Daily News – 8th Sep 26
Daily News
Asian Markets Mixed as Oil Hits Six-Week Highs on Renewed US-Iran Clashes; Dow Futures Slide 300 Points; Gold Near $4,400 on Rate-Hike Bets; Crude Holds Above $92
08 September 2026
Today in Brief
Asia-Pacific markets traded mixed Tuesday, with South Korea's Kospi adding 1.66% and Japan's Nikkei 225 rising 0.33%, while Hong Kong's Hang Seng slid 0.65% and mainland China's CSI 300 added 9.27%; Australia's S&P/ASX 200 declined 0.5%. Dow futures fell 409 points, or 0.8%, to start the shortened trading week as oil prices climbed to six-week highs on renewed U.S.-Iran strikes, with Brent up 0.8% to $97.74 a barrel and WTI up 1.8% to $93.13; S&P 500 futures slipped 0.2% while Nasdaq-100 futures rose 0.2%. Gold traded near $4,400 an ounce as markets priced in roughly a 60% chance of a Fed rate hike next week, while crude held above $92 a barrel, its highest level in three months, after Iran said a shipping-management deal with Oman over the Strait of Hormuz was nearing completion.
In other news: Iran threatened a maritime exclusion zone across the Persian Gulf and warned its posture toward U.S. warships had been "fundamentally recalibrated"; China's central bank added 650,000 ounces of gold in August, its largest addition since 2023; strategists flagged the 10-year Treasury yield's approach to a closely watched 4.8% level; Canada moved to impose tariffs of 15% to 50% on hundreds of U.S. products; President Trump posted a stream of AI-generated images on Truth Social claiming credit for stock market gains; German rocket maker Isar Aerospace reached orbit for the first time; Novo Nordisk reported its semaglutide trial cut obesity rates in young children; and Nvidia's Jensen Huang declared "AGI has arrived" following OpenAI's GPT-6 Astra launch.
In Asia, South Korea's Kospi added 1.66%, while Japan's Nikkei 225 rose 0.33% rose Tuesday
In Asia, South Korea's Kospi added 1.66%, while Japan's Nikkei 225 rose 0.33% rose Tuesday. Hong Kong's Hang Seng Index slid 0.65%, while mainland's CSI 300 added 9.27%. Australia's S&P/ASX 200 declined 0.5%. Oil prices were at six-week highs in Asia trading, rising for a third straight day, as Iran and the U.S. exchanged strikes over the weekend. Brent rose 0.8% to $97.74 per barrel. West Texas Intermediate futures climbed 1.8% to $93.13.
Dow futures fall 300 points to start shortened week as oil prices climb
Dow Jones Industrial Average futures fell early Tuesday to kick off a shortened week of trading, with Wall Street keeping tabs on the U.S.-Iran war as well as rising trade tensions between Canada and the U.S. Futures tied to the 30-stock average shed 409 points, or 0.8%, as of 2:10 a.m. ET. S&P 500 futures were down by 0.2% ahead of Tuesday's regular session, while Nasdaq-100 futures rose 0.2%. U.S. markets were closed Monday for the Labor Day holiday. In Asia, South Korea's Kospi added 1.66%, while Japan's Nikkei 225 rose 0.33% rose Tuesday. Hong Kong's Hang Seng Index slid 0.65%, while mainland's CSI 300 added 9.27%. Australia's S&P/ASX 200 declined 0.5%.
Gold traded near $4,400 an ounce on Tuesday after falling in the previous session
Gold traded near $4,400 an ounce on Tuesday after falling in the previous session, pressured by expectations that major central banks will raise interest rates this month as elevated oil prices heighten inflation concerns. Markets are currently pricing in around a 60% probability that the US Federal Reserve will deliver a 25-basis-point rate hike next week following strong jobs data, with upcoming inflation figures expected to offer further clues. The European Central Bank and Bank of Japan are also widely expected to raise rates this month. Meanwhile, investors continued to monitor developments in the Middle East as renewed US-Iran fighting pushed oil prices higher. At the same time, gold could receive support from investment and hedging demand, with central bank purchases and the so-called debasement trade remaining key drivers for the precious metal.
Crude oil held above $92 per barrel on Tuesday, hovering at its highest level in three months
Crude oil held above $92 per barrel on Tuesday, hovering at its highest level in three months after Iran said an agreement with Oman to manage shipping through the Strait of Hormuz was nearing completion, fuelling concerns over Tehran's growing control of the key waterway. Markets were also focused on how the US might respond after striking Iranian tankers in the strait over the weekend. Oil prices surged nearly 10% last week as renewed US-Iran fighting raised fears of further disruptions to energy supplies from the Middle East. Both sides stepped up attacks over the weekend, targeting ships and military vessels around Hormuz. Saudi Aramco's facilities in Jazan near the Red Sea were also attacked again on Monday, although the damage was limited.
Iran warns of maritime exclusion zone, strikes on U.S. Gulf energy assets
Iran threatened to respond to U.S. "economic warfare" with a maritime exclusion zone across the Persian Gulf, while Iranian-backed Houthi attacks on Saudi Arabia escalated tensions around regional energy supplies. Mohsen Rezaei, secretary of Iran's Supreme National Security Council, said on X that Washington had received a "clear warning" from Iran's new missiles and that any economic warfare would be met by a maritime exclusion zone extending across the Gulf to the perimeter of the U.S. blockade. He added that Iran's operational posture toward U.S. warships and bases had been "fundamentally recalibrated." The proposed restricted zone would begin where the U.S. blockade of Iran ends and extend into the Gulf, Rezaei said earlier on state television. Iranian officials have said vessels entering the zone could be placed on an Iranian sanctions list, while Tehran plans to announce maps for a new shipping corridor through the Strait of Hormuz.
