Public Markets 8 Hours

Last updated: September 9, 2026, 11:21 PM ET

Global Markets Overview

US equities extended their decline as Middle East hostilities escalated and oil prices surged, with investors bracing for key inflation data later this week. Asian stocks were poised to fall Thursday, tracking Wall Street losses as surging crude and rising Treasury yields stoked inflation concerns. In Japan, the Nikkei dropped 0.6%, dragged lower by construction and retail stocks amid worries over the Iran conflict and higher energy costs.

Energy & Commodities

Oil prices rose as the escalating Middle East conflict threatened supply disruptions, with Iran vowing it was prepared for a more intense war after hostilities flared across the region, heightening concerns about energy flows through the Strait of Hormuz. Gold held steady in early Asian trade near $4,400 an ounce as traders awaited US inflation data for clues on the Federal Reserve's rate-hike path.

Fixed Income & Rates

The yield gap between Chinese and US 10-year sovereign bonds widened to a record following a surge in Treasury yields, raising the threat of accelerated capital outflows from China. Treasury Secretary Scott Bessent's latest buyback announcement of $6 billion in longer-term debt left investors wanting more, with yields climbing to fresh multiyear highs. Behind the scenes, a bond market rate spiral is being amplified by hedging activity, with investors rushing to protect themselves against surging yields. Bessent's "asymmetric information" strategy is being tested by traders who are increasingly skeptical of his repeated warnings.

Currencies

The yen consolidated against the dollar and other currencies ahead of Bank of Japan policy board member Kazuyuki Masu's speech later in the day, with traders watching for any signals on further policy normalization.

Deals & Corporate Actions

Canadian energy infrastructure giant Enbridge Inc. reached an agreement to buy Tallgrass Energy's crude business from Blackstone Inc. for approximately $2.6 billion, following earlier reports the deal was valued at around $2 billion. In a major win for the upstart exchange, pipeline giant Energy Transfer LP plans to move its primary listing to the Texas Stock Exchange from the New York Stock Exchange, according to the Wall Street Journal. Kelcy Warren's Energy Transfer is preparing for the transition to the nascent exchange, which would be its first major listing from New York.

Regulation & Legal

The Justice Department is investigating Nvidia's deal with Groq, examining whether the tech giant sought to sidestep antitrust scrutiny through its licensing arrangement. Citadel Securities is urging the SEC to take oversight of prediction markets, arguing that contracts linked to publicly-traded companies should fall under securities regulation rather than the Commodity Futures Trading Commission.

Emerging Markets

Global investors are tiptoeing back into Indonesia after the turmoil earlier this year, drawn by a striking rebound in local assets as policymakers restored stability. Weak bond auctions across Southeast Asia are creating entry points for fund managers attracted to the region's economic resilience. India's monsoon rainfall has been 15% below normal as of Sept. 9, with 648 millimeters received against the average of 760.6 millimeters, potentially pressuring agricultural output and rural demand.

Australia & Private Credit

Australian property stocks are trailing global peers by the most in 16 years following the collapse of suburban developer Bathla, with analysts worried about further rate hikes. Challenger Ltd., an Australian investment manager, has thrown its support behind greater transparency for the private credit industry, which faces heightened regulatory scrutiny in the wake of recent developments in Sydney.

Infrastructure & Energy Projects

Canada plans to show some of the world's biggest investors a pitchbook laying out tens of billions in projects spanning data centers, advanced manufacturing, liquefied natural gas, and critical minerals, as Prime Minister Mark Carney woos investment. The Port of Los Angeles just completed its busiest three-month run on record, with the early peak season stretching through August as importers navigated changing tariff policies and extreme weather.

Consumer & Retail

American Eagle Outfitters said it is still trying to reignite its core brand after merchandise margins shrank in the second quarter, even as overall sales rose. Philip Morris is expanding its Zyn nicotine pouch lineup with more pouches per can, part of its push to scale up the brand following substantial manufacturing investments and a key regulatory win this summer.

