Iron ore futures in China dropped to under CNY 710 per tonne, approaching the one-year low of CNY 695 in early August as low demand and risks on financing trade. Iron ore trading giant Radiant world disclosed $870 million outstanding to six different trade financing firms, detailing the exposure of different creditors to the firm accused of fabricating invoices to secure funding, which has currently not been paid back. The crisis to the major trader halted a large source of physical iron ore liquidity. On top of halting a sector of the trading market, the developments are also due to tighten funding rules for other traders, having already been responsible for the sharp decline in ore futures in late July. Meanwhile, softening demand for construction and manufacturing in China also dented ferrous metal buying. New yuan loans were sharply under historical averages in August, and the construction PMI fell to a record low.

Iron Ore Falls Approaches 1-Year Low

US gasoline futures held above $3.50 a gallon, its highest level since May 21st, following President Trump's remarks at the UN on the conflict with Iran. The US President stated that a deal with Iran could be reached with Tehran after the US midterm elections. Earlier in the session, Iran had proposed reopening shipping through the Strait of Hormuz within seven days, although contingent on the US lifting its blockade. Meanwhile, the crack spread rose to record highs amid widening refining margins due to rising refined fuel prices. As winter approaches and heating demand rises, refiners are shifting output toward higher-priced diesel, tightening gasoline markets. Persistent Ukrainian attacks on Russian refining infrastructure have also contributed to elevated prices, with several refineries either fully or partially shut down. As a result, Russia is set to extend its diesel export ban beyond September.

Gasoline Rises to Four-Month High

Frankfurt's DAX 40 closed virtually unchanged at 25,579 on Tuesday after a volatile session, as caution prevailed across European markets. Brent crude fell before settling back around $100 a barrel after reports that Tehran had offered to reopen the Strait of Hormuz within seven days if the US lifted its blockade of its ports. The proposal could serve as a basis for talks with countries mediating on the sidelines of the United Nations General Assembly. Speaking in New York, President Trump defended the conflict, saying he could “annihilate” Iran but expected a deal after the US midterm elections. Domestically, political concerns persisted after Germany’s CDU suffered its worst-ever result in Mecklenburg-Western Pomerania, winning no seats and prompting calls for Chancellor Merz to step down. Solid gains in tech, travel-related stocks and retailers were offset by weakness in insurers, banks and telecoms.

DAX Closes on Cautious Note

The FTSE MIB Index dropped 276 points or 0.53 percent on Tuesday to close at 52096 points. Losses were led by Poste Italiane (-4.39%), Finecobank (-3.69%) and Telecom Italia (-3.63%). Offsetting the fall, top gainers were STMicroelectronics (4.47%), Prysmian (2.72%) and Davide Campari-Milano (1.95%).

The FTSE MIB Index Closes 0.53% Lower

The DAX Index went up by 4 points or 0.01 percent on Tuesday to close at 25579 points. The rise was led by Zalando (4.13%), Infineon (2.93%) and Symrise (2.72%). On the downside, the weakerst performers were Allianz (-3.35%), Rheinmetall (-2.33%) and Deutsche Bank (-1.66%).

The DAX Index Closes 0.01% Higher

The CAC 40 Index rose 16 points or 0.20 percent on Tuesday to close at 8155 points. Leading the gains are STMicroelectronics (4.82%), Bureau Veritas (2.39%) and Essilor (2.32%). Top losers were Orange (-3.76%), AXA (-2.05%) and Societe Generale (-1.75%).

The CAC 40 Index Closes 0.20% Higher

The CAC 40 gained 0.2% to close at 8,155 on Tuesday, buoyed by a pullback in energy costs that eased concerns over inflationary pressures. Oil prices extended their losses ahead of potential US-Iran talks at this week’s UN meeting. Iran reportedly offered to reopen the Strait of Hormuz within seven days if the US takes initial steps to ease military pressure. The pullback in the oil rally, which has fueled inflationary pressures and prompted major central banks to raise interest rates, lent support to equities. Luxury shares closed mostly higher amid lower risk aversion, with L’Oreal up 1.5%, Hermes rising 0.8%, and Kering adding 1.5%. Industrial stocks were mostly above the flatline, with STMicroelectronics jumping 4.4%, Air Liquide gaining 1.3%, and EssilorLuxottica rising 2.3%. Meanwhile, Orange tumbled 4.1% amid news of a stake acquisition in Biolevate. TotalEnergies lost 0.5% on lower oil prices. Financials also closed mostly lower.

