Last updated: September 9, 2026, 3:46 PM ET
Global Markets Overview
US stock futures slipped and Treasury yields ticked higher after Brent crude topped $100 a barrel for the first time since July, stoking inflation concerns. European indexes fell at the open as an escalation in US-Iran tensions lifted oil and weighed on sentiment, particularly hitting defense stocks and banks. The WSJ Dollar Index declined 0.08% to 94.91, down four of the past five trading days. The dollar itself neared its lowest in nearly seven months as the yen rallied, with traders to the US Treasury's buyback announcement and inflation data. The Singapore dollar consolidated against its US counterpart in the Asian session ahead of US PPI and CPI data releases.
Oil and Energy Markets
Brent crude hit $100 for the first time since July as fresh US-Iran attacks and Iranian missile fire into Jordan added to the escalating conflict. The cost of crude has risen 40 percent since the start of the war in Iran, pushing up the price of gasoline, diesel and other refined fuels. American military forces hit "multiple" ships linked to Iran's Revolutionary Guards following attempted missile attacks on a US warship. Iran retaliated by launching missiles at Jordan, raising the specter of still more fighting. The Iranian government is taking an increasingly aggressive approach as it confronts a growing economic threat and worries that its grip on the Strait of Hormuz is slipping, analysts say. Brent traded close to $100 as markets saw no credible path to de-escalation. Oil traders are growing increasingly cautious about longer-term positions as the wars in Iran and Ukraine cloud the outlook beyond the next few months. US stocks fell and Treasury yields hit multiyear highs after Yemeni rebels attacked Saudi Arabian energy facilities, pushing oil prices to their highest levels of the summer.
Saudi Arabia's oil exports have plunged to a 13-year low as the spread of war shuts off shipping routes. Singapore refiner Aster Chemicals and Energy is buying crude from Latin America and West Africa to replace Middle Eastern supplies squeezed by the Iran war. China's oil demand is expected to fall by 600,000 barrels a day in 2026 on the impact of the US-Iran war and the spread of electric vehicles, according to the research arm of Sinopec Group. US natural gas futures moved lower in early trading as the summer season approaches an end, with the market bracing for cooler late-September weather that will reduce power-sector demand.
Fixed Income and Treasury Markets
US Treasury yields jumped as plans for a $6 billion buyback disappointed investors. Treasury Secretary Scott Bessent is seeking to steady the government debt market with an expanded purchase programme. The US Treasury raised the size of its planned buyback operation for Treasurys maturing in 10 to 20 years to $6 billion, triple the typical amount. Bond yields rose after the announcement, suggesting investors were underwhelmed by the size of the purchases. Bessent tripled the initial size of his next buyback of longer-dated government debt in an announcement met with initial disappointment by investors. Bessent has said "I am the house now" and "you can bet against me if you want," following July's rare joint intervention with Tokyo to support the Japanese currency. The Treasury secretary is set to reveal how far he's initially willing to go to restrain US bond yields via an expanded buyback program that has Wall Street dealers on edge.
Treasuries fell as rising oil prices threatened to fan inflation, increasing pressure on the Federal Reserve to raise interest rates as soon as next week. The basis trade that fills a void in the Treasury market has become brittle, and the US government has the authority, incentive and ability to close it. Norway's oil fund has weighed in on the changing nature of sovereign debt, noting that government debt "ain't what it was." An unprecedented number of US companies are turning to Europe's bond markets, drawn by liquidity and attractive terms as their home market strains under a deluge of AI-related debt. Bonds from the likes of Alphabet and Amazon have accounted for more than a quarter of Swiss franc corporate issuance this year. Rising interest rates and surging bond yields have been explained in detail by market commentators, with some arguing surging yields may not be a crisis.
Equities and Corporate News
US stocks fell as $100 Brent lifted inflation risk, with stock futures declining and Treasuries slipping in a market where inflation risks are the primary focus. The risk of a US stock pullback of as much as 10% is rising as midterm elections approach and the market heads into a seasonally challenging stretch, according to RBC Capital Markets strategists. Brent crude spiked above $99 a barrel before paring gains, threatening US stocks' stellar run. America's top retailers and manufacturers are getting long-awaited relief from President Donald Trump's sweeping global tariffs, but for some of the hardest hit companies, the share price benefits have been fleeting.
