Theme updated Oct 7
Equities
The equity tape — indices, earnings and the risk appetite they price.
67 mornings covered equities this year
Wednesday, October 7, 2026
Google signed for more nuclear power on Tuesday
The equities read — The S&P 500 and Nasdaq closed at records.
Read the briefTuesday, October 6, 2026
On Monday the Bovespa rose 7.7% to a record and the real gained 4.4% against the dollar, its biggest one-day rise in eight years
The equities read — Shares at a record; the currency rose sharply too.
Read the briefMonday, October 5, 2026
On Friday, two days before the vote, the Bovespa rose 2.6% and Brazilian shares in New York outran the S&P 500 by about 2 points, while the real…
The equities read — Brazilian stocks rose before the vote.
Read the briefSaturday, October 3, 2026
The US added 29,000 jobs in September against about 90,000 expected, and unemployment rose to 4.2%
The equities read — Chips led; homebuilders fell.
Read the briefFriday, October 2, 2026
Brent rose more than 4% on Thursday, and Europe paid for it in its currency and its banks
The equities read — Crude up more than 4%; diesel slipped on stock-release talk.
Read the briefThursday, October 1, 2026
US inflation came in below forecast on Wednesday, and long-term rates rose anyway: the thirty-year Treasury closed the quarter at its highest…
The equities read — Managers' shares ended the quarter at their lows.
Read the briefMonday, September 28, 2026
Over nine sessions to Friday's close the five largest listed private-credit managers fell between 5.2% and 10.6% while the S&P 500 rose 1.6%
The equities read — Manager shares fell far more than the loans they run.
Read the briefSunday, September 27, 2026
Brent fell 2.14% on Friday on Iran's offer to reopen Hormuz within a week, and the thirty-year Treasury still closed at 5.50%
The equities read — Foreign money is buying US shares rather than US bonds.
Read the briefWednesday, September 23, 2026
Brent settled at $99.25 (-1.09%), its first finish under $100 since 8 September
The equities read — A Nasdaq record while the Dow fell.
Read the briefTuesday, September 22, 2026
Brent settled at $100.34 (-3.40%), down 7.73% across four sessions; the Nasdaq closed 27,122 (+2.26%) and bitcoin $86,586 (+6.70%)
The equities read — Technology carried the advance; the Dow barely moved.
Read the briefMonday, September 21, 2026
Friday settled with the S&P 500 at 7,650.50 +0.17%, the Nasdaq at 26,522.55 +0.39% and the Dow at 51,682.64 -0.18% — a third consecutive losing…
The equities read — Fewer and fewer companies are carrying the index
Read the briefSunday, September 20, 2026
Three central banks moved inside five sessions: the Federal Reserve to 4.00% on 16 September, the Bank of England holding at 3.75% on the 17th,…
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
Read the briefSaturday, September 19, 2026
The ten-year Treasury yield settled at 5.00% on Friday and the five-year at 4.86%, back above its level before Wednesday's hike
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
Read the briefFriday, September 18, 2026
A day after the Federal Reserve's first increase since 2023, the S&P 500 rose 1.14% to 7,637.76 and the Nasdaq 1.69%
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
Read the briefThursday, September 17, 2026
The Federal Reserve raised its policy range to 3.75–4.00% on 2026-09-16, its first increase since 2023, and signalled one more before year-end
The long bond credited the Fed's first hike since 2023 — so the dollar carried the tightening to Europe and Asia
Read the briefWednesday, September 16, 2026
Houthi strikes on Saudi Arabia carried Brent to $108.75 and WTI to $105.83 on the settled session of 2026-09-15, the barrel's fifth straight…
The barrel is priced for a shortage the vessel count has not shown — and the Federal Reserve is about to tighten against it
Read the briefTuesday, September 15, 2026
On Monday the ten-year Treasury yield traded above 5% for the first time since 2023, then settled at 4.96%, lower on the day
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
Read the briefMonday, September 14, 2026
Over the weekend the heads of Anthropic, OpenAI and xAI asked their own industry to slow the pace of its most advanced models, OpenAI shelved a…
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
Read the briefSunday, September 13, 2026
The August consumer price index landed exactly on forecast at the headline — 0.4% on the month and 3.4% on the year — and the annual core rate…
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
Read the briefSaturday, September 12, 2026
Crude settled above a hundred dollars for a second session — WTI $100.05 and Brent $104.61, carrying the barrel +9.37% across the five settled…
The equities read — Shares rose into the expected rise, not away from it
Read the briefWednesday, September 9, 2026
Brent settled $99.39 on 2026-09-08, +2.24% on the session and +5.01% across the five settled sessions from 2026-09-01, after strikes on Saudi…
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
Read the briefTuesday, September 8, 2026
August payrolls beat consensus by 106,000 on Friday and the dollar did not move against the yen for two sessions — 156.195, then 156.205
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
Read the briefMonday, September 7, 2026
The United States struck Iranian oil tankers after Friday's close
Three haven markets were open across a weekend of strikes in the Gulf. Gold moved five hundredths of a per cent.
