Skip to main content
The FYCKL Project
No AI. No Bull.

Main navigation

  • Home
User account menu
  • Log in

Breadcrumb

  1. Home
  2. Aggregator
  3. Sources

Zero Rss

Six Nuclear Bills Clear House Committee Without A Single 'No' Vote

Zero Rss
3 weeks 1 day ago
Six Nuclear Bills Clear House Committee Without A Single 'No' Vote

The House Energy and Commerce Committee advanced six nuclear-industry bills on September 2nd, all without a single opposing vote. The measures target fuel recycling, uranium enrichment, licensing delays, regulatory staffing and transparency.

The vote to get it to the House floor is another testament to the lack of divide among the Republicans and Democrats regarding the need for more nuclear energy in America.

As we highlighted in a report from Goldman, the Western nuclear revival is gathering momentum across microreactors, small modular reactors and larger designs. But turning announcements into operating infrastructure requires fuel supplies and a regulatory system capable of processing the projects.

The six bills pushed to the House attempt to address at least some of the standing issues:

  • H.R. 3978, Nuclear REFUEL Act, 44 yes - 0 no. This would simplify licensing for facilities that recycle spent nuclear fuel without isolating plutonium. Qualifying projects could use the single-step fuel-cycle licensing route instead of separate construction and operating approvals. The potential payoff is a clearer path to reusing nuclear material and developing domestic recycling capacity.
  • H.R. 9612, American Enrichment Deployment Act, 43-0. Enrichment plants would receive treatment closer to other fuel-cycle facilities, including permission to begin construction before licensing under the same conditions. Developers would build at their own risk, but NRC approval would still be required. The aim is to bring additional domestic enrichment capacity online sooner.
  • H.R. 5549, Efficient Nuclear Licensing Hearings Act, 44-0. This removes mandatory hearings when nobody with an affected interest requests one and requires informal procedures for covered hearings. It’s an opportunity to trim legal costs and delays without making public participation disappear.
  • H.R. 9613, Nuclear Advisory Committee Reform Act, 41-0. This refocuses the NRC’s Advisory Committee on Reactor Safeguards on significant, novel reactor-design safety issues and changes membership and term rules. The idea is to reduce repetitive reviews.
  • H.R. 9614, NRC Staff Pay Alignment Act, 42-0. The NRC chairman could pay career senior executives up to 110% of the applicable Senior Executive Service pay ceiling. It gives the regulator more room to retain experienced leadership as the industry competes for expertise.
  • H.R. 9084, Department of Energy Nuclear Transparency Act, 41-0. DOE would have to announce covered nuclear-facility authorizations and safety-rule changes, and publish safety analyses, within 72 hours. It's unclear what the real benefit of this one is besides maybe providing more opportunity for nuclear skeptics to complain about faster regulatory actions. More transparency can be a good thing, but the benefit is less clear in this situation.

In July, ranking Democrat Frank Pallone, and even AOC, singled out the advisory-committee overhaul over concerns about weakening safety oversight. Pallone also sought implementation changes to the enrichment bill, while crediting the transparency measure with helping keep bipartisan nuclear legislation moving.

Surprisingly, those concerns never translated into recorded opposition at the full committee.

All this goes to highlight the dramatic change in opinion for the expansion of nuclear energy generating capacity in the US in recent years... 

Gallup found in 2025 that 61% of Americans favor nuclear energy, only a single point away from the highest level recorded in the poll's three-decade history. Gallop then ran a similar poll in April 2026, asking whether the U.S. should put more emphasis on various energy sources…

Nuclear was the only one of the six energy sources Gallup tested whose "more emphasis" support increased since 2021.

Tyler Durden Mon, 09/07/2026 - 13:30
Tyler Durden

DOJ Announces Deal With Mount Sinai Ending Pediatric Sex-Change Interventions

Zero Rss
3 weeks 1 day ago
DOJ Announces Deal With Mount Sinai Ending Pediatric Sex-Change Interventions

Authored by Kimberly Hayek via The Epoch Times,

The Justice Department announced Friday an agreement with Mount Sinai Health System that ends the New York hospital network's provision of puberty blockers, cross-sex hormones, and surgical procedures to minors.

Mount Sinai West in New York City on Jan. 20, 2026. Michael M. Santiago/Getty Images

Mount Sinai, one of the largest healthcare providers in New York, will stop those interventions, pay a monetary penalty, and dedicate $2 million to free medical care for people living with harmful consequences of treatments they received as children, the department said.

The deal is another product of a nationwide investigation into hospitals that performed gender transition procedures on children. Similar agreements have already been reached with Texas Children's Hospital, the Cleveland Clinic Foundation and Connecticut Children's Hospital.

Officials said Mount Sinai stayed cooperative, proactive, and solution-driven throughout the inquiry, they said, noting the multimillion-dollar commitment to detransition care.

"The Department of Justice is committed to holding accountable medical providers that violate federal law and endanger children through so-called gender-affirming care," Attorney General Todd Blanche said in a statement. "This agreement puts an end to these practices at Mount Sinai and provides meaningful relief for individuals who have already suffered harm."

Assistant Attorney General Brett Shumate of the Civil Division said the hospital follows a growing trend.

"A growing number of hospitals, like Mount Sinai, have recognized the medical scandal of sex-rejecting procedures," Shumate said. "While we are grateful when we secure resolutions to end this discredited practice and protect children, we must not and will not rest in our pursuit of justice for the victims it has left behind."

U.S. Attorney Ryan Raybould for the Northern District of Texas, whose office worked the case, said his district "remains committed to holding medical providers, hospitals, and pharmaceutical companies accountable for unsound medical practices and procedures that put our kids at risk."

He called the settlement "a step in the right direction."

The claims resolved in the agreement are allegations only. There has been no determination of liability, and Mount Sinai has denied all allegations.

The investigation stems from a January 2025 presidential order titled "Protecting Children from Chemical and Surgical Mutilation," which directed the Justice Department to prioritize enforcement involving alleged violations of federal law. In April 2025, then-Attorney General Pam Bondi issued a memorandum on "Preventing the Mutilation of American Children."

The Civil Division then opened a nationwide probe of the child gender-transition industry. Investigators have examined possible violations of the Food, Drug, and Cosmetic Act, the False Claims Act, and other federal healthcare laws. Issues include alleged fraudulent billing, such as the use of false diagnosis codes to obtain payment from federal programs and private insurers.

Those schemes, according to the department, compound harm to children by shifting the cost of potentially unlawful interventions onto taxpayers and insurers.

The department's earlier hospital settlements followed a similar pattern, emphasizing stopping the procedures on minors, imposing penalties, and funding restorative care. Texas Children's Hospital, under a May 2026 deal, agreed to open what officials described as the nation's first detransition clinic. Cleveland Clinic's June agreement barred puberty blockers, cross-sex hormones, and surgeries for minors for 20 years and required restorative care. Connecticut Children's August deal included a $500,000 commitment for patients living with harmful consequences of prior treatment.

An August HHS report titled "Wolves in White Coats" alleged that practitioners of pediatric gender treatments may have committed tens of millions of dollars in insurance fraud over a decade.

The report estimated hospitals billed nearly $120 million for such treatments since 2019 and said the work became "a strategic area of growth" in revenue. Vice President JD Vance called on the Justice Department to investigate the hospitals after the report's release.

In line with Trump administration policy, the Civil Division said it will continue to pursue cases nationwide, put an end to unlawful conduct, recover funds obtained through fraud, and hold accountable those who profit by violating federal law at children's expense.

Tyler Durden Mon, 09/07/2026 - 13:05
Tyler Durden

Key Events This Holiday-Shortened Week: All Eyes On Friday's CPI

Zero Rss
3 weeks 1 day ago
Key Events This Holiday-Shortened Week: All Eyes On Friday's CPI

After Friday's blowout jobs report, attention now turns to inflation. Economists expect headline CPI (Friday) to rise by +0.4% month-on-month in August, up from +0.07% previously, while core CPI is expected to print at +0.2% month-on-month, broadly unchanged from July’s +0.22%. Higher gasoline prices are likely to support the headline reading, while core inflation should continue to benefit from gradually moderating shelter costs (which however are turning higher again per Case-Shiller). If realized, the forecasts would leave headline CPI broadly unchanged at 3.4% on a year-on-year basis while core inflation edges 10 bps lower to 2.4%.

Ahead of that, the PPI (Thursday) will provide another important input into the inflation outlook. Economists expect PPI to imply a +0.3% month-on-month increase in core PCE, up from +0.2% in July, leaving the annual rate rising to 4.6% from 4.2%. The remainder of the US calendar is relatively quiet, with markets closed today for the Labor Day holiday. However, the preliminary University of Michigan consumer sentiment survey (Friday) will also attract attention. Economists expect sentiment to decline to 51.0 from 51.7 in August, while the survey’s inflation expectations measures will be closely watched.

In Europe, the ECB policy decision (Thursday) will be the key event. DB's European economists expect a 25bp rate increase, taking the deposit rate to 2.50%, and investors will focus on any guidance regarding the likelihood of further tightening. DB economists also expect an additional hike in December. They have also upgraded their 2026 and 2027 economic forecasts by 0.3pp and 0.1pp to 0.8% and 1.2% respectively. Economic data will also be closely monitored, including German industrial production (today) and trade data (tomorrow), French industrial production (Wednesday), and UK monthly GDP (Friday). Inflation releases from Sweden (today) and Norway and Denmark (Thursday) will provide additional insight into regional price pressures.

In Asia, China will dominate the calendar. DB economists expect the August trade balance (tomorrow) to show stronger activity, with exports and imports forecast to grow a significant 27% and 29% year-on-year respectively. Inflation data (Wednesday) are expected to show CPI accelerating to 0.8% year-on-year from 0.5%, while PPI inflation moderates to 3.2% from 3.5%. In Japan, key releases include labor cash earnings and the Economy Watchers survey (tomorrow), followed by PPI data (Friday).  A reminder that the BoJ has an important meeting on Friday week, less than 36 hours after the FOMC conclusion.

Beyond the economic calendar, the US Treasury’s expanded long-end buyback programme begins on Wednesday, increasing support operations in longer-dated maturities. In politics, the US Republican Party will hold its first midterm national convention in Dallas on Wednesday and Thursday, while Canada’s counter-tariffs on US imports come into force tomorrow. Corporate earnings highlights include Inditex (Wednesday) and Adobe and Oracle (Thursday). Oracle will be the key given all the focus on AI capex.  

Courtesy of DB, here is a day-by-day calendar of events

Monday September 7

  • Data: China August foreign reserves, Japan July leading index, coincident index, Germany July industrial production, Sweden August CPI
  • Other: US Labor Day holiday (markets closed)

Tuesday September 8

  • Data: US August NFIB small business optimism, NY Fed 1-yr inflation expectations, July consumer credit, China August trade balance, Japan July labor cash earnings, BoP current account balance, BoP trade balance, August bank lending, Economy Watchers survey, Germany July trade balance, France July current account balance, trade balance
  • Auctions: US 3-yr Notes ($58bn)
  • Other: Canada’s counter-tariffs on US imports enter into force

Wednesday September 9

  • Data: China August CPI, PPI, Japan August M2, M3, machine tool orders, France July industrial production
  • Earnings: Inditex
  • Auctions: US 10-yr Notes (reopening, $39bn)
  • Other: US Treasury’s expanded long-end buybacks take effect, the Republican Party holds its first midterm national convention in Dallas (through Thursday)

Thursday September 10

  • Data: US August PPI, existing home sales, July wholesale trade sales, initial jobless claims, UK August RICS house price balance, Italy July industrial production, Norway August CPI, Denmark August CPI, Sweden July GDP indicator
  • Central banks: ECB’s decision, BoJ’s Masu speaks
  • Earnings: Adobe, Oracle
  • Auctions: US 30-yr Bond (reopening, $22bn)

Friday September 11

  • Data: US August CPI, federal budget balance, September University of Michigan survey, Q2 household net worth, UK July monthly GDP, Japan August PPI, Germany July current account balance, Italy Q2 unemployment rate
  • Central banks: ECB’s Lane speaks

Finally, focusing just on the US, Goldman writes that the key economic data release this week is the CPI report on Friday. Fed officials are not expected to comment on monetary policy this week, reflecting the blackout period ahead of the September FOMC meeting.

Monday, September 7 

  • US Labor Day holiday observed. There are no major economic data releases scheduled. NYSE will be closed, SIFMA recommends bond markets remain closed.

Tuesday, September 8 

  • There are no major economic data releases scheduled. 

Wednesday, September 9 

  • There are no major economic data releases scheduled. 

Thursday, September 10 

  • 08:30 AM PPI final demand, August (GS +0.4%, consensus +0.4%, last flat); PPI ex-food and energy, August (GS +0.3%, consensus +0.3%, last +0.2%); PPI ex-food, energy, and trade, August (GS +0.4%, consensus +0.3%, last +0.4%): As usual, we will watch the medical services and domestic passenger airfares components of this month’s PPI report for their read-through to PCE. Recent methodological changes mean that the portfolio management PPI is no longer an input into the PCE calculation, and that PPIs for data processing services and videogame software will be used to construct the computer software and accessories component of PCE. On net, we expect these changes to lead to a downward revision of 0.2pp to YoY PCE.
  • 08:30 AM Initial jobless claims, week ended September 5 (GS 205k, consensus 205k, last 206k): Continuing jobless claims, week ended August 29 (consensus 1,780k, last 1,779k)
  • 10:00 AM Existing home sales, August (GS -2.0%, consensus -1.6%, last -1.7%)
  • 10:00 AM Wholesale inventories, July final (consensus +1.3%, last +1.3%)

Friday, September 11 

  • 08:30 AM CPI (MoM), August (GS +0.39%, consensus +0.4%, last +0.1%); Core CPI (MoM), August (GS +0.23%, consensus +0.2%, last +0.2%); CPI (YoY), August (GS +3.40%, consensus +3.4%, last +3.4%); Core CPI (YoY), August (GS +2.40%, consensus +2.4%, last +2.5%): We estimate a 0.23% increase in August core CPI (month-over-month SA), which would lower the year-over-year rate by 0.1pp to 2.4% on a rounded basis. We expect mixed autos inflation, reflecting a 0.5% increase in used car prices, a 0.2% increase in new car prices, and a 0.2% decline in the car insurance category. We forecast benign readings for the shelter categories—a 0.22% increase in the OER category and a 0.23% increase in the rent category—reflecting the continued slowdown in their underlying trend. We expect firmer travel services inflation (airfares: +4%, lodging away from home: +0.3%), reflecting the signals from alternative price data. We estimate a 0.39% rise in headline CPI—reflecting higher food (+0.25%) and energy (+2.3%) prices—which would raise the year-over-year rate to +3.40% from +3.36%. Our forecast is consistent with a similar 0.22% monthly increase in the core PCE price index in August.
  • 10:00 AM University of Michigan consumer sentiment, September preliminary (GS 52.0, consensus 51.0, last 51.7); University of Michigan 5-10-year inflation expectations, September preliminary (GS 3.3%, last 3.3%): We expect University of Michigan’s 5-10-year inflation expectations measure to remain unchanged at 3.3%, above its 1995-2019 average of 2.8%. We noted recently that these elevated levels in part reflect the increased politicization of survey responses and methodological changes rather than signaling an immediate risk of unanchoring.

