Governments should heed the bond market’s warning
Using financial repression to manage rising borrowing costs is not a sustainable approach, the bond market is warning governments.
Using financial repression to manage rising borrowing costs is not a sustainable approach, the bond market is warning governments.
Russia’s stock market ended Tuesday mixed: the ruble-denominated MOEX Index rose 0.39% to 2,187.33 points, while the dollar-denominated RTS Index fell 0.05% to 794.27. The yuan gained 17 kopecks against the ruble to 12.92 rubles. Analysts expect the MOEX to consolidate in the near term, with the yuan potentially testing 13 rubles.
The IMF has agreed to a $2.2bn bailout for Senegal. The West African country plans to seek a restructuring of its external debt after extensive misreported borrowing was revealed last year.
A U.S. official says oil giant Chevron is expected to announce soon that it will expand its operations in Venezuela.
Brent crude futures for November 2026 delivery rose above $94 per barrel on London’s ICE for the first time since August 21, according to trading data. At 7:24 p.m. Moscow time, Brent was up 4.17% at $94.26, while WTI futures gained 4.63% to $89.73.
Data from auto research firm Edmunds shows that just over a decade ago, most new cars sold in the United States cost less than $30,000.
Russia expanded access to its central bank digital currency on Sept. 1, allowing customers of connected banks to open digital-ruble wallets through mobile apps. Twelve systemically significant banks are ready to provide the service, while covered retailers must accept digital rubles. Consumer participation remains voluntary and banks cannot open wallets automatically.

European stocks remain in America’s shadow as bloc policymakers typically favor protecting consumers and taxpayers at investors’ expense.
Rosatom CEO Alexey Likhachev said a multilateral Arctic platform focused on freight transport, ports, energy, joint projects, and safe, sustainable navigation would be logical. He said the region needs a working mechanism for cooperation, rather than a club devoted to declarations.
Rakesh Mishra, CEO of India’s Y&H Cargo, said uncertainty surrounding the Middle East conflict has led many carriers to cancel Suez Canal services, pushing India to develop an eastern route. He said the Northern Sea Route offers shorter distances, lower logistics costs and faster delivery between Russian ports and Asian markets.
The Trump administration is pressing G20 members to agree on steps to reduce global trade and fiscal imbalances. A renewed sell-off in bond markets has revived concerns about rising debt and a return of inflationary pressure.
A closely watched gauge of artificial intelligence token prices has reached fresh lows.

Comprehensive legislation for the cryptocurrency industry is on the brink of failure as doubts grow over whether the bill can make it across the finish line.

Seattle’s luxury housing market is struggling as AI-related job cuts and taxes weigh on the tech hub. The region illustrates what happens when pressures on technology and wealth converge, contrasting with booming San Francisco.
Strategy is challenging MSCI’s proposed “non-operating company” screen by citing the index provider’s 2022 SEC arguments that index providers are neutral and do not judge investments. Strategy says the methodology would nevertheless require MSCI to decide whether Bitcoin is an operating asset, potentially creating regulatory and reputational risks for MSCI.

Cango reduced the size of its mining fleet in the second quarter as revenue declined and the company concentrated on improving efficiency. Its shares plunged 20% after it reported an $81.6 million quarterly loss.

SoftBank-backed data-center developer SB Energy disclosed in U.S. IPO paperwork on Tuesday that its revenue rose 66.4% in the first half of 2026, as AI infrastructure companies seek to benefit from surging investor appetite.

SB Energy, an artificial intelligence data center company backed by SoftBank, Nvidia and OpenAI, has filed for an initial public offering. The company has not generated revenue from its data center business, and none of its facilities is operational yet.
Citi, Goldman Sachs and other global banks and asset managers are joining forces on a stablecoin venture. The group will initially develop a U.S. dollar stablecoin for payments and digital-asset settlement, with a euro token prioritized for expansion.

Apparel-sector emissions rose for a second consecutive year as the industry struggles to decarbonize, suggesting its climate push has lost momentum.
Revenue on Robinhood Chain reached a 24-hour record of $1.9 million, prompting traders to chase downstream gains and driving a 30% rally in ARB.


