Notes

Thirty-year yields hit their highest since 2004 as the curve steepened from the far end — and the diesel test we set two days ago fired.

Treasury yields hit two-decade highs on the day diesel fell hardest — and the government's own auctions had been pricing more hikes for a fortnight.

Brent broke $100 and our loading data concedes the relief is real — but diesel rose the same day, and Washington is weighing an export ban.

Brent -7.73% in four sessions, the Nasdaq +2.26% and bitcoin at a January high — on a supply premise the loading data declines to support.

Cash has not paid this well all cycle, and the engine's on-chain series shows it being redeemed to buy risk — in the three sessions before the weekend broke

A quarter-point went in and the ten-year came out at exactly five per cent — the long end is clearing without the buyer that used to set it

With the ten-year at five per cent, the market paid the companies selling AI capacity and charged those that must finance it — and the analysts have not noticed

Two sessions after the Fed's first hike since 2023, conditions are easier than before it — on an oil relief the vessel count has not confirmed

The long bond credited the Fed's first hike since 2023 — so the dollar carried the tightening to Europe and Asia

The barrel is priced for a shortage the vessel count has not shown — and the Federal Reserve is about to tighten against it

The ten-year touched five per cent, but the curve says the pressure is policy, not borrowing — and the assets paying for it are the ones that need growth

The AI builders asked to slow down and the futures sold the news — but the hardware is still moving, and what the pledge really tests is the price of the capital behind the build

The August price report landed on forecast, household expectations did not — and Wednesday's rate rise will meet a consumer the analysts have not yet revised

Oil above a hundred, a Fed hike four sessions away, and gold, silver and copper all lower on the week — the market is not doubting the answer, it is pricing it

Oil above a hundred, the havens sold, and the five-year leading the curve — the market priced the answer, not the shock

Brent +5.83% with gold +1.04% and the euro +0.43% into the first European hike of the cycle — the decision is priced, its cost is not

Brent +5.01% in five sessions with the VIX -3.79% and gold +0.09% — the market is pricing the barrel as a tax, not as a war

The dollar lost 1.48% to the yen on a US holiday while the dollar index finished +0.01% — the marginal rate decision has left Washington

Three haven markets were open across a weekend of strikes in the Gulf. Gold moved five hundredths of a per cent.

A week of prices classified the oil shock as a Fed story. After the close, the US struck three Iranian tankers.

A 162,000 payroll print reversed the policy debate and produced the quietest of the last five payroll sessions

Hiring has stopped and firing has not started — which makes today's payrolls print far less decisive than Thursday's session assumed

Crude ran +8.95%, gold fell 5.35%, and equity volatility closed in its 13th percentile — 2026-09-02 settled close

A war escalated, crude ran +8.13% in two sessions, and gold fell anyway — 2026-09-01 settled close

Hormuz cleared 346 departures against a 320 baseline on the session it was struck — 2026-08-31 settled close

The Iran ceasefire ladder repriced 52–70 points on Sunday; the Hormuz transit odds moved 6 — 2026-08-28 settled close, weekend tape to 2026-08-30

Two names carried the index, 8 of 21 in the complex fell, and the rating layer recorded nothing — 2026-08-27 settled close

Crude gave back its war premium for a third session and every maturity sold anyway — 2026-08-26 settled close

The mines came out of Hormuz and the flow did not come back — and while crude sold the geopolitics, gold and bitcoin priced the Treasury buying its own long bond.

Sanctions day: crude fell, gold was named a target and rose, and the near-dated Hormuz toll bands were bid.

The negotiated exit from Hormuz was priced out. The tolled exit was bid.

Settled session 2026-08-20 · the curve rose against an enlarged buyback · silver led the metals

Settled session 2026-08-19 · duration, havens and risk all bid · the dollar paid

Gold and silver were liquidated while the seaborne barrel rose — and the live transit odds tightened rather than loosened

Peace made a new high and passage a new low over a weekend with no cash session — and the storage band reversed

The ceasefire is strengthening and the waterway is not reopening — and only one of those is priced

The strait left the calendar year while the S&P made a record

A ceasefire at ninety-nine and a reopening at four, on deadlines two days apart — and a market that sold volatility to a six-week low into them

Peace odds hit a record while the machinery of a deal was priced out — and both governments started arguing over the bill

Peace priced, passage tolled — the reopening curve crosses its own mirror

Peace priced, passage re-dated — the reopening curve breaks at every horizon

De-escalation in price, blockade in practice — the energy complex splits in two

A soft payroll eased the path for rates — onto a sector that has just changed how it funds itself

Friday 2026-08-07 - the Fed talked about hiking and gold had its best week since January

