Last updated: September 10, 2026, 7:16 AM ET
Equities
US equities extended their decline as Middle East escalation and surging crude prices dampened risk appetite, with futures snapping a three-day losing streak only to remain firmly in check ahead of tech earnings and the ECB decision. RBC Capital Markets strategist Lori Calvasina sees a growing risk of a 10% pullback as midterms approach and the market enters a seasonally challenging stretch. The Nikkei fell 0.6% in early trade on Iran war concerns and higher energy costs.
Comcast shares slid after CFO Jason Armstrong said he sees no improvement in broadband subscriber losses. Chewy posted a second-quarter profit of $80.5 million, up from $62 million a year earlier. Signet Jewelers raised its adjusted earnings outlook after swinging to a quarterly profit. American Eagle said there is still “work to do” on its core brand as merchandise margins shrank in Q2.
Fixed Income & Rates
Treasury Secretary Scott Bessent's upsized $6 billion buyback plan disappointed investors, sending 10-year yields to their highest level in nearly three years. The bond market rebuffed the Treasury's move to reduce borrowing costs, with yields climbing to fresh multiyear highs. Bessent's “asymmetric information” gambit is being tested by traders, while his warning that “I am the house now” regarding yen bets underscores the administration's aggressive posture. The bond market rate spiral has a potent accelerator behind the scenes, with hedging activity amplifying price swings. Rising oil prices are boosting rate-hike bets, pressuring the Fed to act as soon as next week. The basis trade brittleness filling a void could be addressed by the US government, according to analysts. An unprecedented number of US companies are turning to European bond markets as their home market strains under AI-related debt.
The yield gap between Chinese and US 10-year sovereign bonds widened to a record following the Treasury selloff, underscoring stark policy divergence. US mortgage rates rose to 6.85%, the highest in more than a year. Trump's payout pledge is adding to jitters ahead of a 30-year auction.
Commodities & Energy
Brent crude hit $100 a barrel for the first time since July as US-Iran escalation and Houthi strikes deepened Gulf supply fears. Oil futures settled at their highest level since May 22 as strikes between the US and Iran escalated. The cost of crude has risen 40% since the start of the war in Iran, pushing up gasoline and diesel prices. Iran vowed it was prepared for a more intense war after hostilities flared across the Middle East. Saudi oil exports have plunged to a 13-year low as shipping routes shut down. Yemen is tilting toward full-scale war as Saudi-Houthi clashes intensify. US diesel stockpiles are projected to fall to a 2003 low this month ahead of peak demand. China's oil demand is expected to fall by 600,000 barrels a day in 2026, according to Sinopec's research arm. Singapore refiner Aster Chemicals is buying crude from Latin America and West Africa to replace Middle Eastern supplies.
The oil shock is reviving interest in clean hydrogen, with Air Liquide's chief saying governments are reconsidering the costly fuel. Enbridge agreed to buy Tallgrass Energy's crude business for about $2.6 billion. A Canadian oil merger spotlights the Alberta boom. US natural gas futures moved lower as summer ends. Platinum is set for a surplus in 2026 after three years of deficit. Australia softened LNG exporters' domestic supply requirements, replacing a fixed requirement with an annual cap. South Africa plans an oil-refining revival to cut import dependence. The Dangote Refinery cut its debt to $5.7 billion ahead of a record IPO.
Gold pushed back above $4,400 an ounce as traders awaited US inflation data. Spot gold was steady in early Asian trade ahead of PPI and CPI releases.
Currencies & Central Banks
The yen consolidated ahead of BOJ board member Kazuyuki Masu's speech, after a remarkable turnaround driven by tightening bets and US pressure. A hawkish BOJ board member said Japan must raise rates, following pressure from Scott Bessent. The Bank of Korea warned of destabilizing high-risk AI trades, citing leveraged ETF volatility, and called for stronger monitoring of chip derivatives. India's RBI will add five currency pairs to its retail FX platform.
