Public Markets
Last updated: September 18, 2026, 2:00 PM ET
Turkey’s Market Scandal
The implosion of a series of investment funds holding billions of dollars has roiled Turkey’s markets, triggering a multibillion-dollar scandal that now threatens the broader economy. Authorities moved to liquidate the funds at the center of what has been described as a “Ponzi-like scheme”, with big local banks set to sell assets held by 300,000 investors amid mounting fears of contagion. The ambitions at the collapsed vehicle had been grand — insiders described it as the “Goldman Sachs of Turkey” — but those dreams unraveled in spectacular fashion. Turkey’s sovereign wealth fund intervened directly, buying blue-chip stocks on Thursday to prop up the nation’s equities. The episode carries lessons beyond Ankara’s borders: it does not take outright fraud to cause problems when markets get overstretched, a dynamic that should command the attention of Scott Bessent and other US policymakers.
Berkshire’s Leadership Transition
Warren Buffett is stepping down as chairman of Berkshire Hathaway, the $1 trillion conglomerate he built over six decades, with his son Howard named to succeed him. The 96-year-old Buffett, crowned the “Oracle of Omaha” for his investment acumen, will take on the role of chair emeritus. “Father Time always wins,” Buffett said in announcing the transition. Howard Buffett, is already well-versed in the firm’s operations and will chair the board without running the company’s day-to-day operations. The elder Buffett will step down as chair while remaining involved as chair emeritus, the company said. Howard Buffett does not have the standard resume of a massive conglomerate’s leader, raising questions about his qualifications for the role. His elevation marks the culmination of a succession process years in the making at the conglomerate.
Rates and the Iran War
The Federal Reserve is scrambling to catch up with a leap in bond rates driven primarily by the Iran war, as Middle East tensions ripple through global fixed income. The two-year Treasury yield touched 4.744%, its highest intraday level since July 2024, marking a multi-year high. Bank of America warned that the Fed may hike rates above 5% in a 2022 redux, urging investors to prepare for that risk. For all the anxiety gripping the world’s biggest bond market, some investors see a silver lining: the selloff has created a chance to grab 5% yields. Coupon income is helping to ease some of the pain in the Treasury rout, with yields not much above 5% since 2007, providing a cushion for holders.
SVB Postmortem
A new report on the Silicon Valley Bank collapse pins blame on the Fed’s own regulators, with a Fed official saying supervisors knew of risks in 2022 but failed to act. The review, commissioned by Trump ally Michelle Bowman, faulted bank-supervision practices for the failure. A separate review found the Fed was “too timid” in tackling risks at the bank and called for an overhaul of supervision. Meanwhile, a federal judge rejected claims that criticism of bank executives was based on hindsight, shining further light on who was at fault in the implosion.
Oil and Energy
France has called a G7 summit on releasing more oil reserves, as supply concerns worsen following an attack on a Saudi pipeline. Saudi Aramco told at least two European refining customers they will receive no supplies for next month, tightening an already strained market. US natural gas futures rose and were on track for weekly gains as extended summer demand supported prices. In the energy and utilities sector, Korea Electric Power, Drax and oil prices featured in the latest market talk. Ineos opened a carbon dioxide storage site off the Danish coast, as the technology gains momentum following the launch of a separate Norway project.
Copper and Commodities
A deluge of copper arriving in the US has left New Orleans with a logjam, as the Nord Norfolk and other vessels queue to unload ahead of anticipated tariffs. The New World screwworm resurfaced in New Mexico just as a major gateway for Mexican cattle was set to reopen, threatening livestock trade flows.
Currency Markets
The yen pared declines on Friday after the Nikkei newspaper reported that the Bank of Japan conducted a rate check, a move that often precedes intervention. The currency had weakened earlier in the session before the report triggered a reversal.
Equities and Options
Around $7 trillion of US options notional value rolled off the books Friday in a triple witching event, one of the largest expirations of the year. Goldman Sachs strategists dismissed concerns of a US earnings bubble, saying fears are misplaced and that corporate America’s blowout results are underpinned by robust economic growth. Eli Lilly has surged about 300% since its first GLP-1 was approved, and a newly bullish analyst now sees the rally continuing toward a $1,400 price target. Specialty insurer Orion180 Insurance Group fell 4.2% in its trading debut after raising $240M in its IPO. Polish fashion retailer LPP saw its shares pop to a five-month high after second-quarter profits jumped, leading the Stoxx 600. Dillard’s announced plans to shift its primary listing to the Texas Stock Exchange, a significant win for the upstart venue. In tech, media and telecom market talk, Xiaomi, Palantir and China Telecom drew attention in the latest roundup.
