Last updated: September 23, 2026, 2:00 PM ET
Diesel Export Ban Roils Energy Markets
The White House is actively weighing a ban on diesel exports as fuel prices keep climbing, a move that has split the administration's own political coalition. President Trump said he supports restricting foreign sales to bring down domestic prices, and the White House is considering the measure while also cracking down on polysilicon imports from China. Trump told reporters a decision would come "fast," according to remarks that a potential restriction was imminent. Energy Secretary Chris Wright has hinted at a voluntary cap on exports rather than an outright ban, as the oil industry warns of unintended consequences. Trump's oil allies in Congress are fearing defeat in their bid to stop the measure, and the FT reports the president has backed the ban as prices soar. A separate FT analysis warns that a diesel export ban would hurt America and help China, while Bloomberg's editorial board called such a move a calamity for the market. The New York Times reports that calls to ban exports are dividing Republicans amid the broader energy crisis, and the WSJ's editorial page argued the party's panicky rush to ban exports reveals its electoral trouble. European diesel prices have climbed sharply over the prospect of a US export ban, with any suspension of foreign sales described as "catastrophic" for global markets. The surge is already costing European drivers €203mn per day, with motorists spending 40% more per refill than a year ago.
Treasury Yields and the Rates Repricing
US Treasury yields surged after strong PMI data fueled bets on further rate increases, with the 10-year yield jumping to a 19-year high as oil prices rose and inflation concerns built. The closely followed survey underscored worries about parts of the world's biggest economy, pushing yields to 5.09%. The dollar rallied on the data after US business activity rose at the fastest pace in months, reinforcing the case for Federal Reserve increases. The greenback hit an 8-week high as Fed rate-hike bets outweighed lower oil prices. Traders are loading up on hedges for a shallower Fed rate-hike cycle than currently priced. The euro fell to a two-month low versus the dollar as options traders added downside hedges. The OECD sounded the alarm on surging government bond yields, warning that governments' debt interest bills are increasing pressure on fiscal positions. Separately, the US Treasury said it will buy back up to $6 billion of longer-dated government bonds, a liquidity operation that drew attention given the yield backdrop. One Bloomberg analysis offered a tantalizing answer to why rates are so high, concluding it is probably not about the size of the debt.
Equities: AI Rally and Earnings Revisions
Asian stocks were poised to extend gains after chipmakers drove a global tech rally. Japanese equities look set to catch up with the AI rally when trading resumes, helped by a weaker yen. US stocks ended mixed as AI buzz propelled large tech companies higher. The Nasdaq 100 notched its first record since June, with AI skeptics surrendering again as traders eyed the path forward for tech. European indexes rose at the open, led higher by banking and technology stocks. Stock futures nudged higher as markets weighed Middle East diplomacy, with US futures and Treasury yields largely unmoved in early European trading. In a notable shift, equity analysts have turned net negative on the outlook for US corporate earnings, snapping the longest run of upgrades in five years. One FT column made the case for bullishness on equities, arguing shocks matter less now as riskier assets show resilience. Meanwhile, a pair of companies delayed their IPOs, sending a ripple of anxiety through the US market ahead of Anthropic's debut.
AI Disruption Hits Financial and Travel Stocks
Meta's new AI agent, Muse, is dragging down stocks that depend on "consumer inertia," with shares of major banks, insurers and online travel agencies sliding. The WSJ reported that the rapid adoption of Muse threatens to disrupt financial stocks, while a companion piece noted the AI agent is upending a big slice of the stock market, hitting banks, brokers and travel booking companies. Nvidia chief executive Jensen Huang does not want you to be afraid of AI, pushing back against doomers in a high-profile intervention. Anthropic's chief executive said AI companies need banking-style supervision, arguing both industries change rapidly and reach throughout the economy. In China, AI model developers' shares fell after a report that the country's regulators were probing DeepSeek and Moonshot. China's AI trade is increasingly favoring global winners over local champions, benefiting companies that sell into the global supply chain. One FT opinion piece argued it is time to cry wolf over AI, warning it is not too late to avoid potential disasters.
