Public Markets 8 Hours

Last updated: September 4, 2026, 7:07 AM ET

Energy & Commodities

Oil futures are heading for their largest weekly gain since mid-July, following a flare-up in hostilities between the U.S. and Iran. The escalation has stoked fears of supply disruptions from the Strait of Hormuz, a critical chokepoint. Meanwhile, US retail diesel has climbed to a record high, threatening to spike energy-driven inflation as conflicts in Iran and Russia roil the market. The price has surpassed the peak reached in 2022 after Russia’s full-scale invasion of Ukraine, according to a New York Times report. European natural gas is also heading for a fourth weekly gain, as fresh fighting in the Middle East boosts concerns about prolonged supply disruptions and winter fuel inventories. The standoff over the Strait of Hormuz remains tense, with Tehran determined to keep the waterway closed even as Washington hardens its stance.

Equities & Funds

European stocks posted muted moves as investors prepared for key US jobs figures that will provide clues on the chances of a Federal Reserve interest-rate hike this month, though Volkswagen AG shares jumped on restructuring plans. In the US, emerging market stocks and currencies rose as investors pared bets on a Fed hike, sending the dollar lower. A top-performing fund manager at Pacific Investment Management Co. is betting the next winners of the AI boom will be found outside of crowded US Big Tech firms, turning instead to Asian equipment suppliers. Elsewhere, China’s flash memory champion Yangtze Memory Technologies Co. has moved to the next stage toward an initial public offering, a sign that the nation’s next marquee listing is progressing. Vietnam’s largest listed jeweler, Phu Nhuan Jewelry JSC, is securing a loan from the family of Chairwoman Cao Thi Ngoc Dung to rebuild its business after a national diamond-smuggling scandal.

Fixed Income & FX

Some of the world’s biggest money managers have rebuilt their gold holdings after prices dropped, betting that long-term drivers of the precious metal will endure even as the Federal Reserve takes action. The manager of Norway’s $2tn oil fund has proposed slashing US Treasury holdings by up to $80bn, an overhaul of bond positions suggested to the Ministry of Finance that aims to boost returns. A counterintuitive quirk suggests that more stock ownership could be weakening the impact of monetary policy on the real economy. In the private credit markets, the collapse of Australian property developer Bathla—which owed $2.5bn to more than 40 lenders—has prompted some international investors to cancel funding deals.

Policy & Geopolitics

The UK-EU alignment is a “problem” for the US, according to a Trump official, complicating prospects for a US trade deal. World Bank Executive Director Neelkanth Mishra has pushed back on doubts over India growth, saying a range of high-frequency indicators show the economy is gaining momentum. Europe is struggling to re-arm by 2030 as capitals squander the arms spending surge, while defence officials are resisting an EU plan to curb reliance on US tech giants, arguing it could create greater risks elsewhere. A UK bank windfall tax would be a terrible idea, further penalising one of the key engines of growth in the economy. The Texas experiment of luring big business away from California is being put to the test by data centres.

Media & People

Fox News has parted ways with Maria Bartiromo, effective Thursday, ending her 12-year tenure at the network. The dismissal came after Ms. Bartiromo shared internal Fox Business communications with the White House, a person familiar with the details confirmed. An internal watchdog has concluded that former Labor Secretary Lori Chavez-DeRemer oversaw a toxic workplace, had an inappropriate relationship with a security staffer and used public resources for personal travel before her April resignation.

Corporate & Deals

Deutsche Bank led a $1bn lending package that enabled the debt-fuelled expansion of Hackman Capital Partners’ Hollywood studio landlord property empire, which has now defaulted. KPMG warned Guggenheim about weak internal controls last year, raising a $275mn question amid an ongoing DOJ probe. Anthropic’s upcoming IPO is set to test external trust with power over the board, as public-market scrutiny intensifies pressure on the Claude maker’s unusual attempt to balance profit and purpose. Spain is pushing for an EU-wide oil and gas tax to pay for climate change response, as rising extreme weather costs fuel the campaign ahead of a new resilience strategy. Trump-linked companies are racing to secure deals for Venezuela’s oil, with appointees, a donor and a recent administration official among those capitalising on US control of the beleaguered energy sector.

Consumer & Tech

Luckin Coffee has killed our lunch spot in New York City—half a decade on from a fraud scandal, the Chinese chain is thriving and pushing out the locals. US fintech Chime is a winner when consumer finance goes K-shaped, providing a valuable lesson for newly listed companies: being reliable is key. Can e-bike companies control their rogue riders? Lime, Forest and other rental providers say they are adjusting their service to encourage users to stop at traffic lights and not cycle on pavements. America must learn AI lessons from Astro Boy, as Asian cultures harbour a very different attitude towards technologies that are regarded as threatening in the west.

Luxury & Lifestyle

Ferrari’s new boutique is a brand extension too far—everyone knows what the prancing horse means on a car, but what does it mean on a handbag? The high-end boom masks Swiss watch industry polarisation, with ultra-luxury timepieces now accounting for three-quarters of the sector’s growth. Ring watches are becoming a sign of vintage-focused times, winning over younger buyers looking for a playful, analogue way to express their style. On the Côte d’Azur, local makers are carving a niche by offering bespoke services, unusual designs and the personal touch. Jewelled handbags are moving beyond the red carpet, providing a way to work established designs into a fresh product line with a relatively affordable price. Precious stone scarcity is squeezing the market for alternatives, as prices for substitutes for traditional favourites are rising with demand. A full round-up of watches and jewellery trends for September covers these stories and more, including Bvlgari CEO talks on women’s watches and creativity in the age of AI.

Germany & Politics

Something alarming is about to happen in Germany, as the far-right AfD is set to win the Saxony-Anhalt election and the government is seemingly incapable of stopping them. Ukraine is bracing for a brutal winter at the mercy of Russian air strikes, with a shortage of Patriot missiles leaving Kyiv with few options to protect its citizens during another winter of escalating attacks.