Read the briefSunday, September 6, 2026
Markets closed on Friday having made up their mind about the week
A week of prices classified the oil shock as a Fed story. After the close, the US struck three Iranian tankers.
Read the briefSaturday, September 5, 2026
US August payrolls printed 162,000 against a 56,000 consensus, with unemployment holding 4.1% — a beat of nearly three times, on the print that…
A 162,000 payroll print reversed the policy debate and produced the quietest of the last five payroll sessions
Read the briefFriday, September 4, 2026
Everything priced in dollars went up, and the dollar went down
Hiring has stopped and firing has not started — which makes today's payrolls print far less decisive than Thursday's session assumed
Read the briefThursday, September 3, 2026
Crude held what it took
Crude ran +8.95%, gold fell 5.35%, and equity volatility closed in its 13th percentile — 2026-09-02 settled close
Read the briefMonday, August 31, 2026
The last settled US cash session, Friday 2026-08-28, was a monetary one: the five-year +8 basis points to 4.48% after the Federal Reserve chair's…
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
Read the briefFriday, August 28, 2026
The Nasdaq closed +1.57% at 26,541.35 — its largest one-day gain since 2026-08-04 — after Nvidia posted a blowout quarter and guided to roughly…
The equities read — Best session since 4 August, carried by two names
Read the briefThursday, August 27, 2026
Brent fell 0.84% to $87.84 — a third straight lower close and 6.94% below where it settled on 2026-08-21, its lowest close in 9 sessions — as Iran…
The equities read — Flat, because the big report came after the close
Read the briefWednesday, August 26, 2026
Brent fell 3.89% to $88.58 and WTI 3.12% to $82.36 on the session Washington declared the Strait of Hormuz cleared of mines — Brent's largest…
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.
Read the briefTuesday, August 25, 2026
Monday settled split
The equities read — Old-economy shares led; technology was sold.
Read the briefMonday, August 24, 2026
Friday reversed the week without redeeming it
The negotiated exit from Hormuz was priced out. The tolled exit was bid.
Read the briefFriday, August 21, 2026
Washington said its buybacks would get bigger and the long bond got sold anyway: the 30-year settled at 5.24% and the 10-year at 4.70%, both…
Settled session 2026-08-20 · the curve rose against an enlarged buyback · silver led the metals
Read the briefThursday, August 20, 2026
The 30-year fell to 5.20% and the dollar fell with it — EUR/USD +0.86%, USD/JPY -0.80%
Settled session 2026-08-19 · duration, havens and risk all bid · the dollar paid
Read the briefWednesday, August 19, 2026
Equities fell a third straight session and the selling was concentrated where the discount rate bites hardest: the Nasdaq -1.33%, the S&P 500…
The equities read — Third straight fall, now a funding-cost question
Read the briefMonday, August 17, 2026
No cash session has printed since Friday
Peace made a new high and passage a new low over a weekend with no cash session — and the storage band reversed
Read the briefSaturday, August 15, 2026
Friday gave the week to oil and took it back from everything else
The ceasefire is strengthening and the waterway is not reopening — and only one of those is priced
Read the briefFriday, August 14, 2026
Thursday settled firm and settled narrow
The strait left the calendar year while the S&P made a record
Read the briefThursday, August 13, 2026
July inflation landed exactly where it was supposed to: consumer prices up 0.1% on the month, the annual rate 3.4%, core 0.2% and 2.5% — every…
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
Read the briefWednesday, August 12, 2026
Crude took the week: WTI settled $83.20, +1.30% on the day and +6.4% from Friday's close, with Brent at $88.91 — a third straight gain, and more…
Peace odds hit a record while the machinery of a deal was priced out — and both governments started arguing over the bill
Read the briefTuesday, August 11, 2026
Monday was the first full session since Friday and it moved one thing violently: WTI settled $82.13, +5.05% on the day, Brent $87.72, +4.99%,…
The equities read — The long end took the energy move; the stock index did not.
Read the briefMonday, August 10, 2026
Friday's settled close still stands as the last full session: the S&P 500 at a record 7,757.64, its best week since April, with the 30-year at…
The equities read — A record week, and a wider set of shares joined in.