China's central bank boosts gold reserves by most since 2023
The People's Bank of China increased its gold reserves by 650,000 ounces in August, marking the largest addition since 2023, according to data released by the central bank on Monday. The purchase extends the PBOC's gold buying streak to 22 consecutive months. The central bank ranks among the world's largest official-sector buyers of the precious metal. The acquisition occurred as gold prices climbed nearly 10% in August following a period of pressure earlier in the year. The price increase coincided with renewed interest in the debasement trade. The US Treasury's plan to increase buybacks of government debt sparked concerns about inflation and potential dollar weakness. These concerns prompted investors to turn to alternative stores of value, including gold.
Treasury yields face 4.8% test as fiscal risks threaten to spill into other assets
Treasury yields face a key test at 4.8%, with a sustained move above that level potentially creating "meaningful problems" for other asset classes, according to Matt Maley, chief market strategist at Miller Tabak + Co. "We remain concerned about the Treasury market…as rising fiscal deficits, massive debt issuance, and heavy corporate borrowing continue to pressure long-term yields... while Treasury Department jawboning has failed to produce the desired decline in rates (at least so far)," Maley said in a note over the weekend. A sustained move above 4.8% on the 10-year Treasury yield — which marks the high reached in January 2025 — "would be particularly concerning," he said, as it could begin to create broader problems for markets and signal that fiscal concerns are overwhelming policymakers' attempts to influence borrowing costs.
Canada is poised to impose tariffs of 15% to 50% on hundreds of products from the US
Canada is poised to impose tariffs of 15% to 50% on hundreds of products from the US on Tuesday, as Prime Minister Mark Carney bets that standing up to President Donald Trump will eventually help Ottawa's negotiating position with its biggest trading partner. Barring a last-minute reprieve, Carney's government will increase the import tax on many US steel items to 50% from 25% and apply tariffs to a range of consumer items — motorcycles, cosmetics, cheese and more. The measure will hit US exporters particularly hard in states such as Michigan and Ohio that do a lot business with Canada and host heated races in November's midterm elections.
Trump says he's made 'Hundreds of Billions of Dollars on Stocks' for the U.S., in stream of AI posts
President Donald Trump posted a stream of AI-generated images and a series of sweeping and unverified claims on Truth Social on Sunday, including saying that he has made hundreds of billions of dollars on stocks and other holdings for the U.S. The 80-year-old commander in chief spent more than 10 hours on Sunday posting dozens of apparently AI-generated images on his social media platform. The posts included a depiction of Iran's defeat, Trump on horseback with George Washington, and an apparently AI-generated image of Robert De Niro holding a shirt that read, "Trump is my president." One AI image appears to show the president sitting in front of several monitors in the White House tracking the stock market with a caption that reads: "I do this for our Country, not myself."
SpaceX rival launches rocket in historic first, says industry is 'desperate' for more
German rocket maker Isar Aerospace successfully reached orbit for the first time over the weekend, marking a milestone for Europe's commercial space industry as the company looks to ramp up launches to meet what it says is booming demand. The Munich-based company's Spectrum rocket reached orbit on Saturday and successfully deployed its payloads in low Earth orbit, an achievement that came on only its second test flight. Chief Commercial Officer Stella Guillen told CNBC on Monday that the company was now focused on scaling production, saying the space industry was "desperate" for additional launch capacity and that Isar had a pipeline worth more than 10 billion euros ($11.6 billion).
Novo Nordisk says semaglutide cut obesity rates in young children in trial
Novo Nordisk said on Monday that in a late-stage trial, 40.4% of children aged 6 to under 12 treated with semaglutide, the active ingredient in its blockbuster weight-loss drug Wegovy, were no longer classified as having obesity after 68 weeks, assuming full adherence to the treatment. All patients enrolled in the trial, called STEP Young, received lifestyle modification throughout the trial, including a reduced-calorie diet and increased physical activity, Novo said in a statement. "We are encouraged by the positive STEP Young results and semaglutide's potential to help children living with obesity who need medical treatment, alongside lifestyle changes, to better manage their obesity," Novo's Chief Scientific Officer Martin Holst Lange said.
Nvidia's Huang says "AGI has arrived" after OpenAI's GPT-6 Astra launch
Nvidia CEO Jensen Huang said artificial general intelligence (AGI) has arrived, pointing to OpenAI's latest model GPT-6 Astra as a milestone in the rapid development of AI systems. "AGI has arrived," Huang said in a post on X on Sunday, congratulating OpenAI on the launch of Astra. OpenAI has described the model as its most intelligent and aligned system, with leading performance across computer use, software engineering, cybersecurity, science and professional work. Huang said Astra was trained using more than 100,000 Nvidia Grace Blackwell NVLink72 systems, underscoring the vast computing resources required to develop frontier AI models. "From ChatGPT to o1 to Astra in 4 years," Huang wrote, adding that another 400,000 Nvidia GPUs were coming online. OpenAI President Greg Brockman has also said the model could mark the beginning of the AGI era, although the concept has no universally accepted definition.
