General Market News

The US announced plans to ban imports of Canadian alcoholic beverages, motorcycles, and some dairy products starting September 29, while adding $20bn worth of goods to existing 50% tariffs. This escalation follows Canada's own tariffs on $20bn of US products and the collapse of trade talks last month. The tit-for-tat measures threaten to increase inflation and harm economic growth in both countries.

• The import bans will cover most Canadian alcohol products including beer and whisky, plus dairy items like whey protein and select other goods, effective from September 29
• The US has added cheese, wood, furniture and other products to a list of $20bn worth of goods already subject to 50% tariffs
• President Trump has also threatened to impose 25% tariffs on Canadian aircraft maker Bombardier and raise vehicle tariffs from 25% to 50% starting in January

Iraq is requesting an increased oil output quota during an OPEC+ audit that will determine production capacity limits for member nations in the coming year. The country wants OPEC+ to calculate its production targets based on a baseline of 6 million barrels per day, according to Bloomberg News sources.

• OPEC and its allies are conducting a comprehensive review of member production capacity to set 2027 output levels
• Iraq is seeking a baseline quota of 6 million barrels per day for its production target calculations
• The quota revision comes as OPEC+ adjusts member allocations based on updated capacity assessments

The British pound, which gained 1.6% against the dollar year-to-date and outperformed several G10 peers, faces potential weakness ahead. The Bank of England is now viewed as more dovish than the Federal Reserve and European Central Bank, both expected to hike rates soon. The U.K.'s October budget under new Prime Minister Andy Burnham poses additional risks to sterling's trajectory.

• The BOE has held rates at 3.75% while markets price in high probability of rate hikes by the Fed and ECB in September, with central bank rate increases typically boosting their home currencies
• U.K. GDP grew 0.4% in Q2 following 0.6% in Q1, among the strongest performances in the G7, but the economy remains highly vulnerable to elevated oil and gas costs from the Iran conflict
• The October 28 budget is expected to include higher ancillary taxes and increased debt issuance to fund spending, with markets concerned about measures that could dampen growth while requiring more borrowing

China's producer price index rose 3.8% in August, exceeding forecasts of 3.6%, while consumer prices increased 0.8% year-over-year as expected. The inflation rebound was driven by higher global commodity costs and high-tech demand rather than genuine strengthening in domestic consumption, which remains weak despite government stimulus measures.

• Core CPI (excluding food and energy) climbed 1% in August, up from 0.9% in July, as oil prices surged due to the Iran war and base-effect comparisons were favorable
• Danske Bank lowered China's 2026 GDP growth forecast to 4.6% from 4.8% and trimmed consumer-inflation forecast to 0.8%, citing disappointing consumer data and a 'negative feedback loop' of falling home prices and weak employment
• Economic momentum has slowed after a solid start to the year, with second-quarter expansion at the slowest pace and urban youth unemployment reaching its worst reading since August 2025

Oil prices surged Wednesday with Brent crude nearing $100 per barrel after the U.S. military destroyed five Iranian crude tankers in retaliation for attacks on an American warship. The escalating U.S.-Iran conflict, now in its seventh month, is raising concerns about major disruptions to Middle East energy supplies.

• U.S. benchmark crude jumped 1.75% to $94.66 per barrel while Brent crude rose 1.55% to $99.44 per barrel following the military action
• Goldman Sachs warned that intensifying shipping attacks are increasing the probability of Brent crude exceeding $120 per barrel if Persian Gulf exports fail to recover
• The military escalation resumed after a month-long pause during which the U.S. had pivoted to applying economic pressure on Iran instead

LIV Golf, the Saudi-backed breakaway professional golf league, has filed for Chapter 11 bankruptcy protection in the US after Saudi Arabia's Public Investment Fund decided to end funding after the 2026 season. The reorganized company is expected to be majority-owned by players, with whom LIV is in advanced discussions to create an ownership structure aligning their interests with the league's long-term success.

• Saudi Arabia's Public Investment Fund (PIF) has decided to terminate funding for LIV Golf after the conclusion of the 2026 season, prompting the bankruptcy filing
• Under the Chapter 11 reorganization plan, the league is expected to transition to majority player ownership through advanced discussions already underway
• LIV Golf CEO Scott O'Neil emphasized the league has built a foundation to 'entertain and inspire the next generation of global golf fans' despite the financial restructuring

Kevin Warsh faced three dissenting votes at his first Fed meeting in July 2026, the most early opposition to a new Fed chair since 1970. The dissents reflect deep disagreement over monetary policy amid rising inflation and prior rate cuts. This division signals uncertainty for savers, income investors, and rate-sensitive assets as the Fed's direction remains contested.

