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Global stocks fall as Treasury yields reach new peaks
The global stock market fell on Tuesday. This was a continuation of the selloff that began in the previous session. Treasury yields reached their highest level since 2007. Oil prices are also firmly above $100 per barrel. U.S. Treasury Yields have increased over the last month as investors take into account expectations of higher interest rates, resilient growth in the economy and concerns regarding the long-term fiscal prospects for the country due to rising inflation. Investors were looking to the Federal Reserve. Traders expected at least a quarter point hike. Fed Chair Kevin Warsh is reluctant to give any guidance on future rates. All three major Wall Street indexes traded lower. Consumer discretionary, communications services, and utilities stocks were the main losers. The biggest gainers were energy shares. The Dow Jones Industrial Average dropped by 0.76%. The S&P 500 fell by 0.49%. And the Nasdaq Composite lost 0.83%. The STOXX Europe 600 index fell by 0.28%, after reaching its lowest level since June 12th. The European Tech Stock Index fell 0.37%. We have to acknowledge that this is an appropriate move on the Treasury market. There should be no shock factor given the exuberant economic background, the 30% earnings growth last quarter, and the geopolitical conflict driving up commodity costs, said Edison Byzyka. Chief investment officer of Credent Wealth Management. I think the Fed must raise rates immediately. If the Fed doesn't raise rates by at the very least a quarter (percentage point), we will see the bond markets punishing the Treasury market." The main MSCI world stock index fell by 0.55%. Benchmark Brent crude futures were above $108 per barrel as Yemen's Houthis, who are aligned with Iran, launched a fresh wave of attacks against Saudi Arabia. They also dug into positions along the Red Sea coast on Yemen's western coast. INTEREST RATE IN FOCUS The yield on benchmark?U.S. Treasury 10-year bonds?reach a peak not seen since 2007. This was ahead of Wednesday's Fed rate decision. The yield on the benchmark?U.S. The yield on benchmark?U.S. 10-year notes increased?3.47 basis point to 4.996%. The benchmark German Bund yields in the Eurozone rose to their highest levels in 17 years, at 3.56%. Bank of Japan will likely raise interest rates by 25 basis points to 1.25% on Friday at the conclusion of its two-day meeting and signal further tightening in the future. The Bank of Japan is attempting to stabilize the yen following intervention that helped the currency recover from a 40-year low. The dollar rose against its peers as the markets anticipated a possible Fed interest rate hike. The dollar gained?0.50% against the Japanese yen to 155.12. The euro was down by 0.05% to $1.1541. The dollar index (which measures the greenback in relation to a basket currency) rose by 0.14%, reaching 99.63. Spot gold increased 0.2% to $4.30619 per ounce.
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Three people are killed in Israeli attacks on Gaza, according to medics
Israeli airstrikes in Gaza's northern strip killed three "Palestinians" on Tuesday, including one patient at a "healthcare center", medics reported. According to medical personnel, Israeli airstrikes targeting a vehicle in Sheikh Radwan (northern Gaza Strip) killed two Palestinians - one of whom was a child - and injured seven others. Israeli military officials said they had killed a militant near the site, but did not elaborate. Witnesses reported that some of the casualties were caused by a second attack near a group who had rushed in to help?the original victims. The video was not verified immediately, but it showed at least five men being hit by a missile. A British charity for Palestinian health said that in a separate incident, a patient died at a Jabalia health center they support. According to the organization, a quadcopter drone used by Israeli military was responsible for the shooting. Israel has not yet responded. Palestinians held funerals for two people killed in Israeli airstrikes a day earlier, Ahmed Al-Batsh Rafat Zummar. According to Hamas sources and the Israeli army, Batsh was a local Hamas leader. Medical personnel said that Batsh was killed in an attack against his vehicle in northern Gaza Strip. In separate statements, the Israeli military claimed that both men were killed. Zummar was also described as a Hamas leader. Hamas did not immediately comment on Zummar’s affiliation. At Gaza City's Al Shifa Hospital, relatives and friends honored Batsh’s body draped with a Hamas flag and a white shroud. On top of the corpse was a?M16 assault weapon. Khalil Al Batsh, the relative of a dead Hamas militant, said: "Israel believes... that it will eliminate resistance and the spirit (devotion) in us." He told mourners at the funeral that "this cowardly operation" only strengthened our people's resolve to continue down this path. A U.S.-backed ceasefire in October 2025 halted the large-scale fighting, but did not end Israeli attacks and made little progress towards permanent peace. Hamas claims that Israel violated the ceasefire, and undermined efforts to implement?U.S. Donald Trump's plan to end Gaza conflict includes an Israeli withdrawal from Gaza and Hamas disarmament. Israel claims that Hamas has violated the agreement. According to Gaza's health officials more than 1,300 Palestinians, mainly civilians, were killed since the ceasefire came into effect. The Israeli military, however, claims that four Israeli soldiers died. Hamas doesn't usually reveal information about the deaths of its fighters.
