Markets : Xi skips UN General assembly to meet Trump instead, crude falls for the 6th session, more talks of Hormuz opening (UN meeting promises - let' see), potash deal (Trump talked about - questionable), Greenland deal (nothing really new but it sounds good for Trump), Saudi Arabia reopens East-West pipeline, Rutte talks of NO NATO membership for Ukraine (thus allowing for war to end..this IS potentially now going to happen), Trump : Nothing artificial about 'Super Intelligence' >> Techs lead gains again, energy/crude related stocks underperform, UST curve flattens with 2s near 4.76% while 10's yields smalls down to 4.94%, hence USD stays bid and with SPX500 at-near all time highs (QQQ same, europe, china lagging) We need to mine as much copper in the next ~20 years, just to maintain 3% global GDP growth, as we've mined in all of human history... No small feat...!! #copper (chart) >>> when prices get out of hand, market can switch to #SILVER #XAGUSD !!... which is a better conductor of electricity Small Cap Stocks are underperforming the Nasdaq by the largest margin in history Goldman Sachs’ just released their 12-month forecast: S&P 500: +13.7% Asia-Pacific stocks: +27.2% Gold: +18.1% U.S. 10-year yield: 5.0% → 4.5% Brent crude: $104 → $78 >> another way of describing their forecast: ''THE SHOW GOES ON'' The cost of hiring an oil tanker on the benchmark trade route has soared above $1.2 million per day for the first time in history The value of the IPOs of SpaceX, Anthropic and OpenAI is expected to surpass $5 trillion. “Now compare that with the entire history of IPOs from 1980 to 2025. The 3,365 tech companies that went public in that period were worth a combined $4.1tn when they started trading." / Thread Howard Marks echoes Stan Druckenmiller’s criticism of recent Treasury buybacks, saying yields will likely stay high in the face of sticky inflation and big deficits. “It’s a problem with US fiscal management” and potential problem with the US dollar World shows hints of bucking Trump at the UN - POLITICO Trump heaps praise on Middle East leaders at UN meeting on Iran war | Middle East Eye Shall We Repeal the Laws of Economics – Part III Donald Trump praises ‘natural businessperson’ Andy Burnham after first meeting | Andy Burnham | The Guardian Trevor Noren on X: "Stunning stat: "Anthropic’s investors are expecting the company to reach a valuation of $2tn when it goes public in the coming weeks. Add in SpaceX, which began trading at $2tn after its IPO in June, and OpenAI, which is considering raising money privately at $1.2tn ahead of a https://t.co/3t2zJ2qpYM" / X Anthropic makes things more uncomfortable for OpenAI ahead of IPO - TheStreet Why your index hedge stopped working - by Simon Ree '''The main takeaway is one I keep coming back to. While this market appears calm on the surface, it’s only because violent moves underneath are cancelling each other out''' unusual_whales on X: "There is expected to be a big shortfall in copper form 2027, per FT: https://t.co/BbT9dfCdtw" / X Yeps.. Liz Webster on X: "🚨 Burnham tried to appease Brexit and Brexit punished him for it. The Times reveals an extraordinary sequence of events. The EU had reportedly been prepared to exempt Britain from its “Made in Europe” rules, protecting our deeply integrated car industry and supply chains. But https://t.co/fYmn2TzsRc" / X GOP Senator Seeks Probe Into Russian Oligarch Paying For Trump Jr. Wedding Barchart on X: "The cost of hiring an oil tanker on the benchmark trade route has soared above $1.2 million per day for the first time in history 🚨 🚨 https://t.co/mCS4vXAeQR" / X Jesse Rodriguez on X: "Gallup: Record-high 89% of Americans think their government is corrupt https://t.co/r71FUP4T9v" / X

Markets : crude softer as market expect UN General Assembly meetings opens a diplomatic off-ramp, risk rally hard, META, NASDAQ to record close (AMD to $1trn valuation etc), BTC breaks UP through 50 and 200 DMA's, FED's Warsh starting to look like Volcker (Apollo), US 10-year real yields have hit a 20+ year high, yet gold ETF holdings continue to rise (Saxo-chart), Germany’s economic crisis has become a political crisis >>> 10's UST just under 5% (steady higher, no drama or panic, risk carries on higher AS markets expects something from UN gathering in NYC..), USD stays firm(er), as expected !!.. BTC is feeling the love going into medterms (Trump's likely announcement to shift reserves into BTC..), "Chinese gold imports through August topped 1,000 tons, surpassing the total posted for the whole of 2025." (chart), another $211BN being raised this week in Treasury auctions - relentless, follow auctions results here live Live US Debt Monitor Several Asian refiners have been told informally by Saudi Aramco they will soon be able to pick up oil from the Red Sea port of Yanbu >>> just 1 week after they told Europe shipments were delayed... #GBP UK government borrowing surges in blow to Healey ahead of Budget The world doesn't have enough oil supertankers right now, triggering the biggest ever rally in crude shipping costs Why the world’s hottest stock market is a national liability. South Korea’s wild stock price swings are hurting the country’s image British Columbia sues OpenAI in US court over Canada school shooting G7 strongly