Public Markets 24-Hour Briefing
×Last updated: October 7, 2026, 2:00 PM ET
Global Markets
Global bond markets resumed their selloff, with the 30-year Treasury yield hitting its highest level since 2002 as French, Italian and UK government bonds also came under pressure. The Dow industrials, Nasdaq composite and S&P 500 were all lower as traders digested the move, while European bank stocks sank toward their lowest since July. Wall Street strategists are divided over whether US bond yields will come tumbling down, with traders reloading short bets against government debt. The selloff has prompted questions about what is driving the move, with FT Alphaville editor Robin Wigglesworth and senior markets correspondent Ian Smith taking reader questions on the subject.
Treasuries & Rates
The 30-year Treasury yield returned to its 2002 high as crude climbed above $100 a barrel, while French bonds underperformed on budget worries. Treasury Secretary Scott Bessent faces pressure amid staff turnover and unmet goals, with BNP Paribas warning that axing the 20-year bond could push yields even higher. US mortgage bonds could trigger a “vicious loop” for Treasury yields, according to a new analysis. Treasury yields turned lower in afternoon trading as investors pondered whether the recent surge has run its course, though the long end remained elevated ahead of a 3-year auction.
Currencies
The dollar jumped Wednesday as higher oil prices and heightened tensions in the Middle East drove investors to safety, with the WSJ Dollar Index falling 0.16% to 97.15 in a separate session. The greenback could maintain its momentum based on today’s Fed minutes readout. The euro slid against all G10 peers as investors worried about regional fiscal affairs, with traders looking beyond the dollar for bearish bets.
Energy & Commodities
Oil prices rose after Yemen’s Houthis struck Saudi airports, with Brent crude back above $100 a barrel. A Houthi missile targeted an area north of Riyadh and a developing storm in the Gulf of Mexico added supply risks. US crude oil stockpiles fell by 3.2 million barrels to 424.1 million barrels, while natural gas futures climbed as Tropical Storm Isaias formed in the Gulf. Shell’s refining margin is expected to hit a record high in the third quarter after the Middle East conflict upended fuel markets. Oil settled little changed as improved flows still face risks, with a late recovery snapping a two-session losing streak.
Energy & Tankers
A US oil trader has taken a $2 billion gamble on tankers as carriers steer clear of the Strait of Hormuz, with ships’ captains now being paid $100,000 a month to transit the perilous waterway. Syria’s state-owned petroleum company plans to more than double crude production within a year as investors return. India’s imports of Venezuelan oil are set to surge to a seven-year high on Reliance Industries’ purchases. Kalshi has filed a proposal with the CFTC for a never-expiring oil futures contract.
Gold & Metals
Gold declined as a ramp-up in Iranian attacks on tankers crossing the Strait of Hormuz pushed energy prices higher, though its structural drivers haven’t disappeared despite the recent correction. China’s central bank added gold to reserves in September, pushing a buying streak close to a record. Gold futures regained some ground as the US dollar and yields slipped. Intercontinental Exchange has launched new gold futures in London’s bullion market, while Hong Kong and Singapore are pitching rival gold hubs to the industry. Copper prices are red-hot, but US tariff threats have created market distortions that create risks. The London Bullion Market Association faces trial over deaths at a Tanzanian gold mine, with its certification program accused of serving as a “thick” cover.
Equities
The S&P 500 hit a record high as AI stocks shrugged off the bond market slump, with the benchmark closing at a fresh peak even as the rally becomes increasingly reliant on a handful of names. US stocks rose as AI momentum builds, with the Nasdaq also on track for gains. The S&P 500 rose 0.6% on Tuesday, exceeding its previous peak set in August. However, strategist Paulsen says history points to a drop of as much as 15% ahead as rates, oil and the dollar create a “gut check” for stocks. Energy and technology companies’ earnings are expected to keep driving stock prices, but markets remain under pressure from the bond selloff.
AI & Tech
Billionaire Michael Novogratz says artificial intelligence is in the “biggest bubble” he’s ever seen — and investors should pile in anyway. Bof A strategists see a tech bubble brewing and are advising clients to use equity derivatives to hedge risk while maintaining exposure. An OpenAI insider who wrote the company’s safety protocols resigned over safety concerns, saying “this is nuts.” OpenAI released findings on 377 math problems, further roiling the field after a previous solution angered mathematicians. Google has launched a platform to create video games from text prompts, partnering with gaming tools developer Unity.
AI & Markets
There is only one trade in markets right now, and it’s a bet on the AI boom. Robust AI spending is setting investors up for another bumper US earnings season, with S&P 500 earnings forecast to rise 27%. Taiwan has dethroned Korea atop world markets as the AI trade widens. AI agents could cost banks $500 billion by winning savers better rates, though banks will also gain from the technology. Hackers are using a Chinese AI tool to hit South Korean banks, exposing a new risk. A New York City Council hearing on AI yielded few answers as officials stonewalled on questions about the technology’s risks.