Oil and Commodities
Oil prices were mixed as traders weighed US-Iran talks and progress on Saudi Arabia's East-West pipeline, which the kingdom has begun testing for structural integrity. Oil extended losses as the US flagged progress in talks with Iran to end their war. Brent crude fell below $99 a barrel in Asian trading amid the Middle East talks, putting the benchmark on track for its longest losing streak in more than 12 months. Oil dipped in early Asian trade after Japan's Kyodo News Agency reported Iran proposed new terms. Oil prices tumbled again after spiking past $100, with AI jitters at banks and Berkshire's homebuilder bet also in focus. Traders are betting on a price drop at record pace as disruptions ease, flocking to options betting on a decline in Brent. Goldman Sachs sees China oil imports staying subdued in the fourth quarter if crude prices remain elevated. US crude oil stockpiles posted an unexpected build, rising by 3 million barrels last week against analyst expectations of a draw. US natural gas futures held steady after making another test of the $3 level. Copper retreated from near-record levels as traders weighed the Fed outlook, dragging industrial metals lower. Gold was steady as traders monitored progress in US-Iran talks and Fed rate speculation, while BMI sees a strong floor under gold around $3,800/oz. Palm oil dropped to a seven-week low on worries over ample reserves as production peaks. China's coking coal supply squeeze is set to persist into 2027, supporting strong prices. The Guangzhou Futures Exchange is planning to list lithium hydroxide contracts as early as this year.
Agriculture and Trade
Soybean and corn prices were dropping with no sales of American supplies reported to China since Xi Jinping's arrival in the US was awaited. Bangladesh has resumed wheat purchases from India after Black Sea upheaval sent India's wheat back to its neighbor. In a separate agricultural development, China's Geely unveiled EV charging that completes in under five minutes, rivaling BYD's ultrafast charging as automakers aim to entice buyers. The FT reported that the Volvo Cars and Lotus owner is among Chinese carmakers seeking to reduce dependence on foreign battery technology.
Deals and Corporate News
Todd Boehly has secured US and Gulf backing for a bid for Lukoil's international assets, with the consortium aiming to unseat Carlyle, which struck a deal to buy the Russian group's assets. The US government and Gulf billionaires are backing the Boehly bid in a deal that has drawn geopolitical attention. One FT analysis described the transaction as an oil deal from Russia with love, noting the billionaire financier's maneuvering. Activist investor Jana Partners is again pushing Six Flags to explore a sale, and the WSJ reported the theme-park company faces pressure following disappointing earnings amid a tough consumer environment. Blackstone is developing a hybrid CLO that mixes broadly syndicated loans with private credit, a novel structure for the $1.3tn private credit market. Royal Caribbean is nearing a deal for Sandals valuing the resorts at more than $6bn, which would be the largest transaction in the cruise operator's history. Triton Partners is exploring a potential listing or sale of power transmission company Trench Group. Lone Star Funds is mulling its options for debt-laden coffee-machine maker Evoca SpA, including a sale or recapitalization. WSP Global cancelled its takeover offer for Arcadis, saying it was unable to advance a transaction without engagement, sending Arcadis shares lower. Paramount won Warner Bros. in a $111 billion settlement, with inside details of the talks between David Ellison and the coalition. One WSJ opinion piece argued the antitrust review following the Paramount-Warner deal shows pseudo-news no longer works for its purveyors. The New York Times reported Hollywood has surrendered to the Ellison empire with a sense of numb exhaustion.
IPOs and Capital Markets
Airtel Money, backed by Indian billionaire Sunil Mittal, has filed for a London IPO to raise about $800mn, in a boost for the UK capital's listing pipeline. The African digital financial services platform plans to list existing shares on the London Stock Exchange. London's IPO pipeline is showing signs of revival with mining listings, even as the pound slipped close to $1.33. Finnish counter-drone company Sensofusion is seeking €300 million in a Helsinki IPO, and the defense tech group is seeking $344 million as it looks to seize on investor enthusiasm for defense. Chinese chip foundry Can Semi Technology is seeking to raise about 6.16 billion yuan ($919 million) in a Shenzhen IPO, joining a wave of Chinese chip listings. Quickmart Plc, one of Kenya's leading supermarket chains, plans to list on the Nairobi exchange as its owner offers a 50% stake. India's National Stock Exchange is preparing to go public in what would be one of the country's largest-ever listings. The Philippines is looking to expand its pool of individual debt investors with a new retail peso bond, its first in 25 years.