condemns Houthi strikes on Saudi, calls on Iran to end support All Iran airlines to be 'shut down' from Wednesday, Bessent tells CNBC G7 strongly condemns Houthi strikes on Saudi, calls on Iran to end support | International Fertilizer stocks tumble after Trump signals Belarus potash deal By Investing.com Nothing new, could have done this anyway... U.S. to reopen Cold War-era military base in Greenland security deal Not just in UK Hundreds of US flights canceled due to outage Warsh Starting to Look Like Volcker | The Daily Spark UK government borrowing surges in blow to Healey ahead of Budget British Columbia sues OpenAI in US court over Canada school shooting China expels 2 top generals 'disloyal' to CCP: Why is Xi Jinping purging PLA's top ranks? Alibaba shares jump as new AI chip, data center buildout plans unveiled Inside Turkey's stock market scandal as authorities rush to contain fallout | World News - Business Standard Ole S Hansen on X: "US 10-year real yields have hit a 20+ year high, yet gold ETF holdings continue to rise. A striking break from gold’s traditional inverse relationship with real yields, suggesting investors increasingly view rising yields as a signal of fiscal and debt risk rather than simply an https://t.co/MU81Hh2B98" / X German chancellor Merz vows to stay on despite ‘disaster’ in regional elections Swiss neutrality initiative could face heavy defeat Oil Market: The $1 Million-a-Day Oil Tanker Will Drive Inflation - Bloomberg Why the world’s hottest stock market is a national liability Nic on X: "China is buying gold at RECORD levels. Gold imports have topped 1,000 tonnes this year, already exceeding all of 2025. At the same time: - Chinese gold ETFs have added ~44t YTD - The PBoC bought 20.2t in August - PBoC gold holdings have risen for 22 straight months Chinese https://t.co/D9pMccrZNB" / X Nic on X: "The silver market is heading for its SIXTH consecutive year of supply deficit. To put it into context: The cumulative deficit since 2021 is equal to c. 92% of yearly production. This while industrial demand keeps climbing. Eventually, prices are going to have to reflect this. https://t.co/lozcut9doj" / X

NatGas : Europe needs to buy incremental LNG and pipeline gas at the same time as it competes with Asian buyers. Storage is roughly 67% full, versus a seasonal norm near 83%, so purchasers have less time and less flexibility to wait for cheaper cargoes >>> chart here EU Natural Gas - Price - Chart - Historical Data - News >>> Higher prices are in fact the market mechanism needed to attract LNG cargoes to Europe rather than Asia. Equinor has said Germany should be able to secure adequate gas, but at high prices; TTF front-month prices have already reached their highest level since January 2023... higher prices, risk premium in European gas—particularly TTF winter contracts—until storage targets look secure or global LNG availability improves, Europeans are paying about 12x what Americans pay for NatGas... read that again... Iran and Gulf states to meet in push for Hormuz deal | Regional states hope temporary shipping agreement between Iran and Oman can offer a pathway to ease hostilities and reopen the strait, after...Iran-aligned Houthis seized control of Yemen's port city of Mocha and advanced down the Red Sea coast to strategic islands, military sources said, hours after President ​Trump said he expected the Iran war to end after the U.S. midterm elections. (Reuters) => Brent Oil Trades Near $107 as Houthi-Saudi Fighting Escalates, Saudi Arabia finds itself in an exceptionally serious (weak) position Markets : 10's to 4.95% this week in anticipation of U.S CPI today, FED Sep hike now 70% priced in (and 2 more thereafter - seems enough ?), USD not really higher on higher rates #debasement risk , Microsoft Corp. plans to more than triple its data center capacity, equity markets slightly softer on mainly higher oil, to be honest fixed income following Crude which has rallied hard these last 2 weeks, the Houthis taking complete control of Mokha IS a BIG issue for the U.S and the world, global bond sell-off continues overall this week, not just a U.S thing.., ECB hiked as expected, more to come, next up BoJ to hike and stay hawkish (important for JPY), SPX500 tested 50dma yesterday, back above this morning ahead of CPI, strong UK GDP #GBPCHF grinds higher still... AI may become the third superpower. The threat to mankind is real, and Trump and Xi need to develop a shared strategy to confront it, writes Paul Tudor Jones, FWIW, I'm with PTJ on this one ! Bessent says ‘a large bank’ will be sanctioned on Monday as part of Iran strategy The yen’s sharp rally could reverse toward the upper 150s per dollar if expectations for faster Bank of Japan rate hikes and a shift by pension funds toward domestic assets fail to materialize, according to Barclays Saudi crown prince urged Trump to strike Houthis amid Red Sea threat Trump said 'NO'.. Mocha - Google Maps Strategic in the Red Sea.. Houthis Near Complete Control Of Yemen Key Port City Bringing Red Sea Shipping Under Threat | Times Now Saudi Arabia finds itself in an exceptionally serious position. Following the latest strike on the Abqaiq–Yanbu pipeline—which had reportedly become the last remaining route for oil exports after