Apple Inc.'s $570 billion summer surge is saddling new Chief Executive Officer John Ternus with high expectations heading into the company's most anticipated event in years: the unveiling of the foldable iPhone. Investors braced for price rises across the smartphone line-up as memory costs hit, with the new CEO expected to unveil a $2,000 folding iPhone. Analog Devices struck a deal to acquire Alif Semiconductor for $1.35 billion in cash, expanding its total addressable market across quickly growing segments such as data-center infrastructure and defense.
Artificial-intelligence coding startup Cognition raised $2 billion in a Series E funding round at a valuation of $48 billion. Share sales at OpenAI and Anthropic have minted hundreds of millionaires who are splurging on computer hardware and espresso machines. Clay, an AI sales tool provider, raised $115 million in a round led by Wellington Management, a firm known for investing in start-ups on the path toward potential IPOs. Anthropic and OpenAI bankers are pushing for top-tier credit ratings post-IPO, as investment-grade designation would unlock cheaper financing for AI labs and their infrastructure partners. The artificial-intelligence giant Anthropic has yet to officially launch its listing, but investors are eagerly awaiting details. OpenAI says it has cracked one of math's "Millennium Problems", the most dramatic sign yet that artificial intelligence is fundamentally transforming the field of higher mathematics. Chief executive Sam Altman says the lab was threatened with "unfounded accusations of plagiarism" over the breakthrough.
Mergers and Acquisitions
Independence Realty Trust and Centerspace agreed to a merger, creating a middle-market apartment real-estate investment trust valued at $8.1 billion, including debt. A consortium led by L Catterton is buying a majority stake in Hyrox from Infront Sports & Media. The German fitness company has become a global phenomenon since the Covid pandemic. Silver Lake plans to merge French software groups Cegid and Silae in a €10 billion deal, as buyout groups grapple with the impact of AI on software companies bought at high valuations. A group of lenders led by Barclays Plc is preparing a €2.4 billion ($2.8 billion) financing package to support Lone Star Funds' acquisition of industrial products manufacturer Conti Tech. Cerberus Capital Management sold a net-lease real estate business it founded five years ago for $1.6 billion, capitalizing on demand for a type of property transaction that's gaining popularity.
Fox and Roku said they would work cooperatively with the Justice Department, providing the requested additional information and documentary material regarding their proposed deal. The Indian conglomerate Adani Group is seeking opportunities of "size and relevance" in international airports after the US Justice Department dropped charges against billionaire chair Gautam Adani. CVC named TPG executive Todd Sisitsky and company insider Peter Rutland as co-chiefs as it outlined its leadership succession plan. The private equity group brought on TPG's second-in-command as part of its succession plan for chief Rob Lucas.
Earnings and Corporate Results
Chewy posted a second-quarter profit of $80.5 million, or 20 cents a share, compared with $62 million, or 14 cents a share, a year earlier. The owner of Zara booked a broadly stable 9% on-year increase in sales on a constant-currency basis. Signet Jewelers raised its adjusted earnings outlook for the year after swinging to a profit in the second quarter. Jersey Mike's Subs reported higher revenue and sales in its first quarterly readout since its Blackstone-backed IPO this summer, as the company continues to broaden its customer base. The convenience store chain Casey's said inside same-store sales increased 3.2%, a decline from the year before. Albertsons named former eBay and Hewlett Packard chief Meg Whitman to the newly created post of executive chair, as the grocery-store operator grapples with falling sales and cautious consumer spending.
Commodities and Currencies
Gold rose, snapping a three-day decline, as a weakening dollar offset inflation concerns stemming from renewed attacks on ships in the Middle East. Gold also declined ahead of key inflation data, with Thursday's US PPI release and Friday's CPI data likely to set the tone around rate-hike expectations for the Sept. 15-16 Federal Reserve meeting. Copper fell from a record and other industrial metals retreated as escalating hostilities in the Middle East underscored lingering headwinds. Corn futures are set for their longest slump since June, with the market lacking fresh bullish drivers just after hedge funds piled into bets on higher prices. Platinum supplies will be in surplus this year as investors turn their back on the metal and Chinese jewelry demand weakens, the World Platinum Investment Council said.
