Last updated: September 23, 2026, 6:00 AM ET
European Equities Open Higher
European stock indexes rose at the open, led by banking and technology shares as investors rotated into cyclical names. London's blue-chip benchmark saw futures higher while sterling slipped close to $1.33, with a revived UK IPO pipeline featuring mining listings adding to the constructive tone. The euro fell to a two-month low against the dollar as options traders layered on downside hedges, signaling caution on the single currency's near-term path.
US Session Mixed as AI Buzz Lifts Tech
US stocks ended mixed as buzz about new AI products propelled large technology companies while the broader tape struggled for direction. The S&P 500 climbed again toward records in a separate session as traders held onto AI-fueled gains and lower crude prices eased inflation worries. The rapid adoption of Meta's new AI agent threatens to disrupt financial stocks, dragging down major banks, insurers and online travel agencies that depend on consumer inertia. Amazon blocked Meta's Muse at the door, according to a separate report, underscoring the competitive stakes.
Asian Markets Extend Winning Streak
Asian stocks were poised to extend their winning streak after chipmakers drove gains on Wall Street. Asian currencies consolidated against the dollar as crude oil prices weakened. Shares of Chinese AI model developers fell sharply after a report that the country's regulators opened a probe into DeepSeek and Moonshot. Currency options traders are betting the Korean won's Asia-leading rally has further to run, with positioning building since June.
Oil Slides on Iran Talks, Saudi Pipeline
Oil prices extended losses as the US flagged progress in talks with Iran to end their war and Saudi Arabia signaled a pipeline restart. Brent crude fell below $99 a barrel in Asian trading amid the Middle East negotiations. The global benchmark dropped below $100 as investors anticipated that a damaged Saudi pipeline may be close to reopening. Oil fell to $98 as the key route for Saudi crude to reach the Red Sea was restored after a two-week closure. In early Asian trade, crude dipped further as Japan's Kyodo News Agency reported Iran proposed new terms. Oil prices tumbled again after spiking above $100, raising questions about AI jitters at banks and Berkshire's home-builder bet. Traders are betting on a price drop at record pace as supply disruptions ease. Goldman Sachs sees China's oil imports staying subdued in the fourth quarter if crude prices remain elevated.
Supertanker Rates Hit Record
Oil tanker costs hit a record $1.2mn a day as the Iran war disrupted shipping, with a shortage of the biggest supertankers more than doubling rates on key Middle East routes. High earnings for the largest oil carriers are spreading to smaller vessels, lifting the entire fleet. Russian oil flows dipped as US sanctions and returning Saudi supplies threatened to erode the Kremlin's export revenue.
Diesel Crisis and Export Ban Debate
Diesel prices are surging, costing European drivers €203mn per day as motorists spend 40% more each time they refill their tanks compared with a year ago. President Trump said he supports banning diesel exports to bring down prices, with diesel setting records because of the war in Iran. The president weighed the export ban as fuel prices soar, saying a decision would come "fast" on the potential restriction. Trump backed a US diesel export ban as conflicts in the Middle East roiled energy markets. The year's big rally in US refiner stocks is running into headwinds amid growing talk of the export ban. A Republican opinion column argued the party's panicky rush to ban diesel exports reveals its electoral trouble.
Gold and Metals
Gold was steady as traders monitored progress in US-Iran talks for signals on the Fed's rate path. There is a strong floor under gold prices around $3,800/oz, according to BMI. Copper retreated from near-record levels as industrial metals fell amid Fed outlook concerns. Palm oil dropped to a seven-week low as peaking production and swollen inventories weighed on prices. Corn eased moderately as traders waited to see if China will buy US supplies ahead of a summit. China's coking coal supply squeeze is set to persist into 2027, supporting strong prices.
