Public Markets 8 Hours

Last updated: September 21, 2026, 2:01 PM ET

Equities and Macro

US equity indexes climbed ahead of a Trump-Xi meeting as oil prices slid and officials signaled optimism about the talks. Oil's retreat drove a rebound in government bonds, with Brent crude falling to just above $100 amid speculation that Donald Trump could meet Vladimir Putin. The broader market picture carries enormous stakes: an estimated $33 trillion in stock gains is riding on the future of AI, and any slowdown in the technology represents a serious threat to those equity gains. Investors weighing where the biggest risks lie can join a live Ask an Expert Q&A with markets columnist Katie Martin and US colleagues, covering AI, IPO delays and bond yields.

Chipmakers and AI

Advanced Micro Devices jumped Monday, putting the company on track to top $1 trillion in market value as chip stocks soared broadly. Nvidia, meanwhile, is partnering with Einride to support the scale-up of autonomous trucks at the Swedish company, which operates hundreds of electric trucks for major shipping clients. On the policy front, Treasury Secretary Scott Bessent and China hailed progress on A.I. talks, though the hard part now begins, with AI expected to be a major issue at this week's summit. The two countries also discussed a system to warn of AI-related national security issues, a topic raised when the US Treasury secretary and China's vice premier met on Sunday. Not everyone welcomes the industry's influence: one commentator argues it is a mistake to stop asking AI CEOs for solutions to society's problems, likening it to inviting oil companies to design climate policy.

Paramount-Warner Bros. Deal

Paramount reached a settlement to clear the path for its $110bn Warner Bros. deal, agreeing not to divest assets and to keep operations in California under the terms. The studio's move to resolve the antitrust lawsuit removes the last significant hurdle for media mogul David Ellison's acquisition. Paramount settled the states' antitrust suit and will not have to sell cable channels under the $81 billion merger. The settlements clear the way for the Warner megadeal to proceed.

Media and White House Access

Television networks suspended some coverage of Trump after the White House removed CNN from a rotating group of television representatives. CNN was removed from the TV press pool after having been scheduled to serve as the primary TV representative for a rotating group. The White House's removal of CNN from TV pool duties marked an escalation of President Trump's clashes with the news media. In response, CNN, MS NOW and Politico are preparing to sue the administration over the White House ban, vowing to protect First Amendment rights after reporters' access was withdrawn. The three outlets argued in a joint statement that President Trump's decision violated their rights. First FT also flagged the media lawsuit alongside falling oil prices and the new US-China AI dialogue.

Energy and Commodities

US natural gas futures fell on cooling weather as weather-driven demand was set to ease. Russia is set to extend a diesel export ban beyond the end of September, keeping most diesel shipments off international markets. President Trump pressed Zelenskyy to stop hitting Russian refineries, telling the Ukrainian leader in a phone call that it is all about "diesel, diesel." A tanker shortage has sent oil-shipping rates soaring, while Kuehne+Nagel struck a deal with Amazon and scientists reported progress on figuring out the situation. Qatar said it is ready to resume LNG operations within weeks of a Hormuz reopening; the country, one of the world's top three LNG exporters before the Iran war, had halted production. Satellite data showed Saudi Arabia's observed oil loadings from inside the Persian Gulf jumped over the period. A Trump-Venezuela oil deal faces the challenge of deteriorated fields, with success of the multibillion-dollar agreement hinging on aging infrastructure. The energy and utilities sector also drew market talk on eurozone energy prices, oil futures and European energy stocks. In a related theme, US data centres are short six NYCs of electricity, underscoring the power demands of the AI buildout. Climate Week NYC opened with a silver lining to a surge in borrowing costs, plus Disney rolling out more promotions and deals.

Crypto

Bitcoin jumped above $85,000 to an eight-month high, continuing a red-hot rebound that has lifted the flagship cryptocurrency more than 30% over the stretch, with $648 million in shorts liquidated. Michael Saylor's Strategy Inc. made its first Bitcoin purchase in three weeks. On the risk side, Polymarket's rush to grow left a door wide open for fraudsters, according to the Morning Risk Report, which also noted that crypto blew its big moment and now everyone is pointing fingers.