The yen rallied as hedge funds bet the currency will strengthen beyond 150 per dollar by year-end, with some longer-dated options trades targeting a move to. Wall Street strategists are divided over whether the yen's rally can last, even as the Bank of Japan leans toward raising its benchmark rate by a quarter point this month. The stronger yen has potential to ease upward pressure on government bond yields in Japan and in turn bring forward a recovery for Tokyo-listed AI and semiconductor shares, according to JPMorgan strategists. However, the yen rally is eroding Japan corporate buffers and raising earnings risks, with investors potentially shifting focus to domestic demand-reliant stocks. Japanese government bond yields near three-decade highs are giving fresh prominence to the prospect of the nation's vast pool of overseas capital returning home. The Chinese yuan is gaining renewed attention as a currency to fund carry trades as a surging yen forces investors to seek alternatives. Malaysia's ringgit fell to a 10-month low versus the Singapore dollar, weighed by foreign stock outflows.
European Markets and Economy
European natural gas surged above €80 a megawatt-hour for the first time in more than three years, intensifying the threat to the region's economy as the war in the Middle East drives up energy costs. European gas prices hit their highest since 2023 as the market braces for a prolonged LNG squeeze, with extended disruption potentially leaving Europe competing with Asia for a shrinking pool of available cargoes as winter approaches. Europe has stockpiled only enough natural gas to get through a mild winter, making the continent vulnerable to supply disruptions. The European Union's lead lawmaker on its carbon market reform is considering proposing a smoother pace of emissions cuts next decade in a draft plan due to be unveiled Friday. Europe is also turning to carbon capture in a bid to clamp down on emissions.
The unexpected request from President Volodymyr Zelensky for an additional $27 billion offered a stark reminder that the cost of the war will rise, challenging Europe. Britain once followed in France's slipstream when it came to pressuring Israel, but under new leadership it is spearheading opposition to Israeli settlements, risking American anger. Germany's AfD has seen success in state elections, challenging the country's political firewall.
Energy Transition and Infrastructure
Nordic energy company Fortum's shares jumped after it signed a deal with Google to power data centers in Finland. Google said its largest single investment in Europe would be $15 billion in data centers and infrastructure in Finland, powering services such as Gemini, Search, Maps and YouTube. California, an environmental bastion, is warming to nuclear energy, considering extending the life of its last nuclear power plant, Diablo Canyon, and allowing construction of new reactors to help meet clean energy goals. Facing a three-way arms race with Russia and China, the US is turning to an energy startup to turbocharge its nuclear weapon arsenal with fusion breakthroughs. Massachusetts Governor Maura Healey announced major restrictions on data center development, including a requirement that companies procure their own renewable energy supply. Alphabet and Blackstone's new cloud venture has hit delays for major data-center locations that were supposed to run Google's chips. Amazon, Meta and Google risk losing decades-long tax exemptions due to a backlash against their facilities.
Emerging Markets
South Africa's Central Energy Fund outlined plans to revive oil-refining capacity that will see local processing of crude at least triple, potentially reducing dependence on fuel imports. Africa's biggest oil refinery, Dangote Refinery, cut its debt by $570 million as it raised output and sales ahead of what will be the continent's biggest share offering, one that could expand by as much as 30%. Ghana's cocoa industry regulator has proposed raising farmers' pay by about 6% for the new season, which would further widen the gap over prices in neighboring Ivory Coast and risk more smuggling across the border. Mexico's government aims to reduce financial support for state-owned oil company Petroleos Mexicanos' debt payments to 81.1 billion pesos ($4.8 billion) in 2027, down by nearly 70% from the 263.5 billion allocated this year. Mexico violated its obligations under NAFTA in its treatment of Vulcan Materials Co.'s limestone operations, according to an international arbitration ruling. Mexican financial services company Kapital has raised $125 million in fresh equity and debt, with plans to use the funds to build out its artificial intelligence platform.