CAC 40 Edges Higher on Lower Oil Prices

The FTSE 100 Index dropped 17 points or 0.16 percent on Tuesday to close at 10722 points. Losses were led by Admiral (-3.39%), BT (-3.24%) and BAE Systems (-2.55%). Offsetting the fall, top gainers were Kingfisher (12.23%), Smiths (7.80%) and JD Sports Fashion (6.79%).

The FTSE 100 Index Closes 0.16% Lower

The FTSE MIB edged down 0.5% to 52,096 on Tuesday, weighed down by heavyweight financials. The banking sector underperformed following a petition signed by major European banks, including Italy’s banking lobby ABI, opposing the EU’s proposal to address the concentration of sovereign exposures among banks. The ABI stated that the measure could negatively affect the public debt market, which is already under pressure from a global sell-off. Banco BPM, Unipol, Mediobanca, Banca Mediolanum, BPER and MPS all fell more than 1%. Poste Italiane fell 4%, leading losses on the index, following its bid for all ordinary shares of Telecom Italia (-3.3%). Utilities also underperformed as European gas prices remained elevated. Meanwhile, tech stocks STMicroelectronics (4.4%) and Prysmian (2.5%) extended gains from the previous session, although Technoprobe fell 0.6% following its positive debut on the index the previous day.

FTSE MIB Edges Lower

European stocks closed slightly higher on Tuesday, extending the sharp gains from the previous session with support from the tech sector and consumer staple companies. The Euro STOXX 50 rose 0.2% to 6,332 and the STOXX Europe 600 added 0.3% to 643.6. Companies in the AI space rose sharply, tracking similar movements in North America after positive reviews on Meta's Muse AI agent reignited long positions on electronic commerce and AI infrastructure. ASML, Infineon, and Siemens Energy gained up to 2.5% to set the pace on the hardware side, while Prosus jumped 4.6% on bullish applications sentiment. Further, Inditex added 3% on recommendation upgrades from brokers. In turn, banks and insurers pared yesterday's gains as sovereign yields in the Eurozone rebounded, tracking the afternoon increase in natural gas prices following escalatory rhetoric from US President Trump regarding Tehran. Allianz fell 3.4%, AXA dropped 2%, and ING and Deutsche Bank fell 1.5%.

European Stocks Inch Higher

The FTSE 100 fell on Tuesday after a volatile session, reversing Monday’s 0.8% gain as caution prevailed amid uncertainty over efforts to restore energy flows through the Strait of Hormuz. Brent crude hovered near $100 a barrel, while President Donald Trump said he expected the US to reach a deal with Iran after the election and noted that oil flows had increased since the conflict began, with prices likely to fall sharply once it ends. Banks weakened, with HSBC down 1.4%, Barclays 0.9% and Lloyds 1.1%, while defence stocks Rolls-Royce and BAE Systems fell 1.4% and 2.6%, respectively. On the other hand, Kingfisher surged 12% after raising profit guidance on strong momentum at Screwfix, Poland and Iberia. Smiths Group gained almost 8% on higher revenue and growth expectations at John Crane and Flex-Tek. Meanwhile, a CBI survey showed factory orders at their highest level since July 2023, while August government borrowing reached £18.3 billion, above expectations of £15.5 billion.

FTSE 100 Edges Down on Tuesday

US stock indices were mixed on Tuesday as the rebound in Treasury yields offset the extended rally for AI companies. The S&P 500 and the Dow swung lower, while the tech-heavy Nasdaq 100 rose 0.5% to a record high. Borrowing costs rebounded in afternoon traded as US President Trump delivered escalatory remarks against Iran in his UN speech, and dimmed hopes of a diplomatic effort to restore fuel exports from the Middle East. Credit-sensitive banks led the losses, with JPMorgan, Wells Fargo , and Morgan Stanley dropping 4% each. In turn, another strong session on the AI trade lifted software developers and AI infrastructure companies. The latest catalyst was the strong reception for Meta's Muse AI agent. Meta shares were 13% higher in the last two sessions, while Micron gained 3%. On top of that, Sandisk rose on an upgrade from Rosenblatt.

US Stocks Trade Mixed as Nasdaq Tests Record

The dollar index strengthened slightly to 100.5 on Tuesday, hovering near its highest level since late July, as it continued to benefit from a more hawkish stance from the Federal Reserve, reinforcing expectations for further interest rate hikes this year. On Monday, Chicago Fed President Goolsbee said the central bank cannot overlook repeated and persistent supply shocks, while St. Louis Fed President Musalem said additional rate increases may be necessary to bring inflation back toward the Fed’s target. Last week, the Fed raised interest rates for the first time in three years and signaled further tightening later this year to curb inflation. Meanwhile, oil prices continued to fall, though they remained off their session lows, as traders continued to assess diplomatic efforts to end the conflict in the Middle East. Traders also remained alert to the possibility of currency intervention to support the yen.