the blockade of the Strait of Hormuz—Saudi oil exports have effectively come to a halt. The situation is further aggravated by reports that Riyadh has applied for a substantial World Bank loan amid mounting economic pressures. The Houthis’ control of the Bab al-Mandab Strait would represent another major setback for Saudi Arabia, particularly as around half of its vessels were already reportedly facing attacks or blockages. It is difficult to see how the Saudis will extricate themselves from the crisis into which they have placed themselves. UK economy beats forecasts with 0.4% growth in July Amongst all the doom and gloom that is in the UK.....GBPCHF quietly pops its head above 1.10... Bessent says 'a large bank' will be sanctioned next week AI May Become the Third Superpower - WSJ Nvidia stock edges higher on Microsoft data center expansion report Oracle earnings show slower cash burn as AI spending starts to pay off; stock jumps 4% after market The World’s Most Critical Line - Tavi Costa The US dollar is approaching one of its most consequential technical tests in years. U.S. Debt Matters, but the Euro Area May Create the Next Crisis | dlacalle.com The solution is not more government, monetization, intervention, or more taxes on productive capital. The answer is credible spending cuts, lower structural deficits, stronger incentives for private investment, and reforms that eliminate regulatory burdens and lift productivity as well as economic growth. If nothing changes, U.S. debt will continue to tighten global financial conditions, but the euro area may still be the place where the next sovereign crisis erupts. Michael Pettis on X: "1/2 Caixin: "China defended its large current-account surplus, saying the funds generated by its export strength are recycled into overseas investments that support industries and financial markets abroad." https://t.co/kwMVJozteJ" / X

Bessent bond plan details revealed ( (tested right after announcement last night, 10's UST up 5bps to 4.84%..) as Treasury secretary tells FX traders he’s ‘the house now’..., one might dislike is rather bold or cocky approach, but has been consistent so far (it's not about morals and attitude, its about what he wants markets to do..and so far it's spot on... with regards to JPY strength, and more ahead ! #USDdebasement #duration risk (as Trump added another $1.3trn of promises overnight..)..., given inflation and relative strength in US K economy 4.85% in UST yields is not crazy at all LONGTERM, not at all, but you need charts going back 30-50years, not just 15years.. Trump promises to send a $ 5'000 check to all Americans, that's another $ 1.3 trn to come up with #debasement #GOLD , XPT had a very nice break up, XAGUSD awakening too, honest guv : ''just an honest public bride to voters'... This is a WILD divergence 'the gap between US & Chinese 10Y yields just hit a record 3.17%''.. - US yields are rising on debt supply & hike expectations - China's yields are falling on weak credit demand & deflation.. Markets : Brent over $100, UST 10's 4.84%, ECB to hike 25bps today (priced in), and we get U.S PPI later, followed CPI tomorrow, both pretty key given UST's, the response to U.S treasury buy backs this week (total of 14bn!!..) is quite telling...beware.., only 37% of S&P 500 stocks are trading above their 50-day moving average, the worst market breadth in more than 5 months, Anthropic reports fourth cybersecurity incident with early version of Claude, >>> USDJPY while <155, heading for 142, confirmation through 152.50 area >>> UST yields are up and USD is NOT rising ... this is highly unusual #debasement #gold #xpt #xag in play #GDX #mining companies Surprise..?..nope....AI data centers won’t create as many UK jobs as the tech sector projects, think tank warns Iran and US hit tankers in biggest wave of attacks on shipping since war began | Iran said on Wednesday it had attacked 10 ships near the Strait of Hormuz after the U.S. sank five Iranian oil tankers, ‌in the biggest wave of attacks on shipping by both sides since the start of the six-month-old war. (Reuters) => Brent holds above $100 as tanker attacks deepen supply fear ECB rate hike ‘all but certain,' but questions remain Trump promises to pay Americans $5,000 if Republicans win midterms More debt, more debasement.. Market calling his bluff ... Nic on X: "Treasury buybacks this week: up to $14.5B. 10Y yield's response: 4.85%, highest since 2023. The government is now buying its own debt & the market is selling into it. The treasury is quite frankly pissing into the wind. https://t.co/BBzrWC2tLM" / X US Treasury Triples Long-Dated Debt Buyback to $6 Billion Lisa Abramowicz on X: "Traders are implying almost three Fed rate hikes ahead, with 2-year Treasury yields 66bp above the current fed funds rate. That's the biggest differential since 2022, during the post-pandemic rate-hiking cycle. https://t.co/1ZepcEuw4E" / X A lot priced in already... !! probably too much, good for #GOLD #SILVER #XPT What's next after #AI ??...... Advertotial 3 #QTUM Sundar Pichai To Step Back From Google, Jumps on Quantum Computing Financial Tech Anthropic discloses fourth AI hacking incident missed in earlier review - CNA AI data centers may create far fewer jobs than projected, think tank warns Excellent #XAGUSD #Silver analysis 🇦🇺Craig Tindale on X: "The Silver Turnstile: Tracking the 330 Million Invisible OZ That Prevent Delivery Failure" / X Gold rangebound as weaker dollar offsets rate-hike and inflation risks | Saxo Apple foldable iPhone: New boss starts with gamble on latest device Maria Bartiromo discovers that her boss is not Donald Trump CS-Pensionskasse zeigt: Job-Abbau gigantisch – Inside Paradeplatz UBS CEO flags investor complacency as geopolitical and economic risks mount Liz Webster on X: "Johnson had no credible plan for making Brexit work. Sunak tried to manage the consequences. Starmer inherited the damage and then inexplicably imposed his own red lines ruling out the Single Market and Customs Union. Now Burnham wants a European deal capable of adding https://t.co/vYCflbCcFV" / X

Anthropic : ..right before going for IPO... AI researcher Jacob Coxon quits after 3 years at OpenAI and Anthropic, warning that many AI executives privately fear superintelligence "could kill us all" by the end of the decade... >>> so the people building AI, believe it's going to kill us all by the end of the decade, BIG if true clearly.. doesn't sound all so 'super self-improved intelligence' to me..and you ?? Iran attacks US base in Jordan, ships near Hormuz after tankers sunk | Iran's Revolutionary Guard said it ​fired ballistic missiles at a base in Jordan used by the U.S. military and attacked 10 ships, after the U.S. said it had destroyed ‌five Iranian oil tankers, in a sharp escalation of the six-month-old war. (Reuters), Marco Rubio warned Iran will lose more tankers each time it tries to strike US vessels , The Trump administration on Tuesday imposed sanctions on additional elements of Iran’s aviation industry, Iran turns to crypto to get around sanctions, => oil nears $100 Markets : Trump's wars, trade wars and currency action, it's a HUGE statement to talk JPY up like this (ie USD down..without saying it..!!), U.S. Treasury could begin buying back up to $10 Billion (JPM chatters) of long-term debt per individual operation - most likely 5-6bn, let's see how goes, big issuance week, you can fin result of todays (ALL..) auction on PVM's US Debt watch monitor usbudget.purevaluemetrics.com JPY >>> “I am the house now, so when we intervene with the Japanese yen, I have pretty good insight into what the Japanese, what the Bank of Japan is going to do, what Japanese policymakers are going to do,” Bessent said at a Southern Methodist University event in Texas on Tuesday. “And you can bet against me if you want.”....pretty clear message, sounds cocky, it is, but it's clear he has Japan and other's support to talk another G7 currency up, it IS a big statement that must be pre-agreed somewhat within G7.... (it avoids talking USD down..!..) U.S. Debt now exceeds 100% of GDP for the first time since World War 2 OPEC+ has lost control of the oil market This is pretty big news, one would think!!.. Jacob Coxon on X: "I resigned from Anthropic today. I spent the last three years doing pretraining research at both OpenAI and Anthropic. Neither company is acting responsibly. They are racing straight to self-improving superintelligence and gambling with our lives. More thoughts below." / X DeepSeek IPO: China's DeepSeek taps CITIC Securities for domestic IPO - The Economic Times China consumer, wholesale inflation rebound in August U.S. Treasury Expected to Increase Debt Buyback Size to $10 Billion Per Operation | Gate News Crandall sees something in the $5 to $6 billion range as a plausible starting point, while acknowledging even larger increases wouldn’t be out of character given the rapid shifts in the Treasury’s strategy during the past few weeks. Amplifying the immediate consequences of Wednesday’s news: it’s due to come just hours before the department’s next sale of 10-year notes, and a day before a 30-year bond auction. US strikes 5 Iranian oil tankers; Tehran targets Jordan base, US warships | US-Israel war on Iran News | Al Jazeera Pete Hegseth will be the next to fall - by Paul Waldman US hits remaining parts of Iran's aviation sector with sanctions in latest move to isolate Tehran - AOL OPEC+ has lost control of the oil market - TheStreet GBP G10’s ‘surprise’ currency star could stumble as peers hike rates Miliband says Israeli response to UK sanctions on West Bank settlements 'deeply regrettable' - BBC News Nike just got kicked out of an elite club - TheStreet Must be time to buy it !!! #NIKE Barchart on X: "U.S. Debt now exceeds 100% of GDP for the first time since World War 2 🤯👀 https://t.co/E3OW7Njxq5" / X Wilfred Frost on X: "Jeff Currie thinks global recession risks are “absolutely” under-priced by market, but governments know it’s coming. “We have a problem in diesel.” @CommodMkt Full ep below or here: YT: https://t.co/joiGGU2jFo Apple: https://t.co/3pKIbODwOv Spotify: https://t.co/sZLVQSRXfO https://t.co/hdr3mGYkL3" / X Liz Webster on X: "🚨 Britain has missed out on nearly £2 TRILLION of investment 👉 mostly thanks to Brexit Oxford Economics estimates that if Britain had invested at the OECD average of 22.5% of GDP, an additional £1.9 trillion would have flowed into our economy since 2000. Of 38 advanced OECD https://t.co/Q3V8Ubclr1" / X

