Public Markets 8 Hours

Last updated: September 14, 2026, 6:53 AM ET

Energy & Commodities

Oil prices surged to $108 a barrel after Gulf states postponed talks with Iran over the Strait of Hormuz, compounding supply fears already stoked by the closure of a Saudi pipeline following a drone attack last week. Brent crude is expected to remain elevated through the fourth quarter, supported by persistent disruptions around the Strait of Hormuz, rising risks at Bab el-Mandeb and constrained Middle East exports, according to Hong Leong. Asian refiners are awaiting clarity on cargoes due to be picked up at Saudi Arabia's Red Sea port of Yanbu after the kingdom was forced to close a vital pipeline serving the terminal. Natural gas prices face further upside as the market mindset shifts toward concerns of an extended outage amid continued Strait of Hormuz blockages ahead of winter. In a separate supply deal, Metlen signed a Greek energy supply agreement with Petronas, with the partnership expected to enhance supply security and meet internal energy needs as well as broader European gas demand.

Equities & Markets

Global AI stocks came under pressure as safety fears erupted, with South Korea's tech-heavy Kospi sliding and Wall Street set to open lower. Emerging-market stocks declined as rising Middle East tensions drove investors toward safer assets, while uncertainty over the global rate outlook added to the pressure. In London, FTSE 100 futures rose as oil marched higher. European markets reached a milestone as the region's consolidated tape launched Monday, a momentous juncture in the continent's protracted effort to make its markets more attractive to investors. Asian currencies are likely to continue facing headwinds as tightening global liquidity and higher oil prices keep inflation risks alive, MUFG Bank said.

Central Banks & Rates

The Bank of England faces revived prospects of a rate rise this year as the oil price surge stokes inflation concerns, with investors expecting the central bank to hold borrowing costs this week but signal a possible increase later in the year. The rate debate has intensified ahead of the BoE meeting, while in today's First FT newsletter, attention also turns to Swedish elections and Euronext's openness to a Deutsche Börse merger. The Fed and BoJ both meet this week to decide whether to raise interest rates, with implications for a struggling US Treasuries market. Investor Stanley Druckenmiller said no US rate cuts are needed, a view that also touches on credit fund Arini's woes, Franklin Templeton's rebound and the Bayeux Tapestry at the British Museum. Some investors are snapping up New Zealand bonds, betting sluggish economic growth will keep the central bank cautious on rate hikes and extend the debt's outperformance over global peers.

M&A & Corporate Deals

Solar Industries India Ltd. agreed to acquire South African industrial-explosives and fertilizer firm Omnia Holdings Ltd. for 21.8 billion rand ($1.4 billion), seeking to expand across the continent's mining sector. Essar Energy Transition Fuels agreed to acquire UK fuel retailer SGN Retail, a deal that could double its network of fuel stations in the country. The purchase by the owner of the Stanlow refinery, which covers 118 UK petrol stations, comes as BP and Shell retreat from forecourts globally. Banca Monte dei Paschi di Siena pledged to keep pursuing its twin offers for Banco BPM SpA and Banca Generali SpA even if it gets bought by Intesa Sanpaolo SpA. Euronext is open to a "big bang" deal with rival Deutsche Börse, with chief executive Stéphane Boujnah's comments coming as EU officials seek ways to make the bloc's capital markets more competitive. Schroders is considering acquisitions to grow its wealth division, with the asset manager that agreed its own £10bn sale to Nuveen wanting to refocus on very wealthy clients.

Corporate Governance & Leadership

Hugo Boss chair Stephan Sturm is stepping down under pressure from Frasers Group after clashing with the German fashion group's largest shareholder over dividend payments. South Korea's National Pension Service named Kyuhong Lee as chief investment officer to oversee its $1.4 trillion portfolio, one of the world's largest pools of retirement savings. Malaysia charged former minister Jamil Khir Baharom for allegedly misappropriating 860 million ringgit ($210 million) from the Muslim pilgrimage fund Tabung Haji, making him the second UMNO figure charged after a probe into the fund. Australian miner GM3 is gauging investor sentiment for a possible bond issue to refinance a $600 million private credit loan, joining a list of borrowers turning to public debt markets to lower costs.

Technology & AI

The deep schism between OpenAI and Anthropic has led to a race-like dynamic toward ever more powerful models, raising questions over whether AI's leaders can put aside rivalry for the common good. In Silicon Valley, some are questioning the calls for an AI slowdown, with key tech leaders saying calls for government regulation were self-serving and misplaced. China's spy agency warned of AI risk to national security, signaling Beijing's growing concern over how rapid advances in technology could be used against the country. Cyber criminals are using AI to supercharge scams, with a watchdog warning that criminals are switching from vast fraud compounds with hundreds of workers to one or two people working on sophisticated models. The music industry is targeting AI songs in a crackdown on streaming fraud, as scammers flood platforms with tracks and deploy bots to rack up plays and royalty payments.

Regulation & Policy

The UK's Financial Conduct Authority is proposing that tokenised gold could be exempt from fund regulations under a bespoke regime, as the regulator bids to unlock more of London's bullion reserves as collateral in transactions. An expanded ad ban on 'less healthy' foods could hit £1bn in UK media spending, with plans to update the nutrient profiling model forming part of efforts to tackle childhood obesity. In Japan, a committee's probe of Chubu Electric found that pressure over nuclear restarts led to data manipulation, throwing into doubt the country's pivot back to atomic power 15 years after the Fukushima disaster.

Defence & Industry

A start-up called Isembard opened a factory a mile from Tower Bridge amid a defence surge, saying its 160,000 sq ft facility is central London's largest since the second world war. Defence sales are testing Europe's appetite for US investment, with owners of defence and technology groups fearing that selling to American bidders will attract opposition from European governments.

Climate & Energy Transition

Solar power is looking up, with Chinese-made panels described as "offensively cheap" appearing on rooftops across the world and changing the facts of life for big utilities. In Dubai, the Middle East war is testing the emirate's island dreams, with ailing luxury developments on its man-made archipelago reflecting strains on the wider real estate sector.

Culture & Society

Pokémon cards are selling for more than $1mn as the collectibles market booms, with the cards having gone from playground craze to serious investment. Podcaster Steven Bartlett, host of "Diary of a CEO," is building a one-stop shop for other creators despite facing criticism over spreading fringe claims. At least six people were killed and more than 100 rescued after a ferry sank in the Java Sea on Sunday, with more than 120 people unaccounted for. A Texas Republican's racist social media post drew condemnation, with many Republicans criticizing the post, some in more direct terms than others.