Last updated: September 18, 2026, 2:00 PM ET
Turkey’s Fund Scandal
A multibillion-dollar stock-market scandal is roiling Turkey after the implosion of investment funds that held billions of dollars. The “Goldman Sachs of Turkey” is how executives described their ambitions before the collapse of a Ponzi-like scheme triggered a market panic. Turkish citizens had piled into high-profile funds such as Pusula and Tera in recent years, and the rout erased $4 billion from the rapidly won fortune of businessman Altunc Kumova. Turkey has turned to two of its biggest banks to oversee the liquidation of 131 funds, with local lenders set to sell assets held by 300,000 investors amid fears of contagion. Turkey’s sovereign wealth fund bought blue-chip stocks on Thursday to prop up the nation’s equities. The episode carries a warning for US policymakers, since it does not take a fraud to cause problems when markets get overstretched, a lesson Treasury Secretary Scott Bessent should heed.
Rates and the Fed
The Federal Reserve is trying to catch up with a leap in bond rates driven mainly by the Iran war. The two-year Treasury yield touched 4.744%, its highest intraday level since July 2024. A new report on the Silicon Valley Bank collapse pins blame on the Fed’s own regulators, finding they knew of risks in 2022 but failed to act. The review, commissioned by Trump ally Michelle Bowman, calls for an overhaul of bank supervision. A federal judge separately rejected claims that criticism of SVB executives was based on hindsight. Bank of America warned investors to prepare for the risk that the Fed raises rates above 5% in a 2022 redux. Double Line’s Jeffrey Gundlach warned of a fiscal crisis in the next US recession.
Bond Markets
For all the anxiety gripping the world’s biggest bond market, some investors see a chance to grab 5% yields. Bond income is easing some of the pain in the Treasury selloff, with yields not much above 5% since 2007. Eurozone government bond yields edged higher but stayed comfortably below recent highs. A measure of French bond risk rose to one percentage point for the first time in 14 years amid budget deficit concerns. The Bank of England’s plans to slow the pace of its bond sales will ease pressure in repo markets, according to Barclays. Japan’s rising yields are drawing record demand for retail government bonds, offering a new avenue for fiscal funding.
Bank of Japan and the Yen
The Bank of Japan raised rates to a 31-year high under US pressure, following an unusual campaign by Treasury officials. The BOJ lifted its policy rate to 1.25%, its highest in 31 years, though the yen weakened as two board members suggested future rate rises could be gradual. The yen sank after the BOJ raised rates to the highest level since 1995, with hawkish comments from Governor Kazuo Ueda failing to arrest the currency’s slide. The yen pared declines on Friday after the Nikkei reported a rate check. A split vote sent a bearish signal on the yen, strategists said, with the currency dropping after the BOJ decision. The yen extended declines after Ueda gave mixed signals on further hikes. Currency volatility has been so low for so long that traders are treating it as the new normal. For decades the yen was a favored funding currency, but a carry trade explanation shows why it is losing appeal. Citi’s Korea trading head said to buy the won near 1,400 per dollar. The Singapore dollar was steady against its US counterpart amid debasement fears. The yuan climbed to its strongest level in more than four years as China’s central bank signaled support before a Trump-Xi meeting. The WSJ Dollar Index fell 0.10% to 96.07, snapping a three-day winning streak.
Oil and Energy
Oil prices fell for a third day, with WTI crude slipping below $100 a barrel. Crude dropped as traders looked to the next round of diplomacy and Saudi Arabia restored a pipeline. Saudi Aramco told at least two European refining customers they will receive no supplies for next month after a pipeline attack. France called a G7 summit on releasing more oil reserves as supply concerns worsened. Oil extended losses on hopes for Saudi supply, with Brent crude around lower levels. Crude futures settled lower for a second session as supply fears fueled by the outage of Saudi Arabia’s East-West pipeline eased. Crude posted back-to-back losses amid expectations Saudi Arabia could soon restore output. A Houthi offensive spiked oil prices and complicated Trump’s Iran strategy. JPMorgan’s oil analysts cited Iran war uncertainty, saying they are unable to predict the market outlook more than six months in. US natural gas futures rose, looking to end the week with gains as extended summer demand supported prices. Natural gas futures ended a choppy session little changed, while European gas prices rose despite the oil decline. The Iran war will make winter more expensive for some Americans, with heating oil costs up 60%. Europe’s storage is 69% full, compared with more than 80% a year ago, making a mild winter critical. China stockpiled oil, and the war with Iran revealed how much influence the world’s biggest importer could wield over the energy landscape. Iran activated land routes to bypass the US naval blockade. El Niño could be the saviour of Europe’s energy market. In the energy and utilities roundup, insight on Korea Electric Power, Drax and oil prices. A separate roundup covers oil, Drax and European gas prices.