Iran threatens US with new 'economic warfare' and missiles as Houthis attack Saudi Arabia | Iran threatened ​the United States with "economic warfare" on Tuesday and said it had fired an advanced missile at U.S. warships, underscoring the risks of further escalation ‌in the war only days after both sides traded blows again, UAE builds pipelines and east-coast routes so Iran cannot hold their oil "hostage" through Strait of Hormuz Markets : U.S CPI up next on Friday, real focus for bonds and markets, #USDJPY continues while <155 target low 140's, equity markets hanging in there on low vols, so far totally unnerved by #duration and 10's UST yields at 4.8% Copper price surges to all-time high as tariff turmoil rocks market Noble Supply & Logistics, which provides mission-critical, non-lethal military equipment and services to the U.S. military and its allies, files for bankruptcy North Korea and Russia open their first road bridge, a symbol of expanding ties US diesel is now closing in on a $6/gallon national average, for the first time in history Huawei drives China’s push to make its own advanced chips Global markets shrug off shocks. HSBC sees what could break the streak It's been a rough month of natural disasters. Here's a review U.S. defense contractor files Chapter 11 bankruptcy - TheStreet JPY intervention, GPIF & UST selling >>> good momentum now as we settle below 155 USDJPY, target low to mid 140's now... Japan's foreign reserves drop by a record $80 billion in August following yen intervention GPIF Still Examining If Allocation Review Needed, Ueno Says - Bloomberg GPIF still considering need for asset allocation review, minister says - The Japan Times It's coming.. >>> this is bigger news than interventions, this is the trigger to confirm interventions are working/will work China's August Exports Surge 25%; Eight-Month Trade Surplus Tops $800 Billion — BigGo Finance China’s trade data were stronger than expected. Export growth accelerated in August, supported by robust overseas demand for high-tech and AI-related products. The figures provide important support for an economy still weighed down by weak domestic demand Bombardier Hits Back At Trump's Threat To Block Sales: 'Wings For The World's Fastest Business Jet Are Made By American Workers' Huawei may have found a new way around China’s chip limits North Korea and Russia open their first road bridge, a symbol of expanding ties | Reuters Copper price surges to all-time high as tariff turmoil rocks market - MINING.COM Canada's retaliatory tariffs on American goods now in effect - Barrie News Norway’s oil fund sounds a warning on government bonds – The Armchair Trader Singapore PM proposes big salary increase for ministers | Reuters Ulrich Siegmund: Wird der AfD-Politiker Ministerpräsident von Sachsen-Anhalt? Mario Nawfal on X: "🇮🇷 Iran's floating oil stockpile runs out next month, and the blockade means nothing is replacing it No Iranian crude has crossed the blockade line since it went back up in mid-July, per Kpler. What keeps Tehran paid is a trove already on the water when the June memorandum https://t.co/DkKANSF5rF" / X

AfD Wins in Saxony-Anhalt – A Debacle for the CDU US diesel prices have risen 23% in the last two months, to a new record high of $5.85 >>> the changes underneath the surface could be felt for years-decade (UAE quit OPEC, Hormuz shipping pattern changed, Russia, US, Africa become big suppliers, China key swing buyer, freight rates surging etc..structural changes happening) Markets : Nikkei a little higher, crude prices on highs again on fresh Iran-U.S strikes, Brent $97, markets have now 60% priced in for a FED hike at the Sep meeting, USD struggles even as hike odds strengthened, USDJPY remains offered, must go sub 155 area for the JPY bulls and interventions to be more meaningful in terms of changing/turning medium.-term momentum that has been in place for years, Japan likely sold Treasurys to fund yen intervention!!..huh hoh (>>> that's why Bessent talked-started the buy backs..).., U.S Diesel jumps to highest price in history, Hormuz disruption deepens: Iran will announce a restricted zone outside the Strait of Hormuz in coming days, with tanker traffic through the waterway falling to its lowest since May, raising the prospect of a prolonged Middle East supply shock >>> Iran says it will declare a restricted zone near the Strait of Hormuz and announce a new shipping route agreed with Oman "in the coming days." President Xi Jinping proposed a four-point framework during talks with Egyptian President Abdel-Fattah El-Sisi, centered on regional ownership, comprehensive security governance, development-led stability and greater international coordination China's 🇨🇳 Xi Jinping is preparing to bring a large delegation of Chinese CEOs to Washington for his Sept. 24 summit DeepSeek plans to deploy over 100,000 Huawei chips to reduce reliance on Nvidia Investor Relations | Saxo The Saxo Group realises the importance of transparency as it works to maintain its prominent market position. Relevant information and reports are available below to help investors stay informed about the organisation. We encourage you to review these documents to gain an insight into Saxo's performance, philosophies and future goals. AfD Wins in Saxony-Anhalt – Debacle for the CDU Trump Reacts to Jobs Data: 