Last updated: September 9, 2026, 11:00 PM ET
Equities
US stocks extended their decline as Middle East hostilities escalated and crude prices climbed. Asian markets were poised to fall Thursday, tracking Wall Street losses as surging oil and Treasury yields stoked inflation concerns ahead of key US price data, according to a markets wrap. European indexes slid at the open as the conflict weighed on defense stocks and banks.
The risk of a US stock pullback of as much as 10% is rising, RBC strategists warn, as midterm elections approach and the market heads into a seasonally challenging stretch. RBC's Lori Calvasina sees an increasing probability of a correction. US stock futures slipped and Treasury yields ticked higher after Brent topped $100 a barrel for the first time since July.
Apple's surging stock price heading into the product unveiling has set high expectations for new CEO John Ternus. In other single-stock moves, Comcast shares slid after its CFO Jason Armstrong said he sees no improvement in broadband subscriber losses in the current quarter, a sign competitors are offering lower prices.
Australian property stocks are trailing global peers by the most in 16 years. Analysts worry it may get worse as the prospect of more rate hikes and the unraveling of a suburban developer intensifies.
Oil & Commodities
Brent crude topped $100 a barrel for the first time since July, up 40% since the start of the US-Iran war, pushing up gasoline and diesel prices. The escalation in US-Iran attacks and Houthi strikes on shipping deepened supply fears. Oil extended gains as Iran vowed it was prepared for a more intense war, heightening concerns about disruptions to energy flows, per the latest market analysis. The US military launched new strikes on Iranian tankers, hitting "multiple" ships linked to the Revolutionary Guards, which pushed oil near $100.
Saudi Arabia is stepping up its military campaign in Yemen as its oil-export routes come under threat. Saudi oil exports have plunged to their lowest level in 13 years, according to new analysis. China’s oil demand could shrink by 600,000 barrels a day in 2026, according to Sinopec’s research arm, as the US-Iran war and electric vehicle adoption weigh.
US diesel stockpiles are projected to fall to their lowest level since 2003, according to a new government report. Russia's key Black Sea port of Novorossiysk was attacked by drones overnight, damaging infrastructure and threatening to further squeeze commodity flows, as shipping risks escalate.
European natural gas surged above €80 a megawatt-hour for the first time since 2023, intensifying threats to the region's economy as the war in the Middle East drives up energy costs, per the latest market report. The market hit its highest level since 2023 as a prolonged LNG squeeze looms, and economists warned that Europe could face a winter supply crisis if LNG supply remains constrained.
Corn futures slumped for a fifth consecutive day, the longest losing streak since June, despite hedge funds piling into bets on higher prices. The commodity price report shows the market is lacking fresh bullish drivers. Platinum is set to swing to a surplus in 2026 after three years of deficit as investors turn their back on the metal and Chinese jewelry demand weakens, according to a market supply report.
Gold held steady, while copper fell from its record as Middle East tensions weighed on the industrial metals. With the London Metal Exchange price gauge surging, the metal retreated from record as hostile headwinds linger. US natural gas futures moved lower in early trading as the summer season approaches an end. Europe has stockpiled only enough natural gas to get through a mild winter. That gamble is the high-stakes bet playing out in the natural-gas market.
Fixed Income & Currencies
The US Treasury tripled the initial size of its next buyback of longer-dated government debt, in a plan for $6 billion, but the market saw the move as underwhelming, sending yields to multi-year highs. Secretary Scott Bessent said, "I am the house now," and "you can bet against me if you want." Bessent tripled the debt buyback operation. The initial market disappointment is visible in the bond market reaction.
Treasuries weakened as rising oil prices boosted rate-hike bets. The bond market selloff is accelerating, with the rush by bond investors to protect themselves against surging US yields risks exacerbating the spike, with behind-the-scenes hedging activity amplifying price swings. The yield on the 10-year Treasury note jumped, with bond market strategists rattled.
The dollar neared its lowest in nearly seven months as the yen rallied, with traders to the US Treasury’s buyback announcement and inflation data. The yen's strength drove the dollar lower. Japan's yen rallied, which eroded corporate buffers and raised earnings risks for Japanese companies. Investors may start to shift focus to domestic demand-reliant stocks that are poised to benefit from a strong currency. Wall Street strategists are divided over whether the yen’s latest rally can last, even as the Bank of Japan leans toward raising its benchmark rate by a quarter point this month. The split reflects the uncertainty about the currency’s trajectory.
