The bottom line
- Core CPI beat by a tenth and settled the meeting: 85.5% is priced for Wednesday, so the dots are the trade, not the decision. August core CPI +0.3% m/m against +0.2% consensus; headline +0.4% m/m and 3.4% y/y, both in line. Core y/y fell to 2.4%, the slowest since March 2021. The 16 September hike went from 71.0% to 85.5% (Investing.com, 12 Sep 00:35 ET; CME-derived ~90%, centralbank.watch 85.0%, Polymarket 78–82%). Cumulative ≥1 hike 92.8% by October and 97.4% by December; the modal December outcome is two hikes (47.3%) with a 27.4% tail on three. No cut is priced at any 2026 meeting on either tracker. That is a lot of path to defend: this is a SEP meeting, and the asymmetry sits in a dot plot that stops at 4.00–4.25% against a strip that does not.
- Three G10 central banks decide inside 43 hours, into the largest options expiry on record and with the buyback bid already withdrawing. Fed Wednesday 14:00 ET, BoE Thursday 07:00 ET, BoJ Friday Tokyo. $6.2trn of US options exposure expires Friday 18 September — 23% of $9.6trn outstanding, surpassing June's $7.7trn record (Rubner, Citadel Securities, 31 Aug). The buyback blackout accelerated around 12 September against $1.1trn of authorisations. SpotGamma puts the dealer gamma flip at 7,600; the S&P closed 7,656.98, 0.75% above it, below its 50-, 100- and 200-day averages, with VIX at 15.84. Four negative catalysts inside five sessions and the index has not repriced a single one of them.
- The yen short stopped being contrarian on 8 September, and that is this desk's own book. The new COT is the week's most important number. Leveraged-fund yen shorts were halved, −102,188 to −49,098 (+53,090); legacy non-commercials flipped net long, −92,227 to +10,796, a +103,023 swing. The crowd has joined our short USD/JPY. Into an 85.5%-priced Fed hike, with Reuters reporting the BoJ will hike to 1.25% while offering "no preset idea on the terminal rate", the pain trade is now USD/JPY higher. We keep the view — the mechanism is intact and 152.00 is the level — but we cut the size, and the reason is the positioning, not the thesis.
- Australia repriced harder than anywhere: 2s and 3s took 5% for the first time this cycle and the ASX had its worst week since March. ACGB 3y +13.9bp to 5.01%, 2y +13.0bp to 5.01%, 5y +14.4bp, 10y +11.2bp to 5.36% — the belly led and the curve flattened to 35bp, which makes it RBA repricing, not a term-premium shock. RBA hike odds for 29 September are 76% (centralbank.watch, 13 Sep) against all four majors at a 4.60% terminal but three of them calling November. ASX 200 8,741.20, −0.89%, week −2.94%, with materials −3.63% against financials +1.08% — BHP −4.05%, RIO −3.54%, NAB +2.7%. Correction to No. 005: there is an August Labour Force print, on Thursday 24 September. The board does get employment before it decides; it does not get September CPI, which lands the morning after.
- Both chokepoints are now impaired — and three independent cross-asset checks say the market does not believe it will last. Hormuz transits are running 1–13 vessels/day by provider against a disputed 100–140 baseline, a 90–99% collapse; the Houthis have taken Mokha and Mayun (Perim) Island, giving them Bab el-Mandeb as well. Yet Brent settled $104.61, −2.81% on Friday; Brent–WTI is $4.56, twenty-four cents NARROWER on the week when a waterborne Gulf shock should widen it; and wheat and soybeans both fell more than 1% on the week. The risk premium has gone into freight instead — VLCC Middle East–China at a record $800,000/day, roughly 18× a normal market. Iran and the GCC meet in Salalah, Oman, today, with Tehran promising maps of a new route. Bahrain is not attending.
- Credit finally decompressed — CCC widened a sixth straight session while IG tightened. The three-edition data gap is closed: IG 80bp (−1bp on the week), HY 270bp (+2bp), CCC 1,070bp (+16bp), all observed 10 September. CCC has widened at every single observation since 1 September — 1,049 → 1,054 → 1,055 → 1,056 → 1,064 → 1,070 — with no retracement, against an index that went the other way. That is the quality decompression the high-conviction underweight was underwriting, and it is the cleanest working expression on the book. S&P's hyperscaler report (11 Sep) calls hyperscaler credit quality "gradually weakening" across six names and $7trn of spend to 2030, flagging an opaque secondary lending market. SoftBank opens a $10–20bn high-yield roadshow today — that deal is the mark.
Overnight & weekend recap
Friday 11 September — the CPI print, and a rally that was not about CPI
The BLS printed August headline CPI at +0.4% m/m and 3.4% y/y, both in line, with core at +0.3% m/m against +0.2% consensus and core y/y falling to 2.4%, the slowest since March 2021. The unrounded seasonally adjusted figures are not published; from NSA index levels (333.918 → 334.980 headline, 337.133 → 338.041 core) the monthly rises were +0.318% and +0.269% respectively.
The composition is the argument. Energy +2.1% m/m and +16.3% y/y, gasoline +3.9% m/m and +27.4% y/y, with the BLS stating that gasoline alone accounted for over a third of the monthly all-items increase. Airline fares +2.2% m/m and +23.4% y/y. Against that, shelter was well behaved — OER +0.2%, rent +0.2%, shelter 3.0% y/y; core goods only +0.1%; used cars −2.3% y/y; and medical care services outright negative at −0.2%. The core beat leans heavily on a single line: wireless services +5.9% m/m, which Michael Ashton (via TIPSWatch) argues "basically adds up to the miss on core CPI." This was a war print, not a demand print.
The hawkish counterweight is the Fed's actual target variable. The Cleveland Fed nowcast has August core PCE at +0.27% m/m and 3.40% y/y, and core PCE has run above 3% every month this year. A 2.4% core CPI and a 3.4% core PCE are two different inflation problems, and the Committee reports on the second.
The front end did all the work. The 2-year rose 7bp to 4.63%, trading to ~4.65% intraday and its highest since 2024; the 10-year rose 1bp to 4.96%, approaching but not taking 5.00%; the 30-year actually fell 2bp to 5.35%. That is a bear flattener — 2s10s in to +33bp from +39bp on the day and +41bp on 4 September, and 5s30s to +57bp from +70bp on the week. A 26bp weekly move in 2s against 11bp in 30s is a policy repricing, not a term-premium event, and it is the cleanest shape change in this note.
Equities rallied anyway, and the reason was oil. The S&P 500 rose 0.86% to 7,656.98, the Nasdaq Composite 0.96% to 26,333.04, the Dow 0.98% to 52,573.29 and the Russell 2000 0.45% to 2,903.94, nine of eleven sectors higher, with WTI down 2.4% and Brent down 2.8% on constructive Gulf diplomacy. VIX fell 11.2% to 15.84. Leadership was the AI-infrastructure complex reading through Oracle's Thursday results — Dell +10%, HPE +9%, memory names higher on OCI capacity demand — while Adobe fell 3% and Barclays cut targets across the airlines on jet fuel. Oracle itself is unresolved across sources: prints of +6.98%, +7% and "gave back its early gains" all exist for the same session.
None of it saved the week. The S&P lost 0.80%, the Nasdaq 0.66%, the Dow 1.58% — its worst week since March — and the Russell 2000 2.41%. Small caps carry the rate sensitivity and they told you where the pressure was. Weekly single-stock damage was heavy and idiosyncratic: COO −22.98% on an FY guidance cut, CASY −16.46%, FDS −14.00%, PTC −12.55%, AMGN −12.48%.
Europe and Asia on Friday
Europe ran the same shape — a risk-on session inside a bad week. Stoxx 600 +0.49% to 639.10 (week −1.6%), Euro Stoxx 50 +0.90% to 6,325.13, DAX +0.82% to ~25,569, CAC 40 +0.78% to 8,179.77 (week −1.4%, a fifth straight weekly fall), FTSE 100 +0.4% to 10,650.44 (week −1.7%) on a UK July GDP beat of +0.4% m/m against 0.0% consensus. The tell was in the losers: Rheinmetall −2.5/−3.0% and BAE −1% on a day European equities rallied. The bid was for the Hormuz diplomatic track, not for risk generally. Infineon +4.8%, Siemens +2.5%, Stellantis +3.1%, Safran +2.5% led; Italian banks were strong on the Intesa–MPS and UniCredit–Commerzbank files.
Asia was the weak leg. The Nikkei fell 1.93% to 64,011.34 against TOPIX −0.65% to 4,028.30 — the Nikkei fell more than twice as hard, a high-beta exporter and tech session consistent with the Korea and Taiwan tape. KOSPI −1.76% to 6,910, TAIEX −1.61% to 46,184.85, with Samsung −3.44% and SK Hynix −2.21%. Set that against the fundamentals: Korean exports in the first ten days of September rose 83% y/y with semiconductor shipments up 270%. The AI complex is selling off on rates and oil, not on demand. In China, Shanghai −1.18% to 3,888.11, CSI 300 −0.84% to 4,510.16, Shenzhen Component −1.08%, with Hang Seng −0.60% to 24,806 and HS Tech −0.23% but −5.46% on the week, the sharpest weekly move anywhere in Asia. The Hong Kong internet complex is in a serious drawdown: over the prior month JD Logistics and Kuaishou each fell around 26%, with Meituan, Shenzhou International and Trip.com each off more than 18%.
Weekend 12–13 September
The Gulf. The Saudi East–West pipeline — the principal workaround for Hormuz, nameplate ~7m bpd, carrying 4–5% of global supply — was struck by drones on Thursday 10 September and shut precautionarily, with damage at at least eight places. The attack originated from Maysan province in south-eastern Iraq: Baghdad seized the launch platform, dismissed the Maysan operations commander and the provincial police chief, and has allowed Iran to join the inquiry. Saudi Arabia chose not to retaliate, at Baghdad's request. Trump publicly blamed Iran — a claim neither Riyadh nor Baghdad has made, and that gap is the key de-escalation variable. On Sunday an Iranian commercial vessel was struck near Hengam Island at ~05:00 local, killing one crew member and wounding four; the attacker is unidentified and there has been no US statement. Trump spoke with Crown Prince Mohammed bin Salman on Saturday ("it's going to work out fine and dandy") and declined his request for direct US strikes on the Houthis, offering intelligence and targeting support instead. Meanwhile the Houthis completed the seizure of Mokha and Mayun (Perim) Island, placing forces about 20km from Africa and effectively giving them Bab el-Mandeb — a strait carrying ~12% of global trade, 11% of maritime oil and 8% of LNG, where volumes were already down 50–55% on 2023–25. Saudi–Houthi strikes were traded across the strait over the weekend and the Houthis are reportedly advancing on Marib.
The diplomacy, which is today's event. GCC and Iranian foreign ministers meet in Salalah, Oman, today, Monday 14 September — the first such gathering since February, with Iraq attending and Bahrain declining on the grounds that it will not join a collective meeting including Iran before diplomatic relations resume. Iran will present an Iran–Oman agreement on a new Hormuz route, with Foreign Minister Araghchi promising "details of the agreement with Oman and maps related to the new route." A senior Iranian source stated the Strait has not been reopened. Iran's negotiating position is weak and getting weaker: inflation 89% y/y, food inflation 127%, the rial at an all-time low of 1.37m/USD before recovering to ~1.31m, and the blockade has halted most oil exports.
Credit. The most market-relevant weekend item is what did not happen: there is no 12–13 September S&P report warning of imminent hyperscaler downgrades or naming Oracle for a cut into junk. The real report is dated Friday 11 September, says hyperscaler credit quality is "gradually weakening," names Amazon, Microsoft, Alphabet, Oracle, SpaceX and Meta, forecasts more than $7trn of data-centre and AI spend through 2030, and raises a genuinely new concern: hyperscalers using their own ratings to help weaker entities borrow cheaply — startups including Anthropic and OpenAI, smaller cloud operators, municipalities — via leases, loan backstops and equity stakes, creating "an opaque secondary lending market." That is arguably more actionable than the headline that was circulating. Separately, SoftBank opens a roadshow today (14–17 September, at Citigroup in New York) for a $10–20bn high-yield bond, having drawn $25.9bn of a $40bn OpenAI bridge that repays tomorrow.
Europe and Russia–Ukraine. Sweden voted Sunday; SVT's exit poll has the left bloc at 51.3% against the right bloc's 46.8%, with the Social Democrats at 28.4% and — the headline — the Sweden Democrats down 3.0 points to 17.2% and losing 12 seats. Magdalena Andersson would displace Ulf Kristersson. No official count exists; certification is expected 19–20 September. In Ukraine, 863 Ukrainian drones over 24 hours against 389 Russian drones shot down, at least four killed and twenty wounded; Russia struck power sites while Kyiv hit a refining hub; two killed near the Zaporizhzhia plant. Two near-misses on the Polish border — a truck struck 0.8km from Poland and a Russian drone hitting a Warsaw-bound train. Peskov did not rule out three-way talks in October. Most significant for this note: Trump has told Kyiv to stop striking Russian diesel. With Hormuz shut, Russian refined product has become systemically important to the West and Washington is now restraining Ukraine to protect it. The two energy theatres have merged.
Asia. At the 18th BRICS summit in New Delhi, the New Delhi Declaration called for "maximum restraint" in the Middle East — the phrase belongs to the communiqué, not to Xi personally, who separately said the war "does not serve the common interests." Iran and Saudi Arabia are both BRICS members. Xi walks from that summit into a White House summit with Iran on the agenda, reported for late September.