Equities
US stocks rose as investors shook off jitters that followed the Federal Reserve, with yields falling on lower oil prices. The S&P 500 and Nasdaq posted their biggest one-day gains in six weeks as traders turned attention from inflation toward technology. Investors came back to AI stocks, snapping the market out of its inflation gloom. US stocks recouped some losses as oil prices stabilized and companies reported contained costs. Stocks rallied, shaking off the Fed’s rate hike, while chip shares soared on Intel comments. Stock futures rose as oil extended losses and Treasury yields rose, with all major US indexes in the green after the S&P 500 and Nasdaq posted gains. Technology stocks drove equity gains in the US and Asia as lower oil prices lifted sentiment in the markets wrap. Japanese stocks were higher in early trade, with the Nikkei rising 0.8% on chip-related shares. Strategists gave their most bullish September forecast on European stocks since 2018. Greek bank stocks are set for another boost after rejoining the Stoxx 600 index after a decade. LPP shares jumped to a five-month high, leading the Stoxx 600 after the fashion retailer’s profit jump. UK stock futures fell as a rally was set to fade. Around $7 trillion of US options notional value rolls off the books Friday in a triple witching event. Goldman strategists dismissed concerns of a US earnings bubble, saying corporate results are underpinned by a robust economy. In the tech, media and telecom roundup, insight on Xiaomi, Palantir and China Telecom. A separate roundup covers Palantir, Infineon and LG Display. The auto and transport roundup covers Volvo Car, Wizz Air and more.
Berkshire Succession
Warren Buffett is stepping down as chairman of Berkshire Hathaway, the $1 trillion conglomerate. Howard Buffett will succeed his father as chair, with the elder Buffett taking on the role of chair emeritus. “Father Time always wins,” the 96-year-old said, capping a career that turned Berkshire into a sprawling empire. Howard Buffett, is succeeding his father but will not be running the company’s operations. The new chairman is already well-versed in the firm, having served on its board. Warren Buffett’s son doesn’t have the standard resume of a massive conglomerate’s leader. The elder Buffett will step down as chair and take on the emeritus role. A timeline traces Buffett’s career-defining moments, from Berkshire to philanthropy, after he was crowned the “Oracle of Omaha.”
Deals and IPOs
Blackstone secured a first-lien term loan to support its acquisition of Flow Control, a data center cooling firm. Nigerian banks and investment firms are signing up investors across Africa for the Dangote IPO. Specialty insurer Orion180 fell 4.2% in its trading debut after raising $240 million. The $2.4 billion IPO of National Stock Exchange of India was fully subscribed on its second day. Ant International-backed fintech Mynt won approval for the Philippines’s largest-ever IPO. Uzbekistan’s largest private logistics group tapped Citigroup and JPMorgan for a London IPO. Former Wells Fargo asset manager Allspring is exploring a $4bn sale. Dillard’s plans to shift its primary listing to the Texas Stock Exchange. PSA International is considering selling a minority stake in its Mumbai port operations. AI startup Manus is seeking to raise $500 million at a $4 billion valuation and weighing a Hong Kong IPO. SoftBank’s SB Energy IPO, set to test investor appetite for Masayoshi Son, faces pressure from an OpenAI delay.