India lifted a trading ban imposed on a unit of JPMorgan Chase & Co. after it deposited 29.6 million rupees ($311,230) in a bank account to comply with an order by the country's market regulator. India is ramping up scrutiny of Wall Street traders with the nation's securities regulator turning more aggressive in targeting even prominent foreign players like JPMorgan in its $5 trillion market. India's central bank will add five currency pairs to its retail foreign-exchange platform, seeking to give individuals easier access to a wider range of currencies. India's central bank also used currency swaps to drain cash from banks as excess funds in the financial system climbed to a record. Six companies launched share sales in India on a single day, the most in at least three decades, ahead of the NSE listing. China plans to allow its $568 billion social security fund to buy offshore bonds through an investment channel with Hong Kong, in its latest effort to boost outbound investment. Chinese banks are increasingly buying government bonds to improve returns as a depressed mortgage and consumer loan market leaves them with few options to deploy capital. China's boom in initial public offerings is handing six-figure payoffs to retail investors. Chinese humanoid-robotics companies could face a narrower path to public markets as authorities seek to calm the frenzy that followed robot maker Unitree's roller-coaster listing. China's exports grew by a quarter in August, weeks before its leader Xi Jinping is set to meet with President Trump in Washington, looming over the trade talks.
Private Equity and Hedge Funds
The private capital industry is in "a golden age of capital deployment" even as the era of cheap funds comes to an end, according to top Apollo Global Management executive Scott Kleinman. Millennium Management is preparing to open its first office in Athens, bolstering the city's credentials as an emerging hedge fund hub after news that Chris Rokos is quitting the UK for Greece. Trader Chris Rokos is moving his tax residency from the UK to Greece as Athens woos hedge funds with tax breaks. The Greek government launched a tax scheme this summer specifically targeted at hedge fund and private equity executives, and has held talks with other funds it hopes will be lured by the incentives. JPMorgan Chase & Co. is expanding its global corporate banking business to Greece, broadening the services that the bank provides in the country.
Technology and AI
Meta unveiled a new AI personal assistant called Muse, designed to make customised suggestions based on chats and social media activity on WhatsApp and Instagram. Suno, the AI music generator that has drawn copyright lawsuits from the majors, is now releasing a version of its tool trained in partnership with Warner Music. Anthropic withheld its latest AI model from the UK's testing agency AISI, a decision that has prompted fears inside the British government of a protectionist shift among tech groups. An Anthropic researcher quit over AI labs "gambling with our lives," highlighting mounting unease inside Silicon Valley companies racing to build ever more powerful systems. The researcher's departure and warnings that labs are gambling with humanity's future were also flagged in today's FirstFT newsletter. DeepSeek's new investment round has triggered a rush of vehicles with escalating fees and five-year lock-ups as investors pay steep fees for access to the fundraising. The UK government said it will force tech giants to stop children sharing nude images, with the culture secretary saying Apple and Google would be forced "to build in device-level protections" for children. Wall Street's leveraged ETF push is getting a new twist with hourly bets, as a corner of the ETF market drawing regulatory scrutiny pushes for still shorter-term speculation. The AI boom's weakest link may be its supply chains, according to strategic analysis.
Trade and Tariffs
President Trump invoked a 1930 law after Canada imposed new tariffs on US goods, which followed his own recent tariffs in a widening trade war. Prime Minister Carney said retaliation against US tariffs was unavoidable, arguing the United States was seeking "dependency, not a true economic partnership" from Canada. Canadian leader Carney keeps moving toward his goal of pivoting away from the United States, with tariffs on US goods in effect and high-profile international engagements coming up. Shares of Canadian companies that do business with the US government fell following President Donald Trump's threat to bar Canadian-origin products from being sold to federal contractors, weighing on those firms. Voters and some Republican lawmakers are growing weary of President Trump's trade battles and the economic fallout from fighting in the Middle East, measuring the cost of his multiple wars. Ford's use of Chinese technology was called "unacceptable" by the Transportation Secretary, with a battery deal with CATL and a joint venture with Chinese automaker Geely among the concerns raised. Shipping nations are warning of a structural shift in global trade, as free seas are threatened and Europe issues new trade bans on Israel.