• Three FOMC members voted against holding rates steady in July 2026, breaking the Fed's norm of unanimity and marking the highest early dissent level in over 50 years
• Core PCE inflation has risen every month for the past year while the federal funds rate dropped from 4.5% to 3.75%, creating tension between doves and hawks on the committee
• The divided Fed creates uncertainty for income investors, with CD yields near lows at 1.71% and rate-sensitive stocks like Realty Income showing unusual trading patterns disconnected from typical Treasury correlations

U.S. stocks fell sharply on Tuesday, with the Dow dropping 617 points (1.16%) as rising oil prices driven by Middle East tensions fueled inflation concerns and strengthened expectations for a Federal Reserve rate hike. Investors are now focused on upcoming inflation data that could determine the Fed's policy decision at its September 15-16 meeting, with markets pricing in a 60% probability of a 25-basis-point rate increase.

• Oil prices climbed for a sixth straight session with Brent crude trading around $98/barrel due to Iran-backed Houthi attacks on Saudi facilities and slowdowns in Strait of Hormuz shipping traffic, pushing the S&P 500 energy index higher
• Treasury yields surged to multi-month highs (10-year at highest since November 2023), making stocks less attractive as rate hike expectations strengthened following August's stronger-than-expected employment report
• Semiconductor stocks bucked the trend with Intel and AMD rising 9% and 6% respectively on Amazon's custom AI chip deal, while software stocks and crypto-related equities declined amid renewed competition concerns

Oil prices retreated from session highs on September 8, 2026, as traders took profits despite geopolitical tensions following Houthi attacks on Saudi Arabian oil facilities, including the Jazan refinery. WTI oil tested resistance near $92.50-$93.00 while Brent oil approached the psychologically significant $100 level. Natural gas declined due to high production and bearish weather forecasts.

• Houthi militants attacked multiple Saudi Arabian facilities including Jazan refinery, halting operations at several locations as part of their ongoing conflict separate from U.S.-Iran tensions
• WTI oil is attempting to break above $92.50-$93.00 resistance with next target at $97.50-$98.00, while Brent oil tested near $99.00 with $100 as the key psychological barrier
• Natural gas pulled back toward $2.90 after failing to hold above $3.00-$3.05 resistance, with high production levels and disappointing weather forecasts weighing on prices

Vertiv Holdings, an electrical power equipment manufacturer specializing in data center infrastructure, has surged over 1000% in five years and trader Mike Khouw anticipates further gains. The Ohio-based company reported 24% net sales growth and raised full-year 2026 guidance, driven by strong data center demand, though the stock experienced a temporary selloff due to supply-chain delays pushing some sales to the second half of the year.

• Vertiv reported Q2 2026 results with 24% growth in net sales and 410 basis point expansion in adjusted operating margins, raising full-year guidance across all key metrics
• CEO expressed unprecedented confidence in the company's trajectory, citing strong, broad-based, and accelerating momentum driven by data center capital expenditure
• The stock temporarily sold off after earnings due to supply-chain related delays but has since recovered to near its 150-day moving average, with next earnings scheduled for October 22nd

U.S. pre-market futures fell across major indexes as Canada implemented retaliatory tariffs of 15-50% on $20 billion worth of U.S. goods, including metals, apparel, and milk. This follows the third U.S. tariff action against Canada this year, raising concerns about higher costs, lower profit margins, and increased inflation.

• The Dow was down 472 points pre-market, S&P 500 fell 24 points, Nasdaq dropped 9 points, and Russell 2000 declined 10 points
• August CPI inflation data due Friday is expected to hold steady at 3.4% year-over-year, with core CPI forecast to tick down from 2.5% to 2.4%
• Oil prices rose to $93/barrel for WTI and $98/barrel for Brent amid Middle East tensions, while bond yields retreated slightly with the 10-year at 4.77%

Genesco Inc., parent company of Journeys, Johnston & Murphy and Schuh, closed 25 underperforming stores in its second quarter of fiscal 2027, reducing its total retail fleet to 1,186 locations. The closures are part of a strategic effort to cut overhead costs and improve profitability through a smaller physical footprint and reduced promotional discounting.

• Net sales dropped 3% to $530 million, but adjusted gross margins expanded 140 basis points to 47.2% due to disciplined pricing and store optimization
• Journeys posted its eighth consecutive quarter of comparable sales growth at 2%, while Johnston & Murphy grew 4%; total debt was reduced from $71 million to $15.8 million year-over-year
• The company projects $40-50 million in cost savings through fiscal 2029 via automation and AI integration, and raised full-year adjusted earnings guidance to the high end of its $2 to $2.40 per share range

Faith-based ETFs are emerging as a growing investment vehicle, with 48 U.S.-domiciled products now available representing Christian, Catholic, Jewish, and Islamic approaches. While still a small segment of the $15.70 trillion U.S. ETF market, these products combine religious alignment with ETF benefits like transparency and liquidity, with more than half launching during 2024-2026.

• Global faith-based investment strategies grew at approximately 18% annually over 30 years through March 2026, with 853 active funds worldwide including 650 Shariah, 114 Christian, 87 Catholic, and one Jewish strategy
• Islamic ETFs represent less than 25% of listed products but hold roughly 41% of assets, while Catholic ETFs total $1.37 billion with 95% concentrated in a single fund (CATH), indicating both proven demand and limited diversification
• Faith-based ETFs are fundamentally distinct from sustainable investing, deriving authority from religious teachings rather than ESG frameworks, though they average roughly twice the fees of comparable non-religious passive strategies due to smaller scale

Canada has imposed retaliatory tariffs totaling $20 billion on U.S. imports including metals, apparel, and milk, with rates ranging from 15% to 50%. This follows the third round of U.S. tariffs on Canadian goods this year, which also totaled $20 billion. The escalating trade tensions are expected to increase costs and inflation, contributing to market declines with the Dow down 472 points in pre-market trading.