Source: DB, Goldman, BofA

Tyler Durden Mon, 09/07/2026 - 12:55
Tyler Durden

Japan Sold Almost $90 Billion In Treasuries To Fund Record Yen Intervention

Zero Rss
3 weeks 1 day ago
Japan Sold Almost $90 Billion In Treasuries To Fund Record Yen Intervention

At the end of July, the only question following Japan's record $90 billion yen intervention (which worked for about two weeks before the effects faded and Bessent had to engage in more market intervention), was whether and how much Treasuries Japan had sold as part of the intervention. 

The BOJ spent a record $90BN to briefly push the yen higher.

Another catastrophic intervention by the central bank which is 100bps behind in rate hikes (chart Goldman) pic.twitter.com/xOGszXSgF7

— zerohedge (@zerohedge) July 31, 2026

We now now the answers: i) yes and ii) a lot. 

According to Finance Ministry reserve data released Monday, Tokyo’s holdings of foreign securities fell by $87.8 billion at the end of August from a month earlier. That decline was close to the scale of Japan’s recent intervention to support the yen. Analysts suggested Japan likely sold Treasuries at the short end of the maturity spectrum, Bloomberg reported.

Prior to the latest reserve release, the ministry had already confirmed that authorities spent the equivalent of ¥15.4 trillion ($98.6 billion) in the month through Aug. 26, with part of the operation conducted jointly with the US. And as we reported previously, te monthly intervention was also the largest on record.

A ministry briefer said intervention was a factor behind the fall in foreign reserves, but did not confirm that Treasuries were offloaded. Another intervention financed through sales of US Treasuries could potentially further anger Bessent as it would show that Tokyo is still willing to go down that route even as US officials, including Treasury Secretary Scott Bessent, have become increasingly focused on Treasury-market stability, particularly ahead of the midterm elections.

“Japan may have used both foreign securities and deposits, but it most likely sold US Treasuries,” said Atsushi Takeda, chief economist at Itochu Research Institute.

As we noted then, the US participated in Japan’s intervention campaign at the end of July by stepping into the market on July 31 in the first coordinated move between the nations to support the yen since 1998. That, according to Bloomberg, shows the two sides are still likely on the same page for now.

“Bessent has also repeatedly said that the yen has weakened too much, so the US probably shares that view and that’s why it’s cooperating with Japan,” Takeda said.Still, long-term US yields are still firmly placed on Bessent’s radar. He recently announced that the government would double the size of its buybacks of longer-dated debt for two months through Nov. 4, a move likely aimed at keeping a lid on longer-term yields.

The data do not provide a detailed breakdown of securities holdings or maturities, though market participants estimate that roughly 70% of Japan’s foreign reserves are invested in US Treasuries.

“Japan still has room to intervene given the amount of securities it holds, but given comments from Bessent, selling US Treasuries to fund further intervention could end up attracting pressure from the US,” said Akira Nishimura, economist at the Japan Research Institute. “That would make it difficult for the ministry and the BOJ to act going forward.”

Analysts suggested that Treasury sales were likely focused at the short end of maturities, limiting their impact on long-term yields and the potential for irritation in Washington.

“Japan’s Treasury holdings would span the curve, but the first port of call to fund intervention would be to liquidate assets with maturities of 5 years and under,” said Prashant Newnaha, senior Asia-Pacific rates strategist at TD Securities, flagging their greater liquidity. “It’s unlikely the MOF would have offloaded longer dated securities - maturities of 10 years or more - given the potential for significant pressure on long-end yields.”

Not only are shorter-term Treasuries the easiest to sell, foreign reserve managers tend to invest at the short end anyway as that is their “preferred habitat,” said Macquarie strategist Gareth Berry, adding that  “conveniently, selling short-dated Treasuries is probably something the US side would be less concerned about, and better able to live with, as US attention seems mainly focused on the long-end."

Markets have remained jittery since last week as investors recalibrate their rate expectations and positions. The yen strengthened from around 160.39 per dollar on Wednesday to as much as 155.30 on Friday. The currency further strengthened to around 154.50 on Monday amid ongoing speculation Japan’s Government Pension Investment Fund may boost allocations toward domestic assets.

That suggests no further intervention for the time being, especially with the BOJ expected to do the heavy lifting from now on. Following Bessent’s call for higher Japanese interest rates in North Carolina last week and recent signaling from BOJ officials, markets are now fully pricing in a BOJ rate hike in September. Some investors are even starting to consider whether the central bank could accelerate the pace of tightening after a series of hawkish signals, a stance that would offer further support for the yen.

Finally, while Monday’s report showed Japan’s foreign currency reserves fell $94.6 billion to $995 billion at the end of August, the remaining amount still shows the substantial resources available to authorities should they need to intervene again. Foreign currency deposits, another potential source of intervention funds, fell $6.9 billion.

In addition to selling securities and drawing on foreign deposits, Japan can also tap the Foreign and International Monetary Authorities Repo Facility in future interventions, Finance Minister Satsuki Katayama suggested after the US-Japan joint intervention. The facility introduced during the pandemic enables Japan to access up to $60 billion per day without selling Treasuries, limiting any impact on US yields and expanding the potential scope for intervention. Still, there is no record of Japan using FIMA.

“The lack of any precedent would be a significant hurdle to actually using it,” Nishimura said. “So I view the comments on FIMA as more of a signal that Japan still has ample resources available to fund intervention, rather than actually using the facility.”

Tyler Durden Mon, 09/07/2026 - 12:15
Tyler Durden

The Copper Chart Causing Alarm

Zero Rss
3 weeks 1 day ago
The Copper Chart Causing Alarm

Copper futures in London continue to move higher, once again approaching record highs, as US buyers purchase record volumes from the seaborne market, with imports reaching 200,000 tons in July. A phased US tariff would keep that buying in motion for longer, further tightening the ex-US market and limiting any near-term price correction in London trading.

Rafael Barcellos, head of Latin American Metals & Mining and Pulp & Paper Equity Research at Bradesco BBI, wrote in a note last week that global mine supply is deteriorating. He warned that severe weather in Chile has forced Antofagasta and Lundin to cut their production guidance, further tightening an already stressed physical market.

Barcellos explained:

Copper prices extended their July rally into August, running above US$14,000/t throughout the month and reaching ~US$14,450/t as of August 30. Momentum has been driven by near-term physical tightness, as refined copper continues to flow into the US ahead of a potential import tariff.

While market consensus frames the policy as a binary outcome for copper — a tariff being supportive for prices and a no-tariff decision being negative — we would argue instead that both outcomes are ultimately bearish, and that it is the uncertainty around the tariffs that is intensifying the current upward momentum. Should tariffs not be implemented, the massive inventories accumulated in the US would be redirected elsewhere, increasing global supply availability. However, should the US instead move ahead, US buyers would likely reduce near-term procurement given the elevated stocks already built ahead of the decision, ultimately reducing regional demand and easing tightness elsewhere. That said, a phased tariff (e.g. an incremental rate over the coming years) — which we do see as the most likely scenario — should help keep US buyers in the seaborne market for longer, smoothing rather than removing the demand adjustment and limiting the near-term downside to prices.

On the supply side, the concentrate market remains tight, further exacerbated by extreme weather in Chile, which led Antofagasta and Lundin Mining to lower their 2026 production guidance ranges to 625-655kt (from 650-700kt) and 300-325kt (from 310-335kt), respectively, reflecting disruptions at Los Pelambres and Caserones. On the refined side, amid persistent concentrate tightness, Chinese smelters have increasingly turned to secondary feedstock, with copper scrap imports rising +15% YoY in July (+9% YTD)

Barcellos' view of the copper market was echoed in a Bloomberg report on Friday, which cited International Copper Study Group data showing that global mine production fell 1.1% during the first half of 2026, with output at industry giants Codelco and Freeport-McMoRan declining by double digits.

Separately, Morgan Stanley, which began the year forecasting supply growth, now expects mine production to finish roughly unchanged or slightly lower, potentially marking the first annual decline since 2017.

Producers representing roughly two-thirds of global supply recorded a 3.5% decline during the first half and a 4.1% drop in the second quarter, according to Jefferies data cited by SP Angel. Chile, the world's largest copper-producing country, suffered its weakest second quarter in nearly two decades and now expects annual output to fall 2.6%.

Related:

  • Jefferies: "Turns Out, We Weren't Bullish Enough On Copper"
  • HSBC Warns Of Commodity "Super-Squeeze" As Goldman Hikes Copper Forecasts

Copper has now advanced for 10 consecutive weeks on the London Metal Exchange.

To sum up, all of this only suggests a structurally bullish period for copper. Demand from electric vehicles, power-grid expansion and artificial-intelligence data centers is accelerating just as physical-market tightness constrains supply and pushes London prices higher.

Tyler Durden Mon, 09/07/2026 - 11:35
Tyler Durden

This Labor Day, A Look At Declining Role Of Unions In America

Zero Rss
3 weeks 1 day ago
This Labor Day, A Look At Declining Role Of Unions In America

Authored by Jeremy Lott via The Epoch Times,

Labor Day, celebrated this year on Sept. 7, is a holiday in transition.

It was created by American labor unions in the 1880s. The federal government recognizing it as a national holiday under President Grover Cleveland helped unions to gain prominence.

Yet as unionization has declined, so too has the close association of the day with organized labor.

The Department of Labor's website now calls it an "annual celebration of the social and economic achievements of American workers."

Nelson Rivera of New York City is one such worker. He is an assistant supervisor in maintenance, a field he has toiled in for 23 years.

"Labor Day to me is just celebrating people that've been working all their lives, like 20 and 30 years," he told The Epoch Times.

He said it was a day to "cook out with my family, have a good time with them, and relax."

For many working families like Rivera's, the Labor Day cookout is a regular event.

It's also the occasion for many sales, the moment fashionistas have designated to mark the shift to fall colors, and the holiday after which many schools start.

Even that last part has faded, however, with the Pew Research Center finding in 2023 that more than 70 percent of students now start earlier.

America is less organized around Labor Day because American workers are less organized by unions than they used to be.

Only 10 percent of the total American workforce was unionized last year.

Among those, fewer than 6 percent of private-sector workers were unionized, according to government data from the Bureau of Labor Statistics.

The decades-long decline has been helped along recently by some Trump administration moves against public-sector unions.

On the state level, legislatures in red states are pushing against unions in several ways, while their counterparts in blue states are pushing back.

In percentage terms, it has been quite the fall. Unionization of the American economy stood at 20.1 percent in 1983. From the mid-1940s to the mid-1950s, the percentage of the U.S. workforce that was unionized was even higher than that, at more than 30 percent.

That means that the American economy has transformed over 70 years, from roughly one in three workers being unionized in 1955 to one in 10 in the most recent figures.

Last year's unionization number was propped up by government workers, who the Bureau of Labor Statistics noted are organized at a rate "more than five times higher than the rate of private-sector workers," or 32.9 percent.

Looking at the private sector alone, only slightly more than one in 20 workers were represented by a union.

Trump and Unions

President Donald Trump courted union voters during his three campaigns for the presidency, and the actions of his administration toward private-sector unions have been mixed.

At times, Trump has shored up the union position. He met with the International Longshoremen's Association leadership as president-elect in 2024 and worked to avert a strike with an agreement to slow any job-replacing automation at East and Gulf Coast ports.

Other times, Trump has done things that unions generally opposed, such as firing the National Labor Relations Board's Democrat-designated member Gwynne Wilcox in late January 2025.

The firing had to be litigated. That kept the regulatory body from having a necessary quorum for about a year. The lack of regulatory authority contributed to a growing backlog of thousands of cases, which made it very difficult for unions to press unfair labor practice claims.

Trump's administration has been more oppositional to unions representing government workers.

With one executive order, for instance, the president sought to exclude the workers of 40 government agencies from collective bargaining. After much litigation, the administration has managed to cancel collective bargaining for the workers of several agencies.

In an April court filing, the National Treasury Employees Union said it expects to "lose tens of thousands of members" because of those actions.

The administration also took actions to make it easier to fire civil servants by reclassifying them, successfully urged somewhere in the neighborhood of 140,000 federal workers to take buyouts, and has floated a federal pay freeze for next year.

Unions representing government workers have shed many of their own workers. Collections fell off after the federal government stopped automatically deducting union dues from many workers' paychecks and depositing them into union accounts.

States and Unions

Actions limiting government unions in ways great and small are also happening at the state level, particularly those controlled by Republicans.

For instance, this year the Idaho legislature passed a bill to prohibit school districts "from allowing taxpayer funds to promote teachers unions."

The bill forecast that a few school districts "may experience a modest indeterminate increase in revenue," seeing as how teachers' unions are now "required to reimburse the school district for any time teachers spend on union-related activities during work hours."

States with Democratic majorities are generally pushing the other way, as one act of the New Jersey legislature shows.

For the 2026-2027 school year, New Jersey schools are introducing mandated curriculum to turn social studies classes into primers on the past struggles of organized labor, including "notable strikes throughout history."

Where Unions Have a Greater Impact

Yet the story for organized labor in America on this Labor Day is not only a story of decline. There are some successes as well that show how unions continue to exert influence.

Unions continue to push for and win some unionization elections.

And unions in a few sectors have found ways to buck the wider trend and have organized in numbers that are several times greater than in the economy as a whole.

The technical term for the percentage of the economy that is unionized is called union density.

Julia Cartwright is a senior research fellow in law and economics at the American Institute for Economic Research.

She told The Epoch Times that she expects that private-sector union density will either "stay flat or drift slightly lower over the next five years, from 5.9 percent in 2025 to somewhere in the 5.5-6 percent range by 2030."

Currently, the transportation and infrastructure sectors "sit well above the private-sector average" of union density, Cartwright said, and supplied numbers from government data.

Workers at utilities, which manage significant infrastructure, are 17.8 percent unionized. Transportation and warehousing workers together are 13.6 percent unionized. Construction workers, who are responsible for servicing and building out a lot of infrastructure, are 11.1 percent unionized.

"These industries stay more heavily unionized because the usual union-avoidance playbook doesn't work as well there," she said, explaining that "the work can't be relocated; you can't offshore a port, a rail line, or a construction site."

Cartwright said certain laws have also played a role in boosting unionization in these sectors.

Prevailing wage laws, mandated for federal contracting companies by the Davis-Bacon Act of 1931 and mimicked by several states, require "prevailing, often union-scale, pay on public projects, which erases nonunion contractors' main bid advantage and keeps union contractors and their apprenticeship pipelines viable," she said.

Parts of the transportation sector have a whole different set of laws regulating unionization, she noted.

The normal rules of the game under the National Labor Relations Act of 1935 treat single workplaces as bargaining units for the purposes of unionization elections.