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Agnico Eagle has said it will not participate in Barrick's North American IPO
Ammar Al-Joundi, CEO of Agnico Eagle in Canada, said that the company is not interested in Barrick Mining's proposed North American initial public offering. Al-Joundi stated that it would be a waste of money for Agnico Eagle to invest in Barrick Mining's proposed North American IPO ...,". He said that it was not a matter of valuation, or whether the deal is a good one or not. Al-Joundi said that it was up to Barrick's board and management at this point to decide if Agnico will attempt to buy the Nevada assets of Barrick in the future. Barrick declined comment. Agnico Eagle ranks among the top three gold producers in the world. Barrick, a Canadian-based company, wants to list its North America business by selling 10-15% of the equity. The proposed IPO is aiming to be listed in both New York and Toronto. Agnico Eagle shares have outperformed their peers in this year's performance, making it a contender to make a big-ticket acquisition. Agnico Eagle's share prices have risen 15% in 2026. This makes it one of the most popular large gold companies with institutional investors.
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Hitachi Energy invests $528 Million in new transformer plant in Mississippi
The company announced on Tuesday that Hitachi 'Energy' plans to build a $528-million factory in Mississippi for the production of electrical?transformers. This will be the largest?investment made by the company as part of its U.S. Manufacturing expansion. Electricity demand in the United States has reached record levels, largely due to the growth of data centers for the tech industry and the electrification and modernization of buildings and transport. However, there is a shortage of essential electrical infrastructure like circuit breakers and transformers. The Gallman, Mississippi plant is expected to begin operations in 2029 and will be approximately twice the size of Hitachi Energy’s Crystal Springs facility?in the state. The Gallman facility will manufacture mid-range transformers for data center projects, semi-conductor factories and other industrial operations that require large amounts of power, according to the company. These transformers are smaller than the large transformers that are used for very high voltage grid infrastructure. They would be about the size of an attached garage compared to a two-story home, according to Hitachi Energy in Zurich, Switzerland. Andreas Schierenbeck said, "The transformers that will be produced in the next couple of years are essential for building data centers and investing in semiconductors because they close this critical gap between transmission transformers and industrial production," at a conference held in Houston. Hitachi said that its new Mississippi investment would 'complete the $1.5billion?the company has spent to boost production capacity in the U.S. The factory could be able to?produce dozens of Transformers per year, according the company. At a 'Houston conference, U.S. Energy Sec. Chris?Wright stated that the new?Hitachi plant is a necessary component to help build a large electrical infrastructure. "We need transformers to build this big expansion."
