An update on the latest news, insights, and market views shaping global wealth management and investment trends.

Weekly Snapshot

This section highlights weekly performance, notable volatility, and significant currency moves shaping investor sentiment.

• In the week John Ternus took over as Apple’s CEO, the S&P500 was flat and the Nasdaq was up 0.2%. Europe was down -1.4%, the Nikkei fell -2.1% and China’s mainland fell -1.3%
• US 10-year yields hit their highest since October 2023 mid-week (near 4.81%) on Kevin Warsh’s hawkish Jackson Hole tone and oil-driven inflation fears, then eased to about 4.77% after Fed Governor Waller said he would lean toward holding the 3.50%-3.75% funds range at the 15-16 September meeting if August inflation data confirm continued disinflation. He noted the Fed’s preferred three-month inflation measure has slowed to about 3.05%, down from 4.76% in February, a trend he called more informative than the year-over-year numbers
• Friday’s US August jobs report reversed part of that move. Payrolls rose 162’000, nearly triple the roughly 56’000 consensus, and June and July were revised up a combined 55’000 (July’s initial 23’000 loss is now a 21’000 gain). Unemployment held at 4.1%, average hourly earnings rose 0.3% on the month (3.1% year-on-year). The 10-year yield ticked back up 2-3bp to about 4.81%; the more policy-sensitive 2-year, which had slipped toward 4.34% earlier in the week, rose 7bp to 4.41%. Market-implied odds of a 15-16 September hike jumped to roughly 59% from about 52% just ahead of the release, after having eased to 50-55% through the week from the 60s-mid-60s Warsh’s Jackson Hole remarks had produced. Next week’s PPI (10 September) and CPI (11 September) prints are now the deciding inputs before the FOMC meets
• Long-end pressure was global and independent of the US print: Japan’s 10-year yield touched 3% on Tuesday for the first time since September 1996, with the 20-year hitting 3.885% and the 30-year poised for a record closing high near 4.18%. Gilts and Bunds also sold off on energy and fiscal concerns before a modest late-week pause
•  The yen booked its best week in over a month (up more than 2%) despite Friday’s hawkish jobs surprise. The dollar index rose about 0.3% to roughly 99.2-99.3 broadly on the stronger payrolls print, but USD/JPY held little changed around 155.9-156, as rising Bank of Japan hike expectations offset the dollar’s own lift. Japan’s finance minister said officials are watching bond markets ‘with heightened urgency,’ keeping intervention risk live into the 17-18 September BOJ meeting
• The dollar’s Friday firming reversed the earlier tailwind gold had drawn from a softer greenback.It now looks like Gold will finish the week flat at $4’426/ounce

Geopolitical Landscape

A summary of key political and geopolitical developments during the week that may influence global markets and impact portfolio positioning.

• The US-Iran conflict entered a sharper phase, with Washington striking Iranian military assets and Tehran answering against regional US positions, including missile and drone fire toward Kuwait; the oil-risk premium is the main market channel via Hormuz flows and energy inflation
• Iran claimed two tankers hit naval mines in the Strait; US command disputed the account. Physical traffic remains below normal, keeping a shipping-lane risk premium in crude even when headlines cool.
  Washington said it will not talk unless attacks on commercial shipping stop; Israel again warned it could hit Iranian energy infrastructure, a direct supply-shock scenario for global oil and European gas
• The US ‘economic outcast’ sanctions push gained traction, with Europe joining tighter measures on Iran’s enablers, a secondary-sanctions channel that can spill into China trade, shipping finance, and bank compliance costs
• President Xi kept Iran’s president at arm’s length at the Shanghai Cooperation gathering ahead of a Washington meeting with President Trump; markets treat the summit as a chance to protect the trade truce, not a breakthrough
• Washington blamed Ottawa for stalled talks; Prime Minister Carney said Canada will sit down ‘when the Americans are ready,’ leaving North American tariff risk on the table
• President Putin said a path to end the Ukraine war still exists, while NATO warned Russia is becoming more reckless, a reminder that European defence spending and energy security remain structural

Macroeconomic Developments

Key macroeconomic data releases and economic indicators across major regions and individual countries, providing insight into growth trends, and the broader economic outlook.