Bitcoin eased after last week’s rally to $81,428 and consolidated near $78,000. Arbitrum led gains in decentralized finance, jumping 30% as daily fees on Robinhood Chain exceeded $2 million.
Medtronic lifted the lower end of its fiscal 2027 profit forecast and its revenue-growth outlook on Tuesday, citing strong demand for heart devices used in complex cardiovascular procedures.
The Bank of Russia set the official dollar rate at 86.753 rubles for September 2, up 37.37 kopecks from the previous figure. The euro rate rose to 100.5988 rubles and the yuan rate to 12.897 rubles.
France has begun charging fees on fast-fashion items sold by platforms including Shein, Temu and AliExpress. The 2026 levy ranges from €0.50 for underwear to €12 for jackets and could rise to €19.50 per item by 2030. China’s commerce ministry called the law discriminatory and a possible trade barrier that could breach WTO principles.

France could impose a €20 levy on goods from Shein and Temu as part of a crackdown on ultra-fast fashion. Imports of small parcels from China have already dropped by as much as 40% since a separate €3 EU levy took effect in July.
A report on fashion industry data says global emissions have risen 6.3%, posing a political challenge for the EU. The bloc has treated textiles as a testing ground for its wider effort to shift from a linear “make, sell and throw away” economy to a circular one.
German Finance Minister Lars Klingbeil said on Tuesday that geopolitical uncertainty is weighing on global growth and urged G20 countries to work together to reduce it.
Cotality says house prices are falling in more than 90% of Australian suburbs. Economists expect the Reserve Bank to deliver a fourth interest-rate increase despite a potentially historic property downturn, as inflation remains too high; national values could eventually fall about 10% from their recent peak.

Bond yields jumped and stocks opened lower as mounting concerns that the Federal Reserve could raise interest rates this month to contain persistent inflation unsettled markets.

Vladimir Putin’s international development envoy warned that Russia’s economy risks going “berserk” if it is run entirely to serve the needs of the military-industrial complex, according to remarks quoted on Tuesday.
The Bank of Canada is expected to keep borrowing costs unchanged as an escalating trade war with the US threatens the economic recovery while increasing inflation risks, creating a new dilemma for Governor Macklem.
U.S. employers posted slightly more job openings in July, bringing the total to 7.3 million. The labor market remained sturdy even as higher costs squeezed household budgets.
Bitcoin and gold are moving increasingly in tandem as the debasement trade gathers momentum. Bitcoin’s 90-day Pearson correlation with gold has reached an all-time high, while the Fear and Greed Index stands at 68.

Ghanaian cocoa farmers are intensifying opposition to a new law that bars them from using their land for other purposes without permission. President Mahama says backing local processing is vital for economic growth, while cocoa chiefs argue the changes still leave the sector tied to an outdated colonial model.

New ECB research says the euro zone’s inflation surge since the war in Iran began was driven almost entirely by higher energy prices, supporting the central bank’s decision to make a small interest-rate increase in June.
Premier Li Qiang told a US-China Business Council delegation in Beijing that China would address the reasonable concerns of US companies and protect a level playing field under the law. He urged Washington to act on China’s concerns and implement bilateral trade consultation results, while both sides expressed support for stronger cooperation and communication.

Premier Li Qiang said China will address the reasonable concerns of US companies operating in China and protect a level playing field under the law. Meeting the US-China Business Council delegation in Beijing, he urged Washington to take concrete steps on China’s concerns and implement the results of bilateral economic and trade consultations.

September has historically been a poor month for risk assets overall, with bitcoin particularly vulnerable. The prospect of interest-rate hikes now threatens bitcoin’s August rally.

Russian President Vladimir Putin said trade turnover between Russia and Tajikistan rose 25.1% in 2025 and another 25% in the first half of this year. Tajikistan hosts 320 enterprises with Russian participation, while 96% of transactions are conducted in national currencies. The countries are pursuing a plan to increase mutual trade 2.5-fold by 2030.
India’s economy is showing early signs that a long-awaited revival in private investment is taking hold. A broader set of growth drivers could make the economy more resilient to global shocks.
Britain is broadening enforcement of Russia sanctions to the payment routes used by sanctioned networks. The National Crime Agency issued its first nationwide alert on the A7 network, urging financial and crypto firms to scrutinize intermediary wallets, cross-border infrastructure and other evasion signals. A proposed law would raise civil penalties to £2 million or 100% of a breach’s value, but legislation is still required.