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Global stocks fall as Treasury yields reach new peaks
The global stock market fell on Tuesday as it continued a downward trend from the previous session. This was after U.S. Treasury Yields reached?their highest levels since 2007 and oil prices remained above $100 a barrel. U.S. Treasury Yields have increased over the last month, as investors take into account expectations of higher interest rates and resilient economic growth. They also consider concerns about the long-term fiscal outlook for the United States due to rising inflation. Investors were looking to the Federal Reserve. Traders expected at least a quarter point hike. Fed Chair Kevin Warsh is reluctant to give any guidance on future rates. All three major Wall Street indexes are trading lower. Consumer discretionary, financial and communication services stocks were the main losers. The biggest gainers were energy shares. The Dow Jones Industrial Average dropped by 0.89%. The S&P 500 fell by 0.46%. And the Nasdaq Composite lost 0.69%. STOXX Europe 600 dropped 0.29%, after reaching its lowest level since June 12. After losing more than 2% Monday, the European Tech Stock Index rose by 0.10%. We have to acknowledge that this is an extremely?appropriate movement in the Treasury Market and there shouldn't be any shock factor given that we've seen an 'exuberant' economic backdrop. Last quarter, earnings growth hit 30% and we are experiencing a geopolitical crisis that's driving commodity prices up, said Edison Byzyka. Chief investment officer at Credent Wealth Management. I think the Fed must raise rates immediately. If the Fed doesn't raise rates by at the very least a quarter (percentage point), we will see the bond markets punishing the Treasury market." The main MSCI world stock index fell by 0.53%. Benchmark Brent crude futures were above $108 per barrel as Yemen's Iran aligned Houthis launched another wave of attacks against Saudi Arabia, and dug into positions along the western coast of Yemen on the Red Sea. INTEREST RATE IN?FOCUS The yield on 10-year Treasury notes reached a level not seen since 2007. This was ahead of Wednesday's Fed rate decision. The yield on benchmark U.S. 10 year notes increased by 3.47 basis points, to 4.996%. The benchmark German Bund yields in the Eurozone rose to 3.56%, their highest level for over 17 years. It is expected that the Bank of Japan will raise its interest rates by 25 basis points to 1.25% at the end its two-day meetings on Friday, and signify more tightening in the future. The Bank of Japan is looking to strengthen the yen following intervention that helped the currency recover from a low for the first time in 40 years. As markets awaited a possible Fed rate increase, the dollar gained against its peers. The dollar gained 0.48% against the Japanese yen to 155.07. The euro was down by 0.08% in relation to the dollar, at $1.1540. The dollar index (which measures the greenback in relation to a basket currency) rose by 0.14%, reaching 99.63. Spot gold dropped 0.33%, to $4283.64 per ounce.
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Britain strengthens diplomatic relations with Venezuela
Britain announced on Tuesday that it would be upgrading its diplomatic relations with Venezuela by appointing an ambassador in the country. This move, it claimed, would enhance Britain's ability to support a democratic transition. In a written statement to the parliament, the government stated that "this decision is part a broader international reengagement." Britain stated that the move was not an endorsement of Venezuela's disputed election of 2024 or any political party, but rather reflected its longstanding policy to maintain?relations? with the Venezuelan state. After the U.S. ousted Nicolas Maduro from power in January, the government of acting President Delcy Rodriguez is now in charge. Venezuela welcomed the decision. Oliver Blanco said that Caracas appreciated Britain's'move' to improve diplomatic relations. Blanco stated that "we reaffirm our willingness to further a respectful dialogue and promote cooperation on areas of common interest to both countries, and to help'recover resources which?rightfully belongs to the Venezuelan people."
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Israeli strikes in Gaza killed two people including a child.
Health officials in Gaza said that Israeli airstrikes on a vehicle Tuesday killed at least two Palestinians including a child and injured seven others. The strikes occurred in Sheikh Radwan, a neighbourhood located north of the Gaza Strip. The Israeli military claimed it had?struck a?militant? in the area without providing any further details. Witnesses said that some of the casualties were caused by a second strike which hit near people who had rushed to assist in the rescue. The video was not immediately verified, but it showed that a missile had exploded near at least five people. Palestinians held funerals for two Palestinians who were killed in Israeli airstrikes a day earlier, Ahmed Al-Batsh Rafat Zummar. According to Hamas and Israeli military sources, Batsh was the local Hamas commander. Medical personnel said that Batsh was killed in an attack against his vehicle in the northern Gaza Strip. In separate statements, the Israeli military claimed that both men were killed and described Zummar as a Hamas leader. Hamas did not immediately comment on Zummar’s affiliation. In Gaza City, Al Shifa Hospital, relatives and friends bid farewell to Batsh’s body. It was draped in a Hamas flag and a white shroud. On top of the corpse, an M16 assault weapon was placed. Khalil al-Batsh said that Israel believed it would eliminate the spirit of jihad and resistance within us. At the funeral, he said: "I tell them this cowardly operation strengthens our people’s determination to keep on going down this path." A U.S.-backed ceasefire in October 2025 halted the large-scale fighting?in Gaza. However, it did not end Israeli strikes, and little progress has been made on the?steps toward permanent peace. Hamas claims that Israel violated the ceasefire, and undermined efforts to implement U.S. president Donald Trump's plan?to resolve the Gaza conflict. This includes the Israeli removal from the Gaza Strip and the disarmament by Hamas. Israel claims that Hamas violated the agreement. According to Gaza's health officials, more than 1,300 Palestinians (mostly civilians) have died since the ceasefire came into effect. The Israeli military, however, claims that four Israeli soldiers were killed. Hamas doesn't usually reveal information about the deaths of its fighters.