Private Markets and Deals
Higher rates are deepening private equity’s zombie-fund problem, with funds unable to exit investments or raise fresh capital. A-CAP insurers sued South Carolina’s regulator over a takeover attempt. Blackstone secured a first-lien term loan to support its acquisition of Flow Control, a data center cooling firm. Former Wells Fargo asset manager Allspring Global Investments is exploring a $4bn sale, following a string of transactions reshaping the asset management industry. Deutsche Bank’s DWS is shutting a US property fund hit by redemptions, the latest sign of stress in commercial real estate. India’s Shapoorji Pallonji Group is seeking a 3-6 month bond delay as a Tata listing takes shape. CSN bonds are among the best performers in emerging markets, buoyed by a new CEO and asset sales. Nigerian banks and investment firms are signing up investors across Africa for the Dangote IPO, tapping domestic capital for the landmark listing.
Corporate and Industry News
Volkswagen slashed its full-year forecast, now targeting an operating return on sales of up to 1% due to market challenges. The automaker cited a sharp contraction in China and rising costs as it cut its outlook further. In the auto and transport sector, Volvo Car and Wizz Air featured in the latest market talk. Disney hired Karandeep Anand, head of Character.AI, as its first chief technology officer, a newly created role reporting directly to CEO Josh D’Amaro. The appointment underscores Disney’s tech ambitions as the industry races to embrace AI. Swiss sports brand On signed Kylian Mbappé in a long-term partnership, a blow to Nike as the group targets a relationship similar to rivals’ star endorsements. Accenture and Black Line leaders discussed the reinvention of finance in a changing corporate landscape.
Russia and Asset Seizures
Russia seized control of Nestlé’s local operations, prompting the Swiss maker of Kit Kats and Nescafé to say it was assessing the situation. Moscow also placed the local businesses of French retailers Auchan and Leroy Merlin under seizure, in the first crackdown on western assets since 2023. Nestlé said it was assessing options for its Russia unit after the seizure. Switzerland criticized the move and is seeking a reversal of Vladimir Putin’s seizure of Russian assets belonging to Nestlé.
AI and Technology
President Trump calls AI fears a hoax, but inside the White House the debate is more complex, with the president driven chiefly by the sense that AI is the path to economic growth. Anthropic’s leader Dario Amodei has exposed AI’s dangers, and Times columnist Kevin Roose sees reasons for optimism and worry as the world reckons with the technology. Iran and China have created first-of-their-kind autonomous AI influence campaigns, combining Chinese open-source models with Israeli firms’ techniques. The AI industry’s new worry is “liability exposure”, as the prospect of tools being used to do significant harm raises legal risks. AI startup Manus is seeking to raise $500M at a $4bn valuation and is weighing a Hong Kong IPO. The FAA launched a limited AI-powered air-traffic control tool after airline pushback, while Costco expands its fast-delivery network. In the UK, the Labour conference is set to vote on a new AI regulator as cabinet concerns grow over replacing the AI Security Institute. A UK air traffic outage was caused by a legacy software bug, according to a review, with the under-fire agency planning £1bn in systems investment. Hackers are targeting ships’ satellite links, with engines and navigation connected to vulnerable edge devices. FT columnist examined how Anthropic is redefining the golden rules of business as technology and geopolitics shift. Raspberry Pi founder Eben Upton, who calls himself an “omni-geek”, discussed coding as modern literacy and his scepticism of hype.
US Economy and Households
More US households are struggling financially, an analysis found, as inflation and a pullback in government assistance leave more people financially strapped. On trade, the crypto industry watched with grim foreboding as its landmark bill detonated over Trump’s $1.4bn in crypto ties, derailing legislation in the Senate. ETFs are getting wackier, with funds tracking election results and hockey stats in the works, but investors must stay sane. The Tunica-Biloxi tribe of Louisiana is partnering with Kalshi on a prediction market platform using the exchange’s infrastructure. Civil rights groups sued to block armed agents from voting sites, arguing the administration’s immigration enforcement and security posture chills voting. The FBI temporarily halted cooperation with Canada over references to 9/11, an abrupt move by director Kash Patel amid Trump administration pressure.
International and Political Risk
A central African hotel has become a nightmare prison for US deportations, with witnesses saying men were hooded and beaten in Equatorial Guinea. France’s bond risk gauge reached a new milestone, with a measure rising to one percentage point for the first time in 14 years on budget risks. China’s fiscal pullback stretched into August as public expenditure declined at a quicker rate, indicating slumping spending. A year out from Javier Milei’s reelection bid, a stalling recovery poses a risk to the Argentine president. Uganda is debating whether to move its capital from Kampala to a largely undeveloped area to ease gridlock. Al Gore welcomed China’s “unilateral leadership” on climate, saying Beijing is set to exert a new level of influence. A Saudi billionaire family office is relocating from London to Dubai, adding to the London exodus. An FT columnist made the case for Latin American equities after years of underperformance, feeling lucky this time.
