Public Markets 8 Hours

Last updated: September 15, 2026, 6:17 AM ET

Global Bond Rout Deepens

The selloff in government debt intensified across major markets, with the 10-year Treasury yield climbing to 5.03%, its highest level since 2007, as investors continued to dump government paper on expectations of further Fed rate increases. A separate read confirmed the benchmark yield reached its highest in almost two decades, capping a bruising global bond selloff driven by surging energy prices, mounting debt loads and persistent inflation. UK gilts joined the global retreat, with the FTSE 100 under pressure as the repricing rippled through London trading.

Asia Rates Under Strain

Japanese government bonds fell after reports that Tokyo is considering a new defense spending target equivalent to 3.5% of GDP, adding to fiscal concerns and outweighing a solid 20-year auction. Indian bonds declined after the central bank said it would sell sovereign notes to drain cash from lenders, swelling supply in a year already pressured by record issuance. The yield premium India pays over Treasuries has compressed to a 22-year low, with August inflation data potentially reducing the scope for the RBI to remain on hold for long. In currency markets, the Singapore dollar weakened against its US counterpart as rising Treasury yields improved the appeal of dollar-denominated fixed-income assets.

Oil and Energy Markets

Brent crude futures rose to $107.59 but remained below Monday's intraday high, as the shutdown of Saudi Arabia's East-West Pipeline and recent Houthi territorial gains kept supply concerns elevated. Yuan-priced crude futures in China rallied to a record high, with the Saudi pipeline outage squeezing global supplies while refiners in the world's largest importer bought more cargoes.

Europe's IPO Test

European stock exchanges must raise a further $5 billion from initial public offerings before year-end to surpass last year's haul, a challenge in a market where deals have been prone to delays. In Japan, SB Energy Inc., a data center firm backed by SoftBank Group Corp., is aiming to raise as much as $500 million in the Japanese portion of its planned US listing. Meanwhile, Hong Kong stocks slid as a glut of AI listings highlighted the disparity between equity issuance and overall performance, underscoring weak global demand for Chinese equities.

Deals and Corporate Finance

Asian private equity firms including Fountain Vest and HSG are circling Alpinestars, the Italian maker of motorcycle racing protection gear, in a potential €1 billion takeover. Russia's MMC Norilsk Nickel PJSC is in talks with a new Chinese partner on a copper processing deal that would let it shutter a heavily polluting plant in the Arctic city of Norilsk. Moody's Corp. agreed to acquire a minority stake in Philippine Rating Services as the ratings firm looks to tap debt-market growth across Southeast Asia. In a notable shift, a Dell-led bid backed by Michael Dell's family office bested private equity giants to take an insurance broker private, raising questions about whether holding companies of the next century will outcompete traditional buyout firms.

Credit and Banking Risks

Indonesia's state-owned banks face rising credit and earnings risks after government-driven lending pushed loan growth to more than twice the industry pace, according to S&P Global Ratings. Tata Group companies with minority ownership of Tata Sons jumped after India's banking regulator refused to exempt the conglomerate's holding entity from a rule requiring it to pursue an IPO. Luxembourg prosecutors are probing former Gazprombank managers following an FT investigation that found four former directors enriched themselves through a sanctions-busting trading scheme.

US Equities and Capital Flows

International flows into American equities have exceeded government debt for the first time this century outside the pandemic and the aftermath of the global financial crisis, marking a rare foreign capital shift into US stocks over Treasuries. US manufacturers are contending with a fresh burst of supply chain cost inflation, as geopolitical conflict and tariffs push up input prices while the AI boom squeezes availability of some components.

UK Fiscal and Corporate News

UK fiscal realities are closing in on Downing Street, with the government's budget arithmetic under scrutiny as ministers weigh tax and spending options. An official review found the Help to Buy scheme delivered very high value for money, as ministers under Sir Keir Starmer had been preparing to unveil a new version of the flagship programme. FTSE 100 chief executives received a record average pay package of £5 million, a roughly 10% increase, as investor rebellions over remuneration died down. Jaguar Land Rover is targeting Nato military budgets with a revamped Defender, looking beyond its longstanding relationship with the British armed forces for new revenue sources.

