Daily News
Treasury Yields Climb to Multiyear Highs as Dow Posts Back-to-Back Losses; Gold Holds Near $4,200; Crude Stays Below $90 as Middle East Flows Recover
30 September 2026
Today in Brief
Asia-Pacific markets traded mixed, with Japan’s Nikkei 225 gaining 1.81% and the Topix rising 1.58%, while South Korea’s Kospi slipped 0.38%, the Kosdaq added 0.84%, Hong Kong’s Hang Seng was flat and mainland China’s CSI 300 rose 0.15%. U.S. stocks fell Tuesday as Treasury yields climbed to fresh multiyear highs — the Dow lost 131.59 points, or 0.26%, to 51,349.92, the S&P 500 edged down 0.16% to 7,670.84, and the Nasdaq slipped 0.09% to 26,797.54 — with the 30-year yield topping 5.6%, a level not seen since June 2002. Gold traded near $4,200 an ounce on Wednesday, while crude oil remained below $90 per barrel as Middle East exports recovered to 98% of pre-war levels and the U.S. planned to release up to 40 million barrels from the SPR.
In other news: China warned it will “respond firmly” if the EU imposes curbs on Chinese businesses; Australia’s CPI rose 4.0% in August, below forecasts, a day after the RBA raised rates to a 15-year high; UK Prime Minister Andy Burnham said Britain should consider rejoining the European Union as part of a longer-term review; Fed’s John Williams said there is no urgency for the next rate hike, though one more increase may be appropriate late this year; DeepSeek partnered with Huawei on programming tools for Ascend chips; Boeing won the US Navy’s $20 billion next-generation fighter contract over Northrop Grumman; Tesla lined up $30 billion in credit lines; and Carnival shares surged on an earnings beat and raised guidance.
In Asia, Japan’s Nikkei 225 gained 1.81% and the broader Topix was up 1.58%
In Asia, Japan’s Nikkei 225 gained 1.81% and the broader Topix was up 1.58%. South Korea’s benchmark Kospi slipped 0.38% and the small-cap Kosdaq added 0.84%. Hong Kong’s Hang Seng index was flat, while mainland China’s CSI 300 was 0.15% higher. The 30-year Treasury bond yield hit crossed 5.6% on Tuesday, reaching levels not seen since June 2002. The 10-year yield, meanwhile, scaled to a fresh 2007 high near 5.3%. Those moves led the Dow to decline more than 100 points, while the S&P 500 and Nasdaq slid 0.2% and 0.1%, respectively. Those moves came even as oil prices tumbled on the day.
Dow posts back-to-back losses as Treasury yields continue their ascent
Stocks fell on Tuesday following another rise in Treasury yields to fresh multiyear highs. The Dow Jones Industrial Average pulled back 131.59 points, or 0.26%, to close at 51,349.92. The S&P 500 edged down 0.16% to end at 7,670.84, while the Nasdaq Composite slipped 0.09% to 26,797.54. Though all three indexes ended the session off their lows, they also posted back-to-back losing sessions. Bank stocks slid. JPMorgan Chase, Morgan Stanley and Bank of America declined. The State Street Financial Select Sector SPDR ETF (XLF) also closed lower. The 30-year Treasury bond yield climbed to a high above 5.6% to reach a level not seen since June 2002. The benchmark 10-year Treasury note yield topped 5.29% at its session high.
Gold traded near $4,200 an ounce on Wednesday after recovering in the previous session
Gold traded near $4,200 an ounce on Wednesday after recovering in the previous session, with falling oil prices offering some support despite continued pressure from elevated Treasury yields. Oil prices dropped sharply amid signs of improving energy flows from the Middle East and following another major release of emergency reserves in the US. Meanwhile, precious metals remain under pressure from rising Treasury yields, with the 30-year US bond yield climbing as high as 5.62%, reaching levels not seen since June 2002. Concerns over persistent energy-driven inflation, along with hawkish remarks from Federal Reserve officials, helped push yields higher.
Crude oil remained below $90 per barrel on Wednesday following a sharp decline in the previous session
Crude oil remained below $90 per barrel on Wednesday following a sharp decline in the previous session, as signs of improving energy flows from the Middle East and another major release of emergency reserves in the US helped ease supply concerns. Analysts noted that the 10-day average of crude exports from the Middle East has recovered to 17.5 million barrels per day, equivalent to 98% of pre-war levels. This comes as Saudi Arabia resumed crude exports through its East-West pipeline at around half of its capacity, while a steady flow of oil via covert shipping continues through the Strait of Hormuz. In the US, the government plans to release up to 40 million barrels from the SPR as the country deals with soaring fuel prices. Industry data also indicated that US crude inventories increased by 1 million barrels last week.
Beijing warns of retaliation if Europe imposes curbs on Chinese businesses
China’s commerce ministry has sent a strong warning to the European Union ahead of expected high-level talks in Beijing next week. China will “respond firmly” if the EU introduces restrictions on Chinese businesses or products, the Chinese commerce ministry said in a statement late Tuesday, according to a CNBC translation of Mandarin. The ministry said such actions, while China and the EU are engaged in trade talks, would “seriously undermine mutual trust” and “disrupt” the negotiations. China and the EU have been engaged in trade talks this summer as Europe wants to reduce its record trade deficit with China by October.