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Investors' appetite for IPO tests is tested by Dangote's profits in Europe
Nigeria's Dangote Oil Refinery has emerged as one of the key suppliers of fuels to Europe, following disruptions in Middle East exports. This highlights its growing influence on global fuel markets. It also generated a record profit before its debut at the stock exchange. According to the prospectus of the Lagos refinery, by increasing?fuel?exports during this crisis, the company has been able to achieve a profit of 1.82 billion dollars in the first six months of 2026, on revenues of over $13 billion. This is a significant improvement from the $476 million loss it suffered in 2025 due to conflict-related disruptions that increased the demand for the refinery's exports. Dangote’s refinery, built to end Nigeria’s dependence on imported oil, is influencing global fuel flow at a time when the market is under stress. The trend will continue, as Middle East disruptions persist and refinery capacity is expanded. Janiv Shah, Rystad Energy, said that "Dangote will likely increase its role in the upcoming years". The gasoline industry will have the largest structural impact. "Jet fuel and diesel are also growing in importance". In response to U.S. and Israeli attacks, Iran closed the Strait of Hormuz at the end February. Europe lost a quarter its diesel and jet fuel supply. Fuel inventories at the oil trading hub in Northwest Europe have plummeted to their lowest levels in 12 years as a result of the Middle East's drop in exports. According to Kpler, Europe imported around 80,000 barrels of jet fuel per day from Dangote in the second quarter. This is equivalent to 13% of the supply shortage and makes the refinery Africa's biggest supplier of fuel. The data shows that only the U.S. accounted for more imports from Europe than Nigeria during this time period. "Without Dangote Europe would have still sourced fuel, but at a much higher clearing price. Shah of Rystad said that there could have been deeper stock draws. REFINERY HELPS TO SATISFY TIGHT MARKET Dangote has also increased exports of gasoil and diesel, which are both?part of a group known as middle distillates of fuels. Kpler reports that Dangote's exports of diesel and gasoil have increased by 23%, to 488,000 bpd as of 2026. Sumit Ritolia, Kpler analyst, said that "these barrels have been increasingly supplying West Africa and Europe where they helped ease an otherwise tight middle distillate market". Dangote's influence on the gasoline flow has been significant since Dangote started operating in 2024. Kpler reports that Dangote has produced between 270,000 and 300,000 barrels per day of gasoline since 2026. Nigerian imports have fallen from around 400,000 bpd to 83,000 bpd. Europe has traditionally provided the majority of this volume in a trade worth $17 billion per year. Dangote wants to double its capacity to 1.4m bpd in 2029. This would make the refinery the second-largest in the world, alongside Reliance’s Jamnagar facility. When asked about refinery expansion plans, Chief Executive David Bird said that a?diesel hydratreater will allow Dangote a greater range of diesel specifications to be exported. He said, "We must ensure that we can sell our product anywhere in the globe, any time of the year."
On Saudi disruptions, some physical oil cargoes are nearing the record of April, with prices above $130 per barrel.
On Tuesday, the price of some physical 'oil cargoes' in Europe jumped to more than $130 per barrel, nearing a record high reached in April. This is because buyers are rushing to find alternative supplies in Middle East due to increasing disruptions caused by intensifying conflict.
Trade sources say that Saudi Arabia, in addition to other disruptions related to the Iran War, has canceled late-September cargoes to European buyers following an attack last week on its East-West Pipeline, which forced it to suspend loadings at Yanbu, a key Red Sea port.
On Tuesday, buyers bid higher for?potential alternative oil such as North Sea. North Sea Forties crude
Brent oil futures contracts rose by over $3 on Tuesday. The Brent contract is now approaching $100 a barrel. This was due to the suspension of Saudi loadings and the halting of operations in Libya at three oil fields.
Physical cargoes have a higher price than crude futures such as Brent, in part because they are delivered in 'a few weeks time. This is earlier compared to the oil traded on futures markets. Brent is a contract for delivery in November.
(source: Reuters)