'Lower The Rate or I’ll Stop Trading With Countries' Japan likely sold Treasurys to fund yen intervention - The Japan Times Copper just hit its biggest COT extreme on record: reversal or capitulation? – The Armchair Trader SoftBank prices seven-year ¥1T retail bond at 4.75% Bitcoin heads for third winning week in a row as macro pressures mount Lisa Abramowicz on X: "US diesel prices have risen 23% in the last two months, to a new record high of $5.85. https://t.co/QBjIyJe9sb" / X Novartis halts clinical trials following patient deaths - SWI swissinfo.ch Barchart on X: "Diesel jumps to highest price in history 📈 📈 https://t.co/VyKiqL7itK" / X Barchart on X: "Japan dumped $88 Billion of foreign securities last month, their largest such sale in history 🚨 🚨 https://t.co/Pj1kc4sqGG" / X Swiss Rhône Glacier ice cave ordered closed - SWI swissinfo.ch

Fed hike bets ease as Waller strikes dovish note ahead of Non-Farm payrolls: Fed Governor Christopher Waller said he would favour holding rates steady this month if inflation data continued to moderate, prompting traders to scale back the implied probability of a September hike to about 50% from roughly 63% a day earlier Markets : #USDJPY 155 key for the JPY bulls (it has to go below to confirm..), Brent $95, Shares rally ahead of US jobs data, Fed's Waller soothes bonds, JD Vance downplayed the scope of the conflict in Iran, telling reporters, “I wouldn’t call it a war.” Oil edged higher. (BBG), | Bessent praised the EU for formally joining “Operation Economic Outcast” >>>> JPY interventions, BTC, GOLD rally is NO coincidence or surprise, #debasement trade in full swing, risk rally probably still as bonds sell-off, but only gradually, no stress, no panic (for now anyway), all pretty orderly, only one not playing up is Brent, which is still $95.. #USDJPY >>> SO, 155 in the Bill and Ben is absolutely key, twice the lows on previous -2- interventions.. they have to crack it.. Mr HF man Bessent should know this..technically, momentum etc.. if not.. they look like fools, so they can't surely! unlike previous 'yours large' usdjpy, mind the gap lower, this time it has looked like a classic equity execution like a TWAP sell ! .. orderly sale into liquidities... (much better if u ask me).. #MUSK the reason Elon is mad freaking about this documentary is because THE journalist doesn't pull punches, won't be bullied...and so the bully is mad Manager of Norway’s $2tn oil fund proposes slashing US Treasury holdings. Overhaul of bond positions suggested to Ministry of Finance aims to boost returns Giorgia Meloni celebrates Italy’s longest-serving government since 1945 Manager of Norway’s $2tn oil fund proposes slashing US Treasury holdings US 'Economic Outcast' operation gains momentum as EU joins sanctions; South Korea weighs military backing Shares rally ahead of US jobs data, Fed's Waller soothes bonds Mohamed El-Erian: Government bond sell-off may continue VERY key for further JPY strength, on top of a hawkish hike from BoJ in September and possible interventions Japan's GPIF’s unusual August management committee meeting has fuelled speculation it may raise its 25% domestic bond allocation target, Bloomberg reports | Newsquawk Giorgia Meloni celebrates Italy’s longest-serving government since 1945 Radiant World sent lender fake Glencore deals, lawsuit says - MINING.COM A bombshell at VW: An additional 50,000 jobs are set to be cut Yeps.. Lukas Ekwueme on X: "China is putting itself in the perfect position for the debasement trade... It's dumping USTs and buying gold hand over fist. China is both the world's largest gold producer and the largest gold consumer, while gold imports surged ~50% in H1 2026 versus H1 2025. The Western https://t.co/x9LsfxL3EP" / X The Hollywood Reporter on X: "Elon Musk documentary, ‘Musk,’ contends that his four-month stint in Washington last year did more than gleefully ax 270,000 federal employees and untold billions in life-saving aid. Director Alex Gibney suggests that Musk also had access to and potentially collected intimate https://t.co/qGk6JovZ1x" / X

Japan's rising yields are impacting US market: senior Treasury official. Both sides agreed on importance of fiscal consolidation in sideline talks, Erin Browne says >>> hence USDJPY intervention are part of the deal in stabilizing bonds-duration !! Markets : small 10's bonds recovery overnight (a reminder that when CB's panic and hike, markets will stop panicking and the long-end will feel more comfortable..!!), 60% probability of FED hike in Sep (priced) ahead of NFP tomorrow, there was definitely some interventions above 160USDJPY yesterday.. we still like being short CHFJPY from a PPP point of view with a target near 175... (USDJPY works too !), Japan's 30y bond auction went 'smoothly' overnight, Iran strikes Kuwait keeping Brent $95 area, that said Trump is now privately considering to formally declare the Iran war over, with Trump saying he strongly favors the idea, per WSJ European gas prices are surging! Now at 3 year highs, clearly less than ideal (not good), Bear in mind that European gas storage is running at 35% full heading into winter US Gulf Coast diesel prices hit all-time high amid global supply disruptions - S&P Global The German Navy plans to significantly increase the