Private Credit and Credit Markets
Apollo Global Management is limiting redemptions from a private credit fund after 14.7% of investors looked to exit, capping withdrawals at 5%. Private credit defaults have hit their highest level in three years, raising questions about how the can gets kicked and why. The private equity industry is in limbo as distribution rates plummet amid a $3.5tn backlog, breaking the sector's implicit bargain with investors. Private credit firms are buzzing about getting in on JPMorgan's card empire, with the bank recently exploring partners to underwrite rejected applications. One FT column traced the strange new private equity frontier of "swimming as a service", noting there are more than 10mn installed pools in the US that all need regular cleaning. A BIS study found that bank bonus caps have failed to reduce risk-taking, in a piece that questioned whether the caps make sense at all.
Prediction Markets and Regulation
The CFTC has warned prediction markets to reel in risky "mention" bets involving wagers on what high-profile people might say in public. A $5 billion flurry of nearly identical Kalshi trades has drawn scrutiny, with rapid trades all at nearly $5,500 occurring in a single Kalshi market. Kalshi has proposed a self-referential market on the legality of its own sports betting operations, a novel twist in its regulatory battle. The WSJ's Morning Risk Report noted that a $5 billion flurry of nearly identical Kalshi trades is drawing scrutiny alongside Door Dash's $131.5 million settlement over minimum-pay law compliance.
Banking and Financial Institutions
Swiss lawmakers have backed tougher bank capital rules in a blow to UBS, with parliament's upper house rejecting a compromise proposal in the battle between the lender and regulators. Switzerland's upper house backed a plan to ease new capital demands on UBS, requiring the bank to hold 90% in top-tier capital as part of a separate proposal. Global banks have warned that a UK windfall tax will trigger a shift away from London, with Chancellor John Healey looking for revenues in next month's Budget. Rivals Revolut and Nubank are going head to head in a bid to crack the US banking market, capitalizing on an unusually lax regulatory window. London-based Ghana International Bank wants to expand its presence to the US as appetite for African exposure grows. In a notable settlement, SoFi has settled card payments on stablecoin, according to the Financial Services Roundup.
UK Corporate and Pension News
Legal & General will cut 10% of jobs by the middle of 2027, with the cuts initially voluntary in the UK. The FT reported L&G is slashing 1,000 jobs as part of a broader restructuring effort by chief executive António Simões. A think tank linked to Reform UK has suggested that Nigel Farage's party should cut back Britain's state pension through means-testing. Labour MPs are calling to close a loophole that trimmed billionaire Suneil Setiya's tax bill by £18mn, with Quadrature Capital's founder having avoided the higher stamp duty rate.
Corporate Earnings
McDonald's has pledged $8.5 billion in investments to help franchisees tackle rising costs, overhaul equipment and modernize restaurants. The fast-food giant is also betting on chicken amid rising beef costs, aiming to grow share in the booming chicken market. General Mills posted a profit of $397 million and is betting on new products and marketing to drive a turnaround. Cracker Barrel posted a fiscal fourth-quarter profit of $12.2 million and guided for fiscal-year sales growth. Paychex reported a fiscal first-quarter profit of $429.7 million, though sales growth slowed. KB Home cut its margin outlook as housing conditions worsen, now expecting annual gross profit margin of 16.0% to 16.5%. JD Sports reported lower profit as it continues to deal with a difficult market. Bacardi-Martini's sales in North America slid 14% over the past two years even as wider profits rose. Diageo has named WPP finance chief Joanne Wilson as its next CFO, succeeding Nik Jhangani. The FT reported Diageo poached the WPP finance chief as CEO Dave Lewis overhauls his top team, appointing former Tesco colleague Wilson.