Dollar Holds Near July Highs

Brent crude fell to around $100 a barrel on Tuesday, extending losses into a fifth session and reaching its lowest level in two weeks as traders continued to monitor diplomatic efforts to end the conflict with Iran. US President Trump told the UN that he believed the US would reach a deal with Iran right after the midterm elections in November. He noted that oil flows have increased since the conflict began, while suggesting prices could fall sharply once the war ends. Speculation about a meeting with Iranian President Masoud Pezeshkian persisted, although Secretary of State Marco Rubio said he was unaware of plans. Japan’s Kyodo News reported earlier that Iran proposed reopening Hormuz within seven days if a US blockade were lifted. Also, Saudi Arabia began preparations to restart its East-West oil pipeline, which was halted after drone attacks earlier this month, with exports potentially resuming later this week.

Brent Crude Edges Down

Crude oil fell toward $91 a barrel on Tuesday, extending losses into a fifth session and reaching its lowest level in more than two weeks as traders continued to monitor diplomatic efforts to end the conflict with Iran. US President Trump told the UN that he believed the US would reach a deal with Iran right after the midterm elections in November. He noted that oil flows have increased since the conflict began, while suggesting prices could fall sharply once the war ends. Speculation about a meeting with Iranian President Masoud Pezeshkian persisted, although Secretary of State Marco Rubio said he was unaware of plans. Japan’s Kyodo News reported earlier that Iran had proposed reopening Hormuz within seven days if a US blockade were lifted. Also, Saudi Arabia began preparations to restart its East-West oil pipeline, which was halted after drone attacks earlier this month, with exports potentially resuming later this week.

Crude Oil Falls for 5th Session

The yield on the US 10-year Treasury wavered before settling slightly higher at 4.96% on Tuesday, as traders continued to assess developments in the Middle East, oil prices and comments from Fed officials. In his speech to the UN General Assembly, US President Trump defended his decision to join Israel in launching military action against Iran but added that he believes the US would reach a deal with Iran right after the midterm elections in November. He also added that more oil is flowing than at any point since the war began and that prices will plummet once the conflict is over. Oil prices remained mostly lower on Tuesday, though they recovered from their session lows. Meanwhile, on the monetary policy front, Chicago Fed President Goolsbee said the central bank cannot overlook persistent supply shocks, while St. Louis Fed President Musalem said further rate increases may be needed to bring inflation back toward target. Markets currently expect at least one more rate hike this year.

Treasury Yields Edge Up

The National Bank of Morocco left its benchmark interest rate unchanged at 2.25% at its September 2026 meeting, marking a sixth consecutive hold and keeping borrowing costs at their lowest level since 2022. Policymakers stated that the impact of elevated energy prices remained limited, mitigated by subsidies on road transport and the continued maintenance of gas and electricity prices. As food prices declined, inflation remained low, averaging 0.3% during the first eight months of the year. Agricultural output is expected to rebound by 16% in 2026, while non-agricultural activity is forecast to slow to 3.1%. Looking ahead, inflation is expected to average 0.7% in 2026 before rising to 1.5% in 2027, driven by an acceleration in core inflation to 2.2% as the contraction in food prices is offset by higher imported inflation. Economic growth is expected to slow to 4.4% in 2026 and 2.9% in 2027, amid a projected 7.6% contraction in agricultural output.

Morocco Maintains Policy Rate at 2.25%

The Richmond Fed Fifth District Service Sector Survey was flat in September 2026, with the revenues index rising to 0 from -8, while the demand index inched down to 2 from 3. Current business conditions improved, with the local business conditions index rising to -8 in September from -12 in August, while the future conditions index fell to 0 from 9. The current employment index fell to 2 in September from 8 in August, while the forward-looking employment index edged lower but remained positive. On prices, the average growth rate of prices paid 
decreased somewhat in September, while prices received increased a bit. Over the next 12 months, firms expected growth in prices paid to remain broadly stable, while anticipating a slight moderation in prices received.