Railroads and airlines are instead governed by the older Railway Labor Act with "bargaining units spanning an entire carrier's system," Cartwright said.

That makes it easier to unionize much larger percentages of those sectors. And more thorough unionization gives unions more leverage.

Rail and shipping are "chokepoint industries," she said, "meaning industries positioned at narrow pass-through points in the economy where a stoppage cascades far beyond the firm itself."

Cartwright used as an example a rail or port strike, which can "idle billions of dollars in capital and disrupt supply chains nationwide."

The large sums of money at risk of disruption have "historically made accommodation cheaper for employers than confrontation."

Construction, Transportation Trends

Peter Philips is an economist at the University of Utah who has also studied unionization in America. He foresees some strength ahead for unions in these sectors, but also some weakness.

"Union density in the construction sector benefits from construction booms," he told The Epoch Times, and he thinks demand for data centers to power the growing AI sector fits that bill.

Philips predicted that far greater data center construction will redound "to the benefit of construction unions that will expand their membership to meet the demand."

In contrast, he thinks the transportation sector is "more of a mixed bag."

Philips said that economic booms benefit trucking, railroads and airline travel.

Yet trucking firms are finding themselves squeezed by higher diesel prices due to shipping problems through the Strait of Hormuz, and the AI boom could lead to the development of some driverless trucking down the road.

The expansion of driverless trucks, "if they are successfully introduced to the transportation sector," is likely to "hurt long haul trucking employment, including possibly unionized truckers," he said.

He thinks that Americans are bound to be skittish about at least some of this.

"It may be a while, if ever, that the public is going to be comfortable with and accept driverless 18-wheelers," he said.

The contest he sees developing at trucking firms is between rising demand, the struggle to staff for that, and automation, which is one answer to the staffing problem.

Recent Union Gains

Drawing on the same government data as Cartwright and Philips, the AFL-CIO trumpeted the recent achievements of organized labor as a whole.

"Union representation grew by 463,000 in 2025, bringing the total number of workers represented by union contracts to 16.5 million," the union said in a news release earlier this year celebrating results that were the "highest in 16 years."

The AFL-CIO noted "significant gains in health care, retail, education services and construction" and that unions have made headway in the South, which had been thought by many in organized labor to be hostile territory because of the states' right-to-work laws.

However, even for all that effort, the percentage of America's unionized workforce stayed essentially flat.

Cartwright cautioned that percentages of unionization can sometimes be misleading because the size of the American workforce changes over time.

"Unions have been adding members in absolute terms," she told The Epoch Times, "but the nonunion workforce keeps growing faster, so union density stays roughly the same."

Cartwright said this growing but still seemingly getting nowhere phenomenon was "starkest in 2022, when unions gained 273,000 members and density still fell because total employment grew by 5.3 million."

That does not mean that unions are doomed to relative decline. What it does mean on this Labor Day is that unions and their supporters have their work cut out for them.

According to AFL-CIO President Liz Shuler, they are up to that challenge.

"In 2026, workers will continue to organize in every corner of the country and build power to fight for the lives they deserve," she said.

Tyler Durden Mon, 09/07/2026 - 11:15
Tyler Durden

Zelensky Expects War To Continue Through Winter, As Witkoff-Kushner Deliver 'Upbeat Assessment' From Putin Meeting

Zero Rss
3 weeks 1 day ago
Zelensky Expects War To Continue Through Winter, As Witkoff-Kushner Deliver 'Upbeat Assessment' From Putin Meeting

Despite Trump envoys Steve Witkoff and Jared Kushner having delivered 'upbeat assessments' (per AFP) to Kiev after meeting with President Putin in Moscow over the weekend, Ukrainian President Zelensky has told his citizenry to prepare for a brutal winter, as the war is set to continue through this period.

A senior Ukrainian presidential official said Sunday that the US team brought new, "more effective" proposals for ending the war. "It's not the same as it was before. This one now is more effective. They're still talking. This is actually the most important part," the official said to AFP.

AFP via Getty Images

This marked Witkoff-Kushner's first trip to Kiev - as they've been playing point for Trump efforts at negotiating the end to conflicts from the Middle East to Gaza to Eastern Europe. However, many have pointed out they are un-elected, not formally appointed, and hold no official government offices - and do not have prior track records as high level diplomats. 

Zelensky after being briefed on US talks with Putin remarked: "We very much hope that we will be able to reach agreements with our American partners, and we are counting on the support of our European partners if the war continues in winter — and this is how it appears at the moment."

This comes after the Kremlin reportedly told Americans Saturday it was feeling "confident" its forces would advance more, deeper into Ukraine from eastern territories that Russia already holds.

Kushner said: "Hopefully this trip has come out with some new ways to advance forward. I think we've learned a lot from the trip."

It's unlikely that President Putin takes these two men very seriously, especially Trump's son-in-law, who seems to hold this top envoy position for no other reason than being family. And of course Witkoff is a real estate mogul. Both Kushner and Witkoff are Jewish - which has some bearing on failed Iran negotiations, as well as prior Gaza peace efforts - given Tehran doesn't trust them, but sees them as having divided loyalties. The Kushner family has for decades been close personal friends of Netanyahu, with the Israeli leader having on occasions stayed at their private residence.

Hundreds of thousands dead in the Ukraine proxy war, which holds the potential to escalate into nuclear confrontation with NATO... and the guys that Trump sends sit and ruminate about the "incredible stories and memories" they will share in retirement:

🇺🇸 Witkoff to Putin:

President Putin, thank you so much for having us.

We were sitting outside just now, me, Jared, Kirill, Yuri, and we were talking about, when we retire, we will have all these incredible stories and memories, and yours will be right at the top of it all. pic.twitter.com/w8HoGg5o54

— MAKS 26 🇺🇦👀 (@Maks_NAFO_FELLA) September 5, 2026

Trump had promised to end the Ukraine war from his very opening days in office, which of course proved absurdly unrealistic. But he did energize the MAGA base by placing this as a top priority.

However, the reality remains: the US has continued providing deep intelligence assistance to Ukraine, it has continued to approve missile and other weapons transfers to Kiev, and has given a greenlight for Ukraine to send long-range drones against sensitive assets on Russian soil. Halting these things could be an actual catalyst toward peace settlement, but so far by all appearances these US support programs are going strong.

T-shirts...

Thanks for the $400 Billion Steve and Jared. Check it out, we printed some t-shirts with whatever money we have left. https://t.co/dujLcZdiwW

— Alex Christoforou (@AXChristoforou) September 7, 2026 Tyler Durden Mon, 09/07/2026 - 10:50
Tyler Durden

GOP Bets On Trumpapalooza To Defy Midterm History

Zero Rss
3 weeks 1 day ago
GOP Bets On Trumpapalooza To Defy Midterm History

Authored by Carolina Lumetta via RealClearPolitics,

Texas-based Republican strategist Rebecca Trahan is excited to see the first-ever GOP midterm convention come to Dallas next week. More specifically, she hopes it will bring yet more national attention and dollars to the Senate campaign for state Attorney General Ken Paxton.

"I think [the convention] can be very motivating. I hope that the event does encourage and get people to get out and vote," Trahan told RealClearPolitics. "I hope that it drives a lot of money to the Paxton campaign because they really need it, and I know that Texas really needs Ken Paxton as the next senator considering our options."

Trahan says Paxton's Democratic opponent James Talarico is a more formidable challenger than many Republicans realize. She said the convention is a welcome burst of energy onto the scene but would be better if it were more accessible. The two-day event will not be aired in full on national television networks, and it competes with the beginning of the school year and the start of football season on the two nights of speeches.

"I really applaud the RNC for doing everything that they can to help Texas candidates, and especially to help Ken Paxton, because we need it," Trahan said.

But she's not attending the convention either.

"For me, if I'm going to a fundraiser, I prefer that it be a little bit more private," Trahan said. "I love conventions, but there is so much work to be done just this weekend alone, and block walking and phone banking. So I chose to stay back and do that."

The Republican National Committee promised a "Trumpapalooza" as the president takes the stage on both convention nights. Several Republican candidates have hemmed and hawed on whether they'll attend the rally-like event, and the RNC has opened attendance to the public, hoping to gin up both base and prospective voter support.

"We are trying to reach those low- and mid-propensity voters that came out for President Trump in 2024, and we're trying to communicate to the American people the contrast that they have on the ballot this cycle," RNC spokeswoman Natalie Baldassarre told RCP.

Vice President JD Vance previewed the party's message during a White House press briefing Thursday. For the past year, the Trump administration has highlighted the One Big Beautiful Bill, rebranded as the Working Families Tax Cuts. In recent weeks, they've argued that Democrats who opposed the legislation would essentially be raising taxes if they win and would try to reverse Trump's actions over the past two years.

"My elevator pitch is actually very simple," Vance told reporters. "Do you want to live in a country that has safety and security and prosperity? If the answer is yes, and I think most Americans do, then vote for congressional Republicans over congressional Democrats on every single issue. The Democrats have taken the side of fraudsters, of criminals, and of far-left interest groups over the side of the American people."

But the strategy of hosting a midterm convention in Texas in September could be a double-edged sword.

"I don't know how much I want to be part of this," one Republican House member told RCP. "It's just going to be a highly orchestrated Trump thing where they'll trot out some members."

Many Republican candidates, particularly those in tight races, have either declined to attend the convention due to scheduling issues or have not revealed their plans, according to reporting from Politico and CNN. During a midterm year, even one or two days spent away from the campaign trail is considered wasted time. To that effect, House Speaker Mike Johnson already canceled the final weeks of the House session this month so that members may remain in their districts.

The low level of enthusiasm does not appear to be worrying the White House. Vance said the point of the convention is to bring the full force of the Trump administration to help the GOP, which does not necessarily require candidates to be on the stage.

"That doesn't concern me," Vance said during the briefing. "We can make the argument as much as possible that if you elect congressional Democrats, you're going to see higher prices, worse energy, higher taxes, and more fraud. The president and I can go and make that argument on national TV. We don't need a congressman in a tight race to be there in all cases."

Conventions in midterm years are often glorified revelries with little concrete purpose, especially when the identity of the party's eventual presidential nominee is unknown. Trump first publicly floated the idea of a midterm convention last year. Then, the RNC voted during its January annual meeting to change the charter rules to allow for such an event. Trump confirmed the date and location in another Truth Social post in June.

While the GOP has never done something like this before, Democrats were once quite practiced at it. The party would often host a mid-cycle convention until the mid-1980s, when then-Democratic National Committee chairman Paul Kirk shuttered the tradition. He complained that would-be presidential candidates used the stage to attract attention for themselves rather than all the races down-ballot that needed support. The entire event he summed up as "places for mischief."

This year, the DNC again teased that it might return the practice, but in its own annual meeting, members shot down the idea. DNC Executive Director Roger Lau said in a statement that the party had "baited" the GOP into throwing money down the drain for a midterm convention, giving the DNC an advantage in spending. But that strategy might not have panned out. The RNC reported a record $130.3 million in cash on hand by the end of July. The DNC reported roughly $16 million at the same time, along with nearly $18 million in debt.

Most congressional Republicans are paying roughly $25,000 each to attend the convention, though each state party manages its own ticket packages. Other affiliated organizations, such as the National Republican Congressional Committee, are offering additional perks like breakfast with House leadership and special access for up to $100,000, according to an NRCC flyer first reported by Politico. The RNC also designated tickets for state parties, which then determined how to distribute them. Instead of delegates, the seats will be filled with members of the public, according to the RNC.

RNC Chair Joe Gruters told Newsmax this week that the convention will be a landing place for the party's messaging. He appeared optimistic that of the 35 competitive House races this cycle, Republicans can defy conventional wisdom and defend the congressional majority.

"We think we can defy history and we have the right candidates," Gruters said. "We have the messaging, we have the resources to put behind that messaging, and so, we're well on our way."

The messaging will focus on key portions of the president's agenda, including last year's tax cuts, border enforcement, energy policy, trade, and more. But it will have to dodge some pitfalls, such as the ongoing war with Iran, high inflation and gas prices, a controversial deal to subsidize Venezuelan beef, concerns about data centers, and the president's sinking approval ratings. Vice President JD Vance will keynote the first night, and the president will close out Thursday night with his own address.

Tyler Durden Mon, 09/07/2026 - 10:25
Tyler Durden

Huawei Crashes Apple's Big Launch Week With $3,000 Trifold Smartphone

Zero Rss
3 weeks 1 day ago
Huawei Crashes Apple's Big Launch Week With $3,000 Trifold Smartphone

Two days before Apple's big launch event on Wednesday, when the company is expected to debut its long-awaited foldable iPhone, Huawei Technologies and Xiaomi are unveiling their premium foldable smartphones.

Huawei on Monday unveiled its Mate XT 2, a trifold smartphone that unfolds into a 10.2-inch tablet. The starting price is $2,980, representing a 10% increase over its predecessor.

First unboxing of Huawei’s $3,000 Mate XT2

The second-gen tri-fold that turns into a 10.2 inch tablet pic.twitter.com/xDET4qM296

— ViralRush ⚡ (@ViralRushX) September 7, 2026

Huawei Executive Director Richard Yu attributed part of that increase to the big memory squeeze that has sent prices skyrocketing. Despite its premium price, the entry-level device comes with 16GB of memory and 256GB of storage. 

Xiaomi is set to launch a rival foldable phone later today, while Apple's foldable iPhone, expected to debut on Wednesday, could be called the iPhone Ultra and cost upwards of $2,500.

The iPhone Ultra is now said to feature MagSafe charging after all.

Previous leaks suggested Apple was skipping this feature on their first foldable due to space constraints. pic.twitter.com/95EomHTV9c

— AppleTrack (@appltrack) September 2, 2026

Yu told reporters earlier that the "real challenge right now is pricing, because memory costs have risen sharply. We adopted a lot of new technology, and the cost pressure has been enormous."

The launches of premium foldable phones from the three major brands this week come amid mounting headwinds across the global handset market. Counterpoint forecasts a 14% drop in global smartphone shipments this year. Chinese manufacturers are particularly exposed because of their reliance on budget handsets.

Counterpoint analyst Ivan Lam said Apple has the "world's biggest premium device installed base," adding, "Its foldable will sell well and rapidly grab market share." He also noted that the new handset could spur broader consumer demand, giving rivals a lift.

Smart Analytics Global forecasts that Apple could capture 41% of worldwide foldable sales next year. Its entry will undoubtedly intensify competition across the foldable space.

However, Nikkei Asia reported last week that production of foldable iPhones remains limited ahead of this week's launch.

"Apple has very high quality requirements and added an extra trial run in August ahead of actual production. However, production is ramping up slowly, with output currently at only a few hundred units a day in late August. That initial volume could be challenging to meet market demand," one supply chain manager told the Japanese news outlet.

With U.S. gasoline prices averaging above $4 a gallon nationally and squeezing household budgets, the iPhone Ultra's high price tag could pose a major test of consumers' willingness to spend on premium upgrades. For Apple, under new leadership with John Ternus at the helm, the key question is whether the foldable design offers enough value to persuade consumers to upgrade. Then again, there are always buy-now, pay-later options.