Deals and Corporate News

The Qatar Investment Authority and JPMorgan announced a $20 billion partnership, with JPMorgan Asset Management set to oversee a customized portfolio of $15 billion in investments. Priority Technology agreed to be taken private in a $1.6 billion deal by an investor group led by its CEO. Silver Lake is taking on Carl Icahn and the merger arbitrage world in the Endeavor fight, suing Icahn and asking a judge to declare that Icahn and others illegally acted. Bayer is selling its Stivarga cancer drug to Gruenenthal for up to $431 million; the drug, approved to treat various cancers, is due to lose patent protection. Ethan Allen launched a search for its next chief executive after investor Doug Bergeron, who owns more than a 5% stake, pushed for change. AMC Entertainment is overhauling billions in debt, offering new debt to restructure much of its capital structure after box office successes. Glencore was granted permission to sue UK's Prax in a $230 million case. Brazilian asset manager Patria Investments and its minority partner sold a Colombia solar park, Puerta de Oro, to Isagen. Ferrexpo shareholders approved a $100 million rescue fund for the stricken miner, whose shares were suspended from May until this month. Mexico REIT Fibra Educa is eyeing a $200 million debt raise to fund campus deals. Turkey is considering pooling fund assets frozen by regulators to repay investors.

Credit and Rates

Goldman Sachs traders are urging credit investors to take another look at some of Virgin Media's beaten-down bonds, calling them a buy. Gabon plans to raise about $2 billion on international markets next year to help manage a rising debt burden. In FX, UBS Asset Management's Zhao is ready to sell the yen if Japan intervenes again, viewing further intervention as a good opportunity. The $4 trillion-a-day currency swaps market is trying to break its reliance on phone trading in another push to automate. In opinion pages, one writer argues the fractional-reserve banking system is fragile and high risk, while another contends that lifting the payroll tax cap to expand Social Security taxes would harm the broader economy.

Autos and Industrials

Stellantis is stopping dealers from advertising rock-bottom prices, a move that raises questions about the endgame for social-media marketing after undisclosed ads ran. Auto industry workers protested in Germany against job cuts and industrial policy as the sector grapples with intensifying competition from China. The auto and transport roundup offered insight on Volkswagen, Kuehne + Nagel, Grab and more. The tech, media and telecom roundup covered software investments, Grab and Singtel. The health care roundup examined Haitian International and Telix Pharmaceuticals. An ingestible, paper-based battery worked for three days in pigs and could help improve drug delivery for stomach conditions.

Politics and Policy

Republicans enter the final midterm stretch with a significant financial edge, with the party and its allies set to spend hundreds of millions of dollars. With 43 days until the midterms, the state of play for Congress remains fluid. Readers' politics questions are being answered, covering Trump, campaign money and QAnon. A college sports bill prompted a clash among senators, including some former athletes applying their playing-field experience to the debate. In Michigan, opinion writers argue that Governor Gretchen Whitmer is to blame for the state's troubles, citing her policies. A First FT newsletter also noted that Merz vowed to stay on after a German election disaster.

China and Geopolitics

Zhang Youxia, once the People's Liberation Army's top uniformed commander, was expelled from the party and accused of corruption. Trump and Xi met amid an uneasy US-China trade truce, with the countries engaging in tit-for-tat measures beyond warm leader-level meetings. First FT also highlighted that bank exposure to trading firms is under scrutiny alongside the AI dialogue.

Sports and Culture

The Saudi wealth fund is pressing BC Partners to prove its commitment to LIV Golf, with BC Partners set to provide LIV a $10 million bankruptcy loan to alleviate concerns. Meta granted union access to recruit UK staff for the first time, with greater worker representation expected in the tech sector when new employment rights take effect. In culture, Gulzar, the Bard of Bollywood, is still writing about love at, having profoundly shaped the idea of tender romance in Indian cinema. Novelist Julie Orringer didn't know how close to home her new novel would be, as it came to mirror her husband's medical journey. Amazon's drone fleet has overwhelmed a Texas suburb, delivering goods quickly in Richardson but raising concerns among residents. In space, there is room for more than Elon Musk, with commercial chops set to define the winners. Odd Lots is coming back to Chicago for a live show at City Winery on October 15.