Deals & M&A
Canada’s Weston family is buying UK pharmacy chain Boots for $8.9 billion in a move that will see Wittington acquire Boots’ retail operations in the UK and Ireland. The deal was also covered by the FT, which noted the Canadian owner of Loblaws and Shoppers Drug Mart is buying the pharmacy chain from its private equity owner. Mike Ashley’s Frasers Group has bought an 8.8% stake in Under Armour, with the FT also reporting on the move as the latest in a series of bets by the UK retail tycoon. Brookfield Asset Management has committed 43 billion rupees ($444 million) to acquire ESR India warehouse parks. Sanlam’s $1.2 billion bid to take full ownership of Santam will put capital choices in focus.
Media & Entertainment
David Ellison’s audacious $110 billion takeover of Warner Bros. has closed, but bond investors backing the deal face few safeguards. The high-stakes gambit that clinched the Paramount-Warner deal came after a legal battle, and Ellison’s latest moves signal how he’ll lead . Disney+ will stream the 2027 Super Bowl, with all US subscribers able to watch the traditional game. Disney’s battle with the FCC over broadcast licenses has moved to the courts, with a federal judge hearing arguments.
Autos & Transport
Porsche plans to cut 25% of its workforce amid falling profits, with the German sports car maker also planning a 20% price rise for top-end models in an exclusivity push. The FT also covered the price increases, noting Porsche is echoing Ferrari’s bet on exclusivity. Jaguar has unveiled a £130,000 luxury electric car following a radical rebrand, with the WSJ noting the company has traded conceptual pink for a real-world car. Mercedes-Benz car sales fell 8% on China market weakness, despite EV growth. Volkswagen has set aside £725 million for the UK car finance mis-selling scandal, with Bloomberg also reporting the provision. Tesla’s new Roadster, due for an Oct. 15 debut, has been almost a decade in the making for customers who paid $50,000 deposits.
Banking & Finance
HSBC plans sweeping job cuts across its UK wealth business in an AI push, consulting staff on reductions in roles affecting managers and specialists. Morgan Stanley has invited banks to buy pieces of a $3 billion loan backing Royal Caribbean. The Dutch government plans to cut its stake in ABN Amro in half to 10.5%. The tide of bank branch closures is starting to reverse as the business virtues of having a network are rediscovered in the US and UK. Ken Leech, the former co-chief investment officer at Western Asset Management, has agreed to a $3 million SEC fine over a cherry-picking case. Ex-Barclays traders’ rate-rigging convictions have been quashed by the Court of Appeal.
Private Credit & Lending
Blue Owl plans a “big push” into insurance, with the group at the centre of recent private credit turmoil saying it is “not managing enough” capital. Partners Group is getting creative to fix funds hit by redemptions. A US lender specializing in loans to international students has largely shuttered as the immigrant crackdown roils its loan book. The deeply distressed tail of the leveraged loan universe has grown to levels not seen since the pandemic, according to JPMorgan. Apollo Global Management is scoping out a bigger role in financing debt-laden governments.
Space & Defense
SpaceX’s credit-risk gauge has hit a record high on reports the company is seeking to raise $40 billion to buy Nvidia chips, with Apollo leading the blockbuster debt deal. The FT also reported on the fundraising, noting it is the latest sign of vast spending on chips. Europe’s defense boom is opening up new funding for energy tech, as military and energy spending dovetail.
Asia Markets
SK Hynix’s US-listed shares face a test as a lockup expires, stirring anxiety over a bumper ADR premium. Samsung Electronics’ earnings will test investor confidence in the durability of its profit boom. Kioxia’s weighting on the Topix index will rise after a JPX review. Hong Kong’s main technology stock benchmark is expanding to 50 members in a major AI overhaul. Japan Exchange Group has unveiled the biggest-ever reshuffle of the Topix, with the FT noting the move will leave the benchmark with under 1,000 constituents. Japanese beer maker shares fell after the competition authority started a price-fixing probe. Korean retail investors are estimated to have lost $1.7 billion from leveraged chip ETFs.
India & Emerging Markets
India’s central bank meeting is about more than just interest rates for markets, with traders eyeing more liquidity-draining measures. Emerging-market stocks and currencies edged lower as Hormuz concerns weighed on risk appetite. FTSE Russell has reaffirmed Indonesia’s emerging-market status amid ongoing reforms. Mexico’s local bond sales have hit a record as companies rush to market. Zimbabwe’s state-owned Mutapa Platinum Group has secured $100 million to develop a platinum project. African governments have launched a rating agency to challenge the global “big three,” aiming to end the “Africa premium” imposed by Moody’s and others.