Fixed Income and Rates
Investors demanded the highest yield at a two-year Treasury auction since 2024, with notes selling at 4.787% as buyers balked at the duration risk. Traders are shielding themselves from the possibility that the Federal Reserve resumes rate hikes, loading up on hedges for a shallower cycle. Fed's Barkin warned inflation pressures will take time to pass through the economy. Hedge funds are pulling back from the basis trade as bond gaps vanish, with the popular Treasury trade shrinking to its smallest size in over two years. BlackRock and Vanguard muni ETFs saw record inflows after a bond rout created buying opportunities. Demand surged at a South African bond auction ahead of the central bank's policy meeting. The Philippines is planning a new retail peso bond after a 25-year hiatus, aiming to expand its pool of individual debt investors.
Private Credit Under Pressure
Apollo Global Management is limiting redemptions from a private credit fund after 14.7% of investors sought to exit, capping withdrawals at 5%. Private credit defaults hit their highest level in three years, with "soft" defaults rising as the can gets kicked down the road. The private equity sector is stuck in limbo as distribution rates plummet amid a $3.5tn backlog, breaking the bargain that fueled its growth. Private-credit firms are buzzing about getting in on JPMorgan's card empire, with the bank exploring partners to underwrite rejected applications.
Deals and IPOs
Airtel Money, the Mittal-backed African payments firm, filed for a London IPO to raise approximately $800M, in what would be one of London's biggest listings in recent years. The African digital financial services platform plans to list existing shares on the London Stock Exchange. The company is poised to launch one of London's biggest IPOs in recent years, filing paperwork as early as this week. Finnish counter-drone company Sensofusion seeks €300 million in a Helsinki IPO. Spanish miner Abenojar Tungsten is said to plan a London IPO this year. Chinese chip foundry Can Semi Technology raised $919 million in a Shenzhen IPO, joining China's chip listing wave. India's National Stock Exchange is preparing to go public in a landmark listing for the country's largest bourse. A pair of companies delayed their IPOs, sending anxiety through the US market ahead of Anthropic's highly anticipated debut.
Paramount-Warner Megadeal
Paramount won over US states but now faces a bond market test, emerging from the WBD acquisition with net debt of about $49bn. The settlement talks between David Ellison and the coalition of states cleared the way for the $111bn deal. Bankers are reaching out to investors ahead of a $49 billion debt sale after lawsuits were settled. The Morning Risk Report noted Paramount settled the states' antitrust suit, clearing the way for the Warner megadeal. Hollywood watchers believe the studio prevailed over states seeking to block the deal. A separate opinion column argued the Paramount-Warner combination shows that pseudo-news no longer works for its purveyors.
Boehly's Lukoil Bid
Todd Boehly secured US and Gulf backing for his bid for Lukoil's international assets, according to First FT. The consortium aims to unseat Carlyle, which struck a deal to buy the Russian group's international assets. The billionaire financier secured backing from US and Gulf power brokers for the bid.
Corporate Earnings and Moves
JD Sports reported lower profit as the retailer continues to deal with a difficult market. Diageo named WPP finance chief Joanne Wilson as its next CFO, succeeding Nik Jhangiani. KB Home cut its margin outlook as housing conditions worsen, now expecting annual gross profit margin of 16.0% to 16.5%. Auto Zone posted fiscal fourth-quarter profit of $931.6 million with further growth expected. Thor Industries said many headwinds will persist into fiscal 2027 after profit dropped 31% in a challenging fiscal 2026. Activist Jana Partners is urging Six Flags to explore a sale following disappointing earnings. Door Dash agreed to pay $131.5 million to resolve a New York City investigation into minimum-pay law compliance, including $12.3 million in direct payments. Cyera raised $400 million from Goldman Sachs in an extension round, bringing total funding to more than $1.9 billion in 15 months. Royal Caribbean is nearing a deal for Sandals valuing the resorts at more than $6bn, in the cruise operator's largest-ever transaction.
Qantas Ultra-Long-Haul
Qantas plans nonstop Sydney-New York flights, starting the first-ever direct commercial passenger service on the route. The airline will launch the 18-hour flights in 2028 as part of its Project Sunrise program. CEO Vanessa Hudson said the airline is confident demand for nonstop service will hold up despite high fuel prices.