Thursday 2026-08-06 - a Hormuz deal moved into final drafting and the metals had their best day of the week anyway

Tuesday 2026-08-04 - the oil market priced the war ending on a statement Tehran denies, and almost nothing else took the trade

Saturday 2026-08-01 - the week one market repriced a level in every session while the other sold the press conference and then bought the earnings

Friday 2026-07-31 - equities melted up and sorted AI winners violently while the curve steepened and the dollar cracked: the credibility discount widened through the rally

Thursday 2026-07-30 - a divided Fed held and the bond market pushed borrowing costs to a 19-year high while the dollar cracked and gold hit a record: a credibility discount, not a hawkish repricing; and the AI-capex reckoning split Microsoft from Meta

Thursday 2026-07-23 - a Red Sea tanker attack opened a second front and took Brent to $96, and Alphabet beat but fell >4% on a $195-205bn capex plan (the AI-bill reckoning); gold held its record, and the chip bounce is the fade

Wednesday 2026-07-22 - the diplomatic flicker died and the Iran war entrenched (a 10th night, a widening front to Saudi Arabia, a nuclear-site threat), sending Brent to $94 (Goldman eyes $120) and gold to a record above $4,100; a chip-led equity bounce runs against it

Tuesday 2026-07-21 - after two brutal down days the market bounces on a flicker of possible Iran-US talks that eased oil off $90, but the war-and-AI twin shock is unresolved and the haven bid is entrenched (gold ~+1.1%, silver ~+2.5%)

Monday 2026-07-20 - the Iran war turned kinetic over the weekend (US casualties in Jordan, US strikes on the Revolutionary Guard, a reimposed Hormuz blockade), sending Brent to $90 (its biggest jump in six years); the market opens risk-off with the metals finally bidding

Saturday 2026-07-18 - the week's midweek relief (a benign CPI, a walked-back Hormuz toll) broke Friday on its two ignored risks: a cheap Chinese AI model sent chips into a bear market, and the discounted oil shock returned with Brent at $88

Thursday 2026-07-16 - Trump walks back the 20% Hormuz toll and, with a benign CPI and upbeat bank earnings, stocks bid and the war premium unwinds - but a fourth night of strikes keeps the Strait shut and oil near $80: the headline tax is gone, the supply shock isn't

Wednesday 2026-07-15 - a benign June CPI takes a July hike off the table and gives stocks a modest relief bid, but gold refuses to rally and Trump's 20% Hormuz toll keeps oil near $80 - a forward oil shock the print can't see

Monday 2026-07-13 - the Iran conflict re-escalates into a fight for Hormuz control; oil spikes and futures slip into the CPI-and-earnings verdict week

Saturday 2026-07-11 - the week's wrap: whiplash ends at S&P highs on fading breadth and rising yields; next week is CPI + earnings

Friday 2026-07-10 - the oil premium drains on de-escalation and the relief rally broadens into small-caps, but a split Fed keeps the anchor

Thursday 2026-07-09 - the oil shock hardens into a trend, hawkish Fed minutes pin the ceiling, and the tech trade unwinds

Wednesday 2026-07-08 - the ceasefire ends, oil spikes, and an oil-led risk-off slams the rate ceiling back through 5%

Tuesday 2026-07-07 - a soft jobs print eases the rate ceiling; watch the undercurrent beneath an AI-led tape

Monday 2026-07-06 - the reopen after the July 4th weekend

Long-weekend edition · 2026-07-04 - US markets closed for Independence Day (equities & yields = Thu 2 Jul close)

Friday 2026-07-03 - markets as of the 3 July session

Wednesday 2026-07-02 - markets as of the 2 July session

Wednesday 2026-07-01 - markets as of the 1 July session

Monday 2026-06-29 - markets as of the 29 June session

Saturday 2026-06-27 - Friday 26 Jun wrap (session pending in our market feed)

Friday 2026-06-26 - markets as of the 25 June session

Thursday 2026-06-25 - markets as of the 24 June session; PCE due today

Wednesday 2026-06-24 - markets as of the 23 June session

Monday 2026-06-22 - week ahead; markets as of the 18 June session

Sunday 2026-06-21 — markets as of the 18 June session

Emerging markets outperform sharply as US short rates rise and European equities retreat.

Cyclicals and emerging markets outperform while US–Iran asset-freeze dispute keeps energy risk premia elevated.

Equities and gold sell off sharply as Fed signals a 2026 hike while 20,000 sailors remain stranded in the Gulf.

Preliminary diplomatic agreement strips Middle East risk premium, reshaping commodity and credit markets today.

Equities surge as healthcare newsflow lifts sentiment, even as gold and bonds signal residual caution.