Last updated: September 13, 2026, 2:33 PM ET
Equities: Hedging Split as Rally Stalls
Wall Street strategists are urging clients to stay invested in equities even as rising bond yields and soaring oil prices evoke uncomfortable parallels to the volatile period before the dot-com crash, though few recommend abandoning stocks outright. The tension is visible in the derivatives market, where investors looking to hedge against a stalling equity rally are split between protecting against a fast selloff or a slow grind lower. Emerging markets have defied the same headwinds — war, $100 oil and rising Treasury yields — and despite worries of a US interest-rate hike, investors see reasons for this year's rally to keep going. In Seoul, the main stock exchange is extending into evening sessions, breaking with Asia's trading-hour norms to tap what it hopes will be sustained demand from global investors.
Energy & Commodities
President Donald Trump has urged Ukrainian President Volodymyr Zelenskyy to stop striking Russia's diesel fuel refineries because it is "hurting the world," a direct appeal that underscores how deeply energy infrastructure has become entangled in the war. The stakes extend far beyond Ukraine: ship operators already faced severe risks navigating the region, and now the danger is higher as Houthi militias assert control in the Red Sea, leaving Saudi oil exports facing heightened threats after attacks on a pipeline. Iran and its allies now hold sway over two key oil shipping routes, and Tehran is setting the stage for a diplomatic win that could enhance its stature. In Alaska, Trump's vision of the state as an LNG superpower confronts an $80bn test, with Alaska LNG and Polar LNG facing a series of financing, logistical and legal hurdles to tap massive gasfields. Meanwhile, Russia's new jet-powered Geran-5 drone model is proving the Kremlin's military is also capable of innovation, changing the air war in Ukraine.
Deals & Corporate Finance
Johnson & Johnson is in talks to sell its hips-and-knees business to Apollo for $20 billion, with the health-products company saying it planned to hive off its DePuy Synthes unit to focus on higher-growth areas. GE Health Care is in talks over a $1bn deal for Sofie Biosciences, a maker of cancer scan chemicals, in what would be the second big purchase for the medical imaging specialist after its split from General Electric. In India, the banking regulator's refusal to exempt Tata Sons Pvt. from a public listing rule has landed as an unexpected blow for group patriarch Noel Tata, who is already struggling to address leadership uncertainty — his biggest crisis yet. CVC faces a shareholder revolt over its €10.7bn take-private of Recordati, with investors accusing the private equity group of pressuring them into selling at a "lowball" price. Senegal raised 101 billion CFA francs ($179 million) in a government securities auction on Friday, its first sale since announcing plans to seek a reworking of its external debt.
Private Markets & Venture Capital
Executives are warning that returns from private equity funds launched during the frenzied period of 2019 to 2021 are likely to struggle to meet expectations, a reckoning that could reshape fundraising for years. Low-profile venture capital firm Vy Capital has emerged as one of SpaceX's largest shareholders, building a stake valued at roughly $40bn in the rocket maker. In Japan, NSSK founder Jun Tsusaka wants to emulate the success of the US PGA by reviving the golf tour with private equity backing. And in the legal world, a star dealmaker's defection from Weil Gotshal to Cravath is shocking Big Law and revealing two starkly different views of the profession's race for scale.
Technology & AI Regulation
Anthropic CEO Dario Amodei laid out a three-step plan to rein in artificial intelligence in a 3,800-word letter calling for a slower development path, and in a separate essay described the rapidly advancing capabilities of AI while arguing there needed to be greater safety controls across the industry. His warning has produced an unlikely alignment: rivals Sam Altman and Elon Musk have rallied behind the call for a slowdown, with the warring tech bosses uniting behind warnings that humans could lose control of the technology. The alarm is spreading inside the labs themselves, where researchers at Anthropic, OpenAI, Meta and Google are increasingly trying to raise awareness about the risks of artificial intelligence.