No Monday indicative opens exist at this hour. FX reopens from roughly 07:00 AEST and index futures from 08:00 AEST; the ASX 200 futures contract rolled to December over the weekend, so the 8,805 print carries a different dividend and carry basis from Friday's 8,741.20 cash close and is not a 64-point indication. Crypto is the only continuously traded read: BTC $77,270, +3.4% on the week after twice rejecting $79.8–79.9k.
Market dashboard
Week to 11 September — cross-asset change
| Equities | Close | 1d | 1w | Note |
|---|---|---|---|---|
| S&P 500 | 7,656.98 | +0.86% | −0.80% | YTD +11.9%. Below 50d 7,672.84 · 100d 7,677.59 · 200d 7,703.87. RSI 51.2 |
| Nasdaq Composite | 26,333.04 | +0.96% | −0.66% | YTD +13.3%. Dell +10%, HPE +9% on the Oracle read-through |
| Dow Jones | 52,573.29 | +0.98% | −1.58% | Worst week since March |
| Russell 2000 | 2,903.94 | +0.45% | −2.41% | The rate-sensitivity tell — underperformed even on the rally |
| VIX / VIX3M | 15.84 / 18.60 | −11.21% | +1.31 | IVTS 0.852, contango, day 109 in regime. AP prints 15.88 |
| Stoxx 600 | 639.10 | +0.49% | −1.6% | Rheinmetall −2.5/−3.0%, BAE −1% on a green day |
| Euro Stoxx 50 | 6,325.13 | +0.90% | −1.0% | |
| DAX | ≈25,569 ±12 | +0.82% | n/a | Three values on one vendor page: 25,557 / 25,568.56 / 25,569 |
| CAC 40 | 8,179.77 | +0.78% | −1.4% | Fifth consecutive weekly fall |
| FTSE 100 | 10,650.44 | +0.4% | −1.7% | UK July GDP +0.4% m/m vs 0.0% cons. drove the bounce |
| FTSE MIB / IBEX / SMI / AEX | 52,512 / 19,838.50 / 13,775.27 / 1,099 | +0.65–1.36% / +0.91% / +0.26% / +0.50% | n/a | MIB daily change irreconcilable — range published |
| Nikkei 225 | 64,011.34 | −1.93% | −1.55% | Exchange archive. Fell 3× TOPIX on the day — exporters and tech |
| TOPIX | 4,028.30 | −0.65% | −1.83% | Sector detail unobtainable this edition — see §13 |
| Hang Seng / HS Tech | 24,806 / 4,320.57 | −0.60% / −0.23% | n/a / −5.46% | HS Tech the sharpest weekly move in Asia; HK internet in drawdown |
| CSI 300 / Shanghai / Shenzhen | 4,510.16 / 3,888.11 / 13,471.3 | −0.84% / −1.18% / −1.08% | n/a / −1.07% / −0.34% | Two-week low on oil and US yields. ChiNext not obtained |
| KOSPI | 6,910 | −1.76% | n/a | Samsung −3.44%, SK Hynix −2.21% — against Sep 1–10 chip exports +270% y/y |
| TAIEX | 46,184.85 | −1.61% | n/a | Reconciles exactly to Thursday's 46,940.49 |
| Sensex | 74,782 (prov.) | −0.16% | −2.1% | Level disputed on one page (74,782 vs 74,872); percentage used. Near 3-month lows |
| S&P/ASX 200 | 8,741.20 | −0.89% | −2.94% | Vol 704.4m · range 8,699.80–8,819.40 · 296 adv / 823 dec · A-VIX 14.36 (+9.24%), 3-mo high. Worst week since March; below the 200d |
| NZX 50 | 13,580.33 | −0.95% | −2.8% | Lowest since 29 June |
| Rates & credit | Level | 1d | 1w | Note |
|---|---|---|---|---|
| UST 2y | 4.63% | +7bp | +26bp | Highest since 2024; traded ~4.65% intraday. The CPI instrument |
| UST 5y | 4.78% | +3bp | +24bp | |
| UST 10y | 4.96% | +1bp | +18bp | Approached but did not take 5.00% on a close |
| UST 30y | 5.35% | −2bp | +11bp | The long end fell on CPI day — this is not a term-premium event |
| 2s10s / 5s30s | +33bp / +57bp | −6bp / — | −8bp / −13bp | Bear flattener. 2s10s was +41bp on 4 Sep; 5s30s +70bp |
| Bund 2y / 10y / 30y | 3.17% / 3.50% / 3.89% | −0.7bp / +0.7bp / +0.5bp | n/a | 10y "highest since August 2009" per the vendor narrative |
| OAT 10y · OAT–Bund | 4.41–4.45% · 89.8–95bp | +1.4bp / +2.4bp | n/a | Sources disagree by ~5bp; the "widest since 2012" claim in No. 005 is withdrawn pending a primary source. 1-yr range 59.0–89.8bp |
| BTP 10y · BTP–Bund · BTP–OAT | 4.354% · 85bp · −9.6bp | −3.6bp | n/a | Inversion compressed from −17bp. At 30y: OAT 5.13% vs BTP 5.03% |
| Gilt 2y / 10y / 30y | 4.70% / 5.36% / 5.91% | −4.1bp / −3.75bp / −0.4bp | n/a | 30y near 6%, a 1998 level. Front end rallied while hike odds rose — an inconsistency |
| JGB 2y / 10y / 30y / 40y | 1.84% / 2.98% / 4.05% / 4.11% | +0.8 / +6.9 / +3.5 / +2.4bp | n/a | 10y sold off hard into the BoJ; 5y +4.1bp, 20y +5.0bp |
| ACGB 2y / 3y / 5y | 5.01% / 5.01% / 5.04% | +13.0 / +13.9 / +14.4bp | m/m +41.9 / +44.6bp | 2s and 3s take 5% for the first time this cycle. The belly led |
| ACGB 10y / 20y / 30y · 3s10s | 5.36% / 5.74% / 5.82% · 35bp | +11.2 / +8.9 / +8.1bp | flattened 2.7bp | Decays monotonically out the curve = RBA repricing, not term premium |
| Canada 10y · Switzerland 10y | 3.94% · 0.55% | −1.0bp · +2bp | n/a | Canada 2y 3.36% (+2.7bp); Aug CPI today |
| US IG OAS | 80bp | −1bp | −1bp | ICE BofA, obs 10 Sep. Tighter on the week |
| US HY OAS | 270bp | −1bp | +2bp | obs 10 Sep. Historically tight; barely participating |
| US CCC OAS | 1,070bp | +6bp | +16bp | obs 10 Sep. Wider at every observation since 1 Sep: 1,049 · 1,054 · 1,055 · 1,056 · 1,064 · 1,070 |
| FX | Fri close | 1d | Week | Note |
|---|---|---|---|---|
| DXY | 99.12 | +0.07% | −0.06% | An 85.5%-priced hike bought the dollar seven basis points. The rates–FX correlation stays broken |
| EUR/USD | 1.1600 | −0.10% | −0.12% | Inside the 1.1563–1.1700 range through both the ECB and CPI |
| USD/JPY | 153.55 | −0.57% | −1.73% | Range 153.24–154.63. Down >3.5% in September. 152.00 is the level |
| GBP/USD | 1.3526 | +0.11% | n/a | Firmed on the GDP beat |
| AUD/USD | 0.71711 | +0.18% | −0.46% | The best-behaved G10 on the week. RBA repricing held it up against a firmer dollar |
| NZD/USD | 0.58135 | +0.28% | −1.1% | Worst major; third consecutive weekly decline |
| AUD/NZD | 1.2335 / 1.2330 | −0.08% | n/a | Vendor and two-leg derivation now agree to 5 pips — a three-edition data problem closed. Day range 1.2278–1.2355 |
| AUD/JPY · EUR/JPY | 110.16 · 178.16 | −0.34% · −0.66% | n/a | Both corroborated by cross-computation to within 6 pips |
| USD/CAD · USD/CHF | 1.3872 · 0.8165 | +0.28% · +0.45% | n/a | Canada August CPI today 22:30 AEST |
| USD/CNY · fix | 6.7079 · 6.7795 | −0.09% | n/a | Fix is the 10 Sep print — 709 pips weak of the Reuters estimate, the widest weak-side deviation since Feb 2025. No dated 11 Sep fix obtained |
| USD/MXN · INR · KRW | 16.9657 · 95.599 · 1,341.53 | −0.14% · −0.10% · −0.63% | n/a | MXN spec long 25–29% of OI on both series — crowded carry into a hike |
| Commodities & digital assets | Last | 1d | 1w | Note |
|---|---|---|---|---|
| Brent (Nov) | $104.61 | −2.81% | +8.65% | Range 103.50–109.97. Path 96.28 → 97.00 → 97.92 → 101.21 → 107.63 → 104.61. The 10 Sep settle is restated from $108.90 to $107.63 |
| WTI (front) | $100.05 | −2.37% | +9.37% | Three sources agree within 5c — the three-way conflict is resolved. Range 98.48–104.46 |
| Brent–WTI | $4.56 | −$0.24 | NARROWER on the week, with Hormuz shut. 4 Sep $4.80 · 9 Sep $5.16 · 10 Sep $5.15. See Theme 5 | |
| Henry Hub / TTF | $2.83 / €79.52 | −0.11% / −3.08% | −4.84% / +10.51% | A 15-point weekly spread — the geography of the crisis in one line. EU storage 66.59% (6 Sep) vs 75.7% a year ago |
| Gasoline / Heating oil | $3.31 / $4.96 per gal | −2.53% / −1.94% | +2.88% / +9.23% | Distillate doing all the work, 3:1 over gasoline |
| US retail diesel | $6.00/gal | +$2.30 y/y | First time ever above $6 (GasBuddy, 11 Sep). Prior record $5.819, Jun 2022. Retail gasoline $3.307 | |
| Diesel crack (USGC vs WTI) | $101.1 (4 Sep) | stale | not marked | Ten days stale across the week crude rose 8.65%. Record $108.02 intraday; $100 first breached 17 Aug |
| Gold (spot) | $4,385.61 | +0.06% | −1.85% | Third consecutive weekly loss. Corroborated in CAD (C$6,029.00). Flat through a hot CPI |
| Gold (Dec futures) · basis | $4,408.90 · $23.29 | +0.04% | −1.51% | The $136 basis reported in No. 005 was a bad futures print, not a market anomaly. The 10 Sep Dec settle was $4,407.30, not $4,453.15 |
| Silver / Platinum | $64.27–64.90 / $1,797.60 | sign conflict | −2.61% / −1.56% | Two sources disagree on the sign of silver's daily move — no 1d published. Gold/silver 67.6 |
| Copper (LME 3M) | $14,233–14,271/t | +0.26% | ≈−1% | Intraday record $14,875 on Thursday, then a ~$600 swing. LME stocks 234,475t; Comex 696,413t |
| Comex–LME arb · cash–3M | ≈$0–30/t · +$5/t | from ≈$260/t | Both tightness signals have gone. Cash premium was $436/t in mid-August. Computed, not quoted — see §13 | |
| Aluminium / Zinc / Nickel | $3,256.65 / $3,865.55 / $16,525 | sign conflict | −1.09% / −1.58% / −1.84% | TE and the LME wrap disagree on all three daily signs |
| Iron ore (62% CFR) | $98.02/t | −0.67% | −1.56% | Fourth consecutive session below $100. −7.03% y/y. China FAI Tuesday is the catalyst |
| Lithium / Uranium | ¥142,250/t / $90.15 | −1.73% / −0.06% | −6.41% / +0.73% | Lithium the worst weekly performer on the board; uranium the only non-energy gainer |
| Wheat / Soybeans | $7.07 / $12.80/bu | −2.25% / −2.72% | −1.26% / −1.04% | The dog that did not bark: no food-security bid against crude +8.65% |
| Bitcoin (Sun) | $77,270.29 | +0.2% | +3.4% | Reversal from −5.57%. Twice rejected $79,800–79,890. Golden cross 11 Sep |
| Ether / Solana (Sun) | $2,506.33 / $101.00 | +0.7% / +0.7% | +0.4% / +4.8% | ETH has reclaimed $2,500 — but on Sunday volume. See views |
| XRP / BNB (Sun) | $1.36 / $721.26 | +0.6% / +1.1% | +4.1% / +3.8% | Total cap $2.712trn; dominance 56.7–57.2% |
| Spot ETF flows | BTC −$13.2m · ETH +$216.4m | 11 Sep, both real prints. BTC 9/10/11 Sep: −$120.2m, −$282.7m, −$13.2m — a fourth outflow day but 95% smaller. ETH's strongest September day |
Conventions: 1d = change on Friday 11 September; 1w = change versus the Friday 4 September close where a verified prior exists, otherwise "n/a" rather than a derived figure. Yields in %, changes in bp; US Treasury levels are the official par curve, which runs 1–2bp from vendor CMT series. "(Sun)" = Sunday 13 September crypto print, not a Friday close, so the 7-day column is the cleaner weekly read. "≈" = derived or computed rather than quoted. Ranges are published where two sources disagree materially; the arithmetic is in §13.