Technology

Apple unveiled the iPhone Duo, a foldable phone priced at $1,999, at its annual September product event, also demonstrating its work on artificial intelligence and other new devices. The FT's First FT newsletter covers the foldable iPhone debut alongside Treasury yield jumps and a DeepSeek fundraising frenzy spawning a shadow market. John Deere introduced JD, an AI assistant aimed at helping farmers with quick answers and better data, part of efforts to attract more customers to its smart equipment and reverse a sales slump.

Cryptocurrency

Hunter Biden's $LAPTOP memecoin crashed shortly after launch, with the cryptocurrency named after the computer linked to two criminal prosecutions against the former president's son plummeting. The president's son portrayed his memecoin as a symbol of redemption, but critics denounced it as hypocrisy as the token lost 95% of its value.

Politics & Policy

Senator John Fetterman made a surprise cameo at Trump's convention, appearing in a short video filmed in front of a steel mill and saying he is "always going to reject the extremes in socialism." Democrats in Pennsylvania reacted with annoyance and eye-rolling to Fetterman's video appearance at the Republicans' midterm convention. Meanwhile, Alexandria Ocasio-Cortez hit the campaign trail for Angie Nixon in Florida, speaking at a small event to help lift the underdog Senate candidate.

Republicans gathered in Texas for an unusual convention, with the midterm rally kicking off amid rising tensions. President Trump's census overhaul proposals for 2030 would exclude some immigrants and remove questions on race, upending a process for allotting congressional seats and shaping policies addressing disparities. Election officials are grappling with uncertainty as the Supreme Court considers the Trump administration's mail ballot plan, saying they are running out of time. An opinion piece argues Trump is sabotaging the midterms and the Supreme Court must stop him, while a hostile Trump has reopened old wounds in the US-Canada relationship, with today's crisis possibly the worst yet.

Geopolitics & Defense

A drone almost struck Zelenskyy's plane, according to Ukraine, with an official traveling with the president saying they believe a Russian weapon was used. Iran's strikes on a base in Jordan caused limited damage with no deaths, though officials warned of possible traumatic brain injuries among American service members. Yemen is tilting toward full-scale war as Saudi-Houthi clashes escalate, with Saudi Arabia stepping up its military campaign against an old antagonist as oil-export routes come under threat.

Health & AI

A UK review proposes that new AI health tools should have "L-plates", with proposals following a national consultation calling for live monitoring as AI moves deeper into patient care. An opinion piece from a former OpenAI safety worker argues the fix isn't hard, suggesting private companies can act on their own to address AI safety concerns even without government regulation. Anti-AI politics is about to get big, with AI fears and climate change worries converging as a political force.

Markets & Regulation

China warned bankers not to flood the IPO market, with regulators saying they want listings to remain priced cheaply amid a push to boost investors' faith in stock markets. Ford's CEO said the Transportation Secretary had "basic misunderstandings" in a letter, illustrating how politically sensitive the question of Chinese automakers entering the US market has become.

Commodities & Energy Trading

Brazil's electricity boom is attracting Trafigura and Macquarie, with the commodity powerhouses seeking to profit from surging price volatility. Houston and London are being challenged by the volatile Brazil power market on trader pay, as the region's energy trading hub competes for top talent.

Recovery & Fraud

Victims who lost money to scammers are now battling the US government to recover their funds, after the US seized $225 million in crypto for scam victims in Operation Big Tuna—returning the funds has proved harder than seizing them.

Other News

LIV Golf is racing to re-sign golfers to clinch a $300 million bankruptcy rescue, with players swapping claims for millions in past contracts for equity in a new circuit under proposed terms. Lucien Smith, the art-world star whose career abruptly turned, died at 37; a phenom in his 20s, he became the poster child for Zombie Formalism before abandoning the gallery frenzy for Montauk. At the US Open, super-cheerful ambassadors in straw hats are on hand to help fans with any problem.