Washington & AI Policy
House Speaker Mike Johnson warned on Sunday of competitive risks from China, and Hakeem Jeffries, the minority leader, said Congress should start regulatory talks this week — an acknowledgment that lawmakers agree the risks are rising but have no quick fix. President Trump has been at the forefront of the "what-me-worry?" crowd, refusing to engage on how to balance the risks and rewards of A.I. as Washington stirs but mostly slumbers. Former President Obama, speaking at a private fund-raiser, warned that the technology could be "dangerous" if not managed urgently and with a clear plan, urging Democrats to move AI oversight to the center of their agenda. Meanwhile, the flood of AI-generated software continues: just because A.I. is revolutionizing coding, doesn't mean it will automatically revolutionize our apps, as slopware floods app stores without delivering killer apps.
Consulting & Professional Services
PwC is shaking up its Indian operations as the AI threat looms over the consulting sector, with the Big Four firm's US and Indian units set to pool outsourcing and advisory operations in a 40,000-person joint venture. The restructuring reflects broader anxiety across professional services about how quickly artificial intelligence will erode billable hours. Separately, the NHS's use of Palantir software is expanding, with GP data quietly added to the company's health platform in a pilot that marks a significant expansion beyond its current use in hospitals. And in the workplace, managers are grappling with a new problem: employees whose every written word reeks of A.I., raising questions about authenticity and communication standards.
Autos, Mobility & Industrials
Tesla is reclaiming the U.S. EV market as legacy automakers retreat, with U.S. EV sales remaining depressed but Tesla's market share recovering from its 2025 nadir. In London, the robotaxi revolution is beginning with Uber and Wayve, as self-driving cars could transform urban transport if they can win public trust. In Germany, military start-up ARX Robotics is seeking carmakers' help to re-arm Europe, wanting to "access industry muscle we already have" to meet soaring demand for unmanned military vehicles. And in the UK, Sunderland football club is looking to US post-industrial peers in a bid to lift revenue, targeting new fans in cities where its heritage resonates as tougher financial rules increase pressure to boost income.
Energy Transition & Infrastructure
US-listed Equinix faces a challenge over its South African hyperscale data centre, with campaigners wanting the project approval overturned as the rapid AI infrastructure build-out puts focus on power and water supplies. In Papua New Guinea, the Autonomous Bougainville Government vowed to take action after alleged arson destroyed equipment at a giant copper mine that recently began efforts to restart operations almost 40 years after it closed. The incident underscores the physical and political risks facing mining projects in the region.
Geopolitics & Diplomacy
Iran will meet with Gulf Arab states as the Middle East conflict widens, with talks expected tomorrow, officials said, as diplomacy to end the war with the United States has stalled and Iranian-allied forces have advanced in Yemen. Regime insiders say opponents derailed a peace agreement with Trump through a clandestine effort to attack ships in the Strait of Hormuz, and Iran's president was furious when he found out. In Europe, the locomotive of a passenger train traveling from Kyiv to Warsaw was hit by a Russian drone just kilometers from the Polish border on Sunday morning, Ukraine's foreign minister said, as Moscow's air campaign intensifies near NATO territory. Trump also said Irish unification would be "fantastic," breaking with precedent on an issue where the United States has been officially neutral since a 1998 peace deal ended decades of violence in Northern Ireland.
Media, Sports & Entertainment
The NFL's Sunday Ticket is getting smaller but not cheaper, with more games moving beyond Sunday afternoon, leaving YouTube and its subscribers paying more for a shrinking package. The U.S. Open is drawing complaints about influencers invading Flushing Meadows, but their biggest crime is distracting from the glorious chaos that typifies the tournament. At the 2026 Emmy Awards, "The Pitt" could make history at Monday night's celebration of the best in TV, while "Widow's Bay" and "Hacks" battle it out in the best comedy race. And an institution built to celebrate cable TV's power and prestige — spanning MTV, HBO and Nickelodeon — is changing too, as cable's fortunes wane and everyone cuts the cord.