What is driving markets
1. The energy shock became a monetary shock — and the CPI print is the receipt
This theme has run since edition one and Friday delivered its clearest evidence. Gasoline rose 3.9% m/m and 27.4% y/y and accounted for more than a third of the entire monthly CPI increase, by the BLS's own statement. Energy commodities were +28.0% y/y; fuel oil +52%. That fed a headline of 3.4% and a core of +0.3% that was enough to take the September hike from 71% to 85.5% inside a session. The Committee will raise rates on Wednesday because of a war it cannot end, using a tool that does not produce barrels. Meanwhile the parts of the index that monetary policy actually reaches are behaving: OER +0.2%, rent +0.2%, shelter 3.0% y/y, core goods +0.1%, used cars −2.3% y/y, medical services −0.2%. Strip wireless services at +5.9% and the core beat largely disappears. The ECB is running the identical logic — Lagarde said on Saturday that the persistent energy shock obliged the ECB to hike because disruptions proved more durable than anticipated while growth held up.
2. The long end stopped leading. This was a front-end repricing, and the shape says so
For four editions this note has described a global term-premium repricing driven by the long end. Last week inverted it and the change is worth naming explicitly. US 2s rose 26bp on the week against 11bp in 30s; 2s10s flattened from +41bp to +33bp and 5s30s from +70bp to +57bp; on Friday itself the 30-year fell 2bp while the 2-year rose 7bp. Australia ran the identical shape with more violence: the 5-year led at +14.4bp, the 3-year +13.9bp, the 10-year +11.2bp and the 30-year only +8.1bp, with 3s10s flattening to 35bp. A term-premium shock steepens and is led by the back end; a policy repricing is led by the belly and flattens. Both curves did the second thing. Note also that Friday was not a global bond move at all — Australia and Japan sold off hard while the UK, Italy and Canada rallied. Gilts are the anomaly: the 2-year rallied 4.1bp and the 10-year 3.75bp in a week when BoE hike odds rose from roughly 9% to 27%.
3. The crowd has arrived in our yen short, and the systematic asymmetry is 18 to 1
The 8 September COT — the first fresh positioning in ten days, and released Friday after the CPI it does not capture — contains one number that matters more than the rest. Leveraged-fund yen shorts were cut from −102,188 to −49,098, a +53,090 covering; legacy non-commercials swung +103,023 to flip net long at +10,796 from −92,227. The crowded short yen trade of the entire year has been halved at the leveraged level and eliminated at the aggregate level. Elsewhere the barbell holds: leveraged funds net short 6.86m Treasury contracts against asset managers long 9.31m, though LF covered ~275k into CPI and then got the hawkish print. Equity positioning de-risked on both sides simultaneously — LF added 24k to the S&P short and more than doubled the Nasdaq mini net short — while asset managers cut S&P length 22k and still hold +912k. Gold is now the single most crowded position in the report at 56.4% of open interest, with gross longs outnumbering shorts 9.0 to 1. And the systematic picture is stark: BofA puts $163bn of potential CTA and vol-control selling against $9bn of remaining upside buying power, with Deutsche Bank marking vol-control equity allocations at the 100th percentile — no headroom at all, only the exit.
4. AI capex has become a credit story, and this week it gets priced
The equity side is untouched — Oracle's Thursday results carried OCI infrastructure revenue +121% y/y and a $664bn RPO backlog, and the read-through bought Dell 10% and HPE 9% on Friday. The credit side is where the strain shows. Oracle sits at BBB−/A-3 at S&P, one notch above high yield, with a negative Moody's outlook, FY26 free cash flow of −$23.7bn and a 2045 bond quoted at a cash price of 68.6 to yield 7.2% — a high-yield yield inside an investment-grade wrapper. S&P's Friday report frames the sector as "gradually weakening" across six names and more than $7trn of spend to 2030, and raises something new: hyperscalers lending their ratings to weaker entities — named startups, smaller cloud operators, municipalities — through leases, backstops and equity stakes, creating an opaque secondary market in which IG balance sheets absorb sub-IG risk off-index. The market gets a live test immediately. SoftBank's roadshow for a $10–20bn high-yield bond opens today, funding an OpenAI stake whose $25.9bn bridge repays tomorrow, and it prices into a CLARITY cloture vote on Tuesday and an FOMC on Wednesday.
5. Two chokepoints are impaired and the risk premium went into freight, not flat price
The physical position deteriorated materially over the weekend and the price did not follow. Hormuz is running 1–13 transits a day by provider — TankerMap's 7-day average is 1.4, Windward counted 10 in 24 hours, GlobalSecurity 7 on 10 September of which none were crude carriers — against a baseline itself disputed at 100–140/day. That is a 90–99% collapse. The Houthis have now taken Mokha and Mayun Island, so Bab el-Mandeb is impaired too, and the Saudi East–West pipeline, the main Hormuz workaround, was shut after drone strikes in eight places. Three independent cross-asset checks say the market is not pricing any of this as durable. Brent–WTI is $4.56, narrower on the week, when a waterborne Gulf-exposed shock should widen the seaborne benchmark against landlocked Cushing. Wheat and soybeans both fell more than 1% on the week, so there is no fertiliser or freight transmission into grains. And Brent itself fell 2.81% on Friday, the session after the pipeline strike. What has repriced is transport: VLCC Middle East–China at a record $800,000/day against a baseline rarely above $45,000 — roughly 18 times — with Gulf of Oman–East Asia at $386,000/day.
Central bank watch
Fed funds pricing — implied probabilities by meeting
| Bank | Policy rate | Last move / vote | Next decision (AEST) | Market pricing | Bias |
|---|---|---|---|---|---|
| Fed | 3.50–3.75% | Held 29 Jul, 9–3 (three dissents to hike) | Wed 16 Sep · 04:00 Thu AEST · SEP + dots · presser 04:30 | 85.5% (Investing.com, 12 Sep 00:35 ET) · 85.0% centralbank.watch · ~90% CME-derived · 78–82% Polymarket. Cumulative ≥1 hike 92.8% Oct, 97.4% Dec; modal Dec two hikes 47.3%, 27.4% on three. No cut priced at any 2026 meeting | Hawkish |
| ECB | DFR 2.50% | +25bp 10 Sep, unanimous; 2027 HICP to 2.5%, core 2.6% | Thu 29 Oct · 00:15 Fri 30 AEDT | October 28–29% (10 Sep). A second tracker's 92.4% is discarded — it still shows a 2.25% policy rate and self-reports a withheld refresh. Dolenc: markets do not rule out 3.25% DFR by mid-2027 | Hiking, tone easing |
| BoJ | 1.00% | Held 31 Jul, 8–1 (Takata for 1.25%) | Fri 18 Sep · ~13:00 AEST · presser ~16:30 | 61.7% to 90% — a 28-point spread across three sources all stamped 11 Sep. Reuters: hike to 1.25%, "no preset idea on the terminal rate". Board split; Asada the named dove | Hawkish, dovish-hike risk |
| BoE | 3.75% | Held 30 Jul, 6–3 (hawkish dissents) | Thu 17 Sep · 21:00 AEST · no MPR | Hold 73%, hike 27% (centralbank.watch, 11 Sep) — up from ~9% a week ago. ~53bp over three meetings. Pill hawkish, Bailey resisting | Hawkish hold |
| RBA | 4.35% | Held 11 Aug, 2nd consecutive | Tue 29 Sep · 14:30 AEST | 76% (centralbank.watch, 13 Sep, verified by direct fetch); ~80% on two other reads; 85% on a cached tracker not corroborated and not used. Terminal 4.60% by December | Hawkish, hike is base case |
| RBNZ | 2.75% | +25bp 2–3 Sep, unanimous | Wed 28 Oct · 12:00 AEDT | Hold 67.6% / hike 32.4%; ~80bp over three meetings | Hiking, gradual |
| BoC | 2.25% | Held 2 Sep (7th) | Wed 28 Oct · 00:45 Thu AEDT | August CPI today 22:30 AEST is the live input (prior +0.5% m/m, 3.0% y/y) | Hawkish hold |
| SNB | 0.00% | Held 18 Jun | Thu 24 Sep · ~17:30 AEST | Hold | On hold |
| Norges / Riksbank | 4.25% / 1.75% | Norges held 12 Aug | Both Thu 24 Sep | Riksbank is the week's least-verified line and the most interesting: it meets three days after a Swedish election that exit polls put to the left bloc. Rates and dates carried unverified | Hawkish hold |
| PBoC | LPR 3.00% / 5y 3.50% | 15th month unchanged (20 Aug) | Mon 21 Sep · 11:15 AEST | Unchanged expected both tenors. The fix is the pressure valve | Easing bias |
| Emerging markets | |||||
| Brazil (BCB) | Selic 14.00% | −25bp Aug | Copom 15–16 Sep · Thu 17 ~07:30 AEST | ~95% for −25bp to 13.75% on B3 options. BRL 5.1264; 10y ~14.3% | Cautious easing |
| Mexico (Banxico) | 6.50% | Held 6 Aug | Thu 24 Sep | Hold. MXN spec long 25–29% of OI — crowded into a Fed hike | Hold |
| India (RBI) | Repo 5.25% | 4th hold 5 Aug | Wed 7 Oct · 14:30 AEDT | Hold. USD/INR 95.60 the constraint | Neutral |
| Korea (BoK) | 3.00% | +25bp 27 Aug | Thu 22 Oct | 3.25% expected. Sep 1–10 exports +83% y/y, chips +270% | Hiking |
| Indonesia (BI) | 5.75% | Held 19 Aug | Wed 23 Sep | Hold | Hold |
| Turkey (CBRT) | 37.00% | Held 10 Sep, 5th consecutive | Thu 22 Oct | Global banks now eye October for the first cuts after softer August inflation | Restrictive hold |
Fed detail — the dots are the event. Chair Kevin Warsh presides over a Committee that dissented three times for a hike in July and now has an 85.5%-priced move. The decision is therefore not tradeable; the projections are. Current pricing embeds two hikes by December as the modal outcome (47.3%), a 27.4% tail on three, and — the striking part — no cut at any 2026 meeting on either tracker. A median dot that stops at 4.00–4.25% is dovish against that strip. Two other things to watch. First, Governor Lisa Cook is a sitting, voting governor: the Supreme Court upheld her 5–4 in June and the White House's August removal notice has produced no reported outcome, so a Cook dissent would read as a governance story as much as a policy one. Second, the blackout has been verified rather than assumed — the Board's last speech was Waller on 3 September, and Bowman on Friday 18 September at 09:30 ET is the first voice afterwards.
BoJ detail — the widest pricing disagreement of the week. The decision is Friday 18 September, confirmed against the BoJ's own schedule; the 17th is the meeting start and at least two third-party calendars still get this wrong, for the fifth consecutive edition. What is priced spans 61.7% to 90% across three sources stamped the same day — do not size off a single tracker. Reuters (10 Sep) reports a hike to 1.25% with the Board offering "no preset idea on the terminal rate", which is the explicit setup for a dovish hike; Masu is quoted saying underlying inflation is "about to reach 2%, but we don't see it sharply overshooting." Two complications. August national CPI prints roughly three and a half hours before the decision, with headline expected to accelerate to 2.1% on oil while core holds at 1.8% — a board hiking on an energy-driven headline with core flat is genuinely contestable. And Tokyo is shut 21–23 September, so whatever Friday produces has no domestic session to absorb it for three days. That is gap risk, not drift risk, and it is the reason to size the yen short smaller rather than to abandon it.
RBA detail — the market and three of the four majors disagree on the date. Cash rate 4.35%, decision Tuesday 29 September. Hike probability is 76% (verified by direct fetch, 13 Sep) from 70% a week ago, with roughly one full hike priced across the next three meetings and a 4.60% terminal by December. All four majors now agree on 4.60%; only NAB is with the market on timing, forecasting September and November, while Westpac — which flipped on 8 September, the last of the four — CBA and ANZ all call November. That is a clean dispersion: either the market is wrong about the date or three of the big four are. The domestic data has been uniformly bad — consumer sentiment 84.4, −5.2%; NAB business conditions −5, the first negative reading in six years, with purchase costs +2.3% q/q against product prices +0.8%. And the calendar matters: the Board does get August employment on 24 September, correcting No. 005, but does not get September CPI, which lands 30 September, the morning after. That asymmetry is exactly the Westpac/CBA argument for waiting.
ECB detail — the hawkish impulse peaked on decision day. Four speakers since Thursday all pulled in the same direction. Makhlouf called the hike a "measured response" but warned that "substantially more tightening could impose meaningful economic costs"; Kocher put a clock on it, saying inflation must return to target "within about a year" and any overshoot "must be brief"; Econostream's own tone meter reads "hawkish bias eases." That argues the 28–29% October pricing is closer to right than the 61% carried last edition, and we publish the lower figure with the caveat rather than a range. The spread picture is unresolved: OAT–Bund is quoted at 89.8bp by a dedicated spread source and ~95bp derived from vendor yields, and the "widest since 2012" claim made when V025 was opened on Friday could not be re-verified and is withdrawn. BTP–OAT has compressed from −17bp to −9.6bp as Italy rallied 3.6bp against a 1.4bp OAT selloff — though at thirty years France still pays 10bp more than Italy.
Regional briefs
United States
An energy-driven inflation print is about to buy a rate hike. Core CPI +0.3% m/m took the September FOMC to 85.5%, but the composition is a war print — gasoline alone was over a third of it, shelter is at 3.0% y/y, core goods +0.1%, medical services negative. The gap that justifies the Fed is core PCE, nowcast at 3.40% y/y and above 3% every month this year. The week brings retail sales Wednesday (consensus +0.9% from −0.6%, though a chunk of any gain is gasoline dollars rather than volumes), jobless claims, housing starts and a Philly Fed consensus of 28.9 against 47.4 on Thursday, and industrial production Friday. Two event-adjacent auctions: a 20-year reopening on Tuesday, the curve's weak point at 5.38%, the day before the FOMC; and a 10-year TIPS reopening Thursday, the day after an SEP that will probably revise inflation up. There is no shutdown risk: funding was extended in early September and now runs to 11 December, so any September fiscal hedge is dead premium — the cliff sits two days after the December FOMC. The reported Trump–Xi summit in late September carries trade, AI, Taiwan and the Iran war on one agenda.