Healthcare and Consumer
Online shoppers who try to send back their purchases are discovering surprise fees, shorter return windows and delayed refunds, making returns harder. Hype around Sarti Rosa, the new hot-pink aperitif from Campari, mounted months before its US marketing push began, as the maker bets Americans are ready for a pinker, sweeter spritz. General Mills Inc., Mars Inc. and McKee Foods Corp. joined a growing list of food manufacturers and grocers in antitrust litigation that alleges top US sugar producers colluded to inflate prices. The latest research on "mini-livers" suggests injectable grafts could provide an alternative to transplantation in regenerative medicine. The benefits of next-generation peptides will be thinly spread, with one big battleground in the carve-up of market spoils being branding. US mortgage rates climbed to a more than one-year high last week, extending a steady rise in borrowing costs since the start of the Iran war, reaching 6.85%.
Aviation and Transportation
Airlines put pressure on air traffic control boss Martin Rolfe to quit after a software failure grounded more than 1,000 flights in the UK. National Air Traffic Services says its systems are "starting to recover" but tens of thousands of passengers remain stranded after Heathrow and Gatwick flights were disrupted. Air travel isn't the only segment of UK infrastructure showing signs of strain, as the cost of UK air disruptions spreads far beyond the hit to airlines' profit. The National Transportation Safety Board didn't find evidence that speed brakes or thrust reversers were deployed on an Amazon cargo jet before it crashed in Miami, as the pilots appeared to try aborting the landing. Investigators said the plane's systems weren't deployed to slow the jet before it crashed. Days after an Amazon cargo jet plowed into a van at Miami International Airport, killing five, portraits of the victims started to emerge — they had fled Cuba for better lives.
Political and Policy
President Trump has long sought to position himself close to the Sept. 11 recovery effort and has made a series of questionable and provocative statements to burnish his political brand, including a new claim at a 9/11 tribute event. The Trump administration said it would make an announcement about the future of Temporary Protected Status for El Salvador at the "appropriate time," as the program was set to expire on Wednesday. The Smithsonian Institution's leader is resigning after clashes with Trump, who accused the Smithsonian of liberal, anti-American bias. Under Lonnie G. Bunch III's leadership, supporters say he was dedicated to nonpartisan scholarship despite the "mounting pressure campaign" he faced. The president shared a provocative new look for the next-gen Space Force 'fit, as Trump targets Space Force uniforms. President Trump does not have the power to wipe away the state murder charges Lindsay Clancy faces, but her lawyer asked anyway in a "statement to the country." The money listed as "cash gift for the holidays" was detailed in financial disclosure forms released by the administration, showing Trump doled out $45,000 cash gifts to Natalie Harp and other aides last year.
As Republicans face down tough midterm elections, President Trump has appeared out of step with the party on Iran, the economy and other issues. City officials erected barricades, mapped out street closures and coordinated with federal agencies as protesters planned anti-Trump marches near the convention venue in Dallas, where protests are planned as Trump and Republicans gather for the RNC Convention. At an unusual gathering in Dallas, some of the party's top candidates will be forced to decide just how tightly to tether themselves to an unpopular president. A recently created Republican group is pumping cash into half a dozen key midterm races, with the largest amounts going toward Senate contests in New Hampshire and Alaska, and Trump's super PAC is tied to the mystery group spending $25 million on midterms. A political group for the world's richest man, who is ramping up a midterm spending blitz, began running attack ads against Democrats in Texas, Ohio and Iowa, as Musk targets transgender issues in key Senate races. The establishment pulled through in the New Hampshire primaries, with the US Senate race featuring familiar faces: former Senator John E. Sununu and Chris Pappas, a four-term congressman, while Stefany Shaheen eked out a win in a House primary. John E. Sununu won the Republican Senate primary in New Hampshire, and the general election race to replace Jeanne Shaheen could help determine control of the US Senate. Chris Pappas, a moderate Democrat who has served four terms in the House, defeated his progressive challenger and will face Sununu in November. Amid conflicting rulings, Missouri's highest court ordered the secretary of state to respond to claims that he violated an order on redistricting, setting a contempt hearing in the fight over the House map. After losing in two courts and winning in another, Missouri officials said they planned to forge ahead with using a congressional map that was redrawn to benefit Republicans, leaving congressional races in chaos. The Trump administration asked the Supreme Court to allow a voter-screening tool, after voting rights organizations had challenged the overhaul of a government database, arguing it could be used to disenfranchise eligible voters.