VinFast has paused plans to manufacture three electric vehicles in India and told suppliers to stop work on the projects as it reassesses costs, according to two sources and a company memo reviewed by Reuters. The move comes a year after the Vietnamese automaker entered the important growth market.
Klaus-Michael Kühne had no children and lived in a Swiss canton with no inheritance tax. After his death, his €42.2 billion fortune passed tax-free to a decades-old charity, immediately making it one of Europe’s wealthiest foundations.
Allies are questioning the US prescription for global growth as Bessent presents Trump’s economic pitch to the G20.
Silhouette has launched request-for-quote trading for xStocks on Hyperliquid, enabling market makers to compete for tokenized equity trades that settle onchain.

Prime Minister Sergey Koretsky said Ukraine is imposing strict austerity on budget funds not allocated to defense. The government faces a €49.5 billion shortfall, including about €26 billion in external financing that is now not expected to arrive. Years of large deficits have left Kyiv struggling to fund its needs.
Rostec regional policy chief Dmitry Azarov said the corporation’s combat-tested weapons and military equipment are drawing strong demand worldwide. He added that arms exporter Rosoboronexport’s order portfolio is close to a record high.
Ethena Pay offers a 6% dollar savings rate and 5% card cashback, using Avalanche for settlement as it brings stablecoins into everyday banking services.

Fed Governor Barr said he would support raising interest rates if inflation fails to ease. He expressed concern that broader price pressures are taking hold while inflation remains above the Fed’s 2% target.

Oil prices are experiencing sharp swings, sending the market on a rollercoaster ride.

America’s newest centers of job creation are being driven by a notable change in how consumers use their discretionary income.
President Donald Trump is due to meet US refiners at the White House on Tuesday as the Iran war drives fuel prices higher. Rising living costs are eroding his popularity ahead of the midterm elections.
A global bond sell-off has spread through European debt markets, sending government bond yields to 15-year highs amid concerns over inflation, budget deficits and government debt.
Rosatom expects cargo traffic along the Northern Sea Route to grow about 14% year on year in 2026. CEO Alexey Likhachev said volumes have stayed above 37 million tons for the past two years, while the baseline forecast puts traffic at 110–150 million tons by 2035.
Ukraine's parliament failed on Tuesday to pass a law taxing foreign parcels, a requirement for unlocking IMF and EU funds. Lawmakers dismissed government warnings about rising financial risks and a funding shortfall for defence needs.
The EU’s increasing reliance on Arctic resources is pushing Brussels to treat the region as an issue of economic security and supply-chain resilience. The shift could, however, harm the rights and living conditions of Indigenous and local communities.
Treasury yields rose Tuesday as investors watched tensions flare again in the Middle East. The 10-year yield climbed to its highest level since January 2025, while rising oil prices intensified concerns about inflation.

Russia’s new crypto law took effect on September 1, creating a supervised framework for investment and cross-border settlements. But key rules and trading channels are unfinished, while crypto payments for goods and services remain banned. Retail investors will face testing and a ₽300,000 annual limit per intermediary once access expands.

Russia’s gas exports to Europe through the TurkStream pipeline rose 3.4% year on year to 11.9 billion cubic meters in January-August, according to TASS calculations based on ENTSOG data. August deliveries reached 1.61 bcm, up 6.5% from July and 3% from a year earlier, with the pipeline operating at 91% of capacity.
Sino Land’s net profit attributable to shareholders rose 14 per cent to HK$4.59 billion for the year ended June 30, from HK$4.02 billion a year earlier. Losses from investment-property revaluation narrowed to HK$192 million from HK$1.08 billion, but underlying earnings declined, signalling continued pressure on its core business.

Toyota said the latest RAV4 would be offered only as a hybrid and that production would initially be limited. Demand for the SUV is strong, leaving dealers waiting for additional supply.

The US military fired more than 80 Patriot interceptor missiles while countering Iran’s latest strikes on Jordan overnight on August 31, Military Watch Magazine reported, citing sources. The outlet said the expenditure could represent about 10% of the remaining US Patriot interceptor stockpile.
Gulf stock markets rose in early Tuesday trading alongside higher oil prices, while UAE equities were subdued as renewed fighting between the United States and Iran weighed on investor sentiment.
Solar farms surpassed coal plants in July to become China’s largest source of installed power capacity, according to state-run media. Solar power generation, however, remains well below coal-fired generation.
China’s photovoltaic capacity reached 1.286 billion kilowatts by the end of July, edging past coal-fired power at 1.285 billion kilowatts and becoming the country’s largest power source by installed capacity, the National Energy Administration said. Solar generation rose 15.5% in the first seven months, providing 13% of electricity consumption.
China’s installed photovoltaic capacity reached 1.286 billion kilowatts by the end of July, overtaking coal-fired power for the first time and becoming the country’s largest power source by installed capacity, the National Energy Administration said Tuesday.
Solar panels have overtaken coal as China’s largest source of power capacity, marking a key milestone in the country’s green-energy expansion.
Bitcoin has remained resilient despite higher oil prices and stronger expectations of a September Federal Reserve rate hike. Attention now turns to Friday’s jobs report.