Euro area
Hiked, and already softening the tone. The 10 September move to a 2.50% deposit rate was unanimous and came with 2027 HICP revised to 2.5% and 2027 core to 2.6% — above headline. Since then Makhlouf has warned against "substantially more" and Kocher has put a one-year clock on the overshoot, which is why October sits at 28–29% rather than the 61% that circulated on the day. August flash HICP was 3.3% with energy the driver, and Thursday's final print is the confirmation. Germany has its 2027 budget in committee: total spending €555.4bn, net new borrowing €118.7bn of which €85.4bn runs through the constitutional defence exemption, record €118bn investment and defence up €27.1bn to €109.7bn — that off-brake borrowing is the Bund supply story, and Klingbeil is floating a wealth tax against heavy opposition. France is the live spread: OAT 10y at 4.41–4.45% near 2008 highs, OAT–Bund at a one-year high on any measure. Sweden voted Sunday, with exit polls giving the left bloc 51.3% to 46.8% and the Sweden Democrats losing 12 seats — the Riksbank meets 24 September, three days after certification.
United Kingdom
The pricing moved 18 points in a week and the gilt curve went the other way. Bank Rate 3.75%, decision Thursday with no Monetary Policy Report; hold probability has fallen from ~91% to 73%, with roughly 53bp priced across three meetings. Yet the 2-year rallied 4.1bp and the 10-year 3.75bp on Friday, leaving the 30-year at 5.91% near a 1998 level. A rallying front end into rising hike odds is an inconsistency worth a second look before Thursday. The proximate good news was July GDP at +0.4% m/m against 0.0% consensus. August CPI lands Wednesday at 16:00 AEST, 22 hours before the MPC — consensus 3.1% headline with core stuck at 2.6%, and the disputed July prior is now resolved: 2.9% is headline, 2.6% is core, both figures were right and they were different series. Labour market Tuesday (unemployment consensus 4.9%), retail sales Friday. The Budget is 28 October with headroom estimates of £8–11bn against the OBR's last official £22bn — and Wednesday's RPI, consensus 3.5% from 3.2%, feeds the debt-interest line directly.
Japan
A live hike into a three-day closure, with the data arriving the same morning. The BoJ decides Friday 18 September at roughly 13:00 AEST with a hike to 1.25% the consensus and pricing spanning 61.7–90%. August national CPI prints about three and a half hours earlier, headline expected to accelerate to 2.1% on energy while core holds at 1.8%. Reuters reports the Board will avoid committing to a terminal rate, which is the template for a dovish hike that disappoints the yen. Markets: the Nikkei fell 1.93% to 64,011.34 on Friday against TOPIX −0.65%, a high-beta exporter session, though on the week the relationship inverts (−1.55% vs −1.83%). The JGB 10-year sold off 6.9bp to 2.98% into the meeting with 30s at 4.05% and 40s at 4.11%. The yen is 153.55, down 1.73% on the week and more than 3.5% in September, with 155, 156 and 157 all broken and 152.00 the critical support. Tokyo is shut 21, 22 and 23 September — confirmed against the exchange calendar — so the decision is followed immediately by three sessions in which nothing can be hedged domestically. Japanese single-stock prices remain unsourceable for a sixth edition, and this week the TOPIX sector proxy failed too.
China & Hong Kong
The activity data on Tuesday is the week's most important number for Australia. August industrial production, retail sales, fixed-asset investment, property prices and unemployment all land Tuesday 15 September at 12:00 AEST, with credit data (new loans, M2, TSF) due today without a fixed time. The consensus set is grim: retail sales +0.6% to +0.8% y/y — close to stall speed — fixed-asset investment −6.7% to −7.0% YTD y/y, and new home prices −3.2% y/y. A deep FAI contraction is the direct read for BHP and RIO, and it argues Friday's materials rout was a China story rather than an oil story. Markets: Shanghai −1.18% to 3,888.11 at a two-week low, CSI 300 −0.84%, Hang Seng −0.60% to 24,806, with HS Tech −5.46% on the week — the Hong Kong internet complex has JD Logistics and Kuaishou each down roughly 26% over a month, Meituan, Shenzhou and Trip.com each down more than 18%. The PBoC's LPR is Monday 21 September, unchanged expected, and the fix remains the valve — the 10 September print was 709 pips weak of the Reuters estimate, the widest weak-side deviation since February 2025. Mainland markets close 30 September to 8 October for Golden Week, going dark across the RBA decision and Australian CPI.
Emerging Asia & LatAm
The AI trade is selling off on rates, not on demand, and the divergence is now extreme. KOSPI fell 1.76% to 6,910 and TAIEX 1.61% to 46,184.85 on Friday, with Samsung −3.44% and SK Hynix −2.21% — in the same week Korean exports in the first ten days of September rose 83% y/y with semiconductor shipments up 270% on AI demand. That is a duration repricing, not a fundamental deterioration, and it is the strongest argument against extending a short in the complex. India is near three-month lows: Sensex −0.16% on the day and −2.1% on the week on crude, inflation and sustained foreign outflows, with metals and financials leading the declines while IT supported the index; USD/INR at 95.60 is the pressure point for an oil importer. Brazil has Copom on 15–16 September with roughly 95% priced for a 25bp cut to 13.75%, the 10-year near 14.3% and the real at 5.1264 despite double-digit carry. Turkey held at 37% on 10 September and global banks now look to October for the first cuts. The broader EM signal is notably calm — two independent weekend pieces describe emerging markets as unfazed by Fed risk after the oil surge.
Australia & New Zealand
The RBA: 76% priced, and a calendar correction
Cash rate 4.35%, decision Tuesday 29 September 14:30 AEST. The market prices 76% for a 25bp move (centralbank.watch, 13 September, verified by direct fetch), up from 70% a week ago, with one full hike across three meetings and a 4.60% terminal by December. A second read sits at ~80%; an 85% figure circulating from a cached tracker could not be corroborated and is not used. The banks: all four majors now forecast a 4.60% terminal, but only NAB calls September — and NAB calls September and November, two hikes. Westpac flipped on 8 September, the last of the four, with Luci Ellis writing that the likelihood of an additional hike "has risen enough to make a November rate hike the base case again"; CBA and ANZ are also November, CBA adding that the September meeting is "live." Betashares dissents entirely, calling the September case "unconvincing."
The correction that matters. No. 005 reported, on the strength of the ABS forward calendar, that there was no Labour Force release before the meeting. That is wrong. August Labour Force publishes Thursday 24 September at 11:30 AEST. The Board does get an employment print before it decides. What it does not get is inflation: the Monthly Household Spending Indicator lands on decision day, 29 September, and the monthly CPI indicator on 30 September — the morning after. That asymmetry is the substance of the wait-for-November argument, and it is the strongest single reason to think the 76% is too high for September even if the terminal is right.
Speakers are a problem again. Every RBA-hosted page is serving content roughly three months stale — speeches stop 17 June, media releases at 19 June, the calendar lists September items without dates. Routing around it: Sarah Hunter appears at a Regional Australia Institute summit on 16 September, and a Bullock parliamentary appearance is referenced for "Friday" with an internally inconsistent date. Treat the reported Bullock speech on Friday 18 September as weakly corroborated and the 09:30 AEST time as unverified. If real, it is the week's most important Australian event, landing the same morning as the BoJ.
Markets: the belly led, and the split inside the index was the story
Rates. The move was violent and it was domestic. ACGB 2y +13.0bp and 3y +13.9bp, both to 5.01% — the first 5-handles of this cycle — with the 5y leading at +14.4bp, the 10y +11.2bp to 5.36%, the 20y +8.9bp and the 30y only +8.1bp. The belly led, the move decayed monotonically out the curve, and 3s10s flattened 2.7bp to 35bp. That is RBA repricing, not a term-premium shock, though the trigger was global — US 30s spiking and the 10-year near 5%. Monthly: 2y +41.9bp and 3y +44.6bp against 30y +27.1bp. Australia's 10-year now sits at exactly the same yield as the UK 10-year and the US 30-year.
Equities. ASX 200 8,741.20, −0.89%, and −2.94% on the week — the worst week since March, closing below the 200-day. Volume 704.4m, range 8,699.80–8,819.40, breadth 296 advancers against 823 decliners, and the A-VIX up 9.24% to 14.36, a three-month high. The defining feature was the split: financials +1.08% against materials −3.63%. Higher yields were read as good for bank margins and bad for capital-intensive resources in the same session. BHP −4.05% to $60.87, RIO −3.54% to $168.30; against NAB +2.7%, ANZ +1.7%, CBA +0.65% and insurers bid hard (IAG +4.2%, SUN +3.7%, QBE +3.0%). The carnage was in the small-cap resource complex — Paladin −9.23%, Deep Yellow −9.9%, Liontown −8.55%, PLS −7.4% — and the single oddity was GQG Partners −9.50% to three-year lows, a fund manager and the index's worst performer.
A number to discard: the −3.32% weekly ASX figure circulating is an intraday artefact from a note written during Friday's session. Close-to-close, 9,005.90 to 8,741.20, the week was −2.94%.
Currency. AUD/USD 0.71711, +0.18% on the day and only −0.46% on the week — the best-behaved major, against NZD −1.1%, on a week the dollar firmed. The rate differential is holding it up. AUD/NZD at 1.2335 is the cleanest expression of the trans-Tasman policy gap, and after three editions of a stale-quote problem the vendor mark and the two-leg derivation now agree to five pips.
The household sector is the story the RBA has to weigh
Every domestic indicator on this desk's screen is deteriorating at once, and together they make a stagflationary case rather than a demand-driven one. Westpac–Melbourne Institute consumer sentiment fell 5.2% to 84.4 from 90.6, with petrol above $2/litre, the expected hike and falling house prices all cited. NAB business confidence fell to −8, and — the more alarming number — business conditions fell to −5 from −1, the first negative reading in six years, with purchase costs running +2.3% q/q against product prices +0.8%. Margins are being compressed by exactly the energy shock the RBA would be hiking into.
Property. The Cotality August Home Value Index fell 0.9% nationally, a fifth consecutive monthly decline, leaving values 3.6% below the March peak at a $912,885 median, with Sydney −1.4%, Canberra −1.1% and Melbourne −1.1%; Darwin at +0.6% was the only capital rising and 93% of capital-city suburbs recorded losses through winter. More recent work has the five major capitals falling at roughly 1.3% monthly and 3.9% quarterly with a cumulative 5.2% peak-to-date decline, on track to exceed the 2017–19 record by year-end. Auctions show no spring bounce: the final combined-capitals clearance rate for the week ending 6 September was 49.3%, the fourteenth of the past fifteen weeks below 50% and 20.7 points below the same week last year, on volumes down 32.6% y/y. Brisbane cleared 26.0%. Nearly two-thirds of consumers now expect mortgage rates to rise.
China link and New Zealand
Iron ore at $98.02/t is in its fourth session below $100, down 1.56% on the week and 7.03% y/y. Tuesday's Chinese activity data is the event: a consensus fixed-asset investment print of −6.7% to −7.0% YTD y/y and retail sales at +0.6% to +0.8% would confirm that Friday's materials rout was about Chinese demand rather than the oil price, and would leave the sector with further to go. Copper is the counterweight but a weakening one — the outright made a record on Thursday while both tightness signals collapsed: the Comex–LME arb from roughly $260/t to near zero, and the cash–3M premium from $436/t in mid-August to $5/t. Australia's offsetting energy exposure remains real given LNG, but the domestic index is far more materials than energy and Friday proved it.