JPMorgan sees a stronger yen easing upward pressure on Japanese government bond yields and in turn bringing forward a recovery for Tokyo-listed AI and semiconductor shares. A yen rally would accelerate the AI recovery. Bessent’s comments follow July’s rare joint intervention with Tokyo to support the Japanese currency. The Treasury Secretary’s warning to traders not to bet against the yen suggests both bond buybacks and currency policy are being coordinated with Japan.
The Reserve Bank of India is using currency swaps to drain cash from banks, as excess funds in the financial system climbed to a record. The central bank is dealing with a record surplus. India lifted a trading ban imposed on a unit of JPMorgan after it deposited 29.6 million rupees ($311,230). The ban was lifted after the deposit. India is ramping up scrutiny of Wall Street traders with its $5 trillion market. The regulator is now targeting even prominent foreign players like JPMorgan and Jane Street.
Energy & Commodities
Oil futures hit $100 in a session marred by Middle East escalation. The movement affected currencies, and the Singapore dollar consolidated against the US dollar.
Energy Transfer LP plans to move its primary listing to the Texas Stock Exchange, a major win for the upstart market. The move is a big boost to the new exchange. Kelcy Warren’s Energy Transfer is preparing to move its primary listing to the nascent exchange. WSJ says the move adds to the credibility of the new exchange.
Canada’s Enbridge Inc. reached an agreement to buy Tallgrass Energy’s crude oil business from Blackstone Inc. for about $2.6 billion. This acquisition deal is a significant move in the oil pipeline sector. Enbridge is in advanced talks to buy a major crude oil pipeline in the US from Blackstone’s Tallgrass Energy for about $2 billion, according to people familiar with the matter. The pipeline deal and the final price tag came in higher.
Singapore refiner Aster Chemicals and Energy Pte is buying crude from as far afield as Latin America and West Africa to replace Middle Eastern supplies squeezed by the Iran war. The company adapts its sourcing strategy. South Africa’s Central Energy Fund outlined plans to revive oil refining capacity that will see local crude processing at least triple. The planned revival could reduce the country's dependence on fuel imports.
The Canadian oil merger spotlight shows Alberta’s booming crude sector. Tamarack’s deal to take over Headwater shows the increasing appeal of the Clearwater play. Meanwhile, Morgan Stanley says oil traders are growing increasingly cautious about longer-term positions as the wars in Iran and Ukraine cloud the outlook. Longer-term bets have become less attractive due to the conflict-driven volatility.
The early peak season stretched through August as importers navigated changing tariff policies and extreme weather conditions.
Deals & Corporate Finance
Porsche AG said it will generate about €1 billion ($1.16 billion) from the sale of its stake in the venture that owns the Bugatti supercar brand. Porsche raised €1 billion in the transaction. The company margins its 10% “mid-term business outlook to between 5.5% and 7.5%, up from 3% to 5%. The margin outlook improved as a result.
Inside the private equity corners, a group of lenders led by Barclays is preparing a €2.4 billion ($2.8 billion) financing package to support Lone Star Funds’ acquisition of industrial products manufacturer ContiTech. The debt package is a key element in the transaction.
Silver Lake will merge French software groups Cegid and Silae in a €10bn deal, according to merger reports as buyout groups recalibrate their software holdings. Canadian energy infrastructure giant Enbridge reached an agreement to buy Tallgrass Energy’s crude oil business from Blackstone Inc. for about $2.6 billion. Porsche raised €1 in japan.
Deals & Corporate Finance II
Analog Devices struck a deal to acquire Alif Semiconductor for $1.35 billion in cash, expanding its reach into fast-growing segments. The AI-related deal is one of many high-velocity transactions.
Adani Group is making a major international airports push after a US justice department dropped charges against billionaire chair Gautam Adani. The drive for size and relevance is being fueled by a string of recent legal victories.
Cognition, the Peter Thiel-backed AI coding startup, raised $2 billion in a Series E at a valuation of $48 billion. In a more recent round, AI sales tool provider Clay raised $115 million, led by Wellington Management.
