Federal Reserve meeting looms as Trump backs Warsh
President Trump voiced support for Federal Reserve Chairman Kevin Warsh ahead of this week’s policy meeting, while simultaneously calling for the U.S. to maintain the "lowest interest rates in the world." Markets expect the Fed to hold rates steady on Wednesday, though Kalshi traders are betting Warsh will address recent supply shocks. Meanwhile, JPMorgan analysts report a new "buy signal" for the S&P 500, suggesting the index is poised for a rally despite the hawkish policy backdrop.
Singapore and Indonesia central banks diverge on inflation
The Monetary Authority of Singapore unexpectedly tightened monetary policy, citing rising oil prices as a renewed inflation risk. Conversely, Indonesia’s central bank chief, Perry Warjiyo, resigned following sustained pressure over a weakening rupiah. In Japan, fund managers are increasing bets on government bonds as yields surge, even as the market faces pressure from the end of "lost decades" policy choices.
Trump administration reports $13 billion in Venezuela oil sales
President Trump announced that the U.S. has generated over $13 billion from the sale of Venezuelan oil since taking control of the nation's energy exports following the capture of Nicolás Maduro. This comes as a group of Venezuela bondholders expands its ranks in anticipation of what could be the largest sovereign debt restructuring in over a decade.
Oil prices plunge 8% on U.S.-Iran pause
Brent crude fell below $90 a barrel on Monday after the U.S. and Iran entered a temporary pause in hostilities. The de-escalation eased immediate supply fears that had recently pushed prices above $100. Market relief was further bolstered by the resumption of crude loadings at Russia’s Novorossiysk port and Kazakhstan’s CPC terminal following drone-related disruptions. However, Macquarie analysts warned of a potential oil glut before the U.S. midterms if a formal deal is reached.
CME debuts 24/7 gold trading and single-stock futures
CME Group reported stronger-than-expected demand for its new 24/7 gold futures trading, citing deep liquidity despite low volatility. Separately, the exchange launched cash-settled single-stock futures for 55 U.S. equities, including SpaceX and Micron, allowing these names to be traded 23 hours a day.
Rare-earth competition intensifies in Kenya
A geopolitical "tug of war" has emerged between U.S., Chinese, and Australian firms over a massive rare-earth deposit located beneath a sacred hill in Kenya. The competition for the stockpile highlights the intensifying global race to secure critical minerals for the energy transition.
Nvidia and OpenAI discuss $250 billion infrastructure backstop
Nvidia is reportedly in talks to provide a credit backstop of up to $250 billion to fund OpenAI’s massive data center ambitions, including a campus in Ohio. Analysts warned the move echoes "tech-bubble habits," and Nvidia’s credit default swap costs surged on fears of increased debt obligations. This news coincided with Apple reclaiming the title of the world's most valuable company from Nvidia.
Big Tech credit risks rise amid AI spending spree
Investors are growing wary of the massive borrowing required to fund AI infrastructure. BlackRock successfully raised $12.5 billion in debt for a Meta Platforms data center project in Texas, but broader concerns remain. Analysts at Carlyle noted that traditional bonds are losing their role as "shock absorbers" because they are becoming increasingly correlated with volatile tech stocks.
Chinese chip champion CXMT soars 466% in debut
ChangXin Memory Technologies (CXMT) saw its shares surge 466% during its Shanghai market debut, briefly becoming China’s most valuable listed company. The $8.6 billion IPO—the largest in mainland China since 2010—signals a potential manufacturing breakthrough that could challenge U.S. chipmakers like Micron.
Ares Management eyes Leonard Green & Partners
Ares Management is in talks to acquire Leonard Green & Partners, a move that would significantly expand its private equity footprint. Separately, Ares is preparing a €3 billion sale of bundled private credit stakes, marking one of the largest credit-secondary deals on record.
KKR-led group wins board backing for £5.75bn DCC takeover
The board of DCC has recommended a £5.75 billion private equity takeover bid from KKR and Energy Capital Partners. The recommendation comes despite objections from several large shareholders regarding the valuation of the diversified energy and services group.
Banking and Pharma M&A activity accelerates
In Italy, advisers for Banca Monte dei Paschi di Siena and Banco BPM are discussing a "merger of equals" involving a cash component to rival a €35 billion bid from Intesa Sanpaolo. In the healthcare sector, Curium is reportedly nearing a $7 billion acquisition of radiopharma specialist Lantheus Holdings.
SpaceX market cap erodes by $1.2 trillion
Elon Musk’s SpaceX has seen its market capitalization drop by more than $1.2 trillion since its June peak. Despite a successful Starship flight, the stock hit new lows as investors anticipate a wave of insider selling following next week’s earnings report.
Amazon seeks approval for 5,105-satellite network
Amazon has filed for federal approval to launch a massive satellite constellation for a direct-to-device network. The project utilizes assets from Globalstar, which Amazon is acquiring for $11.6 billion, placing it in direct competition with SpaceX’s Starlink.
Shein reports losses ahead of Hong Kong IPO
Fast-fashion giant Shein swung to a loss as it prepares for a highly anticipated Hong Kong listing. The company cited rising trade tensions with the U.S. and EU as significant risks to its low-cost business model.
Meatpackers surge on Mexico cattle imports
Shares of Tyson Foods and JBS NV rallied after the U.S. announced it would resume cattle shipments from Mexico. The move ends a ban prompted by screwworm concerns and is expected to alleviate domestic supply shortages and high input costs.