New Zealand was the weakest developed market on the week. NZX 50 −0.95% to 13,580.33 on Friday and −2.8% on the week, its lowest since 29 June, with materials leading declines. NZD/USD 0.58135, −1.1%, the worst-performing major and a third consecutive weekly fall. The RBNZ sits at 2.75% after back-to-back hikes with October priced at 32% for a move, and Q2 GDP lands Thursday 17 September at 08:45 AEST, consensus +0.1% q/q from +0.8% — a sharp expected deceleration that would widen the trans-Tasman policy gap further.
| Australia — key data trail | Latest | Prior | Next release (AEST) |
|---|---|---|---|
| Cash rate | 4.35% | Held 11 Aug (2nd) | Tue 29 Sep 14:30 · 76% priced for +25bp |
| Labour Force (Aug) | — | Jul 4.5% | Thu 24 Sep 11:30 — this print DOES precede the meeting (corrects No. 005) |
| Monthly CPI indicator | Jul 3.5% hdl / 3.6% trimmed | 3.8% / 3.6% | Wed 30 Sep — the day AFTER the decision |
| Household Spending Indicator | — | — | Tue 29 Sep — RBA decision day |
| Westpac–MI consumer sentiment (Sep) | 84.4, −5.2% | 90.6 | Oct: mid-month |
| NAB business confidence / conditions (Aug) | −8 / −5 | −7 / −1 | Conditions negative for the first time in six years |
| Cotality home values (Aug) | −0.9% m/m, 5th fall | −3.6% from Mar peak | Sep: 1 Oct. Five-capital pace ≈−1.3% m/m; cumulative −5.2% |
| Auction clearance (combined, w/e 6 Sep) | 49.3% final | 70.0% a year ago | 14 of past 15 weeks sub-50%; volumes −32.6% y/y |
| ACGB 3y / 10y · 3s10s | 5.01% / 5.36% · 35bp | 4.89% / 5.28% | Both 2s and 3s took 5% for the first time this cycle |
| Iron ore (62% CFR) | $98.02/t | $98.68/t | China Aug activity Tue 15 Sep 12:00 — FAI cons. −6.7 to −7.0% YTD y/y |
| Other AU this week | — | — | Population Thu 17 Sep · Australian Industry Fri 18 Sep · Hunter speech Wed 16 Sep |
House views & tactical framework
| Asset | Bias | Conv. | Horizon | Rationale | What changes the view |
|---|---|---|---|---|---|
| Rates | |||||
| US 5s30s | Steepener | Med | 1–3 mo | Against us, and the regime has switched. 57bp from 61bp a week ago and 70bp on 4 Sep — the week bear-flattened it 13bp as the front end led. The structural fiscal case is intact; the near-term driver is not. 30y actually fell 2bp on CPI day | A close inside 45bp closes it — now only 12bp away |
| ACGB 3s10s | Flattener | Low | 1–2 mo | Working — 35bp from a 43bp entry. But the mechanism flipped: last week the 3y richened, this week it sold off 13.9bp. Same P&L, opposite driver. Belly-led, monotonic decay out the curve | A dovish RBA with a sticky 10y; a term-premium shock that re-steepens |
| OAT–Bund | Widener | Low | 1–3 mo | The entry level itself is now in question. Quoted 89.8bp by a dedicated spread source against ~95bp derived from vendor yields — if the former is right we are ~4bp below Friday's stated 94bp entry. The "widest since 2012" claim is withdrawn; the verified statement is a one-year high (range 59.0–89.8bp). BTP–OAT compressed to −9.6bp from −17bp | A compression inside 80bp. Also: a credible French consolidation; a dovish ECB October |
| Equities | |||||
| S&P 500 | Neutral, hedged; cut beta 12–18 Sep | Med | 2–4 wk | Working, and this is the window. 7,656.98 from 7,718.60 (−0.80%). Below the 50d (7,672.84), 100d (7,677.59) and 200d (7,703.87); RSI 51.2. Gamma flip at 7,600, 0.75% below spot; $6.2trn expires Friday; buyback blackout began ~12 Sep; $163bn of systematic selling capacity against $9bn of buying. VIX 15.84 | Break >7,817 with breadth; a dot plot that stops at 4.00–4.25% |
| ASX 200 | Underweight | Med | 2–4 wk | Still the best view on the book — 8,741.20 from 9,005.9, −2.94%. Worst week since March, below the 200d, A-VIX a 3-month high. Consumer sentiment −5.2%, business conditions negative for the first time in six years. Caveat, honestly stated: financials +1.08% on Friday is the first session that has gone against the mechanism | RBA holds 29 Sep; iron ore reclaims $100; banks stabilising as a trend rather than one yield-driven session |
| China / HK | Neutral; H over A | Low | 2–4 wk | The trigger count RESETS. It required three clear H-underperforming sessions and had two; on Friday the HSI (−0.60%) outperformed CSI 300 (−0.84%), Shanghai (−1.18%) and Shenzhen (−1.08%). Count back to zero. Within HK, though, HS Tech was −5.46% on the week | Three consecutive H-underperforming sessions closes the H-over-A leg — from zero |
| FX | |||||
| AUD/USD | Bias higher (0.7250–0.73) | Low (was Med) | 2–4 wk | Below entry for a third session — 0.71711 vs 0.7197, −0.36%. But it was the best-behaved G10 on the week (−0.46% vs NZD −1.1%) and the differential improved: RBA to 76%, all four majors at a 4.60% terminal. Conviction cut to Low: the thesis is right and the expression is wrong. The cross carries it | A close below 0.7100; an RBA hold. A reclaim of 0.7226 restores Med |
| USD/JPY | Short — CUT SIZE | Med | 1–2 mo | Working on price, broken on positioning. 153.55 from 155.98 (−1.56%), −1.73% on the week. But LF yen shorts halved (−102,188 → −49,098) and legacy non-commercials flipped net long (+10,796 from −92,227). The fuel is gone. Reuters: hike to 1.25% with "no preset idea on the terminal rate" — the dovish-hike template | A hawkish Fed paired with a dovish-hike BoJ. Size for the 21–23 Sep Tokyo closure — gap risk, not drift. 152.00 is the level |
| AUD/NZD | Long | Low | 1–2 mo | Working, and now cleanly markable. 1.2335 vendor / 1.2330 derived — a five-pip gap where a 1.1 big figure stood for three editions. +0.16% from a 1.2315 entry. NZ Q2 GDP Thursday, consensus +0.1% from +0.8% | An RBA hold 29 Sep; a hawkish RBNZ 28 Oct; a China shock hitting Australia harder |
| EUR/USD | Neutral 1.1563–1.1700 | Low | 2 wk | The view is the range, and the range held through both the ECB and CPI. 1.1600 from a 1.1613 entry, −0.12% on the week | A close outside the range |
| DXY | Neutral, two-way | Low | 2–4 wk | The evidence for this view got stronger. 99.12, −0.06% on the week. An 85.5%-priced hike and a 26bp move in 2s bought the dollar seven basis points on the day. The rates–FX correlation has not reconnected | Cook removal action; a dot plot that extends the path materially |
| Commodities | |||||
| Brent | Residual call spread only | Low | 1–3 mo | The self-criticism needs restating downward. With the 10 Sep settle corrected to $107.63 (not $108.90) and Brent now $104.61, foregone upside from the $100.60 entry is ≈4.0%, not 8.2%. The error was real and smaller than published. The add-condition is arguably met on the facts and refuted by the price — the East–West pipeline is a genuine infrastructure outage, and Brent fell 2.81% the session after | Re-own outright at $92–95. Hold the $105 add-condition: a shut pipeline that the market marks down 2.8% is not a reason to pay up |
| Brent–WTI NEW · V026 | Long the spread | Low | 1–3 mo | Entry $4.56. A waterborne Gulf shock should widen the seaborne benchmark against landlocked Cushing. Instead the spread is 24 cents narrower on the week (4 Sep $4.80) with Hormuz at 1–13 transits/day and zero crude carriers on 10 Sep. WTI is now cleanly sourced — three sources within 5c — so the data objection that blocked this last edition is gone. This is the cheaper expression of the same thesis that V024 should have had | A Salalah agreement that restores transits (spread to ~$3). Or evidence that US distillate tightness — 1982-low August stocks — is bidding WTI on its own merits, which would make this a refining trade, not a chokepoint trade |
| Gold | Long | Low (was Med) | 1–3 mo | Back above water and the basis mystery is solved — as a data error. Spot $4,385.61 vs a $4,355.80 entry, +0.68%; the $4,307 low held seven dollars above the invalidation. The "$136 basis" was a bad futures capture: the true 10 Sep Dec settle was $4,407.30 and the basis is $23.29, a normal carry. But conviction is cut: gold is the most crowded position in the COT at 56.4% of OI and 9:1 long/short | A close below $4,300 without a bid. Targets $4,500 then $4,541 (200d). There is no short base left to squeeze |
| Copper | Neutral — deliberate no-position | Low | 1–3 mo | Vindicated: the no-position avoided a ~3% drawdown from a record high. $14,233–14,271/t from a $14,703 entry. Both tightness signals collapsed — the Comex–LME arb from ≈$260/t to ≈$0–30/t, the cash–3M premium from $436/t in mid-Aug to $5/t. The White House has still not settled refined-copper 232 | The arb re-widening through $300/t; Commerce setting a report date. Note: an arb near zero means the 232 option is now cheap, not expensive. We are not opening it — no report date exists, and this desk has been wrong twice building copper trades on policy options |
| Iron ore | Fade above $100 | Low | 1–3 mo | Working — $98.02/t, a fourth consecutive session below the handle, −1.56% on the week and −7.03% y/y. The catalyst is Tuesday: FAI consensus −6.7% to −7.0% YTD y/y, retail sales +0.6–0.8% | Pre-National Day restocking sustaining $105+; a property stimulus package |
| Credit & digital assets | |||||
| US credit | UW HY/CCC; prefer 3–5y IG | High | 1–3 mo | The decompression arrived and the data gap is closed. IG 80bp (−1bp on the week), HY 270bp (+2bp), CCC 1,070bp (+16bp), all obs 10 Sep. CCC wider at every observation since 1 September with zero retracement. IG tighter while CCC widened is textbook quality decompression. Oracle BBB−, FY26 FCF −$23.7bn, a 2045 bond at 68.6 to yield 7.2% | Fed hold + soft CPI compresses; CCC through 900bp. The mark is SoftBank's $10–20bn HY book this week. And concentrate the expression: HY index +2bp is dead weight — the move is entirely CCC |
| Bitcoin | Range $78–83k; buy $76–78k | Low | 2–4 wk | $77,270 (Sun), +3.4% on the week from the buy zone, after twice rejecting $79,800–79,890. ETF outflows are decelerating hard: −$282.7m then −$13.2m, a 95% reduction. Two binaries on consecutive days: CLARITY cloture Tue 15 Sep 14:15 ET, FOMC Wed 16 Sep, and both skew hawkish | Volume break >$83k; FOMC hike → $74k; cloture fails. Enactment odds have fallen from 24% to 16–19.5% in ten days |
| Ether | Neutral; capped $2,500 — ON NOTICE | Low | 2–4 wk | The trigger is knocking. $2,506.33 after seven consecutive rejections — but that is a Sunday print on $54.5bn of total crypto volume, which is not "on volume." Supported by a $216.4m ETF inflow on 11 Sep, ETH's strongest September day, against BTC's −$13.2m | Pre-committed: a weekday close above $2,500 on normal volume closes this view. If ETH is above $2,500 at Friday's close, it closes regardless |
Closed today — V001 US 2-year, SCRATCH. Opened 7 September at 4.37% as an explicit coin flip "decided by CPI 11 September." CPI came, core printed +0.3% — between the ≤0.2% receive trigger and the ≥0.4% payer trigger — and the view resolved by its own terms without taking a side. The 2-year is now 4.63%, +26bp on the week. A neutral stance through a 26bp move is a scratch, and the honest accounting is that it cost the book the single cleanest directional move of the week. We are not re-opening it, and the reason is the lesson this ledger wrote on Friday: every view that expressed a structural mechanism worked and every view that expressed a tactical level did not. Fading a 97.4% cumulative hike probability two days before an SEP meeting is a level trade. We stay flat and say so.
Closed today — V021 Korea / Taiwan semis, RIGHT. Opened 8 September to trim into a melt-up after a +4.61% session on a model headline, with long semis the most crowded trade in the market. Both legs are now below entry: KOSPI 6,910 against 6,995.39 (−1.22%), TAIEX 46,184.85 against 47,326.27 (−2.41%). The published trigger — a break of the 7,052 high on volume — never fired. The reason to close rather than extend is the fundamental data: Korean exports in the first ten days of September rose 83% y/y with semiconductor shipments up 270%. The complex de-rated 1–2% on demand growth like that, which means the selloff is duration, not deterioration. The crowding that justified the trim has been worked off; staying short into a 270% shipment number would be a different trade with a worse thesis.
Opened today — V026 long Brent–WTI, entry $4.56, Low conviction, 1–3 months. This exists because of Friday's accountability note. V024 was criticised in this ledger for replacing an expression-based exit with an absence of one rather than a cheaper expression of the same thesis. This is that cheaper expression. The chokepoint thesis has been right since edition one; the flat-price expression became expensive and was dropped; the spread is where the same risk is now demonstrably unpriced, at a level 24 cents narrower than before Hormuz collapsed to single-digit transits. Conviction is Low deliberately, because the honest alternative explanation — that US distillate tightness at 1982-low August stocks is bidding WTI as feedstock on its own merits — is a real one and is written into the invalidation.
Not opened, and why. The diesel crack has been named as the right answer in two consecutive editions and is still not on. It stays off, because its published assessment is ten days stale — the freshest mark is $101.1/bbl on 4 September, across exactly the week crude rose 8.65%. This ledger closed V007 on the principle that a view that cannot be scored is worse than a view that was wrong. That principle binds here too: no diesel crack view until a markable assessment exists. The copper 232 option is now genuinely cheap at a near-zero arb, and is also not opened — there is no report date, and this desk has already been wrong twice building copper trades on policy optionality.
Scorecard. Nineteen open, seven closed to date: two right, two wrong, three scratch. On decided views that is 2 of 4, up from 1 of 3, on a sample still far too small to mean anything. Working today: V017 credit (the cleanest, and the decompression is now visible in the data), V006 ASX (−2.94%), V016 iron ore (fourth session sub-$100), V005 S&P, V004 ACGB flattener, V023 AUD/NZD, V011 EUR/USD, V022 copper. Against us: V003 5s30s, twelve basis points from its stop; V009 AUD/USD; V025 OAT–Bund, where the entry level itself is disputed.