US Fifth District Services Index Flat in September

The Federal Reserve’s Fifth District manufacturing index fell to -2 in September 2026, the first negative reading in six months, down from 4 in August and contrasting with market expectations of an increase to 5. Both shipments and volume of new orders fell into negative territory, to -5 and -6, respectively, while the order backlog also retreated further into negative territory, falling to -10 from -7. Meanwhile, the employment index rose 7 from -2 in the prior month. Over the next six months, however, expectations of both shipments (33 vs 26) and volume of new orders (32) remain firmly in expansionary territory, although sentiment deteriorated in capital expenditures (-1 vs 4) and raw material inventories (-1 vs 3). Prices paid and received are expected to fall over the next 12 months. Employment expectations dropped notably to 8 from 20. Meanwhile, the future local business conditions index continued to decline, falling to 10 from 16.

US Fifth District Manufacturing Unexpectedly Declines

Consumer confidence in the Euro Area fell to -16.5 in September 2026 from -15.5 in August and worse than market forecasts of -16, according to flash estimates. This puts an end to a four-month streak of improvement, which had lifted the index to a six-month high, likely influenced by heightened geopolitical uncertainty and inflation concerns. Sentiment also weakened  across the broader European Union, with the index falling to -15.8 from -15 in the previous month.

Eurozone Consumer Confidence Weaker than Expected

US natural gas prices fluctuated between $2.8 and $2.9 per million British thermal units as traders assessed production, storage and weather trends. Average Lower 48 output reached 113.0 billion cubic feet per day in September, above August’s monthly record of 112.2 bcfd, although daily production was expected to fall to an 11-week low of 109.8 bcfd on Tuesday. Strong output and mild spring weather kept inventories above the five-year average, but higher summer temperatures increased gas demand for power generation and reduced the surplus. Analysts estimated storage was 3% above normal for the week ended September 18, down from 3.7% previously. Weather forecasts now point to mostly normal conditions through October 7. Meanwhile, average gas flows to the nine major US LNG export plants rose to 18 bcfd in September from 17.2 bcfd in August, despite the temporary shutdown of the 0.8-bcfd Cove Point LNG facility for planned maintenance.

US Natgas Prices Edge Up on Tuesday

The S&P/TSX Composite Index rose more than 0.5% to trade above 36,000 on Tuesday as oil prices extended their losses ahead of potential US-Iran talks at this week’s UN meeting. Iran reportedly offered to reopen the Strait of Hormuz within seven days if the US takes initial steps to ease military pressure. The pullback in the oil rally, which has fueled inflationary pressures and prompted major central banks to raise interest rates, lent support to credit-sensitive stocks. RBC, TD Bank, and Scotiabank gained nearly 0.5%. On the other hand, Bank of Canada Governor Tiff Macklem warned on Monday that US tariffs could push fourth-quarter growth below 1%, adding that future rate decisions will need to balance slowing growth against surging energy costs stemming from the Iran conflict. Meanwhile, miners were mostly higher despite wavering gold prices, with Agnico Eagle and Barrick gaining about 1%. In contrast, energy producers posted losses amid falling oil prices.

TSX Advances as Oil Prices Extend Losses

Thermal coal futures exported out of Australia fell to $145 per tonne from the three-month high of $149 on September 7th as higher output from China momentarily offset the recent jump in demand. Bodies operated by the Chinese central government issued a joint notice for local miners to maintain ample output after local prices climbed to multi-year highs. Domestic thermal coal production had fallen since May after an accident at the Shanxi province prompted a series of safety inspections in the sector. This coincided with strong demand among major consumers of Australian coal grades, including Japan and South Korea, as soaring prices for LNG drove utilities to increase capacity at coal power plants. LNG supply has remained at recent peaks as the war in the Middle East halted the flow of tankers from GCC countries. Consistently, the EIA revised forecasts to reflect a 1.2% increase in coal demand this year.

Coal Eases from 3-Month High

The Dow Jones Index is picking up 110 points or 0.21 percent on Tuesday. Gains are led by Amgen (2.92%), Sherwin-Williams (1.81%) and Nike (1.72%). Biggest losers are Cisco Systems (-1.75%), J&J (-1.35%) and Caterpillar (-1.28%).

The Dow Jones Index Opens 0.21% Higher

The Ibovespa fell nearly 1% to the 185,000 mark on Tuesday following the release of the minutes from Copom’s latest meeting. The committee noted that although monetary policy is contributing decisively to the disinflation process, price growth remains supported by strong aggregate demand, requiring monetary policy to remain restrictive. Policymakers also pointed out that economic activity has continued to moderate. Major banks posted losses, with Itaú and Bradesco down nearly 1.5%. Petrobras shed 1% on lower oil prices. Other notable laggards included Ambev (-1%) and Rede D’Or (-1%). Vale and Axia limited losses as Vale confirmed the acquisition of a 30% stake in Ligga and Axia approved a new redemption of Class C preferred shares. Meanwhile, JBS (+0.5%) requested cancellation of its public-company registration.