Novo Nordisk and Pharma
Ozempic-maker Novo Nordisk is open to upgrading its US listing, with boss Mike Doustdar saying he sees "advantages" in giving US investors direct access to the shares. A new study found more than 1 million people taking weight-loss drugs without a medical reason, highlighting off-label GLP-1 use.
AI, Regulation and Industry
Anthropic released a cheaper AI model ahead of its blockbuster IPO, sharpening its pitch to investors with the new Claude model. Anthropic CEO Dario Amodei's argument that AI firms need banking-style supervision gained traction, with both industries changing rapidly and reaching throughout the economy. Nvidia-backed Nscale buried a ByteDance deal in its push toward a $35bn IPO, with the Chinese tech giant its largest customer last year. China is reviewing its dependence on Broadcom switches in data centers as it seeks to boost domestic players. China's AI trade is favoring global winners over local champions, benefiting companies that supply the global ecosystem. Nvidia's valuation has come back down to Earth, with shares selling for half the multiple they fetched in 2025. AI researchers at top labs report a mental health crisis over safety concerns, with burnout at Aisi, OpenAI, Anthropic and Google Deep Mind. Mercedes-Benz is partnering with Wayve to close its AI gap with Chinese rivals, integrating the startup's autonomous driving system.
China, Trade and Tech
China and the US should build on plans for dialogue on shared AI risks at the Xi-Trump meeting, according to one proposal. The US should welcome Chinese biotech growth rather than fear it, as drugmakers pick through the sector for treatments. EU companies are helping Chinese firms expand into Europe, adopting an "if you can't beat them, join them" approach. Texas halted data center permits, expanding environmental scrutiny less than a year after Governor Greg Abbott welcomed the industry.
UK Policy and Tax
Global banks warned a UK windfall tax will trigger a shift away from London, with Chancellor John Healey seeking revenues in next month's Budget. Labour MPs called for closing a loophole that trimmed a billionaire's tax bill by £18mn, with Quadrature Capital's Suneil Setiya having been liable for a higher stamp duty rate. A think tank linked to Reform UK proposed means-tested state pensions as part of a state pension overhaul.
Emerging Markets and Africa
Ghana International Bank wants to expand to the US as appetite for African exposure grows, with the London-based lender seeking a US presence. South Africa is tapping Gulf know-how for a $9.5 billion property plan, with Middle East sovereign wealth funds backing the initiative. Dangote hired Engineers India for a $16 billion Kenya refinery, bringing in the engineers who built his Lagos plant. India consumer stocks are drawing bullish bets on festive spending, with the MSCI India Consumer Discretionary Index up more than 3% this quarter. Indonesia will form a new body to oversee land reform and settle related conflicts.
Asia Inflation and Currencies
Asia will face sustained inflation pressure into 2027, the ADB warned, as wars in Europe and the Middle East and a severe El Niño amplify price pressures. South Korea extended fuel price caps for the holiday as millions of Koreans hit the road and fiscal costs mount. South Korea is funding a $22bn Texas gas plant as pressure mounts to deliver on a $350bn US investment commitment. The US proposed a $10bn fund with Arab allies to bypass Hormuz, with Trump in discussions about building new energy infrastructure.
Energy Transition and Infrastructure
European Energy Exchange, the world's biggest power bourse, is considering new weather futures for renewable energy. Abu Dhabi's XRG is exploring a stake in the Shell-led LNG Canada project. Google-backed Proxima Fusion will invest in production of crucial materials as it pushes for a local European supply chain amid US dominance in fusion funding. Ineos, the conglomerate owned by Sir Jim Ratcliffe, idled three UK chemical plants in Hull as gas prices soared, affecting 4,000 jobs. US natural gas futures recovered much of Monday's losses as softening production tightened balances.