Portfolio-level read. Friday's pattern — mechanism trades work, level trades do not — held for a second week, and it now has a corollary worth naming. The three positions that changed most this week changed because of positioning data, not price: the yen short lost its fuel, gold became the most crowded long in the market, and energy turned out to be the one place nobody is positioned. That argues for sizing off the COT rather than off conviction in the week ahead. Into a Fed that is 85.5% priced, a BoJ spanning 62–90%, a BoE that has moved 18 points in a week, a record expiry and a gamma flip 0.75% below spot, the book should carry less gross and more convexity than it did on Friday — and the single trade most in need of a smaller number next to it is the one this desk has been most right about.
These are analytical framings for a professional reader, expressed in the vernacular of a macro desk; they are not personalised investment advice and carry no position sizing. The "what changes the view" column is the accountability mechanism — each view is logged and scored in the project's views ledger.
Positioning, flows & sentiment
| Indicator | Latest | Weekly change | Read |
|---|---|---|---|
| CFTC — data as of Tue 8 Sep, released Fri 11 Sep 15:30 ET. All contracts reconciled to printed open interest | |||
| JPY — TFF leveraged funds | −49,098 | +53,090 | The week's largest move in the FX section. The year's crowded short has been halved |
| JPY — legacy non-commercial | +10,796 | +103,023 | Flipped NET LONG from −92,227. Asset managers also flat at −570. The short yen trade is over as a consensus position |
| UST complex — LF net / AM net | −6,863,118 / +9,308,128 | +274,997 / −104,056 | Record barbell intact but LF covered into CPI — 5s +136,399, 10s +123,748 — then got the hawkish print. Squeeze risk is lower than the headline stack implies. 2y was the exception: LF added 22,445 to the short |
| UST net short as % of OI | 10y −37.1% · Ultra Bond −36.0% · 5y −32.7% | Computed from printed positions and OI, not a published percentile | |
| E-mini S&P — LF / AM | −341,104 / +912,361 | −23,540 / −21,819 | Both sides de-risked simultaneously — unusual. The AM book at 44% of OI is what is holding the index up |
| Nasdaq mini — LF | −31,872 | −17,780 | More than doubled in one week from −14,092 |
| Gold — non-commercial | +231,960 (56.4% of OI) | +3,836 | The most crowded position in the entire report. Gross 261,007 long vs 29,047 short — 9.0 to 1. No short base to squeeze, no marginal buyer left |
| Silver / Copper — non-commercial | +26,049 (25.2%) / +92,476 (31.1%) | −690 / +11,607 | Copper length built into a record print and a collapsing arb |
| WTI — NYMEX legacy NC | +136,579 (7.0% of OI) | +6,668 | Nobody owns the energy shock. ICE managed money stayed net short through a week Brent rallied 8.65%, covering 1,060 contracts. Venue divergence is a different contract, not an error |
| WTI — ICE Futures Europe managed money | −9,687 | +1,060 | |
| AUD — TFF LF / legacy NC | +49,779 (10.9%) / −34,870 (−7.7%) | +117 / +4,536 | The two series still point opposite ways — an 84.6k gap. The TFF asset-manager book at −40,199 (−9,732) is the drag. Quote both or neither |
| EUR / GBP / CAD / CHF / NZD — LF | −33,285 / +34,627 / −55,448 / −13,440 / −17,350 | +4,888 / −8,540 / +13,302 / −3,142 / +4,988 | CAD legacy covered 37,644 to −70,499; NZD legacy flipped long at +6,232 |
| USD index (ICE) / MXN — NC | +17,604 (30.4%) / +94,732 (29.0%) | +579 / +1,485 | MXN carry is a crowded long into a Fed hike, on both series (TFF LF +82,101, 25.1%) |
| Flows | |||
| LSEG Lipper US equity funds (w/e 9 Sep) | −$32.27bn | largest in 9 months | Large-cap −$40.44bn, a record weekly outflow. Multi-cap +$3.52bn; tech +$1.71bn. Bond funds +$6.56bn, a 21st consecutive week of inflows |
| ICI combined long-term (w/e 2 Sep) | +$8.12bn | from −$1.69bn | Equity −$5.46bn, bond +$12.68bn, commodity +$2.57bn. Mutual funds −$25.11bn vs ETF issuance +$33.23bn |
| ICI money-market assets (w/e 9 Sep) | $7.97trn | −$6.10bn | Institutional −$6.99bn; retail +$0.89bn |
| BofA credit monitor (w/e 9 Sep) | HG +$4.74bn · HY +$0.06bn · equities −$4.48bn | HG from +$7.76bn | HY flows flattened to essentially zero — consistent with the CCC decompression. US IG issuance $68.6bn WTD, concessions 14.5bp. Different universe from Lipper; do not net them |
| Sentiment, options and systematic flows | |||
| AAII (w/e 9 Sep) | Bulls 38.0% · Bears 39.3% · Neutral 22.7% | from 39.7 / 37.6 / 22.7 | Bears exceed bulls by 1.3pp. Neutral compressed at 22.7% — conviction high on both sides, which precedes larger realised moves |
| Fear & Greed (11 Sep) | 43 — "Fear" | 53 a week ago · 78 a month ago | The internals are the story: price strength 6, volume breadth 9 — near the floor — against a put/call component of 90. Complacent positioning over a deteriorating tape |
| BofA Bull & Bear | 9.7 — sell signal | threshold 8.0 | Vintage: week of 7 August. Five weeks stale; state it every time |
| BofA September FMS | Does not exist yet | due ~15 Sep | A calendar fact, not a sourcing failure. It will land after the hike is priced and before it is delivered |
| Put/call (10 Sep) | Equity 0.60 · total 0.83 | 16th percentile | Provider labels it "extreme complacency" |
| CBOE SKEW (11 Sep) | 154.5 — 96th pct 1yr, 98th all-time | +1.8σ | This contradicts the 1st-percentile skew figure carried in prior editions and we withdraw that claim. Deep OTM puts are richly bid, not cheap. See §13 |
| September expiry | $6.2trn Fri 18 Sep · $9.6trn total | 23% of exposure | Both figures verified against the Citadel Securities primary (Rubner, 31 Aug). Surpasses June's $7.7trn record |
| Dealer gamma | −$8 to −$10bn · flip 7,600 | → ~−$4bn post-expiry | SpotGamma, 12 Sep: below 7,600 "no trough until roughly 7,350". Unreconciled with BofA's +$10.9bn hedger gamma (4 Sep, 94th pct) — different conventions and dates |
| Systematic asymmetry | −$163bn vs +$9bn | ≈18:1 downside | BofA. CTAs near max long ($146.5bn global equity per Goldman); Deutsche Bank marks vol-control allocations at the 100th percentile — no headroom, only the exit. Leveraged-ETF rebalance $1.2bn per 1% on SPX, $2.7bn on NDX |
| Leveraged-ETF AUM / buybacks | −$70bn (−31%) from peak | Tech −38% · semis −50% | Buyback blackout accelerated ~12 September against $1.1trn of authorisations (Citadel) |
| Breadth, technicals, valuation | |||
| S&P above 200d / McClellan | 59.50% / −35.40 | mean 65.34% | New 52-wk lows 227 vs highs 67 — 3.4 to 1. Hindenburg Omen inactive (3 of 4 conditions) |
| S&P moving averages | 50d 7,672.84 · 100d 7,677.59 · 200d 7,703.87 | RSI 51.2 | The index closed below all three. Moving-average summary 4 buy / 8 sell |
| FactSet forward P/E (11 Sep edition) | 19.1× | 5-yr 19.8 · 10-yr 19.0 | Below the five-year average |
| Q3 2026 EPS growth estimate | +28.7% y/y | from +26.6% on 30 Jun | Revised UP 2.1pp during the quarter, inverting the normal 3–4% in-quarter cut. Third straight quarter above 25%. Bottom-up target 9,251.61 |
| Seasonality (Citadel, since 1928) | Sep −1.1% · 2H Sep −0.91% | midterm Sep −1.5%, −6.2% avg drawdown | But midterm Septembers have fat tails both ways — the four best Septembers on record were all midterm years. Expect a larger-than-normal absolute move; seasonality does not resolve direction |
The one-line read. The market is structurally long, mechanically leveraged, and about to lose both of its largest supports — the buyback bid and expiry-pinned gamma — in the same week as an 85.5%-priced hike that Polymarket prices at 78%. Positioning is the vulnerability; earnings are the defence, and the defence is genuinely strong: estimates revised up into an energy shock on a multiple below its five-year average. Do not treat the bear case as settled. But the level to watch is 7,600, and the trade with the least crowding against it is energy.
The week ahead
| Day | AEST | EDT | Event | Cons. | Prior | Imp. |
|---|---|---|---|---|---|---|
| Monday 14 September — no major US data · SoftBank opens a $10–20bn high-yield roadshow (14–17 Sep) | ||||||
| Mon | daytime | — | Iran–GCC foreign ministers, Salalah, Oman — first since February; Iraq attends, Bahrain declines. Iran to present maps of a new Hormuz route | H | ||
| Mon | 14:30 | 00:30 | Japan revised industrial production (Jul) m/m | +0.1% | +0.1% | L |
| Mon | 16:30 | 02:30 | Swiss PPI m/m | 0.0% | −0.1% | L |
| Mon | tentative | tentative | China August credit — new yuan loans · M2 y/y · TSF · outstanding loan growth | ¥400–480bn · 7.6% · ¥1,410bn · 5.1% | −¥340bn · 7.7% | H |
| Mon | 22:30 | 08:30 | Canada CPI (Aug) m/m · y/y — the live BoC input | −0.1% m/m | +0.5% · 3.0% | M |
| Mon | 03:30 Tue | 13:30 | US 13-week and 26-week bill auctions | 3.800% / 3.890% | L | |
| Tuesday 15 September — China activity day, and a Senate cloture vote | ||||||
| Tue | 11:30 | Mon 21:30 | China new home prices (Aug) y/y | −3.2% | −0.18% m/m | M |
| Tue | 12:00 | Mon 22:00 | China August activity — industrial production · retail sales · fixed-asset investment · unemployment | 4.5–4.8% · 0.6–0.8% · −6.7 to −7.0% · 5.2% | 4.5% · 0.6% · −6.7% · 5.2% | H |
| Tue | 16:00 | 02:00 | UK labour market — claimant count · unemployment · AWE 3m/y | +8.3K · 4.9% · 3.9% | −11.0K · 4.9% · 4.1% | H |
| Tue | 16:45 / 19:00 | 02:45 / 05:00 | French final CPI m/m · euro-area trade balance | 0.7% · €3.7bn | 0.7% · €1.8bn | L |
| Tue | 19:00 | 05:00 | German ZEW economic sentiment (Sep) · euro-area ZEW | 42.7 · 39.9 | 34.2 · 31.4 | H |
| Tue | 22:30 | 08:30 | US Empire State manufacturing (Sep) | 14.1–15 | 20.6 | M |
| Tue | 03:00 Wed | 13:00 | US 20-year bond reopening — the curve's weak point at 5.38%, the day before the FOMC | 5.204% | M | |
| Tue | 04:15 Wed | 14:15 | Senate cloture vote — CLARITY Act (H.R. 3633), motion to proceed. Needs 60 from a 53R / 45D+2I Senate, i.e. ≥7 Democrats | 2 of 7 known | Cmte 15–9 | H |
| Tue | 09:50 Wed | 19:50 | Japan machinery orders (Jul) m/m · balance of trade (Aug) | −1.1 to −2.8% · −¥1.05trn | +9.7% · −¥0.63trn | M |
| Wednesday 16 September — FOMC | ||||||
| Wed | 16:00 | 02:00 | UK August CPI — headline y/y · core y/y · RPI. Twenty-two hours before the MPC | 3.1% · 2.6% · 3.5% | 2.9% · 2.6% · 3.2% | H |
| Wed | day | — | RBA Assistant Governor Sarah Hunter — Regional Australia Institute summit, Canberra | M | ||
| Wed | 19:00 | 05:00 | Euro-area industrial production m/m · German 30y auction | −0.5% | 0.0% | M |
| Wed | 22:30 | 08:30 | US retail sales (Aug) m/m · ex-auto/gas · import prices | +0.8/+0.9% · +0.4% · +0.2% | −0.6% · −0.2% · −0.4% | H |
| Wed | 04:00 Thu | 14:00 | FOMC decision + Summary of Economic Projections and dot plot | 85.5% for +25bp → 3.75–4.00% | 3.50–3.75% | H |
| Wed | 04:30 Thu | 14:30 | Chair Warsh press conference | H | ||
| Wed | ~07:30 Thu | ~17:30 | Brazil Copom (meets 15–16 Sep) | 13.75% (−25bp), ~95% | 14.00% | M |
| Thursday 17 September — BoE, and the Fed's first data test | ||||||
| Thu | 08:45 | Wed 18:45 | NZ Q2 GDP q/q | +0.1% | +0.8% | M |
| Thu | 19:00 | 05:00 | Euro-area final HICP y/y · core | 3.3% · 2.4% | 3.3% · 2.4% | M |
| Thu | 21:00 | 07:00 | BoE decision and MPC vote — no Monetary Policy Report at this meeting | Hold 73% / hike 27% | 3.75%, 6–3 | H |
| Thu | 22:30 | 08:30 | US Philadelphia Fed (Sep) · initial claims · housing starts · building permits | 28.9–30 · 209K · 1.32M · 1.40M | 47.4 · 206K · 1.24M · 1.43M | H |
| Thu | 03:00 Fri | 13:00 | US 10-year TIPS reopening — a breakeven read the day after the SEP | M | ||
| Thu | 13:59 Fri | 23:59 | Fed blackout ends | L | ||
| Friday 18 September — BoJ, and the largest options expiry on record | ||||||
| Fri | 09:30 | Thu 19:30 | Japan national CPI (Aug) — headline · core. Roughly 3½ hours before the BoJ decides | 2.1% · 1.8% | 2.0% · 1.8% | H |
| Fri | 09:30 | Thu 19:30 | RBA Governor Bullock — parliamentary appearance (single source, date and time unverified) | M | ||
| Fri | ~13:00 | Thu ~23:00 | BoJ decision (meeting 17–18 Sep; the 18th is the decision day) · Ueda presser ~16:30 AEST | 1.25%, priced 62–90% | 1.00% | H |
| Fri | 16:00 | 02:00 | UK retail sales m/m · German PPI m/m | −0.2% · +0.6% | −0.5% · +1.1% | M |
| Fri | 23:15 / 23:30 | 09:15 / 09:30 | US industrial production m/m · Fed's Bowman — first speaker after blackout | +0.1/+0.3% | +0.2% | M |
| Fri | 06:00 Sat | 16:00 | US quad witching — $6.2trn expires, 23% of $9.6trn outstanding. Surpasses June's $7.7trn record. ~40% of active positioning comes off | H | ||
| Sat | 05:30 | 15:30 | CFTC Commitments of Traders (15 Sep data) — the first post-CPI positioning read | M | ||
| The sessions after — a severely degraded Asian week, then the RBA | ||||||
| Mon 21 | 11:15 | Sun 21:15 | PBoC Loan Prime Rate 1y / 5y · Tokyo closed (Respect for the Aged Day) | 3.00% / 3.50% | unchanged 15 mo | M |
| Tue 22 | Tokyo closed · Hong Kong closed (day after Mid-Autumn Festival) | M | ||||
| Wed 23 | Tokyo closed (Autumn Equinox) · Bank Indonesia decision | 5.75% | 5.75% | M | ||
| Thu 24 | 11:30 · ~17:30 | AU August Labour Force · SNB · Norges · Riksbank (first post-election) · Banxico · Korea closed, Chuseok (24–25) · reported Trump–Xi summit, White House (date unconfirmed) | Jul U 4.5% | H | ||
| Tue 29 | 14:30 | Mon 00:30 | RBA decision · AU Household Spending Indicator the same morning | 76% for +25bp → 4.60% | 4.35% | H |
| Wed 30 | 11:30 | AU monthly CPI indicator — the morning AFTER the RBA decides · quarter-end rebalancing · China Golden Week begins (30 Sep – 8 Oct) | Jul 3.5% / 3.6% | H | ||
| Late Sep | US PCE (core PCE nowcast 3.40% y/y) · Hong Kong closed 1 Oct · Sydney moves to AEDT on Sunday 4 October — AEST=EDT+14h becomes AEDT=EDT+15h | M | ||||
Consensus from ForexFactory, Trading Economics country calendars, Kiplinger and IG as of 11–13 September, cross-checked against underlying indicator pages where a calendar was suspected of transposing columns. Where two calendars disagree the range is shown. The week of 21–25 September is severely degraded across Asia — Tokyo shut Monday to Wednesday, Hong Kong shut Tuesday, Korea shut Thursday and Friday — which is the week the BoJ outcome must be digested and Australian positioning set ahead of the RBA. Holiday dates for Tokyo are confirmed against the exchange calendar; Hong Kong, mainland China, Korea and India rest on a single secondary source and should be re-verified before that week.