Read the briefSunday, August 9, 2026
The week ended with the S&P 500 at a record 7,757.64 and the VIX at 14.90, its lowest of the year, on the heaviest week for options volume on record
De-escalation in price, blockade in practice — the energy complex splits in two
Read the briefSaturday, August 8, 2026
A soft July payroll drained the September hike out of the market: the dollar closed at its lowest since May and short Treasuries capped their best…
A soft payroll eased the path for rates — onto a sector that has just changed how it funds itself
Read the briefFriday, August 7, 2026
Gold closed at $4,396.20, up 2.25% on the day and its strongest week since January, with silver up 3.02% to $63.47
Friday 2026-08-07 - the Fed talked about hiking and gold had its best week since January
Read the briefThursday, August 6, 2026
Iran confirmed it is finalising an accord with Oman over the Strait of Hormuz and the President said a deal could come within days - after weeks…
Thursday 2026-08-06 - a Hormuz deal moved into final drafting and the metals had their best day of the week anyway
Read the briefTuesday, August 4, 2026
Crude had its worst two sessions of the war: WTI fell 5.5% on Tuesday to $75.92, taking the two-day fall to 12.5%, after the President called off…
Tuesday 2026-08-04 - the oil market priced the war ending on a statement Tehran denies, and almost nothing else took the trade
Read the briefSaturday, August 1, 2026
One market changed its mind twice this week; the other never changed it at all
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
Read the briefFriday, July 31, 2026
Equities ripped and vol broke - the Nasdaq ~+2.0%, the VIX ~-23% to ~16 - while investors sorted AI winners violently: Amazon ~+14%, Apple ~-9% on…
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
Read the briefThursday, July 30, 2026
THE BOND MARKET CALLED THE FED'S BLUFF
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
Read the briefThursday, July 23, 2026
THE OIL SHOCK WON'T QUIT, AND BIG TECH'S AI BILL CAME DUE
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
Read the briefWednesday, July 22, 2026
THE RE-SPIKE - OIL TO $94, GOLD TO A RECORD, THE WAR ENTRENCHES
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
Read the briefTuesday, July 21, 2026
AN UNEASY BOUNCE ON A DIPLOMATIC FLICKER
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%)
Read the briefSaturday, July 18, 2026
THE WEEK THE AI TRADE CRACKED - AND THE OIL SHOCK CAME BACK
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
Read the briefThursday, July 16, 2026
TACO TUESDAY - THE TOLL'S GONE, THE WAR ISN'T
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
Read the briefWednesday, July 15, 2026
THE CAPPED RELIEF. June CPI came in benign - headline -0.4% m/m (the first outright drop since the 2020 pandemic), annual 3.5% from 4.2% - which…
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
Read the briefMonday, July 13, 2026
The verdict week opens RISK-OFF: the US and Iran are fighting for control of the Strait of Hormuz, so oil SPIKED ~4% (WTI ~$74, Brent ~$79) and…
The equities read — Crude spiked ~4% and stock futures slipped into the open.
Read the briefSaturday, July 11, 2026
A week of narrative whiplash ended at S&P highs - but read what the index hides
The equities read — The S&P hit highs, but small-caps gave back the pop.
Read the briefFriday, July 10, 2026
The oil shock is round-tripping
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
Read the briefWednesday, July 8, 2026
The regime flipped: Trump declared the US-Iran ceasefire OVER and the US resumed 'powerful strikes' after Hormuz tanker attacks (threat 'severe')
Wednesday 2026-07-08 - the ceasefire ends, oil spikes, and an oil-led risk-off slams the rate ceiling back through 5%
Read the briefTuesday, July 7, 2026
A soft US jobs report last week dialed back Fed rate-HIKE bets - and the tone tilted dovish into Tuesday
Tuesday 2026-07-07 - a soft jobs print eases the rate ceiling; watch the undercurrent beneath an AI-led tape
Read the briefMonday, July 6, 2026
Monday's reopen answered the weekend - and it wasn't holiday liquidity: the hard-asset bid HELD
Monday 2026-07-06 - the reopen after the July 4th weekend
Read the briefFriday, July 3, 2026
Wall Street's profit forecasts are rising at the fastest pace since the Covid rebound - enough for the FT to warn of an 'earnings bubble' - and…
The equities read — Record-fast forecast upgrades drew an earnings-bubble warning.
Read the briefMonday, June 29, 2026
Another Iran escalation, another shrug - and the AI-capex story went vertical: Samsung + SK Hynix committing ~$1.3 TRILLION sent semis +4.1% and…
Monday 2026-06-29 - markets as of the 29 June session
Read the briefFriday, June 19, 2026
Emerging markets surged +3.3% and the S&P 500 advanced as credit spreads tightened, but the US–Iran sanctions standoff and Japan's intervention…
Cyclicals and emerging markets outperform while US–Iran asset-freeze dispute keeps energy risk premia elevated.
Read the briefTuesday, June 16, 2026
Global risk assets are broadly bid — the S&P 500 up +1.8% and MSCI Emerging Markets up +2.8% — yet simultaneous gold strength and rising Treasury…
Equities surge as healthcare newsflow lifts sentiment, even as gold and bonds signal residual caution.
Read the brief