Last updated: August 25, 2026, 2:48 AM ET
Equities
US equities ended mixed as a drop in oil prices was offset by concerns about debt incurred to fund the AI boom. Technology names led the decline on Monday, with investors gearing up for a busy week of earnings from Nvidia Corp. and the Jackson Hole symposium, according to market strategists. Chip makers and other tech stocks weighed on major U.S. indexes in what analysts described as a jittery start to the week.
European indexes turned largely positive as the continent’s tech stocks pared earlier losses. The FTSE 100 is set for its best winning streak since May. European stocks were steady on thin volumes, with traders looking to data for clues about the health of the region’s economy.
A slow-motion collapse in South Korea’s Kospi index erased $2.5 trillion in value, burning investors who bet on the AI boom. Japanese stocks were lower after U.S. technology shares fell overnight, with the Nikkei dropping 0.8%, dragged by electronics stocks. A global selloff in chip stocks extended as investors cut exposure to technology shares ahead of key earnings that will test confidence in the artificial intelligence trade.
Canada’s currency tumbled against the US dollar by the most in two months after President Donald Trump escalated his trade war with his northern neighbor by vowing to double tariffs on auto imports. Canadian stocks ended the day higher, thanks largely to gains from precious metals miners, after the collapse of talks between the two countries unleashed what threatens to become a widening trade war. Mexican President Claudia Sheinbaum expressed optimism she can reach a trade deal of her own with Donald Trump just after negotiations between the US and Canada fell apart. The WSJ Dollar Index rose 0.1%, up two of the past three trading days. Carry trades are riding high on Wall Street, getting a boost as investors bet the dollar will weaken. A renewed spike in oil prices is the biggest risk facing US stocks, according to Morgan Stanley’s Michael Wilson, who recommended using energy shares to hedge portfolios.
The Rausing family, which made a fortune from Tetra Pak cartons, sold more than $1 billion of US equities in the second quarter, joining the global rich that are trimming bets in the world’s biggest market. The billionaire owner of the Los Angeles Dodgers, Mark Walter, is selling sports stakes as he rushes to clean up the balance sheets of the insurance arms of the colossus that he built. JPMorgan has shortened the time horizon for SpaceX workers and investors to borrow against stock holdings and may do the same for AI company Anthropic.
Commodities & Energy
Oil futures edged higher as traders assessed new U.S. measures against Iran. Oil also snapped its winning streak as the U.S. launched a plan to sanction countries or companies that do business with Iran, with prices falling on possible positioning adjustments before the expected sanctions. Oil futures fell intraday after Treasury Secretary Scott Bessent announced an escalation of sanctions aimed at isolating Iranian trade, while U.S. stocks started the week on a mixed note, with the Nasdaq dragged lower by chip stocks and the Dow edging higher. Meanwhile, oil prices weakened in early Asia trading as the U.S. ramped up economic pressure on Iran and its trading partners, aiming to force the resumption of energy flows through the Strait of Hormuz.
Iran’s oil shipments to Asia have all but dried up, driving the cost of those cargoes to the highest levels in years even before the US administration announces fresh moves to isolate Tehran. Iran is threatening to crack down on 46 ships in the Strait of Hormuz, saying vessels violated protocols for traveling across the waterway and could face fines or confiscation. Tehran also pledged to defy Trump’s economic sanctions, with one official vowing “not a single drop of oil” would leave the country, while analysts say the regime could intensify the dispute militarily. Iranian citizens are now queueing for petrol as the US blockade bites, with long lines forming in the capital city as officials warn that war and inflation are triggering fuel shortages.
Firms that count ships, oil output and imports aren’t able to verify U.S. claims about the volume of oil getting through Iran’s chokehold. The UAE, Iraq, Kuwait and now Saudi Arabia all appear to be sneaking barrels across the crucial waterway to global markets, as Hormuz oil flows go strong despite the drag of war. Shipping oil through the Strait of Hormuz costs about $20 million per supertanker cargo, the boss of Total Energies SE said, underscoring the wide margins to be made by traders and shipowners. Total Energies CEO Patrick Pouyanne says the global oil market has diverged fundamentally, with a bearish outlook for crude but bullish prices for products.