Risk radar
| # | Risk | Trigger / timing | Probability | Impact | Cheapest hedge / expression |
|---|---|---|---|---|---|
| 1 | The dots extend the path beyond what is priced | SEP + dot plot, Wed 16 Sep 14:00 ET | Hike 85.5%; modal Dec two hikes 47.3%, 27.4% on three; no 2026 cut priced | The decision is not the risk. A median showing 4.25%+ for 2026 takes 2s through 4.75% and inverts 2s10s toward flat | 2y payers; 2s10s flatteners. Polymarket's 78% vs futures' 85.5% is itself the cheap side |
| 2 | Gamma flip at 7,600 into a record expiry with the buyback bid gone | Spot 7,656.98, flip 0.75% below · $6.2trn expires Fri 18 Sep · blackout from ~12 Sep | Sep avg −1.1%; midterm Sep −1.5%, −6.2% avg drawdown | Below 7,600 SpotGamma projects no trough to ~7,350 (−4%). Leveraged-ETF rebalance adds $1.2bn/1% SPX, $2.7bn/1% NDX | Reduce gross 15–18 Sep; own convexity. VIX 15.84 does not price the event |
| 3 | The yen short is now consensus and we are in it | BoJ Fri 18 Sep into a three-day Tokyo closure | Hike priced 62% to 90% — a 28-point spread | A dovish hike with "no preset terminal" against a hawkish Fed sends USD/JPY back through 155. LF shorts halved; legacy flipped net long | Cut size, do not cut the view. 152.00 is the level. Size for a gap, not a drift |
| 4 | Systematic selling capacity is 18× the buying capacity | Any 2%+ shock | BofA: −$163bn vs +$9bn; DB: vol-control at the 100th percentile | Converts a 2% move into a 5% one. There is no allocation headroom left, only the exit | Long convexity rather than short delta; the second derivative is the trade |
| 5 | Salalah fails, or the Hengam strike is pinned on Washington | Talks today. Hormuz at 1–13 transits/day vs 100–140 baseline; zero crude carriers on 10 Sep | — no closure probability published; providers disagree by >10× | Brent back through $110 with Bab el-Mandeb also impaired. The June MOU's 60-day window expired 16 Aug and its status is unknown | Long Brent–WTI (V026); diesel crack when it can be marked; LNG exporters |
| 6 | China activity confirms the materials rout is demand, not oil | Tue 15 Sep 12:00 AEST | FAI cons. −6.7 to −7.0% YTD y/y; retail sales +0.6–0.8%; credit prior −¥340bn | BHP −4.05% and RIO −3.54% on Friday have further to go; iron ore through $95; AUD via China beta | UW ASX materials; short iron ore; AUD/USD downside |
| 7 | The AI credit chain gets priced this week | SoftBank $10–20bn HY roadshow 14–17 Sep; bridge repays 15 Sep | CCC 1,070bp ≈4× the HY index, where history pairs HY at 450–550bp | A struggling book validates the decompression; Oracle at BBB− with FY26 FCF −$23.7bn is the index-exclusion tail | UW CCC specifically — not the HY index, which moved 2bp in a week |
| 8 | RBA hikes 29 September without September CPI | Decision 29 Sep; Labour Force 24 Sep, CPI 30 Sep — the morning after | 76% priced; only 1 of 4 majors calls September | ACGB 3s10s flatter; ASX consumer and REITs; AUD higher. A hold repriced from 76% is the bigger move | 3s10s flattener; long AUD/NZD; UW ASX |
| 9 | Gold is the most crowded long in the market | Real yields rising into a hike | 56.4% of OI; gross longs 9.0× shorts | No short base to squeeze and no marginal buyer. A $4,300 break has nothing beneath it | Conviction cut to Low; the $4,300 invalidation stands |
| 10 | CLARITY cloture fails the day before the FOMC | Tue 15 Sep 14:15 ET; needs 60 from 53R/47D+I | Only 2 of the 7 needed Democrats are publicly identified. Enactment odds 16–19.5%, down from 24% | Two hawkish-skewed binaries on consecutive days into a BTC tape that has twice failed at $79.9k | Buy $76–78k; no leverage into the pair. Note: published odds are for enactment, not cloture, and understate it |
| 11 | BoE hike risk has tripled in a week and gilts went the other way | UK CPI Wed 16:00 AEST (cons 3.1%), MPC Thu 21:00 | Hold 73%, from ~91% a week ago | A 2y that rallied 4bp into rising hike odds is positioned wrong; 30y already at a 1998 level | Short gilt front end into the CPI print |
| 12 | The Iraqi front opens | East–West pipeline attack launched from Maysan province, Iraq; commanders dismissed | — | Puts Basra and southern Iraqi export infrastructure in scope. Trump blames Iran; neither Riyadh nor Baghdad does — that gap is the de-escalation variable | Brent call spreads; the spread trade rather than flat price |
| 13 | EM carry into a hawkish Fed | MXN net long 25–29% of OI on both series; USD/INR 95.60 | — | Classic casualty of a hawkish surprise plus an energy shock. Two weekend pieces describe EM as "unfazed," which is itself the warning | Short INR; trim MXN carry |
| 14 | Fed independence | Cook is a sitting voting governor; the August removal notice produced no reported outcome | — | A Cook dissent on Wednesday reads as governance, not policy. The one channel by which a hawkish Fed is dollar-negative | Long gold on dips — but see #9 on crowding; steepeners |
| 15 | The bull case, stated as a risk to the bears | FactSet 11 Sep edition | Q3 EPS +28.7%, revised UP 2.1pp in-quarter; forward P/E 19.1× vs a 19.8 five-year average | If the Fed hikes into rising estimates and the energy shock fades, $146.5bn of CTA length gets added to, not liquidated | Do not treat the bear case as settled. Bond funds have taken inflows 21 straight weeks; IG concessions 14.5bp |
Key levels
| Instrument | Last | Support | Resistance | Comment |
|---|---|---|---|---|
| S&P 500 | 7,656.98 | 7,600 (gamma flip) · 7,350 · 7,300 | 7,672.84 (50d) · 7,677.59 (100d) · 7,703.87 (200d) · 7,817 | Below all three major averages with the flip 0.75% away. RSI 51.2; 59.5% above the 200d vs a 65.3% mean |
| UST 2y | 4.63% | 4.50 · 4.43 | 4.65 (Friday's intraday) · 4.75 | +26bp on the week. The instrument the dots move |
| UST 10y | 4.96% | 4.85 · 4.79 | 5.00 · 5.10 | Approached and failed at the round number twice |
| UST 30y | 5.35% | 5.25 · 5.15 | 5.40 · 5.50 | Fell 2bp on CPI day — the long end is not leading this move |
| US 5s30s | +57bp | 45 (view closes) | 70 (4 Sep) · 80 | Twelve basis points from the published stop |
| DXY | 99.12 | 98.5 · 98.0 | 99.5 · 100.0 | Flat on a week 2s rose 26bp |
| EUR/USD | 1.1600 | 1.1563 | 1.1650 · 1.1700 | The range survived the ECB and CPI |
| USD/JPY | 153.55 | 152.00 · 150 · 148 | 154.63 (Fri high) · 155 · 156 | 155, 156 and 157 all broken. Spec shorts have covered — the squeeze fuel is gone |
| AUD/USD | 0.71711 | 0.7150 · 0.7100 | 0.7197 (entry) · 0.7226 · 0.7250 | Best-behaved G10 on the week; still below entry |
| AUD/NZD | 1.2335 | 1.2315 (entry) · 1.2278 (Fri low) | 1.2355 (Fri high) · 1.2500 | Vendor and derived marks now agree to 5 pips |
| Brent (Nov) | $104.61 | 103.50 (Fri low) · 100 · 92–95 (re-own) | 109.97 (Fri high) · 110 · 122 (RBC) | +8.65% on the week after a −2.81% Friday |
| Brent–WTI | $4.56 | 4.00 · 3.00 (view fails) | 5.16 (9 Sep) · 6.00 · 8.00 | New view. Narrower on the week with Hormuz shut |
| Gold (spot) | $4,385.61 | 4,307 (Thu low) · 4,300 (invalidation) | 4,500 · 4,541 (200d) | Basis to Dec futures is $23.29 — normal carry. The $136 figure was a bad print |
| Copper LME 3M | ≈$14,250/t | 14,233 · 14,000 | 14,875 (record) | Watch the arb, not the price: ≈$0–30/t against a $300/t trigger |
| Iron ore | $98.02/t | 95 · 90 | 100 · 105 | Fourth session below the handle. China FAI Tuesday |
| Bitcoin | $77,270 | 76,900 · 76,000 · 74,000 | 79,890 (twice rejected) · 82,500 · 83,000 | Golden cross 11 Sep, a lagging signal. Two binaries this week |
| Ether | $2,506.33 | 2,441 · 2,400 | 2,500 — reclaimed on Sunday volume only | A weekday close above closes the view |
| ASX 200 | 8,741.20 | 8,699.80 (Fri low) · 8,600 | 8,819.40 · 8,900 · 9,000 | Below the 200d; A-VIX 14.36, a three-month high |
| ACGB 3y / 10y · 3s10s | 5.01% / 5.36% · 35bp | 4.89 / 5.28 · 30bp | 5.10 / 5.45 · 43bp (entry) | 2s and 3s through 5% for the first time this cycle |
| OAT–Bund · BTP–OAT | 89.8–95bp · −9.6bp | 80 (view closes) | 100 · 110 | One-year high; the "since 2012" claim is withdrawn |
Data notes & sources
Corrections to previous editions
This edition corrects six figures published earlier, four of them material. (1) Brent's 10 September settle is restated from $108.90 to $107.63 — the vendor's dated table and its quote page's prior-close field now agree on the lower figure, with the 9 September base ($101.21) unchanged, so this is a settle restatement rather than a different series. The week to 10 September was therefore +6.34% on the day and not +7.60%, and V024's foregone upside is ≈4.0%, not the 8.2% published on Friday. (2) There IS an Australian Labour Force release before the RBA meeting — August employment publishes Thursday 24 September per the ABS forward calendar, refuting No. 005's claim, which rested on the same calendar read differently. The board does get employment; it does not get September CPI, which lands 30 September. (3) Gold's "$136 spot-versus-futures basis," flagged on Friday as anomalous and unexplained, was a data error: the vendor's dated table gives the 10 September December settle as $4,407.30, not the $4,453.15 captured intraday. The true basis is $23.29, an ordinary cost of carry. Closed as a bad print, not a market signal. (4) The "skew in the 1st percentile" figure carried across several editions is contradicted by CBOE SKEW at 154.5 on 11 September — the 96th percentile over one year and the 98th all-time. Either the carried figure is a different construct (a 25-delta risk reversal, where a low percentile means calls bid) or it is stale and the tail bid rebuilt through the energy shock; Cboe published notes consistent with both a mid-August skew collapse and a current 99th-percentile reading. The 1st-percentile claim is withdrawn until the construct is identified. (5) The OAT–Bund entry level for V025, opened Friday at "≈94bp, the widest since 2012," is in question: a dedicated spread source gives 89.8bp with a one-year range of 59.0–89.8bp, against ~95bp derived from vendor yields. The one-year high is verified; the "widest since 2012" claim is withdrawn pending a primary source. (6) Two 10 September FX marks were one session stale — USD/JPY was 154.43, not ~153.5, and AUD/USD was 0.7157, not 0.7218; the 0.7160 live Sydney read published on Friday was the accurate one.