Tyler Durden Mon, 09/07/2026 - 10:00
Tyler Durden

Futures Drop As Iran Hostilities Send Brent To 6 Week High Above $97

Zero Rss
3 weeks 1 day ago
Futures Drop As Iran Hostilities Send Brent To 6 Week High Above $97

US stock futures slipped in cautious, low volume trading as the latest Middle East escalation pushed oil prices higher, lifting bond yields in Europe and Asia. As of 9:00am ET, S&P futures were down 0.2% with Nasdaq futures modestly in the red despite solid performance for tech stocks earlier in the session, which helped the Kospi surge more than 4.6% - its second biggest jump since the Situational Awareness takeover by Citadel - and Nikkei jumped almost 2% as OpenAI’s GPT-6 Astra debut reinvigorates the Asian semiconductor rally. Taiex climbs about 1.5% and ChiNext soars 2.6% (as discussed overnight, China may be the next Gamma Squeeze target). Hang Seng underperformed peers with a 1% loss as Chinese tech stocks retreat in Hong Kong. Brent crude rose above $97 a barrel following the largest exchange of tanker attacks yet between Iran and the US. Traders also assessed reports of hits on Saudi Arabian oil infrastructure and a potential accord between Iran and Oman to manage shipping through the Strait of Hormuz. In FX, the yen strengthened to its highest level since February, surpassing the peak reached after July’s intervention. The dollar fell 0.2%. Cash trading in Treasuries and US equities was closed for Labor Day. US markets are closed for Labor Day. 

In corporate news, an Amazon.com Inc. cargo plane overran a runway at Miami International Airport and burst into flames on Sunday, killing at least five people and temporarily shutting down the airport’s runways.

  • Jaguar Land Rover Automotive Plc will slash some 4,000 jobs as Britain’s largest carmaker grapples with US tariffs, the fallout of a crippling cyberattack and intense competition.
  • Novo Nordisk A/S stopped two more trials for its experimental heart disease medicine, in a further blow to the drug’s prospects.
  • Abu Dhabi National Oil Co. is in talks with the biggest refining companies in Thailand and Africa to invest in their businesses.
  • Uber Technologies Inc. has hired banks to hold calls with investors this week for a debut euro bond sale.
  • Novartis AG suffered a second trial disappointment within a week after the Swiss pharma group’s potential blockbuster heart drug failed in a final-stage study.

US cash trading and individual stock futures are shut today for the Labor day weekend. For anyone catching up after a break, Friday’s US jobs report did the early work on this week’s story. Payrolls rose 162,000, blowing past estimates, and pushed the market-implied odds of a Federal Reserve rate hike on Sept. 16 to a little above 60% from around 50% before the print.

That leaves Friday’s CPI (and to an extent Thursday’s PPI) as the real swing factor for a Fed that’s held steady for five straight meetings. The European Central Bank adds its own test Thursday, with markets pricing a near-certain quarter-point hike to a 2.50% deposit rate. Between the two central banks and Friday’s CPI, this is the week Europe has to trade around.

“Markets will be adjusting their positioning heading into the Fed’s blackout period. The risk is the Fed turning hawkish and that will be reflected in equities,” said Geoff Yu, a senior macro strategist at BNY. “Bond markets will remain nervy and we remain focused on fixed-income volatility.”

While economic data will likely be the biggest catalyst for markets this week, earnings will also help shape the outlook for key equity sectors. Results from Oracle Corp. and Adobe Inc. on Thursday will give investors a fresh read on AI infrastructure demand and the threat the technology poses to software makers. For now, the earnings backdrop remains supportive. Investors should buy any dips in equities given a robust earnings outlook, said JPM strategists. Even moderate central bank tightening would be unlikely to derail the positive backdrop for stocks unless inflation expectations change materially, said the team led by Mislav Matejka. “As corporate profits remain on an uptrend, any bout of weakness in equity prices would leave them cheaper,” the strategists wrote. “We believe one should continue using the dips to add.”

The Stoxx 600 struggled for direction, with economically sensitive sectors among the biggest decliners as inflation concerns drove bond yields higher. Novartis AG shares fell 2.6% after a heart drug failed in a final-stage study. Energy stocks outperformed, while the real estate and insurance sectors were among the biggest laggards. Here are the biggest movers Monday:

  • Nordex shares rose as much as 12%, the most in over four months, after being upgraded to buy at BofA Global Research
  • SigmaRoc rose as much as 13%, the most since March 2021, after the lime and minerals group released its interim results and announced the acquisition of Lithuanian dolomite business AB Dolomitas
  • Lottomatica shares gained as much as 8.2%, hitting the highest since June, after the Italian gaming company quantified the boost to online earnings it expects from the proposed acquisition of Spanish rival Cirsa Enterprises
  • Infineon shares rose as much as 3.9% as MP Capital Markets upgraded the stock to buy from hold
  • Burkhalter shares rose as much as 6.7%, the most since March 2022, after the Swiss building technology services company reported results
  • Novartis shares fell as much as 3.9% after the Swiss pharma group’s potential blockbuster heart drug, pelacarsen, failed in a final-stage study
  • Schindler dropped as much as 3.6% after Goldman Sachs gave the elevator and escalator specialist its only sell rating, downgrading from neutral, citing lower growth and earnings progression compared to the wider sector
  • Tomra shares fell as much as 10%, while Norwegian-listed peer Envipco also slumps, after France abandoned plans to impose a mandatory deposit return system for plastic bottles, introducing doubts over a potential growth catalyst for the stocks
  • Hollywood Bowl shares dropped as much as 6%, the most since May 2025, after analysts at Deutsche Bank cut their price target and warned the summer drought created “less-than-ideal conditions” for the provider of indoor family entertainment

German establishment politics, and specifically Merkel's pro-immigration legacy, suffered a crushing blow over the weekend, after the conservative Alternative for Germany scored its best-ever result in a state election on Sunday, delivering a powerful blow to liberal Chancellor Friedrich Merz. The AfD secured 44% of the vote in Saxony-Anhalt. In the UK, the government signaled it won’t provide financial support to limit job losses expected to be announced at Jaguar Land Rover this week.

South Korea’s memory heavyweights were standouts in Asia as the release of OpenAI’s GPT-6 model continued to fuel renewed enthusiasm for AI. Driving the tech rally is OpenAI’s plan to release a new model, GPT-6, pitched as a milestone toward artificial general intelligence. That pushed the Philadelphia Semiconductor Index up 3.4% on Wall Street Friday and has SK Hynix and Samsung leading the advance in Asia Monday. The enthusiasm isn’t universal though. Hong Kong’s Hang Seng and its tech gauge both slipped into the red despite the Nikkei and Kospi seeing solid gains.

The dollar initially ticked higher, but then retreated following another surge in the yen which pushed the USDJPY as low as 154, down almost 200 pips overnight. The Korean won extended winning streak to around two-year high. T-note futures are about 1/32 softer near 107-14 with cash Treasuries closed for Labor Day. Bund futures are ~15 ticks lower after German far-right party AfD wins state election. Aussie curve bear flattens with 3-year yield ~3 bps higher. WTI crude futures climb 1% to near $92.40; gold sheds almost $30 to below $4,400-handle.

The notable overnight mover was again the yen, which strengthened to its highest level since February, surpassing the peak reached after coordinated intervention by Japan and the US. The Japanese currency suddenly extended gains, up as much as 1.4% to 154.06 against the dollar in London trading. There was no clear driver for the move, with some traders pointing to the US holiday helping to exaggerate the moves while others mentioned the break of the key 155 per dollar level as a reason.  The yen’s break below 155 is significant given the level previously acted as a floor following past intervention episodes,” said Masahiko Loo, senior fixed income strategist at State Street Investment Management.

Large stop-loss orders below the 155-per-dollar level were triggered and options dealers were forced to sell dollars, adding to the yen’s gains, according to a trader familiar with the transactions who asked not to be identified because they aren’t authorized to speak publicly.

China, separately, said it’s injecting 300 billion yuan ($45 billion) into its largest banks and insurers, its biggest recapitalization in almost two decades, with only a modest share reaction so far. 

In commodities, oil advances, with Brent futures are trading at a 6 week high, above $97 a barrel, after US attacks on Iranian tankers and Tehran’s threat of a new restricted zone outside the Strait of Hormuz. Over the weekend, Iran said it hit three US-linked ships in retaliation for American attacks on Iranian tankers. The US military earlier said it struck three Iranian crude tankers, in response to the IRGC targeting two US Navy warships with ballistic missiles. European natural gas prices surge. Meanwhile, Ukraine is resigned to Russia’s war dragging on through another tough winter.

In rates, japan likely sold a portion of its holdings of foreign securities, including US Treasuries, to finance its record currency intervention over the past month. Treasury futures edge down. There’s no trading of cash Treasuries worldwide on Monday because of a US public holiday.

Market Snapshot

Top Overnight News

  • Saudi Aramco’s oil facilities in the Saudi Arabian city of Jizan have been attacked only a month after a separate strike temporarily knocked out some production at its refinery.: FT
  • Iran says US energy companies' facilities are 'exposed': RTRS
  • UAE says its energy exports will not be 'held hostage' by Iran war: RTRS
  • Several Qatari liquefied natural gas tankers are heading back toward the Persian Gulf, a sign the supplier may be positioning vessels for a resumption of exports through the Strait of Hormuz: BBG
  • The Alternative for Germany scored its best-ever result in a state election on Sunday amid growing public discontent with the political establishment, delivering a powerful blow to Chancellor Friedrich Merz: BBG
  • AI could pose 'existential' risk to humanity, UN rights chief warns: RTRS
  • From dance floor to war: China readies humanoid robots for combat: RTRS
  • Japan likely sold a portion of its holdings of foreign securities, including US Treasuries, to finance its record currency intervention over the past month, despite concern in Washington over the impact of Treasury sales on long-term yields: BBG
  • The South Korean won advanced to its strongest level in nearly two years Monday, helped by a rally in semiconductor stocks and continued foreign inflows into the country’s benchmark equity index: BBG
  • Nepal rescuers focus on 900 hydropower workers, 121 could be trapped in tunnels, officials say: RTRS
  • German industrial production declined the most in almost a year, marking an unexpected setback to the recovery of Europe’s biggest economy: RTRS
  • Fed's Hammack (2026 voter) said on Friday that Fed policy is not restrictive and inflation is too high, while she stated local contact views indicate now is the time for a Fed hike to control inflation.
  • Huawei launches new foldable smartphone; Xiaomi and Apple set to follow: RTRS
  • Warning signs abound for Republicans as midterm campaign begins final sprint: RTRS
  • President Trump said on Friday that they are taking action to help cattle ranchers and signed an order that allows ranchers to process their own beef, while small, medium, and large ranchers can sell to consumers, and he also stated that meatpackers have been charging unsustainable prices.
  • There were multiple casualties after an Amazon (AMZN) cargo plane overran the runway and struck vehicles whilst landing at Miami International Airport, while the Miami-Dade County Sheriff announced that at least five people have been confirmed dead.

Iran Headlines

  • US launched strikes against three Iranian crude oil tankers on Saturday, which destroyed one, in retaliation for the IRGC targeting US Navy warships with ballistic missiles.
  • Iran’s navy said it targeted three oil tankers that were travelling through unauthorised routes in the Strait of Hormuz and three additional US vessels in other areas.
  • US President Trump said on Friday that they do intermittent strikes in Iran and that the Iran issue is a military conflict, while he added that they may hit Pickaxe Mountain very soon. Trump warned that if anything goes badly with Iran, they may hit them hard and have essentially taken over Iran. He also claimed there have been no shootings for days and there are no mines in the Strait.
  • US Energy Secretary Wright said a nuclear deal with Iran may not be achievable in the near term and military action may be needed to address threats from Iran, according to ABC News.
  • Iran's top security official Rezaei said Iran and Oman will sign agreed Strait of Hormuz passage maps in the coming days and that Iran will commit to keeping the Strait of Hormuz open when the US neither threatens Iran nor attacks it. Rezaei also stated that they will announce in the coming days and weeks a restricted zone outside the Strait of Hormuz that starts from the US Navy's blockade line and extends through the strait into the Persian Gulf, and any ship identified entering this zone with the intention of passing through the strait will be added to the sanctions list. Furthermore, he said that Iran tested an Iranian anti-ship missile above a US warship for the first time and claimed the missile created 'hell' for the Americans 'and they fled'.
  • Iranian Parliamentary Speaker Ghalibaf warned that Iran’s response to any attack against its interests and security would be faster, heavier and more painful.
  • Iran's Foreign Ministry said the US-led war is disrupting global oil trade and costs, while it added that US aggression is causing instability in the Strait of Hormuz.
  • Israeli military announced that it struck southern Lebanon after Hezbollah launched drones towards Israeli soldiers in the security zone. Israel's army also issued an evacuation warning to residents of a building in Deir Zahrani, southern Lebanon.
  • Israeli Finance Minister Smotrich said PM Netanyahu ordered the evacuation of certain settlement outposts in the West Bank. It was separately reported that Israel conducted an airstrike on eastern Gaza City with four missiles.
  • Joint statement by UAE, Saudi Arabia, Qatar, Jordan, Indonesia, Pakistan, Turkey and Egypt Foreign Ministers strongly condemned statements made by Israel's National Security Minister Ben-Gvir and Defence Minister Katz regarding the displacement of Palestinians.
  • Yemeni armed forces said they thwarted an attempt by Houthis to infiltrate the Dabab front, while they announced that warplanes struck Houthi positions in Balhaf and south of Hodeidah.

A more detailed look at global markets courtesy of newsquawk

APAC stocks traded mixed as the region reflected on the recent strong US jobs data and subsequent Fed rate hike bets, as well as the US and Iran tit-for-tat attacks on vessels in the Strait of Hormuz. ASX 200 was little changed as resilience in the energy, resources, materials and mining sectors is offset by underperformance in tech, utilities and telecoms, but with downside in the index cushioned by support at around the 9,000 level. Nikkei 225 gapped above the 66,000 level with tech-related stocks heavily represented in the list of biggest gainers in the index. KOSPI outperformed amid firm gains in the semiconductor giants, including SK Hynix, which is said to be sharply increasing the production share of its sixth-generation 10nm-class 1c DRAM. Hang Seng and Shanghai Comp lagged with the Hong Kong benchmark pressured amid underperformance in the likes of Baidu and Xiaomi, while the big banks also declined after reports that ICBC and AgBank plan large A-share placements to raise CNY 100bln and CNY 160bln, respectively, as part of a Beijing-led CNY 360bln capital injection in financials.

Top Asian News

  • US President Trump said on Friday that he will be hosting a state dinner for Chinese President Xi when he comes and that China has very little involvement with Iran.
  • China’s Finance Ministry announced it will lead a capital injection of CNY 360bln in state banks and insurers, with ICBC (601398 CH) planning to raise CNY 100bln to bolster its capital, and Agricultural Bank of China (601288 CH) to raise CNY 160bln through a private placement of A shares, while the insurers include China Life Insurance (601628 CH), China Taiping Insurance (966 HK) and People’s Insurance Company of China (601319 CH).
  • China unveiled a plan to strengthen rural investment and will boost rural revitalisation investments to boost agricultural productivity, while it will enhance bond and credit support for qualified agricultural initiatives.