The United States is seeking to influence Japan’s monetary policy, but bitcoin did not enable it to do so.

Despite the UK’s best efforts, its energy system will still require natural gas for decades. The argument is that Andy Burnham should support Jackdaw while opposing Rosebank.
Bitcoin climbed from roughly $63,500 toward $80,000 last week, adding about $500 billion to crypto’s market value. Forced short covering drove the early rally, while regulated investment products later brought in fresh capital. CoinShares reported more than $2.9 billion in weekly inflows through Aug. 20, followed by another $1.65 billion in the next week’s first three trading days.

Euro zone inflation climbed back above 3% in August as energy costs increased, strengthening the case for another European Central Bank rate hike this month. The Iran war continues to push prices higher.

Euro zone inflation has moved back above 3%. The European Central Bank is expected to raise interest rates in September as the Iran war drives up energy costs across the region.
Eurozone inflation climbed sharply to 3.3% in August, with energy prices rising by more than 14% from a year earlier, according to Eurostat.
Beijing has instructed Chinese automakers and component suppliers not to offer steep discounts abroad as they expand globally. The Commerce Ministry said three ministry-level authorities issued guidelines for Chinese carmakers operating overseas for the first time, seeking to strengthen global competitiveness and support the industry’s long-term, healthy development.

Shein’s initial public offering has been disappointing.
As with every bubble, the crucial question is how the artificial-intelligence boom is being financed.
German Foreign Minister Johann Wadephul says Germany is looking to Algerian gas to diversify its supplies ahead of winter. The EU’s largest economy once depended on cheap Russian gas, but major deliveries stopped after Russia launched its full-scale invasion of Ukraine in 2022, dealing a severe blow to German industry.

German Foreign Minister Johann Wadephul urged Berlin to diversify its energy sources amid the Strait of Hormuz crisis and rising fuel prices. He called Algeria a reliable partner and said Germany was seeking long-term contracts for gas, with green hydrogen also offering potential for closer cooperation.
Higher borrowing costs are increasing pressure on the prime minister and chancellor as they prepare for October’s Budget, amid questions about how key plans will be funded.
Spain received 58.1 million international visitors from January through July, a 4.6% increase from the same period last year. Tourist spending climbed 7.8% to a record €82.05 billion.
European underground gas storage was 65.09% full on August 30, 16.87 percentage points below the five-year average and down from 77.4% a year earlier. The level is the lowest for that date since records began in 2011. EU facilities contain about 71.1 billion cubic meters, while high temperatures, higher fuel prices and competition with Asia for LNG have slowed replenishment.
Singapore’s financial watchdog has proposed rules requiring stablecoin issuers to hold 100% reserves and banning them from offering yields. It says the framework aligns with U.S. and EU rules and could enable recognition of foreign stablecoins.

Binance has added options covering 1,000 US stocks and ETFs. Trading volume for TradFi perpetual futures on the exchange reached about $433.4 billion in August, roughly 15 times January’s level.

S&P Global’s survey showed Russia’s manufacturing PMI fell from 50.7 in July to 48.8 in August 2026, marking the sector’s first deterioration in operating conditions in three months. Weaker consumer demand and tighter buyer liquidity reduced new orders, while export orders and output also contracted.
Rosatom’s logistics division plans to expand its operations to about 35 countries by 2030 and more than triple its commercial fleet capacity by 2035. Chief Executive Alexey Likhachev said the company expects to become one of the seven largest maritime carriers among BRICS nations while developing international services along the Northern Sea Route.
Bodycote has agreed to a £1.84bn takeover by US private equity group Veritas, while Gamma Communications recommended Epiris’s £1.1bn offer and Capricorn agreed to a $396m deal with DNO. The transactions push the value of companies leaving London’s stock market this year above $100bn, adding to pressure on the exchange.

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