes for all. Will the ‘glassholes’ finally win? A revolt against smart glasses may not succeed — but that doesn’t mean we shouldn’t try. The latest defense of supercharged ETFs doesn’t hold water for most investors, as the risks are too high for most. Industry urged SEC to keep existing rules for novel ETFs, as the regulator mulls next steps. The US and Europe are struggling to re-arm by 2030 as capitals squander arms spending surge, according to a newsletter. The beef between Brazil and Brussels is also covered. Something alarming is about to happen in Germany, as the government is seemingly incapable of stopping the far right, with the AfD set to win Saxony-Anhalt election. The Texas experiment shows how for 30 years the state has profited from going the extra mile for business, but data centres are putting that to the test. America must learn AI lessons from Astro Boy, as Asian cultures harbour a very different attitude towards technologies that are regarded as threatening in the west. Can tech stop London’s e-bike riders running red lights? Lime, Forest and other rental providers say they are adjusting their service to encourage users to stop at traffic lights. Ferrari’s new boutique is a brand extension too far, as everyone knows what the prancing horse means on a car; what does it mean on a handbag?
Obituaries & Culture
Gloria Steinem, personification of the feminist movement, died at. She challenged sexist assumptions, helping women develop a sense of self-worth and gain a measure of equality at work, at home and in society at large. Steinem stayed positive even as the manosphere took hold, thinking many women would carry on her legacy. She got to be who she was because of a pre-Roe abortion, with a doctor telling her: ‘You Must Promise Me Two Things’. Steinem’s N.Y.C. brownstone will continue to be a sanctuary for feminism, as her foundation said her Upper East Side home would become a permanent space for organizing and activism. Hillary Clinton, Meghan Markle, Lena Dunham and others paid tribute to Steinem, reflecting on her decades of activism for women’s rights and equality. How Steinem and Ms. Magazine transformed the publishing industry, as the late feminist icon insisted that women were not a niche audience — and proved it in 1971. Steinem found community and clout over the dinner table, using it as a place to forge relationships and foster change. What Steinem can teach us, as she has died at the end of a decade that undid some of what she struggled for. The N.Y.P.D. fatally shot a man with a knife on Brooklyn Bridge, days after the police shot and killed a woman in Times Square who had stabbed two people. Families turned to symbolic cremation after Nepal floods, as thousands are missing and some families have lost hope of recovering their bodies. Inside the Nepal tunnel rescue operation, an Australian engineer advisingthe effort described how two men were freed after nine days trapped in a tunnel. A Paralympian takes his shot despite Republicans’ home court advantage, as Josh Turek is trying to turn deep-red Iowa blue as he runs for the U.S. Senate. Notre Dame’s jersey patch deal with SoFi divides alumni and fans, with alumni having varying opinions about the school’s deal with the personal finance company. ‘Choosin’ Texas’ is a Southern hit, as Ella Langley’s hit has become an anthem in Austin, a singalong in Nashville and a case study in how the Texas brand travels. Wineries are offering bingo, picnics, jewelry … and sometimes wine, as California winemakers have turned to special events and classes to woo customers — even those who don’t drink. Sandra Bullock, Nicole Kidman and the other ‘Practical Magic 2’ stars discussed the unlikely sequel, embracing their witchiness and their hopes for a third film. A son lights the funeral pyre for a straw effigy of his father after Nepal floods, to carry out his sacred duty. Two longtime friends rented jet skis for an hourlong excursion and ended up fighting for their lives after being stranded for 15 hours at sea. Lord Somerleyton is offering a £10mn stake in his family’s historic estate, with a part-timeshare, part-investment proposal promising a slice of the ‘Downton Abbey’ life to would-be investors. The American Dream is alive, and it’s minting millionaires, as the “Everywhere Millionaires” prove that elite degrees aren’t a prerequisite for building massive wealth. Fetterman could be a swing vote, but he’s showing little interest in the job, as Elon Musk’s Boring Co. pushes investors for business help. The pros and cons of paying off your mortgage early, as homeowners who make extra payments can save thousands of dollars in interest but paying down other debt, with higher interest rates, may be a better option. Mortgage rates hit 6.71%, their highest level since July 2025, putting a squeeze on the housing market. The job market in 2035 will have more nurses, fewer secretaries, according to projections. Why rebuilding after climate disasters is no longer enough, as every crisis is an opportunity. Behind on 2030 climate goals, states are cutting or even scrapping them, as ambitious aims have given way to political anxiety over rising costs for consumers. The search for new cures is broken, as it is too hard for medical researchers to launch clinical trials. Pig kidneys successfully transplanted into humans, with a trial in US offering hope for solving organ shortage. Tim Andrews was the first patient to receive a genetically modified pig kidney as a “bridge” to a human organ transplant. Roche Holding AG plans to deploy new laboratory equipment in the epicenter of the Democratic Republic of Congo’s Ebola epidemic, as authorities struggle to contain a virus that has repeatedly outrun them. Congo’s Ebola outbreak has prompted Roche to expand testing capacity in Ituri. A UK bank windfall tax would be a terrible idea, as further penalty would hit one of the key engines of growth in the economy. Chime is a winner when consumer finance goes K-shaped, providing a valuable lesson for newly listed companies: being reliable is key. Luckin Coffee killed our lunch spot, as the Chinese chain is thriving in New York City —and pushing out the locals, half a decade on from a fraud scandal. The ‘Revealing’ Lesson Paris Baguette’s CEO Learned Early, as she shared insights on leadership. The Morning Risk Report noted Bernie, AOC and Bannon all want to fight data centers, citing El Nino is yet to peak and a shrinking cyber agency is cited as national security risk. El Nino is yet to peak, and a shrinking cyber agency is cited as national security risk. Willthe ‘glassholes’ finally win?A revolt against smart glasses may not succeed —but that doesn’t mean we shouldn’t try. The latest defense of supercharged ETFs doesn’t hold water for most investors, as the risks are too high. Industry urged SEC to keep existing rules for novel ETFs, as the regulator mulls next steps. The US and Europe are struggling to re-arm by 2030 as capitals squander arms spending surge, according to a newsletter. The beef between Brazil and Brussels is also covered. Something alarming is about to happen in Germany, as the government is seemingly incapable of stopping the far right, with the AfD set to win Saxony-Anhalt election. The Texas experiment shows how for 30 years the state has profited from going the extra mile for business, but data centres are putting that to the test. America must learn AI lessons from Astro Boy, as Asian cultures harbour a very different attitude towards technologies that are regarded as threatening in the west. Can tech stop London’s e-bike riders running red lights? Lime, Forest and other rental providers say they are adjusting their service to encourage users to stop at traffic lights. Ferrari’s new boutiqueis a brand extension too far, as everyone knows what the prancing horse means on a car; what does it mean on a handbag?