Europe
France is considering issuing more shorter-term debt after bond-market turmoil, with Finance Minister Roland Lescure saying the country would adjust its strategy. France’s battered bonds are starting to tempt bargain hunters as the spread hits a 14-year high. The FT offers neat tricks to help French bonds — and why they won’t work. Spain’s biggest labor unions are set to call a general strike for Nov. 11 over housing. Germany has blocked Chinese acquisition in its largest seaport, rejecting state-owned Cosco’s takeover of a Hamburg port logistics group. European bank mergers are arriving with a whimper rather than a bang, as BPCE takes a stake in Sabadell.
Trade & Policy
China has slapped down an EU request for voluntary curbs on hybrid car exports, with the European Commission now considering temporary limits. Europe’s trade tensions with China are coming to a head as negotiators prepare for talks, with China’s “self-reliance” drive upending trade with Europe. The UK is being urged to impose tariffs on Chinese titanium dioxide at the centre of an EU trade dispute. The US trade deficit widened as the data-center build-out boosted imports. Trump is considering suspending the federal petrol tax amid surging fuel prices.
Regulation & Legal
Wells Fargo faces a regulator probe over efforts to boost Black homeownership, with HUD seeking to crack down on race-based lending programs. A whistle-blower says the IRS leaked his tax records in retaliation. Chemical groups have succeeded in watering down EU pesticide rules. Brussels is looking to capture Big Tech through a tax on large corporations. An Australian court ruling on the climate impact of coal mining is a “blow” to the industry. South Africa’s antitrust commission has moved to revoke approval of the Premier-RFG merger.
Nobel Prizes & Science
The Nobel Prize in chemistry has been awarded to Henri Kagan and Kenso Soai for their work on mirror molecules, with the FT also covering the honour for work crucial to drug development. The Nobel Committee recognized them for solving a century-old mystery about how molecules form.
Retail & Consumer
Constellation Brands’ profit rose on higher beer and spirits sales, with Corona and Modelo sales up 5%. Premium Napa Valley wines are being sold under affordable labels at Costco and Kroger, giving oenophiles on beer budgets unprecedented options. Royal Mail will cut 2,500 jobs to fund a £500 million delivery improvement plan. LG Electronics’ preliminary earnings disappointed, missing estimates. If supermarket M&A is back, Sainsbury’s is in a sweet spot, as consolidation makes sense with too many stores chasing the market.
Real Estate & Infrastructure
The Chrysler Building has a new owner with big renovation plans, as Tishman Speyer plans to spruce up office spaces. The Supreme Court will hear arguments over whether the US Air Force can keep detonating bombs on Tarague Beach in Guam. Webuild, the builder that built Italy, faces questions over its €2.2 billion railway claims.
Healthcare & Biotech
Trump administration delays are threatening funding for HIV research networks, which also develop treatments for other infectious diseases. Influencers are on a mission to stop people from paying medical bills, as costs to patients explode. Chinese makers of fentanyl ingredients now sell bootleg peptides to Americans, promising to tan skin and repair tissue.
Politics & Policy
The Trump administration is being forced into retreat from Iran to the UK, as a war intended to demonstrate American power has backfired. Secretary of State Marco Rubio stressed the need for US security work with Greece on migration and terrorism. The Justice Department has turned to partisans and conspiracists to fill depleted ranks. Trump does not plan to reimburse taxpayers for promotional ads. Trump advisers took time to help a Russia-aligned government amid the midterm crunch.
US Politics
Texas Governor Greg Abbott is skipping a Trump rally in San Antonio amid a tight race. Governor JB Pritzker of Illinois and the Democratic Governors Association are each contributing $1 million to Gina Hinojosa’s Texas governor race. Ken Paxton’s estranged wife is making the case for his Senate campaign despite their divorce. Senator Susan Collins, one of the most vulnerable Republicans in the midterms, clashed with Troy Jackson in the first Maine Senate debate. Billionaires love a school policy that many regular parents hate, with Democrats tying universal school vouchers to the issue in Texas and Iowa.
International
Police in India’s capital detained opposition leader Rahul Gandhi for a second day as voter-roll protests continued. India cut 130 million names from its voter roll, according to a Wall Street record. Malawians are struggling to survive after fleeing anti-immigrant violence in South Africa. Ukraine has clawed back land in the Donbas, thwarting a Russian push. Putin is playing a desperate, dangerous game in Europe, wanting the continent to turn off its support to Ukraine. The fight for Britain’s right is underway as Kemi Badenoch aims to reboot the Conservatives.