Banking and Finance
Standard Chartered CEO Bill Winters said the bank shut down accounts of Russian "bad guys" involved in money laundering. A Kremlin-backed forgery scheme funneled $69bn through banks, fooling global lenders, according to First FT. Rivals Revolut and Nubank are going head to head in a bid to crack the US banking market, capitalizing on an unusually lax regulatory window. BNP Paribas Asset Management has been hedging its bullish bets on higher-yielding emerging market bonds by shorting China rate swaps. Oaktree's Howard Marks warned the US displays a complete lack of fiscal discipline, with efforts to push down long-term rates misguided. Warburg Pincus and CD&R are in advanced buyout talks to buy Canaccord's UK wealth division at a £1bn-plus valuation. Turkey arrested high-profile finance executive Emre Tezmen and four others as part of a funds scandal. Adani group firms settled one of the probes into a US short-seller's allegations with India's regulator.
Radiant World Fraud Case
Creditors, counterparties and lawyers are poring over the business of embattled commodity trader Radiant World, casting doubt on its $1 billion in assets. Glencore told Mizuho Bank it believes Radiant World fabricated a Glencore email, according to a court filing.
Prediction Markets and Fintech
The CFTC warned prediction markets to reel in risky "mention" bets involving wagers on what high-profile people might say. A $5 billion flurry of nearly identical Kalshi trades drew scrutiny, with rapid trades all at nearly $5,500 in a single market. Sofi settled card payments on stablecoin, according to the Financial Services Roundup, which also covered Bitcoin, Societe Generale and Prudential PLC.
Market Strategy and Outlook
There are reasons to be bullish on equities, with shocks mattering less now as riskier assets show resilience. Risky small caps lost their performance edge as interest rates rose, ending a year-long run of outperformance. Negative-beta stocks surged near tech-bubble levels, with fewer ziggers and more zaggers in portfolios. Dividend cuts send a bearish signal to investors. One analysis tantalizingly answers why rates are so high, concluding it's probably not about the size of the debt. AI is complicating diversification for pension funds and sovereign wealth funds with billions under management.
Politics and Policy
At the UN, Trump threatened Iran's annihilation and laid out a winner-takes-all vision in a rejection of multilateralism. The president threatened Iran's annihilation in his UN speech, which also saw a GOP senator call for a Don Jr. probe. Trump used his UN address to threaten Iran's annihilation and celebrate Venezuela developments. A fact-check examined Trump's remarks about oil reserves, the drug trade and his peace efforts. Senate Republicans in tight races called for an end to the Iran war, with Ashley Hinson and Mike Rogers distancing themselves from the administration. Trump signed a Greenland security deal that falls well short of his earlier vow to "own" the territory. Trump officials ejected 750,000 from Obamacare markets over fraud claims, with Vice President JD Vance saying the measure would save $2.2 billion.
Media and Press Freedom
The White House defended Trump's media ban on CNN, MS NOW and Politico in a court filing, saying the president determined they were in violation of the press pool rules. Trump returned to TV via the UN feed as many networks carried his speech live despite a suspension of pool coverage. Trump cited national security as he faced pushback on the press ban, the D.C. arch and other matters. An explainer detailed what the White House press pool is amid Trump's changes. Rosie O'Donnell said ABC delayed a skit mocking the president as the network readied for a Trump lawsuit. Billy Bush joined Fox News as a contributor a decade after the "Access Hollywood" tape scandal cost him his "Today" show job. An army of paid creators is carpeting the web with political content, producing a blizzard of messaging unlike celebrity influencers.
US Politics and Midterms
Hispanic voters abandoning Trump are transforming the midterm map, with Texas and even Florida the places to watch in November. A veterans benefits bill stalled in Congress after the House's swift departure, dashing Republican hopes of passing it ahead of the midterms. Senator John Curtis urged a probe of Donald Trump Jr. in a letter calling for the Senate Judiciary Committee to investigate. The FBI shut down an inquiry into a top ally of Senator Susan Collins because senior bureau officials questioned the case. A dispute over Missouri's congressional map returned to the Supreme Court after a federal appeals court sided with Republicans. The Supreme Court declined to block a custody order giving parents custody of a baby in a surrogacy fight after a surrogate refused an abortion. Mayor Zohran Mamdani's aides gave the City Council little insight into an influencer effort at a hearing.