Conflicts and how they were resolved
Fed pricing. Post-CPI reads span 78% to 90%: Investing.com 85.5% (12 Sep 00:35 ET, verified by direct fetch and used throughout), centralbank.watch 85.0%, CME-derived ~90%, Schwab 88%, Polymarket 78–82%. The cluster is 85–86% and the 10-point gap to Polymarket is itself information. Pre-CPI figures of 60–66% circulating in week-ahead material are stale by a session and were discarded. US yields. The official Treasury par curve (2y 4.63%, 10y 4.96%, 30y 5.35%) is used throughout; vendor CMT series run 1–2bp different and their stated daily changes do not reconcile with Treasury's own series. Intraday-versus-close accounts for reports of a 4.65% 2-year and a 5.32% 30-year. WTI is resolved after three editions: Investing.com, Trading Economics and a third source agree on $100.05 within five cents, and the previous $97–104 spread was a settle-versus-spot artefact. Gold's Friday level is $4,385.61 spot, corroborated independently in Canadian dollars (C$6,029.00 settle scaling to ~US$4,385); $4,408.90 is the December futures settle and was never a spot print; Trading Economics' $4,350.36 is an outlier and discarded. Silver's daily change conflicts on sign (−2.58% against +1.13%), so the level is published as a range and no daily change is given. The Comex–LME copper arb is computed, not quoted — no source stated it this session — and the two available Comex quotes ($6.47 and ~$6.54/lb) imply $0–185/t; the low end is consistent with the collapsed cash–3M premium and is what the note uses, with the range disclosed. LME copper is published as $14,233–14,271/t across two sources $38 apart; Trading Economics and the LME wrap disagree on the daily sign for aluminium, zinc and nickel, so levels are taken from the former and closes from the latter. European indices contradicted themselves again: the DAX carries three values on one page (25,557 / 25,568.56 / 25,569), the FTSE MIB's implied prior does not tie to Thursday's close so its daily change is published as a 0.65–1.36% range, and the FTSE 100's quote-box change field is broken at +0.004 points. The SMI sign conflict flagged in prior editions did not reproduce. The BoJ decision date is Friday 18 September, confirmed against the BoJ's own schedule; at least two third-party calendars still print the 17th, which is the meeting start — a fifth consecutive edition of the same error. BoJ hike pricing spans 61.7% to 90% across three sources stamped the same day and is published as a range. ECB October pricing is published at 28–29% rather than as a 29–61% range: the tracker producing the high figure still shows a 2.25% policy rate, has not ingested the 10 September hike, and self-reports a withheld data refresh, so it is discarded rather than averaged. The UK July CPI dispute is resolved — 2.9% is headline and 2.6% is core; both figures were correct and they were different series. The ASX's weekly change is −2.94% close-to-close; the −3.32% circulating derives from a note written during Friday's session off a live 8,706 level. The reported weekend S&P warning of imminent hyperscaler downgrades, naming Oracle for a cut into junk and Amazon for its AA, could not be verified and appears not to exist; the real report is dated Friday 11 September, says credit quality is "gradually weakening," and contains no downgrade timing — it is not published here in the stronger form. Hormuz transit counts span 1–13 vessels/day across six providers, partly a data-vintage artefact, against a baseline itself disputed at 100–140/day; the range is published, vessel counts are trusted over barrel claims, and no closure probability is published. One tracker's "~21 transits/day" is static boilerplate describing historical capacity and appears on the same page as its own observed 1.4/day. Two geographic traps were avoided: one source conflates Mayun Island (Yemen) with Maysan province (Iraq), two theatres 2,000km apart, and a week-ahead document ranking highly in search proved to be a prior-year edition — the second consecutive edition in which a year-trap was caught.
Cleared from No. 005
The single most consequential gap is closed: IG, HY and CCC spreads now print through 10 September (80 / 270 / 1,070bp), with the CCC series corroborated tick-for-tick across six observations by a second provider — the high-conviction credit view is properly marked for the first time in three editions. Also cleared: the CFTC report in full, with every contract reconciled to printed open interest on both sides and three carried figures reproducing exactly; the AUD/NZD mark, where vendor and two-leg derivation now agree to five pips and the culprit was the NZD leg, not the cross page; WTI; the gold basis; VIX3M at 18.60, unobtainable last edition; FactSet's 11 September edition; the Australian data calendar; the IEA Oil Market Report, published 11 September with a 5.7 mb/d supply-loss estimate and Gulf recovery slipping to 2027; spot ETF flows for 9, 10 and 11 September, all real prints rather than placeholders; and Asian market holidays for the 21–25 September week.
Still unverified, and the gaps that matter
Oracle's current CDS is the most important missing number in this note — for a thesis that turns on index-exclusion risk, the best available marks are ~203bp and 198bp, both roughly two months old, and one carries a rating stack that predates the July downgrade. It needs a terminal. Oracle's total debt is genuinely contested across sources ($122–129bn against a $160bn headline and an S&P rationale citing $95bn of AI investment), so no point estimate is published. Japanese single-stock prices are unsourceable for a sixth consecutive edition, and this week the TOPIX sector proxy failed too — the banks index page served data stamped ten months stale — so there is now no acceptable Japanese relative-value input at all. The diesel crack has no mark for the 7–11 September week; the freshest published assessment is $101.1/bbl on 4 September, ten days old and spanning exactly the week crude rose 8.65%. No Monday indicative opens exist — the guessable URLs 404 and the generic page serves a 31 August cache with a 160-handle on USD/JPY that would be catastrophic if published; the ASX futures contract rolled to December over the weekend, so there is no usable SPI indication either. Also outstanding: the 17 June US–Iran memorandum's status, seven weeks stale with its 60-day window expired on 16 August and Iran's stated precondition resting on it; the Trump–Xi summit date, reported for 24 September but confirmed only to "September, White House"; Sweden's official count (exit polls only; certification 19–20 September); the reported RBA Bullock speech on 18 September, weakly corroborated by one source that gives the right weekday and the wrong date, with the 09:30 time entirely unverified; the RBA's own website, serving content roughly three months stale for a fourth edition, which means the presence or absence of a September speech cannot be established; a reported Morgan Stanley call putting ~90% odds on no September hike, which if accurate is the street's highest-conviction contrarian position and could not be verified against a primary source; Norges Bank and Riksbank rates and dates, carried unverified into the week the Riksbank meets after a Swedish election; crypto derivatives (funding, open interest, liquidations), unsourced for a third edition; primary IG and HY issuance, unsourceable for a third edition and now recommended for removal from the standing brief; the percentage of the S&P above its 50-day, where the only live quote was internally inconsistent; NYSE-specific advance/decline; AAII's long-run averages, absent from the dated results table and not quoted from memory; ChiNext, the CSI 300 weekly change, the Nifty level and all South-East Asian closes; Fortescue's and Westpac's close-basis moves; and the PBoC's 11 September fix, so the 6.7795 figure is labelled as the 10 September print. Two internal inconsistencies are noted rather than resolved: the dealer-gamma sign, where SpotGamma has dealers $8–10bn short gamma on 12 September against BofA's +$10.9bn hedger gamma on 4 September, and the Sensex level, where one page carries 74,782 and 74,872 in the same article.
Tomorrow's first verification targets
The Salalah outcome, and specifically whether Iran publishes the maps and whether crude-carrier transits — not total vessel counts — change. China's August activity data at 12:00 AEST, which decides whether Friday's materials rout was a demand story. The 11 September credit observation, due Monday US time, covering the session immediately after the hot CPI that this edition's marks miss. Oracle's CDS. The SoftBank order book. And whether Friday's +1.08% in Australian financials was a one-session artefact of the yield move or the start of the bank stabilisation that would take the ASX underweight's mechanism away.
United States, Fed & positioning
- BLS — CPI, August 2026 · Table 1 · release PDF
- Cleveland Fed — inflation nowcast
- Investing.com — Fed Rate Monitor · centralbank.watch — Fed
- US Treasury — daily par yield curve · auction schedule
- AP — how major US stock indexes fared, 11 Sep
- Federal Reserve — FOMC calendar · blackout calendar · 2026 speeches
- Investing.com — S&P 500 technicals · VIX historical
- CFTC — Traders in Financial Futures · legacy CME · COMEX · NYMEX · petroleum disaggregated · ICE US
- Citadel Securities — September Setup (Rubner, 31 Aug)
- SpotGamma — September opex and the 7,600 flip
- FactSet — Earnings Insight, 11 Sep
- AAII — dated sentiment results · Fear & Greed · put/call · VIX term structure · CBOE SKEW
- ICI — combined flows · money market assets
- S&P 500 breadth · year-end target tracker (last updated 30 May 2026)
- CRFB — fiscal deadlines (funding runs to 11 Dec) · Trump v. Cook
- Schwab — market update · Kiplinger — week's calendar
Rates, FX & central banks
- BoJ — meeting schedule (decision 18 Sep) · centralbank.watch — BoJ
- Reuters via Yahoo — BoJ to lift rates, few clues on terminal
- BoE — MPC dates · centralbank.watch — BoE
- centralbank.watch — RBA · rateprobability — RBA
- The Adviser — Westpac flips · big four forecasts
- Econostream — ECB speakers (Makhlouf, Kocher, Lagarde, Dolenc) · ECB October odds
- OAT–Bund spread series
- Trading Economics bond yields: Germany · France · Italy · UK · Japan · Australia · Canada
- Investing.com — USD/JPY historical · AUD/NZD · DXY historical
- Newsquawk headlines · Rio Times — Copom pricing
Australia, New Zealand & Asia
- Investing.com AU — ASX 200 historical · ASX close with breadth and A-VIX
- Market Index — evening wrap, 11 Sep · 8 Sep (sentiment and NAB survey)
- ShareTrader — ASX movers · the week in currencies
- ABC — markets live, 11 Sep · IG — week ahead
- ABS — future releases (Labour Force 24 Sep)
- Cotality Home Value Index tracker · auction clearance rates · Domain auction results
- Nikkei Indexes — official daily archive · TOPIX historical
- TE — China · China calendar · Hong Kong · HS Tech historical
- TE — Korea · Taiwan · India · NZX 50
- JPX market holidays · 2026 exchange holidays (secondary)
- Finance Calendar — BoJ decisions · TE — Japan calendar
Europe & geopolitics
- Trading Economics equities: euro area · Germany · France · UK · Italy · Spain · Switzerland
- The Local — Swedish exit poll · Swedish Election Authority
- Bundestag — 2027 budget first reading · Lords Library — UK fiscal outlook
- Al Jazeera — Iraq seizes drone platform (Maysan) · Iran–GCC summit · Houthis seize Bab el-Mandeb · Iran war liveblog
- GlobalSecurity — Iran war operational report · ABC News — Iran live updates
- TankerMap — Hormuz transits · Windward — vessel and spoofing data · Al Jazeera — the transit data dispute
- Commons Library — the 17 June memorandum · gCaptain — VLCC rates
- Al Jazeera — BRICS New Delhi Declaration · CSIS — Trump–Xi summits
- Al Jazeera — Ukraine drone strikes · RFE/RL — Poland border incidents
- ForexFactory calendar · Eurostat — August flash HICP
Commodities, credit & digital assets
- Investing.com — Brent historical (dated settles) · WTI historical · Buckhead Energy — cross-check
- Trading Economics — commodity board · iron ore
- OilPrice — tanker rates, IEA and OPEC reports · IEA news (OMR 11 Sep) · US diesel above $6
- RBN Energy — the $100 diesel crack (27 Aug) · Hydrocarbon Processing (4 Sep)
- USAGold — 11 Sep · Gold Stock Canada — post-market metals · gold futures historical
- Business Recorder — LME close, 11 Sep · Westmetall · Vantage — Section 232 hesitation
- FRED — IG OAS · HY OAS · CCC OAS · Convex — HY corroboration
- Axios — S&P on hyperscaler credit (11 Sep) · S&P — Oracle downgraded to BBB−/A-3 · Oracle credit risk near an 18-year high
- SoftBank — bridge repayment and HY roadshow
- CoinGecko · Farside — BTC ETF flows · ETH ETF flows · CoinEdition — the CPI round trip
- CLARITY Act — cloture mechanics · DeFiRate — fact sheet and prediction-market odds