Asian refiners are on course to nearly double their purchases of US crude for September from a month earlier, a move that stands to squeeze domestic fuel makers at a time when Americans are already facing higher prices at the pump. Gold has the potential to move toward $5,000 a troy ounce as continued central bank demand, fiscal risks and geopolitical uncertainty support an optimistic medium-term outlook. Precious metals saw mixed results: Comex gold settled 0.4% higher at $4,640.80, up for a fourth-consecutive session, while silver fell 1.3%, snapping a three-session winning streak. A Fidelity International portfolio manager has doubled his fund’s gold holdings over the past three weeks, citing increasing uncertainty over US Federal Reserve policy as a catalyst.
US natural gas futures inched up with a few more weeks of hot weather-driven demand expected to support power-sector use, as record-breaking heat and lower output kept prices elevated. Natural gas ended slightly higher on the day as forecast temperatures shifted hotter over the weekend. Goldman Sachs estimates European gas prices will need to rise above €100 ($117) per megawatt-hour in December for the continent to rebuild enough inventory to last the winter.
Currencies & Rates
Global government bond yields fell amid declining oil prices and as investors anticipate that further artificial measures from the U.S. Treasury are possible to tame high yields. Treasuries gained at the start of a potentially pivotal week for the US bond market, with remarks from US Treasury Secretary Scott Bessent and Federal Reserve Chairman Kevin Warsh likely to determine the tone for direction. Interest-rate strategists at Goldman Sachs and Wells Fargo said the US Treasury Department’s debt buybacks will do little to reverse the jump in long-term yields. Citadel Securities called the Treasury plan “financial repression” that risks weakening the dollar and fueling inflation.
The Treasury Department said it could begin to buy back more of its debt, and bond market investors are assessing the likely effects on borrowing costs. Secretary Bessent refrained from any further signals on revamping US debt, following a report that his department could draw down some of its cash pile to fund buybacks. Billionaire investor Stanley Druckenmiller, who mentored Scott Bessent in his early career, called the treasury secretary’s plan to spend billions buying back US bonds a mistake. Kevin Warsh, the acting Fed Chairman, sought to calm investor nerves as economic strain grows and markets scrutinize both the Treasury and central bank.
Germany’s finance minister said President Donald Trump’s war in Iran, which has thrown global energy supplies off balance and driven up yields, was responsible for surging bond yields across world markets. The US is also facing long run structural headwinds, with the national debt at $40 trillion, leaving the burden of interest payments living inside every American mortgage payment. Japan's two government debt auctions next week may challenge US Treasury yields by drawing in global capital, while tap high-yielding yen debt.
Citadel Securities concludes the Price Stability buys a form of financial repression, and bond-market intervention of the kind now in place is at best a temporary fix. Yet markets smell a loss of fiscal discipline, and rising long-term yields are a prelude to trouble ahead. Fed and risk markets are effectively fighting the bond market at this point, with the risk that artificially suppressing raising free-market rates heightens the danger of future inflation.
Adding to the international fiscal picture, the Bank of Japan may be quick to adopt the rate increasing mechanism as primary mechanism to stabilize the yen, according to Bof A Global Research. India is moving to a new auction-based system. While trading system mechanism faces first monthly derivatives expiry, and traders brace for the first such test.
Germany’s finance minister blamed Trump’s war in Iran, which has thrown off global energy supplies for the rise in bond yields in Germany, Europe, and around the world. German public-private-partnerships are also being mooted as a possible infrastructure solution to lack of public investment
Energy, Metals & Mining
Total Energies CEO says “the market is for natural, but prices of refined products are stronger - with diesel and jet fuel expectations. In the independent oil market, traders holding petroleum.
China could rescue the oil market if it wanted to, but Beijing has spare capacity and policy preferences change, according to FT analysis. The country’s premier refiner, Sinopec, began the week mulling export quotas for diesel, perhaps to rebalance domestic supply with a war-induced surge in global diesel margins. Yet Beijing may have little appetite to rescue the diesel market via relief, analyst notes.