In special situations, Fox and Roku said they would work cooperatively with the Justice Department, in a deal that raises regulatory hurdles. In real estate deals, Independence Realty Trust and Centerspace agreed to an $8.1 billion merger that creates a middle-market apartment REIT. The REIT merger is set but includes debt.
Earnings & Guidance
American Eagle Outfitters said it is still trying to ignite its core brand after merchandise margins shrank in the second quarter. The challenge persists, despite recent sales growth.
Inditex, the owner of Zara, booked a steady 9% on-year increase in sales on a constant-currency basis despite a challenging market backdrop.
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. Online pet retailer beat expectations with strong customer growth.
Signet Jewelers raised its adjusted earnings outlook for the year after swinging to a quarterly profit. The company’s revised guidance comes as it sees stronger sales.
Jersey Mike’s Subs reported higher revenue and sales in its first quarterly readout since its IPO this summer. The eventful quarter shows growth in the customer base.
Comcast said its cable division gains are still under pressure. The CFO’s outlook indicates losses will continue. 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.
Capital Markets & Fund Flows
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. The broad US corporate debt sales from US firms have been a feature of the global capital markets.
Tether launched a private credit fund in an attempt to boost stablecoin use. The world’s largest stablecoin issuer is making a push to shake up the sector. The initiative comes as the market faces challenging conditions.
Australian private credit markets investment manager Challenger Ltd. is supporting more disclosure for an industry facing increased regulatory focus. The fund manager says the market needs less opacity.
Six companies launched share sales in a single day in India. The most on a single day in at least three decades as India rushes to cash IPOs. An IPO of Mindfire at a huge valuation led the list.
Apollo’s Scott Kleinman says the era of cheap money is over. The private capital industry is in "a golden age of capital deployment," and value creation is an old-fashioned tool for the road ahead.
CVC announced that TPG’s Todd Sisitsky will become co-CEO alongside insider Peter Rutland. This succession leadership move makes a definitive statement about CVC's next generation.
JPMorgan is expanding its global corporate banking on a to Greece, broadening the bank’s services in the country. The Greek market becomes a larger part of the Wall Street service.
AI & Technology Finance
Hundreds of employees at OpenAI and Anthropic have become millionaires, minted by share sales, leading to unprecedented wealth. The two firms’ equity have created huge paper gains, now spent on discrete luxuries, as covered here.
Anthropic withheld its latest AI model from the UK’s new testing agency, sparking fears inside the British government of a majority of tech groups. The tech group denied permission to test the model. Additionally, Anthropic researchers raised alarm over AI safety, warning of a threat to humanity. An NYT report says the warning echoes earlier ones. An OpenAI former safety researcher stated the fix isn’t hard.
OpenAI named a top US official from a model testing agency to its board in a move that adds Washington insight. The OpenAI appointment was made official. This adds to staff appointments.
Clay, an AI sales tool provider, raised $115 million, in a round led by Wellington Management, known for investing in start-ups on the path toward IPOs. The AI sales platform came with a $1.5 billion valuation.
A Peter Thiel-backed AI startup, Cognition, raised $2 billion at a $48 billion valuation. The AI coding startup is one of a raft of companies dealing with the rush into coding.
AI & Tech II
Huawei faces a US criminal trial weeks before a Trump-Xi meeting. The Chinese telecoms company is accused of violating Iran sanctions and stealing trade secrets. The criminal trial is a major event for geopolitics and tech supply chains.
The AI boom’s weakest link —chains. A few stories in this theme have pointed out the supply chain constraints.
A new forecast suggests "AI superintelligence" investments may be overstated, as AI borrowings expand market breadth.
New Listings & IPOs
Windscreen repair giant Belron is exploring a mega-IPO in Amsterdam, according to people familiar with the matter. The Autoglass owner is led by former AB InBev boss Carlos Brito. Belron explores IPO
LIV Golf is racing to re-sign golfers to clinch a $300 million bankruptcy rescue. Under new terms proposed, players would swap claims for millions in past contracts for equity in a new circuit. The bankruptcy deal is critical for the golf tour.