Ibovespa Dips After Copom Minutes

Silver fell below $66 an ounce on Tuesday, remaining under pressure as hawkish remarks from Federal Reserve officials reinforced expectations that US interest rates will stay higher for longer. The US central bank raised its policy rate by 25 basis points last week, its first such move in three years, while Chair Kevin Warsh signaled that further rate increases could come in the months ahead. Other Fed officials, including St. Louis Fed President Alberto Musalem and Chicago Fed President Austan Goolsbee, continued to stress the need for additional tightening to contain inflation fueled by strong demand and rising energy prices. Markets are now pricing in roughly a 90% chance of another rate hike in December, according to the CME FedWatch Tool. Meanwhile, oil prices fell for a fifth consecutive session following reports that Iran could reopen the Strait of Hormuz within seven days if the US takes initial steps to ease military pressure.

Silver Slips on Hawkish Fed Signals

The Baltic Exchange’s dry bulk freight index, which tracks rates for ships carrying dry bulk commodities, advanced for a fourth straight session on Tuesday, rising about 1% to its highest since September 14 at 3,432 points. The panamax index, which usually carries 60,000 to 70,000 tons of coal or grain, increased by 1.9% to 2,299 points; and the capesize index, which typically transports 150,000-ton cargoes, including iron ore and coal, went up by 0.9% to 5,892 points. Among smaller vessels, the supramax index rose by 0.3% to 1,776 points.

Baltic Dry Index at Over 1-Week High

Gold prices eased to around $4,330 an ounce on Tuesday, extending losses from the previous session as hawkish comments from Federal Reserve officials reinforced expectations that US interest rates will remain higher for longer. The US central bank raised its policy rate by 25 basis points last week, marking its first such move in three years, while Chair Kevin Warsh signaled that further rate increases could follow in the months ahead. Other Fed officials, including St. Louis Fed President Alberto Musalem and Chicago Fed President Austan Goolsbee, continued to emphasize the need for additional tightening to curb inflation fueled by strong demand and rising energy prices. Markets are now pricing in a roughly 90% probability of another rate hike in December, according to the CME FedWatch Tool. Elsewhere, oil prices fell for a fifth consecutive session following reports that Iran could reopen the Strait of Hormuz within seven days if the US takes initial steps to ease military pressure.

Gold Extends Losses as Hawkish Fed Signals Point to Higher Rates

US stock indices were muted on Tuesday, holding yesterday's gains with support from lower energy prices and optimism on revenues from AI agents. The S&P 500 and Dow inched higher to hover less than 0.5% away from record highs touched last month, and the Dow booked small gains. Stocks were broadly higher as oil and fuel prices softened for a fifth session following signs that Iran, the GCC, and the US could chase diplomacy to restore some oil trade in the Persian Gulf, trimming the surge in bond yields this month. AI hyperscalers, which have issued record levels of corporate debt despite high borrowing costs, were higher with Microsoft, Oracle, and Alphabet adding 1%. Banks and industrials also gained. In turn, chip producers held most of their surge yesterday, buoyed by positive responses from Meta's Muse AI agent. AMD, Micron, and Intel were flat.

US Stocks Inch Higher

The Central Bank of Nigeria slashed its key interest rate by 350 bps to 23% during its September 2026 meeting, after keeping it unchanged in July and May. The decision sought to improve monetary policy transmission and support economic activity amid easing inflation and relative naira stability. The MPC noted that market rates had diverged from the benchmark lending rate, making the policy less effective. Meanwhile, the annual inflation rate eased slightly to 15.39% in August 2026 from 15.43% in July, marking the lowest since March and the third straight month of slowdown. However, recent fuel-price increases could soon reverse the downward trend in inflation.

Nigeria Cuts Key Policy Rate to 23%

Futures tracking Canadian stocks inched higher on Tuesday as oil prices extended their losses ahead of potential US-Iran talks at this week’s UN meeting. Iran reportedly offered to reopen the Strait of Hormuz within seven days if the US takes initial steps to ease military pressure. The pullback in the oil rally, which has fueled inflationary pressures and prompted major central banks to raise interest rates, lent support to credit-sensitive stocks. On the other hand, Bank of Canada Governor Tiff Macklem warned on Monday that US tariffs could push fourth-quarter growth below 1%, adding that future rate decisions will need to balance slowing growth against surging energy costs stemming from the Iran conflict. Meanwhile, gold prices edged lower, pressuring miners.