Company and Sector News

AXA set new growth targets, with the French insurer saying earnings should keep expanding over the next few years as it seeks market share after a prolonged reorganization. LVMH scion Frédéric Arnault said Loro Piana will prioritize scarcity over volume even for €1,000 loafers, acknowledging pressure in his new role as Arnault siblings vie to succeed their father at the top of the luxury group. Hyrox's new owners aim to turn burpees into billions, with apparel and travel the obvious first expansion categories for the fitness-racing brand.

Energy Transition and Resources

Europe risks losing the race for gallium, a key high-tech metal, as Metlen warns that European buyers favor cheaper Chinese metal despite Brussels' push to secure home-grown supplies. Tidal power promises predictable generation if its backers can bring costs down, a technology with ancient roots still struggling to scale. Next-generation geothermal developers are borrowing oil and gas drilling techniques to fracture hot rock deep underground and tap previously inaccessible heat. The shipping industry is turning to clean ammonia and methanol as it seeks to cut vessels' large greenhouse gas emissions. Nickel Industries Ltd. halted the ramp-up of one of its Indonesian processing plants due to water shortages, a sign of how an El Niño-linked drought is hurting output in the world's top producer. South Korea plans to cut new transmission towers by as much as 40% and bury more power lines as it expands its grid to meet rising demand from data centers and semiconductor plants.

Technology and AI

Italian start-up Exein raised $270 million to fight AI hackers with AI, developing a foundation model to protect billions of internet-connected devices from robots to lightbulbs. AI is exciting audit firms perhaps too much, with the technology being adopted rapidly by firms such as KPMG and EY even as humans remain in the loop. Zach Dell's Base Power hit a $1.3 billion valuation building a network of batteries in US homes to power households and supply the grid during peak demand. An Oxford spin-off is building low-cost jet engines for drones, backed by the Ministry of Defence, as companies race to build fast interceptors to counter Russian attacks.

Geopolitics and Policy

The US has deployed weapons in space, Air Force Secretary Troy E. Meink said, the first public acknowledgment of American weapons in orbit as the Pentagon prepares for potential conflict with Russia or China. The Supreme Court blocked the Trump administration's plan to screen mail-in ballots, with the justices declining to allow a new Postal Service plan weeks before the midterm elections. Architects of Japan's easy-money policies are changing their minds as the Bank of Japan weighs another rate increase on Friday, widening a divide over how the country should confront inflation. Immigration has become a prism through which all of Europe's ills are viewed, fueling the continent's political obsession with the issue.

Emerging Markets

Dangote Petroleum Refinery's $1.6 billion IPO could draw millions of Nigerians to the stock market, though many are unaware of the offering or have more pressing needs. Thailand's weaker baht is set to bolster exports and tourism, the two key drivers of the economy, according to Vice Finance Minister Santitarn Sathirathai. Poland lost $230 million attempting to buy Venezuelan oil with cryptocurrency, an effort that became one of the country's biggest scandals.

Media and Culture

The 78th Emmy Awards saw Apple TV's "Widow's Bay" dominate with 14 wins, including best comedy, lead actor, writing, directing and supporting actor and actress. A full list of Emmy winners confirmed the horror-comedy's sweep. Three writers assessed the ceremony, asking whether we have reached peak TV or did so long ago. Readers weighed in on the red carpet fashion after television's biggest stars walked the carpet. Jimmy Fallon mocked Trump's AI comments, saying "We're relying on Trump to beat A.I.; I don't even think Trump can beat Wordle." An heir to Thailand's Singha beer empire accused his brother of sexual abuse, prompting a rare public reckoning about a topic considered taboo.