European stocks were subdued and oil crept higher after tit-for-tat tanker strikes between the US and Iran. Novartis AG shares fell 2.6% after a heart drug failed in a final-stage study. The Stoxx Europe 600 Index was little changed by 1:10 p.m. in London. Energy stocks outperformed, while the real estate and insurance sectors were among the biggest laggards. 

Top European News

  • UK Chancellor Healey said Britain’s economic growth must extend beyond the largest cities as he prepares to outline his economic agenda in a major speech on Monday. He is reportedly to set to announce a GBP 150mln fund for northern firms, aiming to boost growth.
  • UK recruiters saw hiring pick up for the first time in four years in August, according to the FT citing a survey by KPMG and the Recruitment and Employment Confederation.
  • Hundreds of masked anti-immigration protesters blocked roads leading to Britain’s busiest ferry port in Dover on Saturday.
  • German Chancellor Merz warned about further losses of industrial jobs and said that they are losing industrial jobs on a large scale, although he welcomed the latest agreement on Volkswagen’s supervisory board.
  • Germany’s far-right AfD is set to win the election in the eastern German state of Saxony-Anhalt with 44.5% of the vote.
  • German police discovered 12 explosive devices near overhead powerlines in two districts in east Germany, which is the latest spate of incidents targeting Germany’s electricity infrastructure.
  • Greek PM Mitsotakis unveiled a package of economic measures including tax breaks and wage increases for pensioners and employees, with the measures costing EUR 3.5bln by 2030.
  • Fitch raised Portugal's sovereign rating from A to A+; Outlook Stable.

Tariffs/trade

  • US President Trump said Canada’s dollar imbalance with the US is unacceptable.
  • US President Trump said on Friday that they have the right to put tariffs on nations like Switzerland and have the right not to trade with financial elite countries, while he also stated that he gets along very well with Mexico's President.
  • Japanese Trade Minister Akazawa said progress was made on the USD 550bln investment initiative that was set up as part of a trade deal with the US.

FX

  • DXY struggled for direction after ultimately fading the knee-jerk uplift from the stronger-than-expected NFP report on Friday, with price action not helped amid the holiday closures in North America on Monday and with the Fed currently on a blackout period, while market participants will have to wait till much later in the week for US CPI data.
  • EUR/USD traded little changed just above the 1.1600 level, with the single currency unfazed by news that the German far-right AfD is set for a big election win in the eastern state of Saxony-Anhalt, but will fall short of achieving a majority. Separately, German Chancellor Merz warned about further losses of industrial jobs.
  • GBP/USD marginally softened although held on to the 1.3500 status, with participants looking ahead to comments from UK Chancellor Healey, who will outline his economic agenda in a speech today.
  • USD/JPY was range-bound on both sides of the 156.00 level in the absence of fresh catalysts from the US or Japan to begin the week, with both their central banks scheduled for key meetings next week.
  • Antipodeans conformed to the uneventful trade across the FX space amid the ultimately mixed risk appetite and with no tier-1 data to spur price action.
  • PBoC set USD/CNY mid-point at 6.7795 vs Exp. 6.7086 (prev. 6.7787)

Fixed Income

  • 10yr UST futures lacked direction after whipsawing in the aftermath of last Friday's blockbuster jobs report, while price action is contained with US cash markets closed on Monday for Labor Day.
  • Bund futures trickled lower and returned to beneath the 123.00 level amid mild gains in oil prices and with German Industrial Production data due later, while there was little impact from news that Germany's far-right was set for a major victory after elections in the eastern state of Saxony-Anhalt.
  • 10yr JGB futures were subdued in the absence of any major fresh drivers or tier-1 data from Japan.

Commodities

  • Crude futures mildly gained after the US and Iran conducted tit-for-tat attacks on vessels in the Strait of Hormuz during the weekend, but with upside capped as it was also reported that Iran's top security official Rezaei said Tehran will declare a restricted zone near the Strait of Hormuz and announce a new shipping route agreed on with Oman in the coming days and weeks.
  • Major OPEC+ countries stuck with the plan to keep oil output quotas unchanged for October.
  • Iraq raised oil export capacity to over 3mln bpd, according to state media.
  • US Energy Secretary Wright said the Trump administration is focused on boosting crude and fuel supplies rather than curbing US exports, as a way to reduce prices. Wright also said that US Navy escorts that are assisting tankers across the Strait of Hormuz are vital in sustaining crude flows and suggested they will continue to do so until Iran backs down.
  • Russia’s Vostok Oil project loaded its first crude for shipment via the Northern Sea route.
  • Iran is to increase gasoline prices for heavy consumers using more than 110 litres per month, effective on Tuesday.
  • Spot gold retested the USD 4,400/oz level to the downside following last week's stronger-than-expected US jobs data, which supports the case for the Fed to hike rates this month.
  • Copper futures ultimately declined with early indecision on the recent key market themes including US data, Fed rate expectations and ongoing geopolitical tensions.

Geopolitics: Ukraine

  • Ukrainian President Zelensky sees no quick end to the war with Russia following a meeting with US envoys Witkoff and Kushner, and is seeking a package from allies that would cover defence reinforcements, as well as energy, including US LNG.
  • Russian President Putin ordered troops not to fire on Kyiv for three days during US envoys Witkoff and Kushner's visit to Ukraine’s capital, according to Kremlin spokesman Peskov. However, it was reported that Russia and Ukraine exchanged a wave of strikes prior to the US envoys’ visit to Kyiv.
  • Russian Kremlin aide said talks between Russia and the US were highly useful and lasted for over three hours, but gave no indication of a breakthrough.
  • White House official said US and Russian officials discussed substantive plans for the next steps in talks aimed at ending Russia’s war in Ukraine, which will be announced in the coming weeks.
  • France’s far-right National Rally chief Bardella wants Ukraine to pay for Europe’s help and said France’s unconditional support for Ukraine should be replaced by a more transactional relationship.

Geopolitics: Other

  • North Korean leader Kim said North Korea's navy nuclear armament will put nuclear combat systems to practical use and will restrain the enemy's invading fleet, while he added that their new warship can carry out annihilating retaliatory strikes on the enemy at any time.

DB's Jim Reid concludes the overnight wrap

Morning all. Tough times in our house this weekend with 8 nine-year-old boys sleeping over for our twin's birthday party. They were very noisy. However, we were kept awake not by them but by an illegal rave in a field a few hundred yards away. I say we but my hearing isn't the best so I didn't hear it. My wife has the hearing of an owl and couldn't sleep through it and felt that I should be woken up to be made aware of the noise I couldn't hear. So I could do with the weekend to start again. Thankfully it's US Labor Day so it should be relatively quiet.  

I was asked to do an op-ed for the FT today on the recent yield sell-off in bond market. As I said in the piece, the moves over the summer are just another leg to the normalisation trade that has been going on post Covid. In the unlikely event that you'd been on a desert island since just before the GFC and came back ashore today, I'm sure you'd look at current yields as pretty normal given all the spot info and history of bond markets you had at your disposal. I also don't think the recent concerns are fiscal related, even if the higher yields go the more worries we will have further down the line for several countries. Finally while the pressures that have been there for higher yields are likely to continue, we have to accept that bonds are being bonds again. That is the coupon is helping maintain returns even in the face of yield rises. For example, its been nearly 4 years since the UK mini-budget crisis and 10yr Gilt yields are +65bps than the peak, while index returns are up around 12%. Clearly not spectacular but its getting harder to get outright negative returns in government bonds over the medium-term. So while the news flow will likely to continue to be negative, at least bonds are being bonds again. See my op-ed at the FT here for more. 

The main headline this morning is Germany’s political landscape shifting further to the right after the AfD secured around 44% of the vote in the Saxony-Anhalt state election yesterday, its strongest result in any German election to date and more than double its support from 2021. Chancellor Friedrich Merz’s CDU slumped to roughly 17%, its weakest showing in the state, as voters expressed growing frustration over economic stagnation, energy costs and migration policy. While the AfD fell just short of an outright parliamentary majority, the result nonetheless marks a major symbolic breakthrough for a party that remains shunned by mainstream rivals under Germany’s long-standing political “firewall”. The outcome will intensify pressure on the federal government and is likely to reinforce concerns about political fragmentation. More broadly, it underlines how anti-establishment and populist parties continue to gain traction across parts of Europe despite robust labour markets and relatively subdued inflation.  

The main focus in the Iran conflict over the weekend was a tit-for-tat escalation targeting commercial shipping in and around the Gulf. According to Reuters and other major news agencies, several tanker incidents and maritime attacks heightened concerns about the security of energy supplies moving through the Strait of Hormuz, with both sides accusing each other of responsibility. Brent is up +1.05% this morning to $97.29/bbl so we remain a distance from a resolution.

Elsewhere in overnight markets, tech is lifting most boats with the KOSPI (+4.18%) leading gains, followed by the Nikkei (+1.87%). Chinese equities are mixed, with the CSI 300 (+0.19%) edging higher, while the Hang Seng (-0.97%) and Shanghai Composite (-0.34%) are underperforming and bucking the broader regional trend. S&P 500 futures (-0.11%) are trading slightly lower but activity will be light today due to the Labor Day holiday. The Yen is fairly flat after another hectic week of intervention stories.

Looking forward now and the coming week offers a busy mix of central bank decisions, inflation data and growth indicators across the major economies. The main global focus will undoubtedly be on the US inflation reports (including CPI on Friday) and the ECB policy meeting (Thursday) with the former likely to heavily influence the FOMC next week. Elsewhere, investors will look to China’s trade (tomorrow) and inflation data (Wednesday), UK monthly GDP (Friday), and industrial production releases in Germany (today) and France (Wednesday). Corporate earnings are relatively light but Oracle (Thursday), Adobe and Inditex are among the notable releases.
As noted above, the biggest event is likely to be the US August CPI report (Friday), arriving just days before the September 16 FOMC meeting. The release follows a stronger-than-expected August employment report last Friday that reinforced the view that the labour market remains resilient. Nonfarm payrolls rose by 162k, with a further 55k of upward revisions to the previous two months. Private-sector hiring remained firm (127k) and job gains continued to broaden beyond healthcare, while measures of labour demand improved further.

Although the unemployment rate edged up to 4.14%, the broader U-6 measure fell to 7.7% and participation increased to 61.6%, suggesting the labour market remains on a relatively stable footing. Overall, the report corrected some of the softer signals seen in July and supports the view that employment growth remains at or slightly above breakeven levels.

Attention now turns to inflation. Our US economists expect headline CPI (Friday) to rise by +0.38% month-on-month in August, up from +0.07% previously, while core CPI is expected to print at +0.21% month-on-month, broadly unchanged from July’s +0.22%. Higher gasoline prices are likely to support the headline reading, while core inflation should continue to benefit from gradually moderating shelter costs. If realised, the forecasts would leave headline CPI broadly unchanged at 3.38% on a year-on-year basis while core inflation edges 10 bps lower to 2.38%.

Ahead of that, the PPI (Thursday) will provide another important input into the inflation outlook. Our US economists expect PPI to imply a +0.21% month-on-month increase in core PCE, down from +0.25% in July, leaving the annual rate broadly stable. The remainder of the US calendar is relatively quiet, with markets closed today for the Labor Day holiday. However, the preliminary University of Michigan consumer sentiment survey (Friday) will also attract attention. Our US economists expect sentiment to improve to 52.5 from 51.7 in August, while the survey’s inflation expectations measures will be closely watched.

In Europe, the ECB policy decision (Thursday) will be the key event. Our European economists expect a 25bp rate increase, taking the deposit rate to 2.50%, and investors will focus on any guidance regarding the likelihood of further tightening. Our economists now expect an additional hike in December with the reasons explained in their preview note here. They have also upgraded their 2026 and 2027 economic forecasts by 0.3pp and 0.1pp to 0.8% and 1.2% respectively. See their note on it here.  Economic data will also be closely monitored, including German industrial production (today) and trade data (tomorrow), French industrial production (Wednesday), and UK monthly GDP (Friday). Inflation releases from Sweden (today) and Norway and Denmark (Thursday) will provide additional insight into regional price pressures.

In Asia, China will dominate the calendar. Our economists expect the August trade balance (tomorrow) to show stronger activity, with exports and imports forecast to grow a significant 27% and 29% year-on-year respectively. Inflation data (Wednesday) are expected to show CPI accelerating to 0.8% year-on-year from 0.5%, while PPI inflation moderates to 3.2% from 3.5%. In Japan, key releases include labour cash earnings and the Economy Watchers survey (tomorrow), followed by PPI data (Friday).  A reminder that the BoJ has an important meeting on Friday week, less than 36 hours after the FOMC conclusion.

Beyond the economic calendar, the US Treasury’s expanded long-end buyback programme begins on Wednesday, increasing support operations in longer-dated maturities. In politics, the US Republican Party will hold its first midterm national convention in Dallas on Wednesday and Thursday, while Canada’s counter-tariffs on US imports come into force tomorrow. Corporate earnings highlights include Inditex (Wednesday) and Adobe and Oracle (Thursday). Oracle will be the key given all the focus on AI capex.  

Recapping last week now and risk assets struggled to gain much traction, as a fresh rise in energy prices raised fears about more persistent inflation. That came amidst no signs of progress on reopening the Strait of Hormuz, with Brent crude oil up +7.80% last week (+0.80% Friday) to $96.28/bbl, their highest in six weeks. Moreover, the relentless rise in European natural gas futures continued, with a 4th consecutive weekly gain (+7.42%) last week (+0.20% Friday) to €72.00/MWh. So for Europe in particular, investors were pricing in a growing probability of a more inflationary shock.   

That backdrop helped push yields up to multi-year highs around the world. For instance in Germany, the 10yr bund yield was up +6.1bps last week (-0.4bps Friday) to 3.34%, and it even reached a post-2011 high of 3.37% on Wednesday. Meanwhile in the US, the 10yr yield was up +6.3bps last week (+1.4bps Friday) to 4.78%, and on Tuesday it closed at 4.80%, its highest since October 2023.   
The yield moves got further momentum on Friday from a very strong US jobs report, which showed payrolls up by +162k in August (vs. +55k expected). In addition, there were +55k of upward revisions to the previous two months, and the unemployment rate held steady at 4.1%. So that raised investors’ confidence that the Fed would likely hike rates at their September meeting, with futures pricing in a 62% chance of a hike by the close on Friday.   

With inflationary pressures mounting and yields rising further, that generally put pressure on risk assets around the world. That was particularly clear in Europe, where the STOXX 600 fell -0.81% last week (+0.12% Friday), whilst the DAX fell -1.97% (+0.17% Friday). Elsewhere, Japan’s Nikkei also fell -2.09% (+1.26% Friday), while the MSCI EM index rose +0.24% (+1.35% Friday). In the US, equities saw a relative outperformance, but even there, the S&P 500 was still barely up last week with a +0.09% gain (-0.38% Friday). That slight risk-off tone was seen in credit as well, as US IG (+2bps) and HY (+7bps) spreads both widened, as did Euro IG (+2bps) and HY (+8bps) spreads.