UK and European Data
UK retail sales rebounded in August, helped by online sales, as consumers shrugged off an inflation pickup. In the US, natural gas futures rose on summer demand, looking to end the week with gains. In corporate news, Volkswagen’s outlook cut weighed on European auto sentiment, while LPP’s profit jump lifted the Stoxx.
Sports and Culture
Hyrox has become popular and lucrative — and is not for the faint of heart — alongside energy-drink crackdowns and bodega peptides. Sadio Mané is betting $20M of his own money on a Senegalese mango project. Duncan Sheik, who traded pop stardom for Broadway after his 1996 hit “Barely Breathing,” died at 56. Gail Liniger, a pioneering real-estate executive and Remax co-founder who disrupted the market with a radical commission model alongside her husband, died at 81. A new species of cat, called a tilcayo, has been discovered in Bolivia — the first such find in a century — smaller than a house cat and living in cloud forests. At Gettysburg, reporter Samuel Wilkeson Jr. filed a report for The Times from the battlefield, capturing a nation’s loss and his own. The National Gallery is showing a portrait of a rich boy, an 18th-century French nobleman. Israel is grappling with a searing new documentary, “NAZA,” that the country fears for exposing military secrets. A holdout juror in the Lindsay Clancy case, Michael P. Desronvil, said he didn’t doubt her guilt but defended his decision not to join other jurors. Net-a-Porter CEO Heather Kaminetsky is driving the luxury retailer’s comeback by repairing relationships and welcoming customer complaints. The Only Fans CEO, a beekeeping ex-privacy lawyer, is challenging perceptions in the role, while Meta needs to convince skeptical consumers it is trustworthy. An opinion piece argued that no helmet technology can make football safe, as the sport by nature endangers players’ heads. People on GLP-1 medications like Ozempic are buying less food and shrinking portions, forcing food companies to adapt. Joby Aviation said an aircraft equipped with its technology completed the first fully autonomous flight across the US.
Private Equity
Last updated: September 18, 2026, 2:01 PM ET
UK Sovereign AI Fund Backs Drug Discovery
The UK Sovereign AI Fund is in advanced talks to anchor a £500m raise for a drug discovery startup, in what would rank among the largest AI-focused life sciences rounds in Europe this year. The deal underscores sovereign wealth's growing appetite for computational biology assets.
Family Offices Flock to AI
Family offices are piling into AI at a pace that has some allocators questioning whether the shift is structural or cyclical. The surge in private wealth capital mirrors institutional demand, though concentration risk remains a concern.
PE Bets on Medical Textiles
Montagu, Kohlberg, and Arlington are backing medical textiles as demand for wound dressings climbs. The same consortium is circling fertility treatment assets, with Amulet Capital's track record at US Fertility cited as a template. Across the sector, eight medical textile deals have closed, with Montagu, Kohlberg, Sterling, and Arlington among the most active buyers.
Amulet Promotes Brinkley
Amulet Capital has elevated Sam Brinkley to partner. Brinkley joined the healthcare-focused firm in 2020 as a vice president before rising to principal, and his promotion signals Amulet's intent to deepen its fertility and provider-services franchise.
Alpine Targets UK Facilities
San Francisco-based Alpine Investors has launched a UK platform, Eight Group Service Partners, betting that the fragmented British facilities-services market can replicate US technical services consolidation. It marks Alpine's first UK platform investment since September.
Mutares Exits Cimos
Mutares has sold Cimos in a management buyout backed by Vero Automotive. Cimos, a producer of aluminum and iron castings and machined components, changes hands as European automotive suppliers face margin pressure from EV transition costs.
US VC Conversations Shift
The biggest debates in US venture capital now center on AI capex durability, exit routes, and LP liquidity. Meanwhile, an analysis of 25,000 applications finds the most-fundable seed startups prioritize a clear go-to-market strategy and test distribution early, rather than chasing product breadth.
Fusion and AI Safety on Stage
Inertia co-founder and CEO Jeff Lawson will discuss fusion on the Smart Systems Stage at Tech Crunch Disrupt 2026, as the startup pursues a commercial path for fusion energy. Separately, safety expert Denis Shilov warns that AI development has become a modern nuclear arms race, urging slower deployment. Organizers note the final 24 hours to book exhibit tables, with the deadline set for September 18.
Sector Investment
Last updated: September 18, 2026, 2:01 PM ET
Healthcare Investment
Demand for concierge and functional medicine is surging, fueled by the GLP-1 boom, as investors eye precision health opportunities.