range of its missiles: A frigate has successfully completed a previously classified test of the Israeli Lora missile system in the North Atlantic JPMorgan decides to get tough with Jane Street. Former hedge fund manager and BoA banker might be the next Jamie Dimon NYC Mayor Mamdani Bans AI For Nearly 600,000 Students Through Eighth Grade In Nation's Strictest Policy Hegseth extends MidEast deployments into 2027 Iran strikes Kuwait in retaliation for US bombardments, and other Mideast news Japan’s 30-Year Bond Sale Passes Smoothly With Yields Above 4% How Japan’s bond rout is turning the tide of global capital The Bond Market’s Supply and Demand Problem Dalio puts in a nice simple way to understand it all NY Fed's John Williams signals openness to September rate hike Volkswagen's road to restructuring | Reuters Swiss Inflation Rate Jumps to the Highest Level in Two Years - SWI swissinfo.ch Japan's 4 largest life insurers report record $96B in unrealized losses German Navy Successfully Tests Long-Range Missile Hegseth Extends Mideast Deployments Into 2027, Escalating Strain on Troops - WSJ Palantir CEO Alex Karp backs ousted Ukraine defense minister's new defense tech startup JPMorgan decides to get tough with Jane Street NYC Mayor Mamdani Bans AI For Nearly 600,000 Students Through Eighth Grade In Nation's Strictest Policy

Bessent is far behind is initial '333' goals, which were, as a reminder >>> - 3% GDP growth - 3% budget deficit - 3m barrels a day of US oil output and The results so far is appalling : Q2 2026 GDP 1.5% - 2026 deficit projected 6.7% (over 2x target) - 0.6m bpd being produced >>>> No wonder the bond market disagree...!!! G20 statement : see below, but China 'objected' to a few paragraphs referring to 'global imbalances', naturally they would do so, but shows the strains.. and possible risk, eventually of G20 pushing for a Yuan revaluation #USD risk Iran retaliates after US strikes, defying Trump’s warning it could be hit 'much harder' Markets : U.S 10y yields 4.81% (global yields higher, not just US, JPN in a spot of bother too), Japan's 2-Year Yield hits 1.86% for the first time in more than 31 years, Kevin Warsh can impress investors with his anti-inflation zeal or give the White House the monetary policy it demands, but not both !!, looks like some USDJPY light intervention again above JPY160+, crude higher again with Brent near $95 again (must be time for Trump to fold again..), Tech is now officially more capital-intensive than mining >>> beware if/when these equity markets awaken to the ' global bond market crash' (ok sell-off for now but they are all on the move..), reducing eq exposure to 'rates' sensitive sectors looks wise right now.. ECB must be prepared to lift interest rates further - Makhlouf Banks rush to swap higher-risk credit assets for BoE cash, not a good #credit sign BOJ chief says rate hikes on table at every meeting, including this month's 10-year JGB yield's 30-year high reflects global rise in rates, Ueda says US debt is in worse shape than you think. That's because there's been a string of negative data surprises - like weak payrolls and weak retail sales - that should have pulled down the 10-year yield, but they didn't. A sign that risk premia are building... UK's debt problem in short-term can easily be corrected by ending the triple lock! Volkswagen management proposes shutdown of four German plants by 2034, WiWo reports Scott Bessant's 3-3-3 Plan Is it a wonder bonds are selling off across the globe, and UST's are not spared...? nope G20 Chair’s Statement | U.S. Department of the Treasury Iran retaliates after US strikes, defying Trump’s warning it could be hit 'much harder' ECB must be prepared to lift rates further - Makhlouf Banks rush to swap higher-risk credit assets for BoE cash: Reuters (LYG:NYSE) | Seeking Alpha New Tech Is Old Mining - Tavi Costa Tech is now officially more capital-intensive than mining. This represents a fundamental shift in the market. UBS-Topshots verkaufen UBS-Aktien wie wild – Inside Paradeplatz Burnham blames Brexit and Thatcher for ‘wrong turns’ in first Commons speech as PM | Andy Burnham | The Guardian Australia posts second-quarter growth of 2.1%, beating expectations Volkswagen management proposes shutdown of four German plants by 2034, WiWo reports | Reuters

G20 focus : Andrew Bailey warns G20 of danger AI poses to financial system, For the financial system, the most immediate concern is the potential impact of frontier AI on cyber risk., Bessent and Warsh singing the gospel of growth, let's grow out of this debt problem, run it hot, keeping inflation firm Markets : The global bond crisis in full swing, 10's UST 4.78%, JGB's, Europe not spared higher with higher yields, the only 'real' way out is LESS SPENDING, lower social spending and/or higher taxation for corps - both are negative for Equity earnings, UST 30-Year bond enters September on its worst stretch since 2006, Bessent says he expects Japan to take action to boost yen, 10's JGB's hit 3% yields overnight >>> USD slightly firmer during JH, but debasement trade could reappear soon as Bessent-Warsh team want growth at all cost it seems, spend spend spend, which is not going to bring inflation down any time soon.., they will continue with 'growth' plan, until the