Tyler Durden Mon, 09/07/2026 - 09:22
Tyler Durden

Central Banks Bought 23 Tonnes Of Gold In July

Zero Rss
3 weeks 1 day ago
Central Banks Bought 23 Tonnes Of Gold In July

Authored by Naveen Athrappully via The Epoch Times,

Central banks worldwide purchased a net 23 tonnes of gold in July, in line with the overall yearly trend, according to the World Gold Council (WGC).

Gold bars weighing 1000 grams each are displayed at the Austrian Gold and Silver Refinery (Oegussa) in Vienna, Austria, on Feb. 3, 2026. Georg Hochmuth/APA/AFP via Getty Images

The largest buyer last month was China, which bought 20 tonnes, according to a Sept. 3 WGC report.

"Notably, activity from the People's Bank of China (PBoC) has picked up pace in recent months, with double-digit monthly purchases of gold since May 2026," the report said. Poland purchased eight tonnes and was the second-largest buyer.

Russia was the top net seller, with six tonnes sold. This was followed by Turkey, Uzbekistan, and Jordan, all of which sold a tonne each.

Year-to-date, global central banks reported purchasing 130 tonnes of gold, down from roughly 160 tonnes during the same period in 2025. Poland has added 90 tonnes this year, with China buying 60 tonnes. Turkey has sold 85 tonnes, while Russia's sales total 50 tonnes.

Central banks account for roughly 20 percent of all historically mined gold, according to the WGC. Bullion serves as a vital bank reserve asset, valued for its liquidity, safety, and potential returns. In times of uncertainty, gold demand tends to rise.

According to a June 16 WGC report, a survey of central banks found that 89 percent of respondents forecast global central bank gold reserves to rise over the year.

As for funding, half of the respondents said they would procure the gold locally by using domestic currencies. Thirty-eight percent said they would sell other reserve assets to purchase gold.

"The majority of respondents (74 percent) see moderate or significantly lower US dollar holdings within global reserves over the next five years," the report said.

"Respondents also believe that the share of other currencies, such as the euro and renminbi, will remain unchanged over the same period, while gold holdings will increase."

Goldman Sachs predicts central bank buying will support the rise in gold prices, according to an Aug. 28 report. Such purchases are being driven by a need to diversify their reserves.

In 2022, the G7 nations froze Russia's assets held in Europe due to Moscow's invasion of Ukraine. Since then, the central banks have been buying gold at an increased rate, according to Goldman Sachs.

Spot gold ended Friday at around $4,430 per oz., up from about $4,329 at the beginning of the year. Gold hit a peak of roughly $5,595 in late January.

Unable to Withdraw Gold

The Sept. 3 WGC report cites a conflict between Venezuela and the Bank of England over gold reserves.

The Venezuelan government has roughly $4 billion worth of gold stored with the bank and has sought to withdraw it. However, because the United Kingdom has refused to recognize Venezuela's socialist government, the country has been unable to secure its gold reserves.

According to the June 16 WGC report, central banks are continuing to diversify the locations of their gold reserves. While the Bank of England remained the top choice, domestic storage was a close second, followed by the Bank for International Settlements in third place.

This week, the Netherlands' central bank announced plans to shift roughly 86 tonnes of gold from the United States and Canada to London, citing geopolitical risk.

Ewa Manthey, commodities strategist at ING Bank, highlighted the risk faced by certain nations that store gold abroad, citing Venezuela's inability to retrieve its gold from the Bank of England, according to a Sept. 4 opinion on the company's website.

"This case is exceptional - but it shows that the host country's courts and political recognition decisions can affect access to reserves," Manthey said.

"Gold held at the Bank of England remains the property of the foreign central bank, but it is physically located in the UK and is therefore subject to UK jurisdiction."

Tyler Durden Mon, 09/07/2026 - 09:15
Tyler Durden

USS Abraham Lincoln Returning Home After Being "Sunk" Three Times By Iran

Zero Rss
3 weeks 1 day ago
USS Abraham Lincoln Returning Home After Being "Sunk" Three Times By Iran

In yet another example of Iranian social media claims not matching up with reality, the nuclear powered Nimitz-class aircraft carrier USS Abraham Lincoln is returning home after a 286 day deployment and 5 days of rest at port in Thailand.  The ship was untouched by any signs of combat, despite the IRGC claiming on at least three separate occasions that they had sunk the mighty vessel with drones and missile strikes. 

Iranian aligned accounts even spread AI videos and video game clips of a ship sinking, arguing that the clips showed the Abraham Lincoln.  Left wing commentators celebrated the news, only to scrub their posts after it was revealed that the information was fake.

Despite resounding evidence to the contrary, many conspiracy advocates asserted that the Lincoln had been hit and the US government was "covering it up."  This also turned out to be nonsense after the carrier arrived at Laem Chabang Port in Thailand for rest and cleaning.  

The narrative then shifted, with people claiming that the Lincoln "looked damaged" and disheveled, which proved they were right about Iran hitting the vessel.  In reality, the carrier had normal rust and residue caused by months at sea. 

Is this rusty scrap metal Abraham Lincoln?
Where did this happen to it? pic.twitter.com/WItS8TBWXd

— Iran Embassy in Zimbabwe (@IRANinZIMBABWE) September 2, 2026

The posts exposed an embarrassing lack of basic knowledge when it comes to natural wear from sea water on naval ships facing long deployments.  

The cartoon depicts the aircraft carrier USS Abraham Lincoln as an exhausted, rusted, and injured “old man” who can barely stand with the help of a walker. It is clearly a satire of the ship’s recently extremely long deployment (over 280 days at sea, including operations against… pic.twitter.com/A3LGzZoV1R

— 𝕊𝕡𝕣𝕚𝕟𝕥𝕖𝕣 𝕻𝕣𝕖𝕤𝕤 (@SprinterPress) September 2, 2026

The ship was cleaned at port with no signs of damage from attack.  It has now left Thailand on a return trip to the US and the Naval Air Station North Island in Coronado (San Diego).  

🇺🇸🇹🇭 USS Abraham Lincoln Gets A Deep Clean

After an extended deployment at sea, the USS Abraham Lincoln (CVN-72) is getting some serious attention at Thailand’s Laem Chabang Port.

Thai port crews are using high pressure water jets and scaffolding to clean the carrier’s hull,… pic.twitter.com/3urAvxLWzn

— Defense Intelligence (@DI313_) September 6, 2026

Latest Visuals ⚡️:

USS Abraham Lincoln (CVN-72) Aircraft carrier wraps visit to Laem Chabang Port, Thailand returning back to South China Enroute towards San Diego pic.twitter.com/9wrE4r3iSY

— OSINT Digest (@Indowatchosint) September 6, 2026

The carrier and all its sailors are accounted for.  The return of the USS Abraham Lincoln highlights an incessant disinformation campaign by Iran and Iran supporters, flooding social media with false claims in an effort to win the war in the theater of public opinion.  On the ground, the vast majority of supposed IRGC successes have proven to be fake. 

The Iran War and the war in Ukraine have become case studies for a new era of digital warfare.  Substantial efforts are being made to "play the algorithms" and manipulate consensus.  Iran, perhaps more than any government so far, has relied heavily on digital guerrilla tactics as a way to demoralize US operations.  They have, of course, received extensive help from sources in the west. 

Whether or not one agrees with the reasons behind the war, it is clear that propaganda alone is not going to lead to victory.  Tangible realities matter and Iran is being hit with those tangibles in the form of an inflation crisis, import/export crisis and fuel shortage crisis and foreign ships passing more freely through the Strait of Hormuz.   

The lesson here is simple:  Online discourse is rarely a reflection of the truth.  All one has to do is wait a few months for the fog of war to clear and the majority of false claims will melt away.     

Tyler Durden Mon, 09/07/2026 - 08:50
Tyler Durden

Hartnett: A Democratic Sweep Will Trigger A Stock Market Rout, And Pop The AI Bubble

Zero Rss
3 weeks 1 day ago
Hartnett: A Democratic Sweep Will Trigger A Stock Market Rout, And Pop The AI Bubble

The biggest story last week was not the unexpectedly hot jobs report which, unfortunately, will be revised sharply lower next month as the labor market reverts to its deteriorating, AI-enhanced, trendline: Instead, what everyone was - or should have been focusing on - was the bottom falling out of the bond market with global yields jumping to the highest level in 2 decades, to wit: 

  • 10Y Treasury yields jumping to 4.81%, near 2008 crisis levels
  • 30Y Treasury yields jumping to 5.31%, highest since 2007
     
  • Japan 10Y JGB  >3.0%    First time since 1996
  • Japan 30Y JGB  4.2%, or 4x the BoJ policy rate
     
  • German 10Y Bund  3.38%, post-2011 high
  • France OAT-Bund spread 88bps, 2012 crisis highs
  • Italy BTP-Bund spreads, 84bps, 2012 highs

A Bloomberg index of global bond yields just rose to the highest since 2007, and is just 1% away from the highest levels this century.

Appropriately, the topic of soaring bond yields is also the kick-off theme of the latest weekly Flow Show (available to pro subs) from BofA's Michael Hartnett, who writes that with a 99% probability the ECB hikes Sept 10th, 53% Fed hikes on 16th, 98% BoJ hikes 18th (per Bloomberg futures pricing), the hikes are coming fast and furious as central banks try to restore credibility to ward off surge in bond yields (which, as we have discussed extensively, is now the biggest threat to AI capex and the K-shaped consumer booms). In light of this, Hartnett says that if the Fed does hike despite stalled payrolls...

... then it will restore credibility and make sure the current "peak yields" don't go higher, it's also why to Hartnett, duration (RTY, XBI, KRE, REIT) keeps working despite surging yields and why "nouveau-leveraged" Mag7s are on the cusp of upside breakout. On the other hand, if the Fed does not hike - as Trump made painfully clear he will not approve - or even merely keeps rates on hold, then all bets are off, as is the Fed's credibility because for all his rhetoric, Warsh will prove to be "just one more of the guys."

Of course, it's not just the Fed: with Trump approval ratings the lowest on record...

... as a plurality of Americans say the most important problem facing the country is "the economy, unemployment and jobs" (followed in distant second place by those who said "threats to democratic values and norms"), Hartnett says that the White House is realizing that $4/gallon gas, 160 dollar-yen, 5% Treasury bond yields are "Maginot Lines" for the US admin, hence policy interventions via FX, bond buybacks, monetary policy (pressure on BoJ to raise policy rate that’s averaged 0.1% this century)...

... and why the policy panic working for now (see the surging Japan yen); or, as Hartnett described a month ago, global markets are subject to “whatever it takes” policies to maintain nominal macro boom and asset price bull...  and why Hartnett says to stay long commodities and debasement hedges, e.g. gold.

To be sure, this observation doesn't exist in a vacuum, and sits neatly inside a coherent set of themes Hartnett has been pushing over  the past several weeks: 

  • "Bonds boss the bubble." His view is that long-dated yields - not equity stories - now dictate the AI trade, captured in his line from a week ago that "bonds trade information, equities trade ideas." He argues AI spenders and builders will keep underperforming AI adopters until global 30-year yields fall below 5%, and that the market is currently priced for a "perfect consensus": no landing, no Fed hike, no AI capex cut, and no Democratic sweep (which will inevitably disappoint).
  • Stay long commodities and gold. With "whatever-it-takes" fiscal intervention holding down long-end yields, Hartnett has kept commodities and gold as the core inflation/geopolitical hedge. 
  • The midterms are the contrarian flip. His base stance is long equities / short bonds, but he carves out a tactical exception: if Democrats look poised to sweep both chambers, a 10%+ equity selloff becomes likely, making bonds the contrarian Q4 buy. Investors have largely shrugged off election risk so far, which is exactly why he sees the asymmetry.
  • The AI bubble is "fit to burst." In related commentary he laid out a post-bubble playbook — "long humiliation, short hubris" — favoring long bonds plus defensives (consumer staples, mining/materials, healthcare) over the crowded AI-buildout names, noting hyperscaler free cash flow has turned negative under buildout commitments.

As Hartnett continues to hammer the rising bond yield theme, he next takes a somewhat contrarian view, and notes that the 10-year rolling return from US stocks is 15%, commodities 11%... while Treasuries are -2%, the worst of the past 100 years.

For bond bulls (if any are still left, now that even career bond bull Lacy Hunt turned bearish) this is a good sign: as the next two charts show, negative long-run returns have been a great entry points for stocks in 1939, 1974, 2009...

... and commodities in 1933, 2018.

And while the US midterms are not a “regime change” election like Thatcher/Reagan in 1980, or BREXIT/Trump 2016, a Fed hike, TSY buybacks, signal a rising risk the midterms show the biggest voter priority is “affordability” not lower taxes, faster AI data center expansion... which is why to Hartnett lower Q4 yields remain a very good contrarian play.

Hartnett's latest Flow Show then pivots away from bond yields, and to the main topic of the week, namely the upcoming midterms (appropriately just as we penned "Democrat Sweep? Here Are JPMorgan's Midterm Trades - And Why Gridlock Pays"). The BofA strategist believes that for all the posturing, the midterms are not a “regime change” election, e.g. Thatcher/Reagan in 1980 = end of inflation/start of bond bull, BREXIT/Trump in 2016 = end of globalization = start of commodity bull;

Alas the coming midterms are unlikely to change the trajectory of US government spending (which will keep rising until it is forced to stop); Hartnett views that 2020s as a decade of political populism as MAGA (Reform party in UK) and Democratic Socialists of America (Greens in UK) represent the culmination of post-GFC Tea Party and Occupy Wall St insurgents. 

More importantly, the populists (right or left) are spending a lot to stay popular... which is why 2020s is a decade of fiscal excess, nominal GDP boom (past six years up 63% in US from $20tn to $32tn) and “Anything But Bonds” strategic asset allocations (TSYs up 74% in past six years, from $23TN to $40TN). Meanwhile, as the latest BofA Fund Managers Survey shows, investors are not fearful of midterms saying POTUS governs through Executive Orders not Congress (277 thus far, on track for most since Truman), and say a Democrat sweep is unlikely given tough Senate “map”; when asked about the most likely outcome from midterms in August BofA Fund Manager Survey (see report), 47% said GOP Senate & DEM House, 23% said DEM sweep, 9% said GOP sweep/maintains control of Congress (current GOP Senate majority is 53-47, in House 218-212).

Source: BofA FMS

To be sure, the Senate map is tough for Dems: they must flip 4 of 6 most vulnerable GOP seats in North Carolina (current probability of DEM flip = 92%), Maine (69%), Alaska (64%), Ohio (55%), Texas (51%), Iowa (37%); and DEMs must defend vulnerable seats in Georgia (94% = current prob of DEM hold), New Hampshire (84%), Michigan (65%); the key battleground states for investors to watch are Ohio, Texas, Iowa, Michigan.