Health & Safety
Rumors are swirling of a plague outbreak in Russia, and the country’s consumer watchdog has said only that “an employee of an anti-plague institute” was involved. The US has formally sought information from Russia about a possible plague death, with the lack of details unnerving officials. The death of a lab worker at the anti-plague institute in Siberia has spurred speculation about a broader outbreak. Texas plans an execution after a botched lethal injection in Tennessee, with lawyers seeking information about the drug.
Travel & Leisure
Airfares have spiked, and the death of Spirit Airlines may be to blame, with the ultra-low-cost carrier’s closure and fuel costs driving prices up. Jet Blue has won FAA approval to take on Spirit’s slots at LaGuardia. Cruise lines are slashing Caribbean fares as Middle East diversions swell capacity, with Norwegian leading price cuts. The latest nuisance on flights is a Zoom call at 30,000 feet, as free, fast internet rolls out on planes. Fly Dubai’s attacker was part of a pilot hiring spree at the fast-growing airline, raising safety concerns.
Sports & Entertainment
The National Symphony Orchestra is rehearsing inside the Kennedy Center despite President Trump calling the building “dangerous.” A Special Forces veteran joins columnist David French to assess Pete Hegseth’s Pentagon leadership, calling it a “vast overcorrection.” HMRC opened a probe into Man City’s tax affairs in 2018, investigating whether the English football club was underpaying tax.
Culture & Society
August Lamm was an influencer; now she wants you to ditch your smartphone and reclaim your life. The first biography of Cormac McCarthy shows how little the lore ever told us, dispelling the myth of the cowboy-artist. Inheritances can shatter families, and therapists are stepping in as the US faces the greatest wealth transfer in history. Vertical soap operas for your phone have taken over film and TV production, and microdramas are Hollywood’s future — or its end. Five women have said they were the targets of malicious PR campaigns, and their lawsuits tell a story of how to destroy a reputation in Hollywood.
Obituaries
Eva Marie Saint, Oscar winner for “On the Waterfront,” has died at 102. The NYT also offers 10 great Eva Marie Saint performances to stream. Bill Harris, who kidnapped Patty Hearst in 1974, has died at 81, prompting a look back at the Symbionese Liberation Army.
Education
The University of Arizona has suspended fraternity activities citing misconduct reports. A lawsuit seeks $549 million for Lincoln University, arguing Missouri persistently underfunded the historically Black college. Competitive bass fishing has inspired a growing number of youth, and it can now help pay for college.
Weather & Environment
How Trump’s tariff war with Canada ensnared the Can-Am Spyder is a cautionary tale. California’s maritime climate rules should be preserved, as rolling back emissions regulations for shipping would harm public health. The WSJ asks readers how their Halloween candy habits have changed since prices surged in 2021.
Opinion
Washington needs the tax-reform spirit of ’86 to close loopholes that cost trillions in federal revenue. Hollywood should ignore Hollywood in the Paramount-Warner fight, where movie celebrities were often sources of bad advice. Two democracy heroes offer their take on America’s political allergies, saying sitting on your hands is not an option when democracy is at stake.
Market Commentary
Bof A’s Savita Subramanian says bonds are in rare competition with stocks for the first time in decades. US investors have an “exorbitant privilege” that’s worth understanding. Whatever happens to bonds, stocks win, according to one analysis. The bond market’s threat to American hegemony is visible in the US-China spread. Signs of resilient economic momentum are reinforcing the bull case for US small caps, as sales growth outpaces the S&P 500.
Corporate News
Ineos’s oil and gas earnings offset chemicals downturn, with the division of Jim Ratcliffe’s conglomerate posting a €2.2 billion loss last year. Aramco is weighing its options for Saudi Arabia’s growing gas surplus, exploring exports and ways to raise finance. Qatar Energy has secured a $3 billion loan from four Chinese banks. BHP is selling its shuttered Australian nickel plant to Gold Fields. The billionaire Brenninkmeijer family’s holding company has named a sixth-generation CFO to lead the 185-year-old C&A empire. Oasis Management is stepping up pressure on Nidec, urging the company to explore privatization amid delisting risk. Asset Management One plans to boost talent spending 30% over three years.
Fundraising & IPOs
The venture firm behind chip startup Groq is targeting a $10 billion megafund, as winning bets on hot AI startups vault the Dallas firm into a new league. Dangote Refinery is offering East Africa almost 20% of IPO shares in Africa’s biggest crude refinery. Asian dollar bond sales are slowing as yields hit two-year highs, with AI fundraising trailing the US.
Data & Security
Goldman Sachs and Man Group were exposed in an EY data breach, widening the circle of victims of a hacking incident. An ex-CIA officer who stashed gold bars has admitted to a $145 million scam, with a plea hearing revealing a far larger pattern of fraud. Walter’s Insurance CEO told the DOJ he was unaware of his boss’s loans, a $20 billion revelation.