bond market tells them they are wrong, when say 10's UST hits 5.25%+ THE REALITY is this, public stimulus does not stimulate, printing cash does not help wage earners ( au contraire), if governments are worries about affordability (inflation, purchasing power etc), stop asking for more government spending!!!.. (chart available on request) Iran update : A tanker was struck by three unknown projectiles while transiting eastbound through the Strait of Hormuz on Monday. Iran’s Islamic Revolutionary Guard reported on Monday the interception of a U.S. MQ-9 drone over the eastern Strait of Hormuz. While neither side appeared to be seeking a return to full-scale war, both signaled they were prepared to respond to further attacks. (CNBC) => oil prices rise, Brent above $91, meanwhile a reminder this is still going on : Narendra Modi urged Vladimir Putin to end the war in Ukraine. “We’re moving in this direction,” the Russian leader said at the SCO summit, without elaborating. (BBG), Bessent told Russian Minister no economic relief until war is over China: “We will never allow Russia to use nuclear weapons.” Russia’s ability to escalate begins and ends in Beijing. Russia has redirected 80% of its oil exports towards China and India More public control is the way to grow UK economy, Burnham to tell MPs, PM wants to ‘bring back hope’ by tackling cost of living as MPs call for electoral reform Bessent now says debt-reduction plan could be months away. It will face hurdles when it arrives. - MarketWatch Bessent, Warsh kick off G20 finance meeting with growth-focused remarks Bessent says he expects Japan to take action to boost yen - Nikkei Asia FSB Chair’s letter to G20 Finance Ministers and Central Bank Governors: August 2026 - Financial Stability Board India's Modi asks Putin to end Ukraine war amid U.S. oil tariff threat Barclays sees two more Fed rate hikes this year after Warsh speech | Reuters Barchart on X: "Global Bond Yields hit highest level since the Global Financial Crisis 🚨 https://t.co/Sia55UJwse" / X Report: Bessent Told Russian Minister No Economic Relief Until Ukraine War Ends Marcos Agustín on X: "🇪🇺🇨🇳 China: “We will never allow Russia to use nuclear weapons.” Russia’s ability to escalate begins and ends in Beijing. 🔸 Russia has redirected 80% of its oil exports towards China and India. 🔸 China absorbs 50% of Russia’s crude-oil exports 🔸 Around 80% of the https://t.co/38XAvR4jgx" / X More public control is the way to grow UK economy, Burnham to tell MPs | Andy Burnham | The Guardian Beware out there ! Nepal, Gran Canyon and many more around the world sadly.. About 15 people missing after flash flood at Grand Canyon - CNA The Telegraph on X: "Germany’s economy is showing surprising signs of strength, with confidence rebounding, factories taking more orders and growth at its fastest since 2022. But the recovery could be short-lived. The country faces the prospect of a winter gas shortage that could send energy bills https://t.co/o7LIwg7YLt" / X Versager-FDP macht UBS-Ermotti reich&happy – Inside Paradeplatz

Markets : U.S and Iran resumed military attacks, crude up 2-3pct, Warsh was slightly hawkish on Friday, slightly higher rate expectations built, USD rallied slightly, PM's gave up a bit of ground as UST yields ended back on recent highs China's trade surplus hit $1.2 TRILLION last year, the U.S pent years trying to reduce Chinese imports, it worked!...well kind of, China replaces the U.S market with LatAm, south east Asia and Europe, Bessent wants G20 countries to decide on more trade barriers against China..that's not about reducing chinese exports, its asking G20 to shut the door down to chinese exports.. (it will be tough or impossible to convince G20..) US and Iran resume military attacks for first time in weeks. U.S. forces struck targets on Iran's Larak Island. U.S. President Donald Trump said energy hub Kharg Island was also under attack, though there was no immediate confirmation Bond investors are skeptical about speculation that Federal Reserve Chairman Kevin Warsh is poised to raise interest rates after his speech on Friday. Investors have doubts due to Warsh's past comments and actions, which have not always been clear, and are bracing for the risk that he keeps rates steady again >> 10's UST 4.71% US Treasury Bars Reporters From Several Outlets From G20 Meeting | Today News The US Treasury Department excluded journalists from several media outlets, including Bloomberg News and the Wall Street Journal, from coverage of this week’s Group of 20 finance ministers summit in Asheville, North Carolina, amid global market volatility and the US-Iran conflict. But really, overall his speech was 'on point' Keynote remarks by Chairman Warsh at the 2026 Jackson Hole Economic Policy Symposium - Federal Reserve Board U.S.-Iran escalation shows Washington's frustration with sanctions 4 takeaways from France’s first presidential debate – POLITICO BTPs: spread against the Bund opens steady at 82 points; 10-year yield rises to 4.10 per cent - Il Sole 24 ORE Spain: inflation jumps to 4.3 per cent year-on-year in August, up 0.7 per cent month-on-month - Il Sole 24 ORE Swiss experts downplay risk from unstable glacier - SWI swissinfo.ch Switzerland braces for winter as gas risks mount - SWI swissinfo.ch