Note that Wall Street is already focused on Texas Governor race between GOP incumbent Abbott (currently polling 49% according to Real Clear Politics) and his Democrat challenger Hinojosa (45%); the clash is seen as big referendum on AI data center expansion (Abbott was recently forced to announce a data center moratorium to arrest decline in polling numbers).

But as Hartnett's next chart shows, the Democratic sweep likelihood is rising, with Trump's Presidential approval number ranges from 35-40%, significantly below historical average 2 months ahead of midterms (53% as shown below).

Furthermore, the BofA strategist points to the latest Polymarket probabilities, which show odds of a Democratic sweep at 50% (vs., GOP Senate/DEM House at 35%, and a GOP sweep at just 10%).

This matters because for Hartnett, a Democrat sweep is a threat to asset prices: an electoral shift from populist capitalism to populist socialism, means the next big direction in tax & regulation is up not down (and EPS negative), and would be accompanied by policies to lower inflation, healthcare, improve affordability challenge K-shape wealth boom, AI capex boom, stocks "too big to fail" Wall Street zeitgeist.

Additionally, loss of political capital = less ability for Trump to coerce resources, corporations, foreign governments into support for policy priorities of AI war with China, resource monopolization.

Putting all this together, Hartnett says a Democrat sweep = big risk-off: it would lead to a slump in i) stocks (more than 10%), ii) the dollar, and iii) bond yields into year-end, while international stocks outperform on less trade & military wars... but Europe outperforms Asia (loses Trump AI friend); the BofA strategist says the best hedge for a Democrat sweep is short financials & US dollar. In contrast, a surprise GOP sweep (maintain House/Senate) control = big risk-on, and more importantly a green light for AI bubble and positive US dollar (“exceptionalism returns").

Finally, the largely priced-in scenario of a “GOP Senate/ DEM House” translates into more of the same: modest risk-on... “gridlock = goldilocks”.

More in the full BofA Flow Show note available to pro subs.

Tyler Durden Mon, 09/07/2026 - 08:30
Tyler Durden

New York Rediscovers Nuclear Power, With Plenty Of Political Fine Print

Zero Rss
3 weeks 1 day ago
New York Rediscovers Nuclear Power, With Plenty Of Political Fine Print

Five years after Indian Point’s last reactor shut down, Albany rediscovered the appeal of electricity that runs around the clock without burning fossil fuels.

Governor Kathy Hochul wants 5 gigawatts of new nuclear capacity, with at least 1 GW developed by the publicly owned New York Power Authority, plus a separate 4 GW initiative. 

There haven't been any announcements for the technology of choice, but the most likely candidates are the large Westinghouse AP1000 and the smaller 300 MW BWRX-300 from GE Vernova Hitachi.

As Canary Media reports, the reversal follows this spring’s weakening of New York’s climate law. The state’s difficulties with delivering large renewable projects also hasn’t helped keep them on the pure-play renewables path, which was made worse with the Trump administration’s assault on offshore wind.

The construction of new nuclear power generation offers a governor facing re-election a unique win-win opportunity: nuclear offers dependable low-carbon generation alongside renewables while also offering industrial investment, construction jobs and promises of lower bills.

Eight upstate communities have expressed interest in hosting projects. With strongly Republican-leaning counties on the list of possibilities, including Jefferson, Oswego, and Schuyler, Gov. Hochul could use the new mega-projects to score political points.

NYISO’s 2026 Power Trends warns in their recent report that trying to replace over 4 GW of something that's almost always on (nuclear) with less than 3 GW of something that's almost always off (renewables) isn't exactly how you set the state up for future success.

The report from NYISO does highlight a common problem between nuclear and other sources of generation, which is the issue of actually getting the power where it needs to go. If most of the energy demand is downstate, then additional dependencies and bottlenecks come into play. Transmission capacity becomes a problem to get the power from upstate.

Then there is Indian Point. As we previously reported, Energy Secretary Chris Wright has pushed to revive the roughly 2 GW facility, whose retirement increased reliance on fossil generation. Hochul opposes reopening it while championing new construction upstate.

A restart would require substantial work, however, a precedent is already being set with other restarts around the country, most notably at the Palisades. If there is true concern in the state for meeting baseload needs, then outright rejecting the restart of a nuclear facility becomes confusing.

Opponents are arguing nuclear spending could crowd out faster alternatives, so Senator Kevin Parker’s pending legislation would impose a 30-month pause on taxpayer and ratepayer support for new or restarted nuclear facilities while a task force studies costs and alternatives.

As we have highlighted a few times now, selective nuclear enthusiasm extends well beyond Albany.

Texas committed $350 million to advanced nuclear development in 2025. Yet Greg Abbott fought the proposed Andrews County spent-fuel storage facility, and Texas enacted restrictions in 2021 on offsite high-level waste storage.

New Mexico similarly committed almost $5 million in development assistance and workforce support for Kairos Power’s Albuquerque expansion. Meanwhile, state officials battled Holtec’s proposed HI-STORE spent-fuel facility. Holtec abandoned the New Mexico project in 2025.

The common thread is an appetite for nuclear generation capacity accompanied by arguments over who carries the liabilities. New York’s pivot could strengthen its grid for decades, potentially even the next century, if it can follow through with its swing.

Tyler Durden Mon, 09/07/2026 - 08:30
Tyler Durden

The 10-Year Treasury Yield Over 5%? Some Thoughts

Zero Rss
3 weeks 1 day ago
The 10-Year Treasury Yield Over 5%? Some Thoughts

Authored by Wolf Richter via WolfStreet.com,

The 10-year Treasury yield has been zigzagging higher since mid-November when the Fed cut its policy rates again despite accelerating inflation. Since that rate cut, followed up by another rate cut in December, the 10-year yield has risen by 80 basis points, heading, apparently inexorably, for the 5%-line.

On Friday, it closed at 4.78%, within spitting distance of 5%, despite Bessent's three hocus-pocus shows to try to bring it down. Sure, they might have helped keeping a lid on long-term yields, as Bessent pointed out; who knows where the 10-year yield would be by now without the hocus-pocus shows. Maybe already over 5%?

The 10-year yield is now 115 basis points above the Effective Federal Funds Rate (EFFR, blue line), which the Fed targets with its policy rates. Note the November rate cut - the drop in the blue line - despite accelerating inflation. That's when the zigzag higher began.

Buyers and sellers in the bond market have good reasons for pushing up the 10-year yield: Inflation refuses to go back into the bottle. The Fed refuses to force inflation back into the bottle, triggering loose financial conditions in most areas of the economy, except in real estate. And the government refuses to even entertain a modicum of spending cuts and tax hikes to contain the deficits. It's been the opposite: tax cuts and spending hikes, and they're still talking in those terms.

The government's unwillingness to contain the deficit causes a flood of supply of new debt needed to fund the deficits. The bond market has to absorb that new debt by luring in new buyers with higher yields - investors that are now sitting on the sidelines watching this play out. If yields move high enough, these investors will begin to nibble, and if yields move higher still, these investors will nibble some more, and if yields move a lot higher still, investors might take big bites. Some of those investors have been nibbling, but the supply keeps coming, and so the 10-year yield keeps rising.

Those reasons for pushing the 10-year yield higher aren't going away anytime soon as neither the Fed nor the government is willing to do what it takes.

The 10-year yield had already breached the 5%-line for a few moments intraday on October 23, 2023, but that was too fast too soon, after a massive surge of 170 basis points in six months. And at 5%, the nibblers started taking out huge bites, and the sellers stopped selling, with the spectacular effect that the yield plunged by 19 basis points intraday, from 5.02% to 4.83%.

That day is circled in the chart above, showing only the closing yields. The yield then continued to plunge for the next two months, and that's how that run for 5% ended.

Here is the hourly spectacle on October 23, 2023:

A 10-year Treasury yield above 5% and well-above 5%, was essentially the norm in the decades before 2008, before QE. Between the mid-1960s and the Dotcom Bust recession, the 10-year yield was nearly always higher than 5%, going as high as 15%. So 5% isn't anything unusual or unheard of. For several decades, it used to be considered low.

The exception occurred during the Dotcom Bust that was hitting the economy, to which the Fed responded by cutting its policy rates as low as 1%, and kept them there too long, causing Housing Bubble 1 to bloom, which ended in the Housing Bust, which triggered the mortgage crisis, which triggered the Financial Crisis. During that time, starting in June 2002 through April 2006, the 10-year yield dropped below 5%, and stayed mostly below 5%, and for part of the time even below 4%. Then it went back over 5% again, when the Housing Bust and the Fed's reaction to the budding Financial Crisis pushed the yield back below 5%. But it didn't drop below 4% until the Fed started QE in 2008.

The 30-year Treasury yield hasn't been so constrained by an imaginary line that formed some kind of ceiling, where the masses come out and buy. It has zigzagged past its October 23, 2023 high, to a two-decade high. On Friday, it closed at 5.24%.

The 10-year Treasury yield looks like it wants to break out - it looks like it already made the first step to breaking out, by leaving behind its two-month range from 4.62% to 4.72%. At some point, sooner or later, given the history of the 10-year yield, the buyers and sellers in the bond market will make another run at 5%.

The big question that arises is this: Will the same thing that happened on October 23, 2023, happen all over again, when huge demand suddenly comes off the fence at that long-awaited 5%, while sellers, shocked and appalled, pull back, thereby causing the yield to plunge again?

Or will the 10-year yield blow through the 5% - with fretting sellers burning through the worried and careful buyers - and head higher, and remain above 5%?

The government's fiscal policies are asking for it. The Fed's policies of being soft on inflation are asking for it. The $40 trillion in Treasury debt outstanding is asking for it.

A 10-year yield of 5%+ is obviously not the end of the world. The US economy has done fine with a 5%+ yield, including during the Dotcom Bubble, which generated a very tight labor market, big pay increases, and lots of economic growth despite a 10-year yield mostly in the range between 5-8%.

And the ratio of interest payments to tax receipts that are available to pay for them was much higher from the mid-1980s through the mid-1990s (see my analysis: Quarterly Update on the Ugly Fiscal Condition of the US in Q2 2026).

Tyler Durden Mon, 09/07/2026 - 08:10
Tyler Durden

Oh Look, Yet Another Church Up In Flames...

Zero Rss
3 weeks 1 day ago
Oh Look, Yet Another Church Up In Flames...

Authored by Steve Watson via Modernity News,

Another week, another historic church reduced to smoke, rubble. The former Saint Agnes Church on Martha Avenue in Toledo, Ohio went up early Saturday morning. The 116-year-old landmark's steeple came down. The roof burned out. Nearby homes were evacuated. Once again the cause is listed as currently unknown.

Toledo Fire & Rescue was called around 6:30 a.m. Saturday after reports of heavy black smoke pouring from the roof of the vacant church in the Five Points neighborhood. Crews arrived to find the building already heavily engulfed.

Officials warned of collapse risk and alerted people in surrounding homes. The steeple later fell. By Saturday afternoon excavators were tearing the ruined structure down.

TODAY ? The steeple of the former Saint Agnes Church on Martha Avenue in Toledo, Ohio, burned down.

In America, churches are burned or destroyed, while mosques are not. pic.twitter.com/2n20ae0FcO

— Faraz Pervaiz (@FarazPervaiz3) September 5, 2026

Saint Agnes opened in 1910. It was among 29 parishes closed or merged by the Roman Catholic Diocese of Toledo in 2005. The parochial school shut the same year. The diocese no longer owns the property. A charter school now occupies the old school building next door and reported only minor smoke, water, and a cracked window.

One neighbor told local television: "About 6:45 we heard fire trucks and I peeked out my window and it literally looked like the whole street was on fire."

BREAKING: 116-year-old historic church just went up in flames in Toledo, OH

Another "cause unknown" church fire

I'm sure it's just a "coincidence" pic.twitter.com/f3ojltC6Gc

— End Wokeness (@EndWokeness) September 6, 2026

Investigators in Toledo have not named a suspect, a motive, or even a cause. Vacant churches do burn by accident. They also burn because someone wants them gone. The public is asked, week after week, to accept "unknown" as the last word while the buildings keep falling.

In the U.S. hostility against churches has jumped to hundreds of incidents a year - vandalism, arson or fires of uncertain origin, gun incidents, bomb threats.

Churches are not supposed to be disposable scenery. They are the markers of the civilisation that built the towns around them. When those markers keep mysteriously burning to the ground what does that say about our civilisation?

This is now happening every week all over the world.

Historic London Church BURNS To The Ground Amid SILENCE From Government

ANOTHER Historic UK Church TORCHED; Cause “Unknown”

Another Day Another Church BURNED To The Ground

Another TWO Historic Churches Explode Into Flames…

Historic Buffalo Church TORCHED TWICE In Four Days Following Sale To ISLAMIC Group

NYC Historic Church TORCHED in Confirmed Arson — City REJECTS Save Plan As Demolition Ordered

NYC Church BURNS; Cause “Unknown”

Yet Another HISTORIC CHURCH TORCHED In Canada

Yet MORE Churches Torched; Sustained Attack On Christianity Gathers Pace

Your support is crucial in helping us defeat mass censorship. Please consider donating via Locals or check out our unique merch. Follow us on X @ModernityNews.

Tyler Durden Mon, 09/07/2026 - 07:20
Tyler Durden

Labor Day Gas Prices Have Never Been Higher

Zero Rss
3 weeks 1 day ago
Labor Day Gas Prices Have Never Been Higher

American travelers are facing record-high gasoline prices this Labor Day weekend as conflict in the Middle East and disruptions to global fuel supplies keep prices elevated.

The national average for a gallon of regular gasoline stood at about $4.15 on Sept. 5, according to the American Automobile Association (AAA). That is nearly $1 higher than a year ago.

This year's Labor Day is now the first in history with a national average above $4 per gallon. The previous Labor Day record was $3.82 per gallon, set on Sept. 3, 2012.

Gas prices are displayed at a gas station in the New York City borough of Brooklyn on Sept. 4, 2026. Spencer Platt/Getty Images

As Bill Pan reports for The Epoch Times, GasBuddy analyst Patrick De Haan said he expects the national average to be about $4.03 on Labor Day, well above the previous record.

"Gasoline, while not at all-time records, is at its highest level ever recorded this late in the calendar year," De Haan said.

Prices vary widely across the country.

AAA said California has the nation's highest average on Sept. 5 at $5.83 per gallon, followed by Washington at $5.50 and Hawaii at $5.40. Oregon, Alaska, and Nevada are all near or above $4.90.

At the other end, Indiana has the lowest average at $3.43, followed by Texas at $3.67. Oklahoma and Mississippi are just above $3.70.

Air Travel Also Costs More

Drivers are not the only travelers facing elevated costs.

AAA booking data show that domestic round-trip airfare for Labor Day is averaging about $750, up by 2 percent from last year.

Travelers flying to the most popular domestic destinations face a much larger increase. Those fares are nearly 20 percent higher than a year ago, averaging close to $800 for a round trip.