Geopolitics
Brazil's Lula warned against foreign meddling in the country's election at the UN, sending a thinly veiled message to Trump. Fourteen Latin American countries are expected to label cartels as terrorists at the UN General Assembly, mirroring Trump. Canadian Prime Minister Mark Carney outlined a vision for global cooperation at the UN, saying the world is at a pivotal point. The UN is searching for its next leader as António Guterres steps down in December after two terms. Trump and Xi must find a way to coexist, as neither the US nor China can bend the other to its will. Xi's visit to Washington comes amid a White House TV feed shutdown. Trump and Xi will discuss AI risks and competition at their summit. The conversation about AI is at a fever pitch ahead of the meeting.
Other News
Prime Minister Netanyahu falsely accused Mamdani of supporting Hamas after the mayor's CNN interview. The Democrats' policy on Palestine is detached from reality, according to one opinion column arguing the party needs more than a stance on Israel. A Chinese church crackdown has other victims, including Cherie Geng, who is trying to free her pastor husband. Seth Meyers joked about Trump's silent event, saying "We don't need to hear what he's saying." Dolly Parton's estate is in turmoil after extortion accusations, with her manager requesting a restraining order against her nephew. Hayden Panettiere's death was caused by an overdose of fentanyl and other drugs, a coroner said. A tropical sea turtle nested on a Southern California beach for the first time in recorded history. A nor'easter could slam the East Coast this week, an unusual September event. UNGA brought traffic and chaos to New York City. A US fighter jet crashed near a German air base, injuring the pilot. SpaceX's Falcon 9 phaseout spurred a hunt for new launch options for payloads. Charles Spencer's memoir "Swan Song" is full of love and vengeance, recounting Princess Diana's struggles nearly 30 years after her death. Ella Langley's "Choosin' Texas" toppled Mariah Carey's chart record, holding the No. 1 spot for a 23rd nonconsecutive week. Patagonia offered $100 to customers who help others plan to vote. Gap is getting into the boy-band business as it looks to cement its cultural relevance. K-pop is betting on AI and robots, with South Korea's music industry embracing robotics. An AI image of Trump kissing a woman spread despite being debunked, highlighting how content spreads online. Unions are confronting AI threats in workplace negotiations, with the machinists union showing how workers are negotiating for a say. An opinion piece argued it's time to cry wolf over AI, saying it's not too late to avoid potential disasters. A mathematics opinion column warned against letting AI solve math, citing the long human process of trial and error. Tech-utopian movement Praxis said it found a home in Uruguay after a sprawling world tour. A first-time homebuyer trend sees city homeowners coveting neighbors' gardens. Private equity has found a new kind of SaaS in swimming pool cleaning, with more than 10mn installed pools in the US. A history of financial fraud examined the craziest schemes, from salad oil to helicopter falls. A bonus cap analysis argued bonus caps make sense. The US science talent pipeline is fading under Trump policies, according to one analysis. Top UK graft prosecutors joined a Trump-linked Venezuela oil baron during a Swiss probe. An FT podcast examined a Turkish investment scam making waves on the Bosphorus. Hollywood surrendered to the Ellison empire with no sense of triumph or defeat, merely numb exhaustion. A Hollywood shift, Car Max job cuts and OpenAI's AI safety push were covered in one roundup. Jeff Zucker made a cameo in "Primetime" and called "To Catch a Predator" important. The Energy & Utilities Roundup covered Shell, BP and more. The Tech, Media & Telecom Roundup covered Samsung, Meta and Singtel. The Auto & Transport Roundup covered AutoZone, Thor and diesel prices. Canada's transport overhaul aims to boost trade with Europe and Asia. Rusal is sounding out buyers for its Jamaica and Guyana assets. RBC analysts warned luxury earnings estimates are too optimistic. An opinion column argued Republicans are running on empty. An opinion piece on Newark airport delays called the air-traffic failures a national embarrassment.