TSX Futures Rise as Oil Prices Fall

US sugar futures traded above 18 cents per pound, holding close to their highest since April 2025, amid lingering concerns over the supply outlook. Weather disruptions in Asia and Europe are tightening the global outlook, with recent estimates pointing to a potential deficit in 2026/27. Thai sugar production is expected to fall by at least 17% to below 10 million tonnes, while below-normal monsoon rainfall in India is adding to concerns over output. The European Union Sugar Market Observatory also reported recently that the bloc's production in the 2026/27 crop year is expected to fall by 19%. El Niño poses an additional risk to global sugar production, with a strong event potentially bringing drier conditions to major producers. In top producer Brazil, uncertainty centers on how weather will affect the key Center-South region and the split of sugarcane between sugar and ethanol.

Sugar Futures Remain Above 18 Cents

Mexico’s retail sales rose 1.8% year over year in July 2026, easing from a 2.7% increase in June. Growth was led by sales of healthcare articles (8.7%), followed by household appliances, computers, home décor and second-hand goods (8.4%), hardware, paint and glass products (6.6%), stationery, recreational goods and other personal-use items (3.1%), and textiles, accessories, footwear and clothing (2%). These gains more than offset declines in sales through online channels, printed catalogs, TV and similar platforms (-7.7%), breaking a multi-month streak of gains, as well as grocery items, food, beverages, ice and tobacco (-2.3%) and supermarkets and department stores (-0.6%). On a seasonally adjusted monthly basis, retail sales edged 0.1% lower, following a 0.2% decline in June.

Mexico Retail Sales Growth Slows in July

The National Bank of Hungary left its benchmark interest rate unchanged at 5.5% at its September 2026 meeting, as expected. The decision followed four rate cuts this year and came amid elevated global risks, with geopolitical tensions continuing to pressure energy prices. Headline inflation edged up to 1.3% in August from 1.2% in the previous month, remaining below the central bank’s 2%-4% target range, while gains in the forint helped lower import costs and improve the inflation outlook. Meanwhile, the forint appreciated 5.8% against the euro this year, supported by a pledge from Prime Minister Magyar to cut the budget deficit and to put the country on a path toward adopting the euro.

Hungary Holds Rate as Expected

US equity futures were muted on Tuesday, holding gains from the previous session amid softer borrowing costs for the corporate sector and new optimism on returns on AI agents. Contracts for the S&P 500, Dow, and Nasdaq 100 were flat, with the former two hovering less than 0.5% from their record highs. Stocks were broadly higher premarket as oil and fuel prices softened for a fifth session following signs that Iran, the GCC, and the US could chase diplomacy to restore some oil trade in the Persian Gulf, trimming the surge in bond yields this month. AI hyperscalers, which have issued record levels of corporate debt despite high borrowing costs, were higher with Microsoft, Oracle, and Alphabet adding 1%. Banks and industrials also gained. In turn, chip producers inched down but still held most of their surge yesterday, buoyed by positive responses from Meta's Muse AI agent. AMD, Micron, and Intel inched down 1%.

US Futures Hold Near Records

India’s BSE Sensex closed about 0.4% down at 74,529.1 on Tuesday, after a choppy session, reversing gains from the prior day. Weakness in financials and technology stocks weighed, despite some relief from the pullback in oil prices. Meanwhile, investors were watching for possible diplomatic engagement between the US and Iran at the United Nations General Assembly this week. US President Trump is set to speak later today and said he was open to meeting Iranian President Masoud Pezeshkian. Traders also eyed the National Stock Exchange IPO, which drew over $10 billion in bids and was subscribed 5.71 times, with shares set to debut on Thursday.

Sensex Finishes Lower

The US 10-year Treasury yield fell nearly 2bps to 4.93% on Tuesday, reversing a modest early-session rise, as oil prices declined for a fifth straight session. Renewed hopes for a diplomatic solution to the conflict with Iran pushed oil down and helped ease concerns over inflationary pressures. Treasury yields have generally declined since the Fed raised rates last week for the first time since 2023, while Chair Warsh reaffirmed the central bank’s commitment to bring price stability, helping to restore its credibility. The decline in borrowing costs comes despite the Fed’s more hawkish tone, reinforced by recent comments from policymakers. Chicago Fed President Austan Goolsbee said the central bank cannot overlook persistent supply shocks, while St. Louis Fed President Alberto Musalem said further rate increases may be needed to bring inflation back toward target. Markets currently expect at least one more rate hike this year.