• Canadian tariffs target $20B in U.S. goods at rates of +15%, +25%, or +50%, matching the value of recent U.S. tariffs on Canadian cosmetics, electronics, and industrial equipment
• Markets declined in pre-market trading: Dow -472 points, S&P 500 -24, Nasdaq -9, Russell 2000 -10 as trade war escalates
• CPI inflation data due Friday expected to show headline inflation steady at +3.4% and core CPI dropping to +2.4%, though new tariffs unlikely to appear in these figures yet

The U.S. Treasury Department sanctioned 27 Iranian airlines and other entities under 'Operation Economic Outcast' to further isolate Iran's economy. The action targets all previously unsanctioned Iranian airlines amid ongoing attacks by Tehran and its proxies in the Strait of Hormuz region. Oil prices rose following attacks by Iran-allied Yemeni militants on Saudi Arabian energy facilities.

• Treasury Secretary Scott Bessent warned that anyone doing business with Iran's now fully-sanctioned airline industry risks being cut off from the global financial system
• The sanctions come as Iran and its proxies continue launching attacks in the Strait of Hormuz and surrounding region, escalating a conflict now exceeding six months
• Iran-allied militants in Yemen attacked multiple energy facilities in Saudi Arabia, causing oil prices to rise and forcing temporary operational halts

The Dow Jones fell 588 points (1.1%) on Tuesday as oil prices approached $100 per barrel and US-Canada trade tensions escalated with Canadian retaliatory tariffs taking effect. The decline reflected growing investor concerns about inflation pressures from rising energy costs and trade disputes during a holiday-shortened trading week.

• Brent crude neared $100/barrel and WTI approached $93 amid Iran-Oman negotiations over Strait of Hormuz traffic management
• Canadian retaliatory tariffs on US goods became effective Tuesday, intensifying the bilateral trade dispute
• Markets are awaiting key inflation data releases: NY Fed consumer inflation expectations (Tuesday), producer prices (Thursday), and the closely watched consumer price index (Friday)

US stocks opened lower on Tuesday, with the Dow falling 471 points as rising oil prices driven by Middle East tensions raised inflation concerns. Markets are bracing for key inflation data later this week (PPI Thursday, CPI Friday) that will influence Federal Reserve policy, with markets pricing in a 58.4% probability of a September rate hike.

• Brent crude reached $98.59-$99.22 per barrel (highest since July 24) due to US-Iran conflict and Houthi attacks on Saudi energy facilities, benefiting energy stocks like Marathon Petroleum and Occidental Petroleum
• The 10-year Treasury yield rose to 4.7882% while August jobs data showed continued economic strength with 4.1% unemployment, increasing expectations for Fed tightening
• Tech sector showed mixed performance with Intel up 5.54% on AI optimism, while crypto-related stocks declined as Bitcoin fell below $80,000 (Coinbase down 3%, Strategy down 5%)

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Cerulli Associates projects that financial advisors will invest an additional $2 trillion into alternative investments over the next five years, on top of the $2.2 trillion already allocated. This growth comes despite a recent wave of client redemptions in private market funds, with interval funds leading the expansion at $132 billion across 147 funds by year-end 2025. Advisors cite diversification, client value demonstration, and income generation as primary drivers, though they're demanding greater transparency and education after facing liquidity challenges.

• Interval funds grew 33% in assets during 2025, reaching $132 billion, with RIAs favoring them due to their lack of performance fees and embedded commissions compared to other semi-liquid vehicles.
• 82% of advisors cite diversification as their main reason for adding alternatives, viewing private capital as a solution to public market concentration in mega-cap stocks.
• Following 2026's redemption wave in non-traded BDCs and interval funds, 44% of advisors now demand greater transparency into holdings and performance, while 40% seek better education on client communication before allocating further.

Republican Senator Jerry Moran of Kansas is pushing back against President Trump's threat to block Bombardier jet sales in the U.S. as part of an escalating trade dispute with Canada. Trump criticized the Canadian aerospace manufacturer on social media, demanding they build in the U.S. or lose access to American markets. The conflict highlights tensions between Trump's protectionist trade stance and the company's existing U.S. operations that employ over 1,000 workers in Kansas alone.

• Bombardier employs over 1,000 workers in Wichita, Kansas and has a direct employment presence in more than 20 U.S. states, with over 50% of its revenue coming from American markets
• The company spends over $2.5 billion annually with approximately 2,800 American suppliers across 47 states, with U.S.-made components including engines, avionics, and wings manufactured in Red Oak, Texas
• Senator Moran contacted the Trump administration to emphasize Bombardier's contributions to Kansas workers and national defense capabilities, vowing to ensure the company's operations remain and grow in the state