Dunkin’ Boss named interim CEO of Inspire Brands ahead of the company's IPO. Dunkin' President Scott Murphy will temporarily run the Atlanta-based company while CEO Paul Brown takes temporary medical leave. The leadership change comes as major IPO leadership reshuffles ahead of its debut.
Defense tycoon Ángel Escribano is planning an IPO of family firm as he looks to reshape Indra Sistemas. The defense tycoon pushes for more European review.
Macro & Policy
President Trump's proposed Census overhaul would exclude some immigrants and remove questions on race, potentially upending the process for allotting congressional seats. The dramatic changes could shape policies that address disparities.
In Texas, a new school choice program faces sharp increases in costs, with the program costing $10,474 per student. The state is facing a significant budget challenge ahead of the midterms.
US mortgage rates climbed to 6.85%, their highest level in more than a year, according to a new report. The mortgage rate surge extends a steady rise in borrowing costs since the start of the Iran war.
The Trump Administration preserved Temporary Protected Status for 170,000 Salvadorans. The TPS decision was announced with a plan to make a future announcement.
The US Treasury's plan for $6 billion in debt buybacks disappointed many investors on the wire.
Markets Regulation & Infrastructure
Citadel Securities told regulators that prediction market contracts linked to publicly-traded companies should be overseen by the SEC instead of the agency that has taken an aggressive approach. The regulatory plea targets oversight on prediction markets.
Mexico violated its obligations under NAFTA in its treatment of Vulcan Materials Co's limestone operations, according to an international arbitration ruling. The arbitration decision was a long time coming for Vulcan.
The Australian property market remains in focus for the second day, with the public in a watch.
Middle East & Wars
US military officials said the latest round of Iran strikes on a base in Jordan caused limited damage. They might have caused brain injuries for service members. Officials say the strike on the Jordan base was limited.
Billions in oil revenue could vanish for Saudi how it handles Red Sea trade routes. With oil routes again under threat, Saudi Arabia is stepping up its military campaign. The Houthi conflict brings on multiple threats.
Russia’s largest Black Sea port of Novorossiysk was attacked by drones overnight, damaging infrastructure. The Russian port attack threatens commodity flows from the region.
Iran signals readiness to escalate war with US amid the rise of economic pressure, maintaining ability in the Gulf. The Iran escalation shows that a broader conflict could be on the horizon.
Europe Unites to pressure Israel, breaking with US policy. Britain formerly followed France but now spearheads opposition to Israeli settlements. European pressure builds as the US stands.
Central Banks & Macro
The sudden rise in oil “stokes inflation fears,” Asian stocks fall and yields reprice. The price report waits for key US inflation data.
The European Union’s lead lawmaker on its carbon market reform is considering proposing smoother emission cuts next decade. The carbon reform plan is set to be unveiled Friday.
Top Stories from the War
Ukraine’s unexpected $27 billion budget gap rattles Europe’s economy with the cost of war rising. In a request to Europe, President Volodymyr Zelensky underscored the rising costs, as seen in a special report. A drone almost struck Zelenskyy’s plane, according to Ukraine, an official said. The drone hit almost Zelenskyy’s plane, and Russia is believed to have used a weapon.
Ford CEO criticized Transportation Secretary for having ‘Basic Misunderstandings’ over China’s affairs in the US market. The basic misunderstandings about the politically sensitive question of Chinese automakers is the center.
Federal contractors are falling short of hiring goals for veterans. Federal contractors are failing to meet targets.
US Treasury yields jump as plans for $6bn buybacks disappoint. For the Treasury, there’s the 3x expansion in the buyback program. Traders note says the buyback fails to steady the market signal.
Political & Economic
The dollar weakened and yen rallied, with the price action in the currency market. The yen's move has been shaped by central bank signals.
At the coming Republican Convention in Dallas, protests are expected. City officials erected barricades, mapped out street closures, and coordinated with federal agencies as protesters planned marches. The anti-Trump enthusiasm is set to go.
The Missouri Supreme Court set a contempt hearing in the fight over the House map. The contempt hearing could determine the state of redistricting.
Trump is preparing to rally Republicans for the midterms. A new ad campaign places the president's party at risk. Voters are being barraged with a $25 million probe.