Treasury Yields Move Lower

The CAC 40 gained ground, rising 0.6% to around 8,190 on Tuesday, in line with most European peers, buoyed by tech stocks amid renewed optimism about AI. Moreover, oil prices resumed their slide on reports that Iran might reopen the Strait of Hormuz if the US lifts its blockade of its ports. Markets are focused on Thursday’s Trump-Xi meeting, while Trump’s UN address later today is expected to offer some diplomatic impetus.. Arcelormittal(+2.6%) led gains among stocks, followed by Capgmeni (+2%) and Stmicroelectronics (+1.7%).

French Stocks Rise

The SENSEX Index decreased 330 points or 0.44 percent on Tuesday to close at 74529 points. The decline was led by Nestle India (-1.36%), Bajaj Finserv (-1.23%) and Bajaj Finance (-1.21%). On the upside, the strongest performers were Titan Company (1.52%), Eternal Limited (1.39%) and Tata Steel (0.79%).

The SENSEX Index Closes 0.44% Lower

The FTSE 100 attempted to extend its gains for a second session on Tuesday after rising 0.8% on Monday, as oil prices turned lower following a report that Iran could reopen the Strait of Hormuz if the US lifted its blockade of Iranian ports. Kingfisher led individual gainers, climbing more than 9% after raising its profit guidance on strong momentum at Screwfix and in Poland and Iberia. Smiths Group advanced around 6.5% after reporting higher revenue and highlighting expected second-half growth at John Crane, along with continued benefits from the data-centre boom at Flex-Tek. On the other hand, Shell and BP fell 1% and 2.4%, respectively. President Trump is due to address the UN General Assembly and may meet with Iran’s president. On the data front, a gauge of British factory orders rose this month to its highest level since July 2023, according to a CBI survey. Meanwhile, UK government borrowing reached £18.3 billion in August, above expectations of £15.5 billion.

FTSE 100 Edges Up as Oil Falls

Wholesale prices in Ireland rose 6.5% year-on-year in August 2026, easing from a 7.3% increase in July which was the highest since October 2022. Domestic prices increased 2.4%, while export producer prices rose 6.9%. Producer prices recorded notable year-on-year increases in chemicals and chemical products (16.5%), electrical equipment (6.1%), other non-metallic mineral products (6.0%), fabricated metal products excluding machinery and equipment (4.9%), and basic metals (4.8%). Food products rose 0.6%, driven by fish and fish products (8.6%) and other food products (5.8%), while meat and meat products fell 9.6%. Meanwhile, energy fuels surged 34.5%, electricity prices jumped 76.9%, and construction products rose 3.3%. On a monthly basis, wholesale prices fell 0.8% in August, reversing a 3.2% increase in July.

Ireland Wholesale Inflation Eases in August

US gasoline futures fell to around $3.40 a gallon, extending losses for a second consecutive session, after reports that Iran proposed reopening Strait of Hormuz shipping within seven days, contingent on the US lifting its blockade. The statement bolstered hopes for a conflict resolution as President Trump is set to address the UN General Assembly on Tuesday, where Iranian President Pezeshkian will also attend. Fears over prolonged disruptions to Saudi Arabia's East-West pipeline also abated following reports the critical line could partially restart within days. Meanwhile, the crack spread hit record highs as refining margins widened amid rising refined fuel prices. As winter approaches and heating demand rises, refiners are shifting output toward higher-priced diesel, tightening gasoline markets. Persistent Ukrainian attacks on Russian refining infrastructure have further supported elevated prices, with Russia set to extend its diesel export ban beyond September.

Gasoline Extends Decline

The UK’s total order book balance improved to -9 in September 2026 from -25 in August, marking the strongest reading since July 2023 and beating market expectations of -34. Export orders also improved, while remaining below “normal” at -9, but well above the historical average of -19. Output fell only marginally, with the balance improving sharply to -4 from -17. Manufacturers expect output to decline slightly again through December, at -6. Selling-price expectations also eased considerably to +12 from +22 in August, moving closer to the long-run average of +8 and suggesting some cooling in cost pressures. However, finished-goods inventories were only just adequate, with the balance falling to +2. The CBI said the data point to tentative stabilisation in manufacturing, but warned that high energy, employment and supply-chain costs continue to constrain firms. It said the upcoming Budget could help support investment and growth by reducing business costs and improving confidence.