Energy Transition and Utilities
Italy's Senate has approved a law that will allow a new generation of reactors decades after the country phased out nuclear power. Germany is urging the US to allow Patriot missile production in Europe, with Berlin wanting to manufacture more interceptors as Ukraine struggles with air defense. Chinese wind turbine makers are considering partnerships with local firms to break into the European market. The UK must "electrify now," according to energy secretary Miatta Fahnbulleh, who promised a "pragmatic" approach on North Sea oil and gas. A new reservoir project in drought-hit England has been delayed by five years, with concern over water supplies likely to grow as the Havant Thicket project costs more. South Korea is funding a $22bn Texas gas plant as Seoul faces pressure to deliver on a $350bn investment commitment to Washington. South Korea is also extending fuel price caps for the holidays as the fiscal cost mounts. One FT analysis asked just how much power AI will need, noting the rise of agentic AI could supercharge data-center electricity demand. Texas has halted data center permits, expanding environmental scrutiny less than a year after Governor Greg Abbott welcomed the industry.
Emerging Markets
Retail investors in Brazil are piling into ETFs at a record pace, with nearly 1 million individual investors now participating. Turkey has arrested high-profile finance executive Emre Tezmen and four others as part of a probe into a fund collapse that trapped 455,000 investors. Two weeks after putting his savings into a high-flying Turkish stock fund, one investor said "I can't sleep" as the collapse trapped hundreds of thousands. The FT reported that Turkey arrested the founder of a brokerage at the centre of an $18bn alleged Ponzi scheme that torched the savings of hundreds of thousands of investors. An FT podcast examined the "Ponzi-like scheme" making waves on the Bosphorus. South Africa is tapping Gulf know-how for a $9.5 billion property plan, with Middle East sovereign wealth funds backing the initiative. India consumer stocks are drawing bullish bets on festive spending, with the MSCI India Consumer Discretionary Index up more than 3% this quarter. Currency options traders are betting the Korean won's rally has further to run, with the won leading Asian currency gains since June. BNP Paribas Asset Management has been hedging its bullish bets on higher-yielding emerging market bonds by shorting China rate swaps. The ADB has warned that Asia faces sustained inflation pressure into 2027, with wars in Europe and the Middle East and a severe El Niño amplifying price pressures. Hong Kong's stock exchange will consult with stakeholders on a potential extension of trading hours. Asian currencies consolidated against the dollar as crude oil prices weakened.
Geopolitics and Trade
President Trump used his UN General Assembly address to threaten Iran's "annihilation" and lay out a winner-takes-all vision, amounting to a rejection of multilateralism. The WSJ reported Trump threatened Iran's annihilation at the UN, alongside a GOP senator's call for a Don Jr. probe. A separate NYT report noted Trump used the UN address to threaten Iran and celebrate Venezuela. Fact-checkers found Trump's remarks about oil reserves, the drug trade and his peace efforts contained numerous inaccuracies. Countries including Iraq, Oman and Azerbaijan have cancelled Iran flights after the US threatened to "shut down" airlines. Ethiopian Airlines suspended flights to three destinations in Tigray after rebels took an airport. Oil tanker costs have hit a record $1.2mn a day as the Iran war disrupts shipping, with a shortage of the biggest supertankers more than doubling rates on key Middle East routes. Ukraine's Zelensky said Putin is unlikely to curb attacks without US pressure. Trump signed a Greenland security deal that falls well short of his earlier vow to "own" the territory. One NYT analysis noted Trump's major retreat on Greenland, alongside Texas hitting pause on new data centers. China's Xi Jinping is pushing a vision to win the future with AI, a decade after asking whether China could master the technology. One NYT opinion piece argued Trump and Xi have to find a way to coexist, as neither the US nor China can bend the other to its will. An FT proposal suggested the Xi-Trump meeting should build on plans for dialogue on shared AI security risks. Canada's Mark Carney laid out a broad plan for a divided world at the UN, saying the world is at a point "that..." Canada is also overhauling its transport system to boost trade with Europe and Asia. The White House is defending Trump's ban on CNN, MS NOW and Politico in a court filing, with Trump determining the outlets were in "violation of..." The president is increasingly invoking national security as he faces legal pushback on the press ban and the D.C. arch project. A Republican senator, John Curtis of Utah, has urged Congress to investigate Donald Trump Jr., calling for the Senate Judiciary Committee to subpoena him.
