Public Markets 8 Hours

Last updated: September 18, 2026, 6:00 AM ET

Central Banks & Rates

The Bank of Japan raised rates to 1.25%, its highest level in 31 years, citing persistent inflation risks. The move followed an unusual pressure campaign from U.S. Treasury officials, according to NYT reporting. The hike was not unanimous, and the split vote sent a bearish signal on the yen, strategists said. The currency extended declines against the dollar after two dissents emerged in the decision. A separate FT report noted the central bank lifted borrowing costs by 0.25 percentage points. The rate differential shift makes U.S. assets less alluring for Tokyo-based investors.

Eurozone & U.K. Rates

Eurozone government bond yields edged higher but remained comfortably below recent highs, tracking falling oil prices. The Bank of England's quantitative tightening endgame is drawing scrutiny as the central bank shifts its balance sheet strategy. In the U.K., retail sales rose 0.5% in August as hot weather boosted spending, suggesting consumers remained resilient despite mounting pressure on household budgets. A separate WSJ report confirmed the gains, supported by online sales, shrugged off a pickup in inflation.

U.K. Equities & Utilities

FTSE 100 stock futures fell as the recent rally was set to fade. Thames Water should be temporarily placed under public ownership, MPs warned, in a move that would be cost neutral for the Treasury while protecting 16mn customers. Strategists are most bullish on European stocks in eight years, giving the most bullish September forecast since 2018. Europe can attract more stock trading with fewer, better markets, as a bigger European exchange could better woo U.S. investors seeking to diversify.

Asian Equities & IPOs

Ant International-backed fintech unicorn Mynt received a nod for the Philippines' largest-ever IPO, entering the market amid heightened global uncertainty. Uzbekistan's largest private logistics group Centrum is in talks with Citigroup and JPMorgan for a London IPO. PSA International is considering selling a minority stake in its Mumbai container terminal operations. Greek bank stocks are set for another boost after staging a remarkable recovery, rejoining the Stoxx 600 after a decade.

India & Corporate Governance

India's Shapoorji Pallonji Group said it was ready to work with Tata Sons on reconciliation via a listing path. The stage is set for a showdown between Tata Sons and its majority shareholder after Chandra's reappointment deepened the power struggle. JPMorgan's Aziz warned India's economy may be enjoying a sugar high from earlier stimulus, warranting caution on rate hikes.

Commodities

Iron ore was headed for a weekly gain after recovering from a sharp decline, despite weak China steel demand. Copper headed for a weekly gain as signs of a rebound in Chinese demand helped prices. China has stockpiled oil and could now dominate the energy landscape, as the war with Iran revealed how much influence the world's biggest oil importer holds. El Niño could be the saviour of Europe's energy market, with the continent's storage 69% full compared with more than 80% a year earlier.

Credit & Private Markets

Glencore has found itself at the centre of a credit debacle gripping Wall Street, involving a $2bn trade credit battle with Radiant. Singapore-based Radiant says the commodities giant financed its rapid rise before their falling out. Private credit's involvement in the annuity business carries real risk, with the critical issue being liquidity and ensuring long-term promises to retirees are met. Private equity is turning to financial engineering to lure insurance billions, using CFO NAV loans and structured financing to fuel secondaries funds. A web of AI-linked financial ties reveals a circular financing risk worth $36tn. Money flowed across Mark Walter's empire in ways that raise questions about whether the financier drew on insurance assets to help other entities.

Technology & AI

OpenAI was breached by researchers using tools from rival Anthropic, highlighting AI security concerns. OpenAI's listing delay raises the stakes for SoftBank's $50bn data centre IPO, with the SB Energy offering set to test investor appetite for Masayoshi Son. Medical AI has a proof problem, as the technology's advances have not yet translated into big improvements in real-world clinical outcomes. An NHS executive lobbied the data watchdog to rewrite criticism before Palantir won the contract to build the Federated Data Platform.

Geopolitics & Sanctions

Iran's isolation is growing after the U.S. imposed sweeping sanctions on airlines, with Mahan Air saying it would stop flying to Turkey and Oman. Iran has switched from ships to trucks to evade the U.S. blockade, deepening Tehran's trade reliance on land neighbours. South Korea's President Lee Jae Myung rejected Trump's request to send troops to Iran. The Trump administration is moving ahead with F-35 jet sales to Saudi Arabia despite internal intelligence warnings that China could acquire the technology. A sea clash near Palawan showed China pushing closer to the Philippine mainland after vessels collided.

Russia & Elections

Russian elections like the parliamentary vote that begins today are hardly free, with the Kremlin projecting support through a tightly managed process. The Russian elite's room for maneuver has disappeared under Putin's total control.

Europe & Politics

German Chancellor Merz is fighting for survival ahead of regional elections. Turkey has turned to two of its biggest banks to oversee the liquidation of 131 funds. Venezuela is nearing a deal to move a $4bn gold reserve from London to New York, which would allow the interim government of Delcy Rodríguez to access funding. Indonesia's new finance minister will retain the policy of keeping $17bn with state banks.

Currencies & Climate

The Singapore dollar was steady against the U.S. dollar during Asian trading amid debasement fears. Scientists warned of flood risks threatening 8 Himalayan nations after a Nepal disaster set off alarms in a region with thousands of glaciers.