UK Factory Orders Highest Since July 2023

Steel rebar futures fell to CNY 3,100 per tonne from the two-week high of CNY 3,130 on September 16th amid lower iron ore prices and downside risks on demand. The property crisis in top steel consumer China continued to prevent significant demand growth for rebar. Housing prices fell 3% annually in August as existing home sales took the majority of home sales in the country on a year-to-date basis, reflecting the government's effort to cap the oversupply of residential properties. The developments limit steel buying from major developers in the country, among the main buyers of rebar in the world. Consistently, the official construction PMI in China feel to a record low of 46.9. Elsewhere, a group of trade finance firms accused trader Radiant World of fraudulent invoices to back receivables, driving ore prices to fall sharply as trade finance liquidity dried.

Steel Declines from 2-Week High

Cotton futures fell to around 82 cents per pound, its lowest level in little over a week, as traders assess whether demand can keep pace with the expected rise in new-crop availability. As the seasonal harvest progresses, additional supply is weighing on prices, particularly in Arizona, where 39% of the crop had been harvested, and Texas, up to 23%, in the week ending September 20th. Additionally, while high temperatures and lack of precipitation, particularly in Texas, increasing stress on crops, its conditions continue to worsen, with only 34% of crops rated good or excelent on the same week. Bearish sentiment was reinforced by weak export demand, as USDA's latest export sales report showed shipments declined to 71.2 thousand running bales for the week ended September 10th. Meanwhile, Brazilian output for 2025/26 is estimated to reach a record 4.5 million tons of lint, according to Agroconsult, while exports of Brazilian cotton surged 37.3% year-on-year in August.

Cotton Falls to One-Week Low

Sterling weakened to $1.336, near its lowest level since late July, as investors assessed the latest developments in the Middle East alongside weaker-than-expected UK public finances. The US dollar remained supported by expectations of further interest-rate hikes from the Federal Reserve. Brent crude resumed its recent decline after reports that Iran had proposed reopening the Strait of Hormuz within seven days if Washington agrees to demands including lifting its military blockade of Iranian ports. Meanwhile, UK government data showed the budget deficit widened to £18.3 billion in August, above the £15.5 billion forecast, partly reflecting higher inflation-linked spending on pensions and benefits. Attention is now turning to next month’s Autumn Budget, with the government reportedly considering changes to its fiscal rules that would allow borrowing for infrastructure projects to be excluded.

Sterling Under Pressure as UK Deficit Widens

Stocks in Europe moved higher on Tuesday, with the STOXX 50 up 0.4% and the STOXX 600 gaining 0.3%, after a lacklustre open. Falling oil prices helped lift sentiment, as renewed hopes for a diplomatic solution to the conflict with Iran emerged. Kyodo News reported that Tehran had proposed reopening the Strait of Hormuz within seven days of the blockade being lifted, potentially providing a basis for talks during the UN General Assembly. US President Trump is due to address the assembly in New York and may meet Iranian President Masoud Pezeshkian on the sidelines. Software and retail stocks were among the strongest performers.

European Stocks Rebound

The euro weakened to $1.145, its lowest level since late July, as investors assessed developments in the Middle East while the USD remained supported by expectations of further Federal Reserve rate hikes. Brent crude resumed its decline after reports that Iran had offered to reopen the Strait of Hormuz within seven days if Washington lifts its military blockade of Iranian ports. Meanwhile, ECB’s Chief Economist Philip Lane warned that a new wave of higher energy prices could keep Eurozone inflation elevated for longer than policymakers initially anticipated. He said the shock should result in higher and more persistent inflation before a decline toward the ECB’s target from mid-2027. Following this month’s second rate hike since the Iran war sent energy costs soaring, ECB officials have begun laying the groundwork for further tightening. Eurozone inflation is expected to reach around 4% in coming months, with the ECB projecting 3% this year and 2.5% next year, well above its 2% target.

Euro Nears Two-Month Low

UK natural gas prices fell below 178 pence per therm, the lowest in three weeks, after reports that Iran could reopen the Strait of Hormuz if the US lifted its blockade of Iranian ports. Japan’s Kyodo News reported that Tehran had proposed reopening the waterway within seven days, potentially providing a basis for diplomatic discussions at the UN General Assembly. President Donald Trump is due to address the assembly and may meet Iranian President Masoud Pezeshkian. Meanwhile, reports of increasing numbers of LNG tankers and crude carriers finding alternative routes out of the Gulf have also helped ease supply concerns. Still, supply risks remain elevated, with Europe's gas storage levels remaining below the seasonal average at a time when they would typically be close to maximum capacity. Also, Norwegian gas exports remained constrained by maintenance.

UK Natural Gas Prices Fall to 2-Week Low

PSI increased to 9683.00 Index Points, the highest since June 2008. Over the past 4 weeks, Portuguese Stock Index gained 3.04%, and in the last 12 months, it increased 23.89%.

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