Corporate and Credit
Volkswagen slashed its profit forecast, citing a sharp contraction in China and rising costs, now targeting an operating return on sales of up to 1%. VW’s outlook cut followed a China sales slump and mounting costs. Deutsche Bank’s DWS will shut a US property fund hit by redemptions. Mothercare shares plunged on a solvency warning, with revenues expected to take a hit through early 2028. Braskem bondholders are balking at a restructuring proposal and pushing owners to inject cash. Shapoorji Pallonji is seeking a three-to-six-month bond payment delay as a Tata listing takes shape. The group said it was ready to work with Tata Sons on a reconciliation via listing. The Tata Sons power struggle deepened as Chandrasekaran’s reappointment dealt a setback to Noel Tata. The contest will determine the future of the more than 150-year-old business empire. CSN bonds are among the best performers in emerging markets as a new CEO fuels a bond rally and asset sales gain momentum. Glencore found itself at the center of a controversy involving embattled trading house Radiant in a $2bn trade credit battle. A suspended Glencore executive told Radiant counterparts to “say nothing on email”. Singapore-based Radiant says Glencore financed its rapid rise before their legal battle. The new credit debacle gripping Wall Street centers on Glencore and Radiant. Higher rates are deepening private equity’s zombie-fund problem, while A-CAP insurers sue South Carolina’s regulator over a takeover attempt. Private credit’s involvement in the pension business raises critical liquidity risks for long-term retiree promises. Private equity is turning to structured financing, including CFOs and NAV loans, to lure insurer capital. A $200 million shortfall exposed strains in Mark Walter’s insurance empire, raising questions about whether he drew on insurance assets. Jana Partners is pushing contact-lens maker Cooper Companies to replace its CEO, citing a chronic overhaul need.
Crypto and Regulation
The crypto industry watched with grim foreboding as its landmark bill detonated, with Trump’s $1.4 billion haul coming back to haunt it. The failure of the Clarity Act leaves regulation of cryptocurrency to federal agencies. ECB chief Christine Lagarde intervened to block Binance’s foothold in Europe over compliance concerns. The SEC approved an innovation exemption allowing tokenised stock trading, letting blockchain-based representations of equities trade around the clock. The SEC’s proxy reform is a welcome change, aiming to stop telling companies how to handle shareholder resolutions. A Montana ballot measure would strike at political dark money by challenging Citizens United. Corporate donations to state attorneys general are hitting record highs, with broadcasters and tech giants writing big checks.
AI and Technology
President Trump calls AI fears a hoax, but inside the White House the debate is more complex, driven chiefly by the sense that AI is the path to economic growth. Disney hired Karandeep Anand as its first CTO, an expert in building AI and consumer tech, amid an industry push to embrace AI. Anand, head of Character.AI, will report directly to Disney CEO Josh D’Amaro in the newly created CTO role. The AI industry’s new worry is liability exposure, as the prospect of tools being used to do significant harm grows. Iran and China created first-of-their-kind autonomous AI influence campaigns, combining Chinese open-source models with agentic systems. OpenAI staff knew the “existential threat” AI posed to publishers, the New York Times claims, with lawyers saying co-founder Greg Brockman was motivated by the “gazillions” he hoped to make. Newly unsealed documents showed concern within Microsoft and OpenAI over the largest theft of labor in history. Tech companies’ staff knew their AI tools posed an existential threat to publishers, with executives acknowledging they could undermine their own customers. OpenAI disclosed new concerning model behaviour, launching a system to track and report AI misconduct. Researchers breached OpenAI using tools from rival Anthropic, highlighting AI security concerns. Meta’s Muse AI agent faces a trust problem, needing user data to be useful while users remain wary. Medical AI has a proof problem, with advances not yet translating into real-world improvements. Anthropic’s leader, Dario Amodei, exposed AI’s dangers and says it is time to act, as AI leaders unite for a global pause on development. Stanford researchers are deploying AI agents as “co-scientists” to speed drug research. A Financial Times analysis found a $36 trillion circular financing risk in the AI financial web. Raspberry Pi founder Eben Upton called himself an “omni-geek”, discussing coding as modern literacy. Accenture and Black Line leaders discussed the reinvention of finance. The FAA launched a smart AI tool for air-traffic control in a limited rollout after airline pushback. UK air traffic agency NATS blamed a “legacy” software bug for an outage and plans to invest £1 billion in its systems. An NHS executive lobbied the data watchdog to rewrite criticism before awarding Palantir the Federated Data Platform contract. The Labour conference is set to vote on a new AI regulator, with a motion to replace the AI Security Institute amid growing cabinet concerns. Anthropic and the golden rules of business are being redefined as technology and geopolitics shift the ideal company.
Commodities
A deluge of copper arriving in the US has left New Orleans with a logjam, with nothing outwardly remarkable about the journey of the Nord Norfolk ahead of tariffs. Copper headed for a weekly gain as signs of a rebound in Chinese demand helped the metal recover. Iron ore was headed for a weekly gain after recovering from a sharp decline despite weak China steel demand(https://headlinesbriefing.com/m