US Politics and Policy
Hispanic voters are abandoning Trump in patterns that are transforming the midterm map, with Texas and even Florida the places to watch in November. The tax cuts in Trump's signature "Big Beautiful Bill" are starting to bite before the 2026 election, having been Republicans' signature achievement. One NYT analysis explored the distrust election, looking at how voters feel about government. A separate piece examined how the midterms are the first big test for a new independent movement, arguing a third party can't fix politics but there's another way. A NYT opinion piece argued the Democrats' policy on Palestine is detached from reality, and the party needs more than a stance on Israel. The Supreme Court has given parents custody of a baby in a surrogacy fight after a surrogate refused to have an abortion following a severe diagnosis. A dispute over Missouri's congressional map is again returning to the Supreme Court after a federal appeals court sided with Republicans. Trump officials may undo nursing home mandates for reporting Covid, with the agency led by Dr. Mehmet Oz proposing an end to weekly tracking of respiratory viruses. Robert F. Kennedy Jr. keeps finding new ways to undermine trust in vaccines, with four dead in Pennsylvania's measles outbreak but the CDC not yet convinced. The FBI has shut down an inquiry into a top ally of Senator Susan Collins, with senior bureau officials questioning the basis last year. Hackers say they stole thousands of sensitive FBI personnel records, the latest in a string of cybersecurity failures. Treasury Secretary Scott Bessent mistakenly failed to report holdings of JPMorgan stock, with his finances reviewed by the inspector general.
Technology, Media and Society
YouTube is battling Netflix for top talent, with the Google-owned platform rolling out better tools for digital producers. MrBeast and Rockefeller Foundation president Rajiv Shah launched a school meals program in Ghana and Kenya, arguing video can help charity keep up with a changing world. The UK's Ofcom is investigating whether Pornhub met its duty to protect children through age verification. K-pop is betting on AI and robots, with South Korea's music industry embracing robotics and artificial intelligence. Companies are increasingly mentioning Chat GPT in SEC filings, a phenomenon one FT column dubbed "slopfiling". Gadgets are going premium, with higher prices and lower volumes shaking up the device industry. One WSJ piece asked where tech brands find new buyers when everything is priced at a premium. Billy Bush has joined Fox News as a contributor, a decade after the "Access Hollywood" tape scandal. Rosie O'Donnell said ABC delayed a skit as it readied a Trump lawsuit, with the network asking the comedian to hold off on a sketch mocking the president. Seth Meyers joked about Trump's silent White House event, saying "we don't need to hear what he's saying." Jeff Zucker made a cameo in "Primetime" and called "To Catch a Predator" important, as the show reconsiders the early 2000s NBC hit. Qantas plans nonstop Sydney-New York flights, with the Australian carrier starting the first-ever direct commercial passenger service. The 18-hour flights, part of Project Sunrise, will take off in 2028. Qantas chief executive Vanessa Hudson said the airline is confident demand for the ultra-long flights will hold up despite high fuel prices.