Copper, meanwhile, continues to attract. A $136 million funding for FireFly Metals is one of the latest - with the Australian company funding its Green Bay project. The United States is expanding its hunt for critical mineral projects for defense gear, the Pentagon looking for investments in metals used in fighter jets, night-vision goggles and tank armour.
Rates & Corporate Debt
Bond markets are positioned for a massive stampede of high-grade paper in September. According to a JPMorgan portfolio strategist, bond market adverse action anxiety might be overblown given ample demand for corporate debt.
In credit, a new low for bank financing was reached, with self-off where asset -and insurer Guggenheim Partners’s finance arm slides to that lowest level, even after the firm held conferences. Sammons Group sought to distance from Guggenheim after reports of close relationship. Guggenheim’s’ unit(https://headlinesbriefing.com/market/bloomberg-markets/guggenheim-walsh-defends-gpi-unit-accounting-ed35f69b) - chief investment officer for asset-management, Anne Walsh, says the accounting at its GPI unit was 'appropriate.' Ivanti (the software, cybersecurity firm) told lenders that 2Q earnings fell 21%, a dimmer even private equity boast.
BlackRock is sounding out buyers for $671 million of loans held by its TCP Capital Corporation as it ramps white efforts to overhaul the troubled private credit fund. BC Partners greener in London; private equity Arcus : considering £2bn sale of its work dry company.
Private equity fundraising is in rebound mode, with growth funds attracting a record first-half inflows as investors cling to tech, unicorn and digital. Australia- based VC trail Blackbird splits $A1.05bn round with Morgan Stanley, Schroders.
Tokio Marine is plotting a multibillion-dollar deal after its stake grab from Berkshire, reviewing Suncorp in Australia and Canada’s Intact Financial.
First Brands forced into liquidation by bankruptcy court; A federal judge in Texas said the deal that litigation was not understand under any circumstance.
Energy & Utilities
Woodside reviewing its deep Houston ammonia facility - as CEO says the situation reflects a shift in international policy and slack demand. Chinese wind turbine manufacturers are targeting Europe - Yuan Yang on spate of EU security checks — after being blocked in offshore wind in UK. The US is planning a nuclear-powered merchant fleet to counter China’s shipbuilding dominance, Core Power claims first vessel in 2028 after partnership deal with Trump administration’. FT's Stefan Kuehne sheds light. Also, Bangladesh seeks additional LNG cargoes as Iran conflict disrupts Hormuz flows.
Technology & Crypto
Bitcoin hit a fresh 3-month high, getting tailwind from 'debasement trade' and positioning. Bitcoin has crossed $80,000. as fresh investor in treasury “debasement trade” has grown support for cryptocurrency. The cryptocurrency is a token that reflects fiscal and monetary fundamentals. Michael Saylor’s Strategy Inc. adding a new pool of cash may be another flexible financing - a a reserve for buying Bitcoin. A study published in FT claims Bitcoin enables aid theft.
FX & Asia
Investors were nervous that trade tension may again worsen as China’s currency holds. India's new auction system faces first monthly derivatives expiry and Indian regulation hits JPMorgan - with a business hub.
A news on the fast-moving Nevada wildfire where evacuations, spread over 15,000 acres. A California judge said recalled officials are not in office. Trump Administration wants to revoke visas of asylum seekers foreign citizens, potentially 200,000.
The U.K.'s NatWest re-enters US market. The bank last week secured regulatory approval for postseason. It comes as capital markets market liberalization effort.
IPO Vibe
Investor blueprint: Oura and Dunkin’ get ready to join parent IPO bonanza. Shein looks for $27bn valuation in HK IPO, quarter of peak. More on the story of Shein. Power equipment - replacement for gross. This is running in Meta rather than HnM.
Air & Asset
Another big asset - might go from Buffer tanks: because CO psi. Valued.
Equipment and Ili6 I clearly vrai from Reuters Press summit.
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