Australia CPI inflation rises to 4% in August, below forecasts after RBA hike
Australia’s consumer inflation accelerated in August but rose slightly less than expected, data from the Australian Bureau of Statistics (ABS) showed on Wednesday, with underlying price pressures holding steady at elevated levels a day after the Reserve Bank raised rates to a 15-year high. The consumer price index rose 4.0% year-on-year in August, up from 3.5% in July but below economists’ expectations for 4.1%. On a monthly basis, CPI rose 0.4% in original terms and 0.7% on a seasonally adjusted basis. The trimmed mean, which strips out large price movements and is closely watched by the RBA, remained at 3.6% year-on-year, unchanged from July. It rose 0.2% month-on-month in August. Capital Economics said underlying inflation showed no further strengthening, although the trimmed mean’s 1.0% three-month rise remained above the RBA’s 0.8% quarterly forecast for the third and fourth quarters.
UK PM Burnham says Britain should consider rejoining European Union
British Prime Minister Andy Burnham said on Wednesday that the government could consider rejoining the European Union as part of a longer-term review of Britain’s relationship with the bloc, arguing that the current Brexit arrangements had caused “more harm than good.” Asked by BBC Radio 4’s Today programme whether he wanted Britain to rejoin the EU, Burnham said he wanted to examine “what is doable”, including keeping the current arrangement, joining a customs union, pursuing a single-market relationship or going further and rejoining the bloc. Burnham said he had previously supported rejoining the EU within his lifetime, but that this was “not necessarily” his position now. His comments mark a shift from Labour’s 2024 election manifesto, which pledged to “make Brexit work” and ruled out rejoining the EU customs union or single market.
Fed’s Williams sees no urgency for next Fed rate hike
Federal Reserve Bank of New York President John Williams said on Tuesday the U.S. central bank has time to weigh the data before deciding when to hike interest rates again, in remarks that said one more increase is likely before the year ends. “With the policy action we took at our September meeting, there is no need for urgency,” Williams said in the text of a speech prepared for delivery before an audience at the University of Buffalo, in Buffalo, New York. Watching incoming data before deciding what’s next “should provide greater clarity” on how the economy is performing, Williams said. “If the economy evolves in a manner broadly consistent with my forecast, one further upward adjustment of the federal funds target range may be appropriate late this year to support a timelier return of inflation to target,” Williams said, while adding “that is just my forecast, and time — and the totality of the data — will tell.”
DeepSeek ties up with Huawei on chip programming tools amid pivot from Nvidia
DeepSeek said on Wednesday it has partnered with Huawei Technologies to develop programming tools for the latter’s Ascend chips, amid a growing push among Chinese tech firms to seek alternatives to Nvidia. Deepseek said in a post on its WeChat account that it was developing and open-sourcing a programming backbone for Huawei’s Ascend line of chips. Huawei provided full support in developing the programming infrastructure, and the two companies had also advanced a “supernode” program based on 128 Ascend 950 chips. Wednesday’s announcement comes just weeks after Huawei announced a new line of Ascend AI chips for use in computing superclusters and data centers. The company said it expects its AI chips to be widely used for model training by 2027. Huawei sits at the center of China’s attempts to develop home-grown AI chips and reduce its reliance on Nvidia.
Boeing wins US Navy’s next-generation fighter contract, Pentagon says
Boeing has been selected to build the US Navy’s next-generation stealth fighter, the Pentagon said on Tuesday, marking the company’s second consecutive major win on fighter jets and capping months of delay over a program central to US strategy for countering China in the Pacific. Boeing beat out rival Northrop Grumman Corp for the development contract, worth $20 billion, to produce test aircraft. The program could grow to hundreds of billions over its lifetime as production ramps up and, potentially, as international customers place orders. Boeing was also selected in March last year to build the Air Force’s new stealthy F-47 fighter, giving it two marquee sixth-generation jet contracts in consecutive years.
Tesla lines up $30 billion credit lines as capex, AI push accelerates
Tesla has entered into credit agreements totalling $30 billion, including a $20 billion delayed draw-term loan facility, according to a regulatory filing on Tuesday. The company expects to direct much of its record spending this year toward AI compute infrastructure, solar cell-manufacturing capacity and a semiconductor fabrication project with SpaceX, as well as other expansion areas. Here are some details: The electric-vehicle maker also secured an $8 billion five-year revolving credit facility and a $2 billion 364-day revolving credit facility. Tesla replaced a $5 billion revolving credit facility due in January 2028, which had no outstanding borrowings at the time of its termination. Earlier this year, the Elon Musk-led company forecast 2026 capital expenditure of more than $25 billion, after spending $8.53 billion in 2025.
Carnival stock rises 12% on earnings beat and raised guidance
(NYSE: CCL) shares rose over 13% following the company’s quarterly earnings report that exceeded expectations and included raised guidance for fiscal year 2026. The cruise operator delivered results that surpassed analyst estimates despite broader pressures on consumer discretionary spending from inflation and elevated fuel costs. Close-in demand, strong onboard spending and continued cost execution drove the better-than-expected performance. The company trades at a P/E ratio of 11.4 on revenue of $27.3 billion, Carnival reported strong forward bookings extending into 2027 and 2028. The company said it remains focused on maximizing returns and will adjust deployments accordingly while investing in its fleet and product to drive future yields.