Weather, Climate and Science
An already busy Pacific hurricane season got a lot busier this week, with storms threatening Hawaii and Mexico. A nor'easter could slam the East Coast this week or not, with a September nor'easter being unusual as its forecast took shape. A tropical sea turtle nested on a Southern California beach for the first time in recorded history. Scientists are puzzling over where viruses hide when outbreaks dissipate, only to emerge again. A half-century ago, scientists and lawyers agreed to strict self-regulation on DNA research at Asilomar, a precedent now informing today's AI regulation debate. A New York transplant surgeon's experience waiting for a heart transplant laid bare the organ shortage crisis. Phil Knight, the Nike co-founder, has donated $1 billion to the University of Oregon, the largest known donation to the school. A NYT feature examined the Guna people of Panama, who kept outsiders away for 500 years and whose world is about to change. Anthony Fauci's memoir and a new book on the "Nerd Reich" examined whether the tech elite has given up on democracy. A FT history of fraud explored butchers, fake deaths and falling from helicopters, asking whether the level of financial fraud is the real hidden indicator of a healthy economy. A FT column on inherited property addressed whether to rent or sell a house left in a will. A FT piece on land grabs asked do you want a bit of your neighbour's garden, as city homeowners covet more space. A FT feature profiled the model making vegan shoes sexy, with Jessica Miller designing a heel for Aera. Danny Meyer reflected on closing Tabla and the lessons he learned from the human exit, in an excerpt from his new book. The education of Nikole Hannah-Jones was the subject of a WSJ opinion piece arguing school choice is necessary for all children to reach their full potential. A WSJ opinion piece argued Republicans are running on empty as the party's panicky rush to ban diesel exports reveals electoral trouble. A WSJ opinion piece on Newark airport delays called the situation a national embarrassment after a day of air-traffic failures. A FT feature on Waymo described being stranded in six-lane traffic surrounded by Secret Service agents when an autonomous vehicle refused to move. The UN General Assembly brought traffic and a little chaos to New York City. Mayor Zohran Mamdani's aides struggled to explain their influencer use at a City Council hearing. Israeli Prime Minister Netanyahu falsely accused Mamdani of supporting Hamas after the mayor's CNN interview. Dolly Parton's manager has accused her nephew of threats and extortion, filing a restraining order request against Bryan Seaver. The NYT reported Parton's estate is in turmoil after the extortion accusations. Prime Minister Andy Burnham of Britain met with President Trump for the first time, with Trump praising Burnham as a "natural business person." German Chancellor Friedrich Merz is struggling to sway voters as the far right surges and his unpopular economic policies weigh on his standing.
Market Roundups
The Auto & Transport roundup offered insight on Ryanair, Auto Zone, Thor Industries and more. The Energy & Utilities roundup provided insight on Tenaga Nasional, oil prices and more. The Tech, Media & Telecom roundup featured insight on Pearson, Alibaba Group, Netflix and more. The Financial Services roundup included insight on Bitcoin, Societe Generale, Prudential PLC and more. Chevron's CFO discussed elevated oil prices and leading through volatility, with a companion piece examining how Chevron's CFO navigates global tumult. Energy Secretary Chris Wright is pitching a future of fossil fuel abundance as part of Trump's "energy dominance" vision. An FT feature examined why EU companies are now helping Chinese ones expand into Europe, adopting an "if you can't beat them, join them" approach. An FT opinion piece argued biotech is one area where the US can afford to let China flourish, as drugmakers pick through the Chinese biotech sector. An FT analysis of the Nvidia-backed Nscale found the AI cloud provider buried a ByteDance deal before its $35bn IPO, with the Chinese tech giant its largest customer last year. China is reviewing its dependence on Broadcom switches in data centers amid a drive to boost domestic players. A WSJ opinion piece on the "Nerd Reich" examined whether the tech elite has given up on democracy. A FT feature profiled the model making vegan shoes sexy, with Jessica Miller designing a heel for Aera. A FT analysis of private equity's "soft" defaults examined how the can gets kicked and why. A FT feature examined how private equity ended up in limbo as distribution rates plummet amid a $3.5tn backlog. A FT history of fraud explored butchers, fake deaths and falling from helicopters. A FT column on inherited property addressed whether to rent or sell a house left in a will. A FT piece on land grabs asked do you want a bit of your neighbour's garden. A FT feature profiled the model making vegan shoes sexy. A FT analysis of the Nvidia-backed Nscale found the AI cloud provider buried a ByteDance deal before its $35bn IPO. China is reviewing its dependence on Broadcom switches in data centers. An FT opinion piece argued biotech is one area where the US can afford to let China flourish. An FT feature examined why EU companies are now helping Chinese ones expand into Europe. Energy Secretary Chris Wright is pitching a future of fossil fuel abundance. Chevron's CFO discussed elevated oil prices and leading through volatility. The Auto & Transport roundup offered insight on Ryanair, Auto Zone, Thor Industries and more. The Energy & Utilities roundup provided insight on Tenaga Nasional, oil prices and more. The Tech, Media & Telecom roundup featured insight on Pearson, Alibaba Group, Netflix and more.