• Fed Governor Waller signalled he would support holding rates on 15-16 September if incoming data confirm disinflation.  While Fed Chair Warsh’s Jackson Hole tone read hawkish and had pushed hike odds toward the mid-60s,  Waller’s remarks pulled them back toward roughly even. Friday’s much-stronger-than-expected August jobs report  pushed odds back up to about 59%. Vice President Vance publicly called for cuts. The decision remains a data-dependent, with next week’s PPI (10 September) and CPI (11 September) now the deciding inputs
• US August services surveys stayed expansionary (ISM services 55.4)
• Flash inflation in the Euro area jumped to 3.3% in August from 2.9%, largely on war-related energy; core eased slightly to 2.4%. Markets lean toward a 25bp ECB hike next week. Growth remains modests modest; the composite activity survey held around 52 in August, with export orders turning up. Unemployment stayed at 6.4%. The region can probably absorb a small hike, but not a renewed energy spike
• China Manufacturing PMI rose to 51.5 in August on stronger export orders, but the official composite gauge stayed just below 50 as services and property lagged. External demand is helping factories; domestic demand is not yet a portfolio tailwind.
  China releases CPI and PPi next week, last month’s readings showed consumer prices remaining soft, in contrast with firmer producer prices

Corporate & Sector Highlights

Insights into notable developments among major global companies and sectors, including earnings results, strategic initiatives, mergers and acquisitions, regulatory developments, and trends influencing corporate performance.

• Dell’s  Q2 revenue hit a record $47.0bn, up 58% year-on-year, with EPS of $7.04 versus $4.87 expected. AI server orders hit a record $60.9bn in the quarter, pushing the backlog to $95bn. The company now sees AI-server sales roughly tripling this fiscal year to about $74bn, versus a doubling expected six months ago. It raised full-year revenue guidance by $25bn to $192bn. Shares jumped 12% on the week
• Lululemon is feeling the pain of brand fatigue, comparable sales fell 9% globally (Americas down 12%), revenue 4%, and full-year sales guidance was cut for the second time this year, to a 5-7% decline (from 11%-11.15%). Shares dropped 18% this week. Incoming CEO Heidi O’Neill, a Nike veteran, takes over next week inheriting weakness across every major region
• Anil Chakravarthy, currently president of Adobe’s Customer Experience Orchestration business, was named CEO effective 1 December 2026, with Shantanu Narayen, CEO since 2007, moving to executive chair. The stock has been under pressure with other software names on fears generative AI disrupts creative suites, down 24% in 2026 after a 21% decline in 2025, a sector-leadership story as much as a succession one. Adobe reports Q3 FY26 results on 10 September
•  BYD’s first-half profit fell 20.5% to 12.3bn yuan even as exports jumped 67.8% to 792’000 vehicles. Overseas revenue (181.3bn yuan) overtook domestic revenue for the first time, at 52.6% of the total, though Q2 profit alone rebounded 30% year-on-year as margins improved. Hong Kong shares slid. The EV complex is splitting: volume and overseas share versus domestic margin compression
• Norway’s $2.3tn wealth fund, the world’s largest, plans to cut government-bond holdings, mainly US Treasuries, and add other credit including mortgage-backed paper

Looking Ahead

A forward-looking overview of the upcoming week, highlighting scheduled economic data releases, central bank events, corporate earnings, and geopolitical milestones that may shape market direction.

• September 7th: US Labour day, Japan and EU Q2 3rd estimates 
• September 8th: China CPI and PPI (AUG)
• September 10th: ECB rate decision, US Japan PPI (AUG)
• September 11th: US CPI (AUG)

Chart of the Week

You’ve Lost that Hedging Feeling