Deals & M&A
Abu Dhabi's Mubadala is investing $1 billion in Luckin Coffee, widening its presence in China. Windscreen giant Belron, owner of Safelite and Autoglass, is exploring a potential listing that could be a mega-IPO in Amsterdam. Silver Lake plans to merge French software groups Cegid and Silae in a €10bn deal. Analog Devices is acquiring Alif Semiconductor for $1.35 billion in cash. An Erik Prince-backed defense firm acquired a Ukrainian drone maker for $224 million, kicking off consolidation in Ukraine's 500-company drone industry. Independence Realty Trust and Centerspace agreed to an $8.1 billion merger, creating a middle-market apartment REIT. Porsche will generate about €1 billion selling its Bugatti stake and lifted its margin forecast, with net cash flow margin expected between 5.5% and 7.5%. Barclays is preparing a €2.4 billion financing package for Lone Star's Conti Tech acquisition. Energy Transfer plans to move its listing to the Texas Stock Exchange from the NYSE. The DOJ requested additional information regarding the Fox-Roku deal.
Banking & Financials
Sanlam's profit fell 22% on higher weather-related claims in South Africa and rand strength. First Rand's profit fell for the first time in six years after a $1.1 billion provision for UK missold car loan claims. London hedge fund Arini has been hit by Europe's thorniest credit trades, with exposure to Aston Martin and Altice weighing on returns. Two litigation funders are backing rival law firms in a £36 billion BHP dam collapse suit. India lifted a trading ban on a JPMorgan unit after it deposited 29.6 million rupees. JPMorgan CEO Jamie Dimon met UK PM Burnham amid windfall tax fears. Millennium Management is preparing to open its first Athens office, following Rokos in the move to Greece. Challenger Ltd. supports more disclosure for Australia's private credit industry. Senegal bondholders picked White & Case for debt restructuring advice. Tether is launching a private credit fund to boost stablecoin use. Citadel Securities urged the SEC to oversee prediction market contracts linked to publicly-traded companies.
Earnings & Corporate News
Associated British Foods said its sugar unit loss will deepen due to low European prices. John Lewis Partnership's loss widened to £89 million in the first half on higher costs and weaker demand, with heatwaves also taking a toll. The employee-owned retailer's pre-tax losses doubled in the six months to August. Philip Morris is expanding its Zyn nicotine pouch lineup with more pouches per can following a regulatory win. Albertsons named Meg Whitman as executive chair as the grocer grapples with falling sales. Jersey Mike's reported higher revenue in its first quarterly readout since its Blackstone-backed IPO. Dunkin's president was named interim CEO of Inspire Brands ahead of a potential IPO.
Apple's new chief Ternus unveiled a foldable iPhone starting at $1,999, with the top-spec Duo costing up to $3,199. The foldable device marks a major product shift. Starbucks is betting $1 billion on community lounges as CEO Brian Niccol's antidote to lonely digital lives. Ford's CEO said the Transportation Secretary had “basic misunderstandings” in a letter about Chinese automakers. Deere introduced JD, an AI assistant aimed at helping farmers and reversing a sales slump. The City of London is set to drop a century-old rule against logos on buildings. Eurail is rebranding as Interrail Pass after 67 years.
AI & Tech
The Justice Department is investigating Nvidia's deal with Groq over antitrust concerns. Anthropic researchers raised alarm over AI acceleration, warning of threats to humanity. A top US official named to OpenAI's non-profit board warned advanced AI could be “deadly” without safety features. Peter Thiel-backed AI startup Cognition raised $2 billion at a $48 billion valuation. Clay, an AI sales tool provider, raised $115 million led by Wellington Management. AI labs are testing the rigour of credit rating agencies, seeking investment-grade scores. UK proposals call for “L-plates” for AI health tools with live monitoring. Anti-AI politics is about to get big, according to analysis. A former OpenAI safety worker says the fix isn't hard even without government regulation. AI is rewriting the venture capital playbook, with investors rediscovering moonshot bets. The AI debt binge is reordering risk hierarchy with emerging market bonds. Chinese regulators seek a higher bar for humanoid-robotics listings. A China fund with a 182% return sees a bullish case for optical AI stocks. Huawei faces a US criminal trial weeks before the Trump-Xi meeting. The AI boom's weakest link is being watched closely.