Consumer & Retail
Restaurant chains are adopting a "barbell" pricing strategy, trying to draw in both spendy and thrifty consumers by offering low-cost and more-premium options at the same time. The approach reflects a widening divide in consumer spending as inflation reshapes household budgets. In a related cultural shift, analog hobbies are surging as an anti-AI portfolio: journaling, sudoku, puzzle books and other non-digital pursuits are staging a comeback, with fountain pens, Warhammer and film cameras finding new audiences.
Health Care & Pharma
Pfizer has made an unusual enemy in a $2 billion fight over unwanted Covid-19 vaccines, with the drugmaker targeting air-traffic control fees in a dispute with Poland and Romania. The move marks an aggressive escalation in the company's efforts to recover costs from governments it says failed to honor vaccine purchase commitments.
Wealth & Personal Finance
Chip Wilson, the founder of Lululemon, is getting divorced — and he doesn't have a prenuptial agreement. Without one, in Canada, assets are generally split in half, a division that could meaningfully reshape his fortune and his influence over the company he built. Seven retirees are opening up about their finances and how they spend their time after retiring to low-tax states, offering a window into how tax considerations shape retirement decisions. And workers who forego the traditional career path are finding there are rewards and challenges to going out on their own, as self-employment reshapes career trajectories.
Leadership & Governance
Four top headhunters have revealed what boards are looking for now and the role of AI in executive search, offering a window into how leadership requirements are shifting. The insights come as companies face pressure to adapt to technological disruption while maintaining stability. Separately, British businesses are being invited to submit questions about what they need from the Budget, with the FT's chief UK business columnist John Gapper hosting a live Ask an Expert Q&A on Thursday September 17 at 1pm BST.
Politics & Policy
A judge has ruled that the Homeland Security Department's plan to cut FEMA staff in half is unlawful, saying the plan would hinder the agency's ability to respond to disasters. The decision marks a significant legal check on executive branch restructuring. In Missouri, a court averted a redistricting crisis, allowing the midterms to dodge their first MAGA bullet — but it won't be the last. In Texas, Attorney General Ken Paxton, now running for the U.S. Senate, was acquitted on all counts in an impeachment trial that threatened to end his political career after he was accused of abusing the power of his office to protect a campaign donor.
Campaigns & Elections
In Florida, Democratic Senate nominee Angie Nixon faces strong headwinds in a decidedly Republican-leaning state, but she has been a fighter and an underdog for years. A generation shaped by the pandemic and rising prices has helped drive an emergence of populist Democratic candidates who say they are as fed up as voters are, fueled by anger at both parties. Inflation and the cost of living have been the biggest drivers of campaigns this year, but the broad term "affordability" breaks down into specific issues, from housing to health care. In Ohio, Senator Jon Husted fired his political director over social media activity displaying a "complete lack" of judgment after a Nazi photo surfaced, a spokeswoman said.
Institutions & Culture
Lonnie G. Bunch III, who has led the Smithsonian since 2019, parried the White House until deciding it was time to go, raising the question of whether Trump won the battle over the institution. The president's latest attack on the National Museum of American History reflects his longstanding desire for "patriotic" history, as he demands the Smithsonian install a Colossus George Washington statue. Elsewhere, a secret archaeological dig inside a Dutch church has led to drama worthy of Alexandre Dumas, as one man's quest for a musketeer's bones got him locked up — and we may never know if Wim Dijkman really found the bones of the fourth musketeer.
Media & Society
Journalists don't want to become the story, but newsrooms — and the people who run them — are the story for Times media reporters, who are covering the drama around "60 Minutes" and other journalists. The scrutiny reflects broader tensions in media about editorial independence and leadership. In a cultural shift, social marginalization means something different today, as the rural vibe shift — visible in figures like Ella Langley and shows like "Landman" — becomes real. And on college campuses, Gen Z fashion is defining what's cool, offering a window into how young consumers signal identity through style.
Business & Education
A man with a vision set out to revolutionize preschool, but it became a $440 million fiasco — the collapse of Guidepost Montessori is drawing scrutiny of how ambitious education ventures can unravel. The episode highlights the risks facing investors and families when growth outpaces operational discipline in the education sector.