Notable People and Obituaries
Joseph Rice, the Lowcountry lawyer who took on Big Tobacco, died at. He challenged tobacco companies as well as the opioid industry, securing multibillion-dollar settlements that also benefited public health. Tung Chee-hwa, who led Hong Kong after its return to China, died at. As the first leader of the former British colony after its handover, he balanced the demands of Beijing and Hong Kongers, making it clear that Beijing was now in charge. His administration was buffeted by the Asian financial crisis, Sars epidemic and a contentious security bill, as chronicled in his obituary. Brian Dyson, the Coca-Cola executive who championed New Coke, died at age. The soda flopped spectacularly when introduced in 1985, but the company soon bounced back—and so did Dyson, as his career demonstrated.
Other Notable Stories
The lawsuit, the first of its kind since revelations against the union leader emerged this year, accuses two foundations of failing to prevent "abusive, rogue and inappropriate" behavior, as a new accuser sues foundations with ties to Cesar Chavez. We are suffering the consequences of the conservative revolution that began in the 1980s, according to an analysis of the decade that ruined everything. French Champagne output may have been battered by heat waves and drought, but this year's vintage is shaping up as one of "exceptional quality." The expanding sinkhole formed under the driveway of a home that actor Nicolas Cage bought in 2024, forcing evacuations at a Malibu beachfront home. The political historian Anton Jäger has a theory of "hyperpolitics" to explain why politics has become so frenzied. A new book reveals how the lawyer's legacy lives on decades after his death, examining how Roy Cohn shaped Trump and America. Supporting the least successful American professional sports team of the past 15 years requires dedication and tailgate parties, as explored in the curse of Jets fandom. Jeff Bezos has picked a data-focused executive to lead the Washington Post turnaround, appointing Jeff Donofrio as permanent CEO. A trademark dispute scuttled its plans to relaunch as The Washington Star, so the politics news site NOTUS chose a different name, rebranding as The Washington Sun. The CBS newsmagazine "60 Minutes" premieres its 59th season Sunday, following dramatic shake-ups. The agency rescinds an Obama-era rule that limited political speech, as the SEC unmuzzles Jamie Dimon. Congress can use the Congressional Review Act to nix California's attempt to set energy policy for the country, according to an opinion on stopping California's climate imperialism. China overplayed its hand on critical minerals, exploiting a chokepoint, but now the US, Australia and other allies are finding ways to build around it. The CECL accounting standard is costly and counterproductive, according to an opinion on how to make life hard for small banks. The financial technology company Block is seeking to establish a federally regulated, uninsured national trust bank called Builders Bank & Trust. The world's largest stablecoin issuer Tether is launching a private credit fund in an effort to boost stablecoin use as the market faces challenging conditions. Iran has quietly relaxed controls on foreign currency to encourage traders to repatriate much-needed funds, turning to crypto to shore up its economy. The fintech Revolut is taking aim at business banking with FTSE 250 companies, with its business division targeting 1 million customers globally by 2027. Qualtrics' CEO says software companies must possess certain essential qualities to succeed, as discussed in a recent interview. The financial world of Jesus of Nazareth is explored in an analysis of whether Jesus was anti-capitalist. McLaren will create 1,000 UK jobs in a product overhaul as part of a £450 million investment in its Woking technology centre. The Saudi Arabia-backed LIV Golf league filed for bankruptcy with at least $500 million in liabilities, confirming a preliminary deal with BC Partners to fund LIV 2.0.