Politics & Policy
Trump's GOP midterm convention in Dallas featured a $5,000 “Trump Dividend” proposal for every adult American if Republicans keep Congress. The made-for-TV gathering isn't a real convention, with no nominations or formal party business. Seven takeaways from the convention included mostly retreads and self-congratulation. Republican Senate candidates avoided tariffs and the Iran war in their speeches. Senator John Fetterman made a surprise cameo via video, angering Democrats. Dallas protests were planned as the convention got underway. Trump's trade wars and Iran conflict could create new economic risks for the midterms. A mystery group tied to Trump's Super PAC is spending $25 million on midterms. Trump doled out $45,000 cash gifts to aides last year. The president's social media output offers a window into his reality, with 60 posts in 10 hours. Trump's mail voting plan faces Supreme Court uncertainty as election officials run out of time. An opinion piece argues Trump is sabotaging the midterms. The Missouri House map dispute returns to the Supreme Court. Trump's proposed census overhaul would exclude some immigrants and remove race questions. The establishment pulled through in New Hampshire primaries, with John Sununu and Chris Pappas advancing. AOC hit the campaign trail for Senate candidate Angie Nixon in Florida. Trump's hostile stance toward Canada has reopened old wounds in the relationship. The EU social media ban proposal risks testing the fragile truce with Trump. Steve Witkoff earned more than $100 million from an entity tied to Trump crypto. Jimmy Kimmel moved his James Talarico interview to YouTube over FCC "threats." Salvadorans will keep Temporary Protected Status for now.
Asia & Emerging Markets
Vietnam Grab drivers are planning a weekend boycott over commission fees. UMNO is hopeful ex-PM Najib will secure a royal pardon. Adani stocks are rebounding as the group steps up fundraising, with plans for an international airports push after the DOJ dropped charges. Global money is trickling back to Indonesia as markets recover. Weak Southeast Asian bond sales are offering opportunities for funds. China warned bankers not to flood the IPO market, wanting listings priced cheaply. India's monsoon rainfall is 15% below normal as of September 9. Asian ports are snarled by El Niño-fueled typhoons, with Shanghai particularly hard hit. The Port of LA completed its busiest three-month run on record. Australian property stocks are vulnerable following the Bathla collapse. Mexico breached NAFTA in the Vulcan Materials dispute, an ICSID tribunal found. Ghana plans a 6% cocoa price hike, risking more Ivorian smuggling. Mexico's Kapital raised $125 million for AI platform expansion.
Other News
Iran's strikes on a base in Jordan caused limited damage, though traumatic brain injuries may be reported. A drone almost struck Zelenskyy's plane, according to Ukraine. The US military has sunk six large fishing vessels off Ecuador's coast in a drug interdiction campaign. The Miami crash investigation focuses on Houston Astros owner Jim Crane's cargo-jet business, with former employees alleging ignored protocols. August tied for the hottest month on record, scientists said. A brush fire closed the Getty Center in Los Angeles. The EU is playing a growing role in firefighting across the continent. Malaysia is cloud seeding to combat haze from Indonesian fires. The Super Godzilla El Niño could affect weather in unexpected ways. Champagne output may be down but this year's vintage is of “exceptional quality”. Hunter Biden's $LAPTOP memecoin crashed shortly after launch, plummeting 95%. The US seized $225 million in crypto in Operation Big Tuna, but returning funds has proved difficult. Richemont promoted founder's son Anton Rupert to co-deputy chair. Bezos appointed Jeff D'Onofrio as permanent Washington Post CEO. LIV Golf is racing to re-sign golfers for a $300 million bankruptcy rescue. Linklaters poached a top lawyer from Wachtell in the latest raid. The new rainmakers of European private equity have overhauled leadership. Private capital is targeting elite sport, with soaring valuations and AI changing the economics. Trust companies are turning away crypto-rich clients on money-laundering fears. The UK's air disruption costs are spreading beyond airlines, with Number 10 backing the air traffic control boss as airlines hit out. TSA Pre Check now unlocks airport access without a ticket. Texas is facing increasing costs for its school choice program. The 1980s conservative revolution still shapes America, according to analysis. Germany's AfD won a state election, challenging the political firewall.