However, international travelers are seeing some relief. Average international airfare is down by 4 percent from a year ago, according to AAA.

Oil, Fuel Supplies Under Pressure

Gasoline demand typically begins to decline near the end of summer as vacations end and schools reopen, putting downward pressure on prices. However, this year, high crude oil costs have outweighed the seasonal drop in demand.

Oil prices moved back above $90 per barrel this week, after renewed exchange of fire between the United States and Iran raised concerns about supplies moving through the Middle East.

The wartime disruptions in the Strait of Hormuz, one of the world's most important oil shipping routes, have been a major source of uncertainty.

Oil traffic through the waterway has improved from earlier disruptions. U.S. Energy Secretary Chris Wright said 17 million barrels of crude passed through the strait on Aug. 31, the highest daily volume since shipments were disrupted by the war.

But continued fighting and threats to commercial shipping have kept energy markets on edge.

Another source of pressure has come from Russia, where Ukrainian drones target oil refineries deep inside Russian territory. Those strikes have tightened supplies of refined products such as gasoline and diesel.

"While some oil shipments are apparently getting through the Strait of Hormuz, the dominant force propping up both gasoline and diesel prices is increasingly the growing loss of Russian refinery capacity," De Haan said.

"Until that refining supply picture improves, both gasoline and diesel prices face continued upward pressure."

Measures to Boost Supply

For the week that ended on Aug. 28, American refineries were running at 98 percent of capacity, according to the Energy Information Administration. That was the highest utilization rate since August 2018.

The federal government has also taken steps to make it easier to move fuel around the country.

President Donald Trump extended a waiver of the Jones Act for another 90 days, through Nov. 15. The waiver allows some foreign-flagged vessels to carry fuel and other covered cargo between U.S. ports when qualified American ships are unavailable.

The Environmental Protection Agency has also relaxed seasonal fuel rules. An emergency waiver effectively ended summer-blend gasoline requirements early, beginning on Sept. 1, allowing more gasoline to enter the market.

Gasoline supplies remain tight. U.S. gasoline inventories fell by 1.2 million barrels last week to 205.7 million barrels. That was about 6 percent below the five-year seasonal average.

Tyler Durden Mon, 09/07/2026 - 06:45
Tyler Durden

Cambodia, US Begin Planning For Resumption Of Military Exercises In 2027, Says Cambodian Army

Zero Rss
3 weeks 1 day ago
Cambodia, US Begin Planning For Resumption Of Military Exercises In 2027, Says Cambodian Army

Authored by Victoria Friedman via The Epoch Times,

The Cambodian army announced it would resume joint military exercises with the United States early next year, in a bid to foster stronger relations nearly a decade since the last bilateral drills were held.

U.S. Under Secretary of War for Policy Elbridge Colby speaks as part of a meeting of NATO Ministers of Defense Summit at the NATO headquarters in Brussels on Feb. 12, 2026. John Thys/AFP via Getty Images

The Royal Cambodian Army (RCA) said in a statement on Facebook that it and other officials met with representatives from the U.S. Army Pacific and the Idaho National Guard between Aug. 31 and Sept. 4 to begin planning for Exercise Angkor Sentinel 2027.

The Sept. 4 statement said the meeting was "marking an important step toward the resumption of the bilateral exercise."

Cambodian officials said both sides had discussed training activities, including a command post exercise, explosives disposal, and medical and engineering exchanges.

"Exercise Angkor Sentinel 2027 is scheduled to take place in February 2027, with the aim of strengthening interoperability and disaster-response capabilities, reflecting renewed momentum in Cambodia-U.S. military cooperation and a shared commitment to strengthening defense cooperation," the statement said.

The announcement follows several meetings between U.S. and Cambodian officials in an effort to improve relations, after Phnom Penh suspended joint exercises with the U.S. military in 2017.

Cambodia said it canceled the 2017 exercises because its armed forces were needed for local elections and an anti-drug campaign. Some observers, however, saw the move as a sign that then-Prime Minister Hun Sen was distancing Cambodia from the United States, according to a 2018 report by the Congressional Research Service.

Last month, Under Secretary of War for Policy Elbridge Colby met with Cambodia's prime minister, Hun Manet, as well as the country's Minister of National Defense Tea Seiha.

Mutually-Beneficial Military Cooperation

Colby said in a series of Aug. 15 X posts that the United States was "building a stronger, practical defense relationship in a spirit of partnership, mutual respect, and pragmatism."

The U.S. official said he and Seiha discussed Washington's and Phnom Penh's shared interest in expanding military cooperation in a way that is pragmatic and mutually beneficial.

"We are ready to work with countries like Cambodia where they are, through a realistic approach that focuses on where our interests overlap," Colby said. "We want a Southeast Asia of independent, strong, and economically prospering nations."

At the time, Manet said he was satisfied with the "positive momentum" in U.S.-Cambodian relations, as well as with the progress in preparing for Exercise Angkor Sentinel.

The Cambodian prime minister said that "the joint exercises and training not only build military capability but also serve as a vital bridge to foster close friendship between the armed forces of both countries."

Washington has previously been concerned over China's military presence at a Cambodian naval base on the Gulf of Thailand. China has assisted in upgrading the base, and the United States has voiced its suspicions that Beijing was granted special but secret privileges there. Cambodian officials have repeatedly rejected that claim.

US Seeks 'Partners Not Protectorates'

Colby said on Aug. 10 that the United States was not disengaging from its Asian partners but wanted those partners to be more proactive in their own defense.

"America is definitely not disengaging from Asia," Colby said in a speech in Manila, the Philippines. "We are not leaving; in fact, we are digging in, to ensure a favorable balance of power where it matters most."

The Pentagon official made the remarks while on a broader tour of Asia, that included the Philippines, Thailand, Cambodia, and Indonesia.

Colby, the third-ranking official in the Department of War, said that when the United States asks for allies "to step up, to invest more in their own defense, and to take responsibility for their own sovereign security, we are not signaling abandonment."

"We are looking for partners, not protectorates," he said.

"When our partners are strong, deterrence is strong."

The Associated Press and Reuters contributed to this report.

Tyler Durden Mon, 09/07/2026 - 06:10
Tyler Durden

AfD Sweeps Saxony-Anhalt Election In First "Far Right" Victory Since WW2: "Signal To Berlin"

Zero Rss
3 weeks 1 day ago
AfD Sweeps Saxony-Anhalt Election In First "Far Right" Victory Since WW2: "Signal To Berlin"

Update(1400ET): In a political earthquake, the AfD has taken a massive lead, per exit polls, at the Saxony-Anhalt election in what the party's state leader hailed as sending a resounding "signal to Berlin." This moment marks the first time what has been dubbed a German "far-right party" taking power at a state level since World War II. This is absolutely historic.

"The exit polls, published by German public television stations, suggested that the party, known by its German initials AfD, would win between 39 and 41 seats in the eastern state of Saxony-Anhalt," NY Times reports. "That would leave it just short of an absolute majority of 42, but far ahead of its nearest rival."

But it remains unclear whether it will be able to form a government. Below is the latest via Deutsche Welle:

Alternative for Germany (AfD) co-leader Tino Chrupalla  says his party secured a mandate to govern with its strong election result in Saxony-Anhalt.

"We have halved the CDU, so from that point of view it’s a great evening," Chrupalla told journalists in Magdeburg, referring to an earlier remark by Christian Democratic Union (CDU) leader and chancellor Friedrich Merz that AfD's result could be cut in half.

Chrupalla called the outcome "sensational." 

"Ulrich Siegmund will be the new premier of Saxony-Anhalt," he said. "From here, we will change Germany."

If the party falls short of an absolute majority, Chrupalla said it would be open to talks and even suggested an AfD minority government could be tolerated by other parties.

AfD has signaled it is open to a coalition partner that would be open to changing its migration and energy policy - though this option doesn't seem to be on the political map realistically at this early point.

Youth turn to AfD in droves...

Bei den jungen 5%! pic.twitter.com/W7Mb67WpRc

— Anosteras (@anosteras) September 6, 2026 AFP/Getty Images

*  *  *

Voters in Saxony-Anhalt head to the polls today in an election that could deliver Germany's most massive political shock in decades, with the right-wing Alternative für Deutschland on track to beat Chancellor Friedrich Merz's Christian Democrats.

AfD is the only hope for Germany https://t.co/6ONn1LOipE

— Elon Musk (@elonmusk) August 19, 2026

Final polling estimates put the AfD at 40% to 41%, nearly double the CDU's 23%. The party's lead candidate, 35-year-old Ulrich Siegmund, has ruled out governing in a coalition, suggesting the AfD would need an outright majority to take power of its first German state government.

🚨 BREAKING: Germany's right-wing anti-mass migration AfD party backed by Elon Musk is poised for a HISTORIC VICTORY in the Saxony-Anhalt elections — with polling showing them over 40% support, a STUNNING LEAD of close to 20 points

CDU at just over 20%, and other parties near… pic.twitter.com/HnYvxgKlQr

— Eric Daugherty (@EricLDaugh) September 6, 2026

About 1.7 million people are set to vote today, with polls closing at 6 p.m. local time. AfD's rapid ascent comes as voters are furious over Germany's stagnant economy, deindustrialization, energy costs, and the Third World migrant invasion.

The Polymarket bet on how many seats the AfD is expected to win today assigns a 74% probability to 38 to 41 seats, with 42 to 45 seats at 16%.

Ahead of the historic election, thousands of far-left Antifa crazies took to the streets wearing all black and holding Antifa and LGBT flags. Others were seen carrying signs reading "FCK NZS" and "FCK AFD."

EIL: Schwere Krawalle in Halle, Antifa-Demo eskaliert! 🚨

Am Vorabend der Landtagswahl hat die linksextreme Szene nach Halle mobilisiert. Die Demo versinkt in Gewalt, es werden Unmengen an Pyrotechnik gezündet und teils auf die Polizei geworfen. Straßenkampf mit Ansage. Und ein… pic.twitter.com/k2bwEQtZ8N

— COMPACT-Magazin (@COMPACTMagazin) September 5, 2026

A reported 15,000 left-wing activists joined a so-called pro-democracy festival in the state capital, Magdeburg, on Saturday, organized by the "Saxony-Anhalt Open to the World" alliance. Yet the whole globalist cult in Germany has likely run its course. It has been nothing more than what some call a nation-killing experiment, pushing uncontrolled mass migration and deindustrialization policies that have sent Europe's largest economy into a tailspin.

German Chancellor Friedrich Merz on Saturday threatened the AfD, saying, "We will not let these people, who trash Germany and everything we have achieved in recent years and decades," before adding, "We will not let these people talk our country into ruin!"

🚨🇩🇪 German Chancellor Friedrich Merz is once again threatening to ban the AfD?!

"We will not let these people — who trash Germany and everything we have achieved in recent years and decades."

"We will not let these people talk our country into ruin!" pic.twitter.com/3iiyrwBRV2

— Mario ZNA (@MarioBojic) September 6, 2026

German politics coverage:

  • Germany Braces For AfD Election Breakthrough In Saxony-Anhalt

  • Germany's Anti-Immigration AfD Party Reaches Record Support Days Before Pivotal State Election

  • "Citizens Want Political Turnaround": AfD Now Polls At 43% Across Eastern Germany

  • Merz Warns Right-Wing Victory Will Hurt Germany, But Nomura Says Investors Aren't Buying It

What Nomura analysts see over the next 18-month election cycle across Europe: 

  • "Seeds Of Political Change": Nomura Sees Europe Lurching Right, And Markets Are Fine With It

Yet what did Merz actually achieve? Destroying Germany's economy? That is something he certainly accomplished.

Tyler Durden Mon, 09/07/2026 - 06:00
Tyler Durden

153 Million US And Canadian Driver’s Licenses Are Being Sold On A Russian Cybercrime Forum

Zero Rss
3 weeks 1 day ago
153 Million US And Canadian Driver’s Licenses Are Being Sold On A Russian Cybercrime Forum

A trove of identity documents allegedly containing more than 153 million US and Canadian driver’s licenses has drawn the attention of the FBI after appearing for sale in the cybercrime underground. The collection also reportedly included millions of passports, identification cards and other sensitive records, according to Yahoo News and Tom's Hardware.

Cybersecurity journalist Brian Krebs investigated the database after a copy of his own driver’s license was posted as a promotional sample on Exploit, a Russian-language cybercrime forum. The seller operated a service known as Nexus, which allowed prospective customers to search its collection. Nexus has since gone offline.

Krebs tested the database with several people he knew, after obtaining their permission, and found records that appeared authentic. He also reported seeing a preview of information associated with US Secretary of Defense Pete Hegseth. That discovery raised the stakes of the incident, given the potential security implications of exposing identification belonging to senior government officials.

Rather than originating directly from the businesses where customers presented their IDs, the data may have passed through a common third-party verification provider. Several affected people had previously supplied identification while renting vehicles from Hertz. Security researcher Zach Edwards, whose information also appeared in Nexus, traced his record to an ID check performed at Planet 13, a cannabis dispensary.

The Yahoo report says that both companies relied on Louisiana-based IDScan for identity-verification services, according to Krebs. Timestamps attached to some of the exposed scans reportedly corresponded with the dates and times the individuals had presented their identification. That overlap led investigators to focus on IDScan as a possible common link, although the precise cause and scope of the apparent compromise have not been publicly established.

The scale extends well beyond driver’s licenses. Nexus claimed its inventory included roughly 10 million ID cards, 1.9 million travel documents, 1.3 million international driving permits, hundreds of thousands of medical, residence and employment-related records, and about five million documents in other categories.

IDScan told Krebs that it was examining the information he provided but was not yet in a position to disclose further details. Meanwhile, the FBI’s New Orleans field office has reportedly opened an investigation into the incident.

Beyond the sheer number of records, the type of information involved makes the apparent breach particularly significant. Detailed scans of government-issued identification can provide criminals with material for impersonation, fraudulent financial applications and other forms of identity theft. Some leaked licenses reportedly included photographic as well as UV and infrared scan data, potentially making misuse more sophisticated.

The episode also illustrates a broader privacy concern surrounding outsourced identity checks. When businesses rely on centralized verification companies, large volumes of highly sensitive documents can flow through a relatively small number of providers. A compromise at one point in that chain can therefore expose customers from multiple unrelated businesses at once, while creating potentially serious consequences for people whose personal information or whereabouts require additional protection.

Tyler Durden Mon, 09/07/2026 - 05:35
Tyler Durden

Pagination

  • First page
  • Previous page
  • …
  • Page 47
  • Page 48
  • Page 49
  • Page 50
  • Page 51
  • Page 52
  • Page 53
  • Page 54
  • Page 55
  • …
  • Next page
  • Last page
Checked
35 minutes 28 seconds ago
URL
https://www.zerohedge.com
Zero Rss feed

zero rss

News feeds

  • The Industrialization Of Fraud: How Global Scam Farms Are Evolving To Target Your Wealth
  • Oil Slides As Qatar Touts 'Talks' Again; Iran Struck Large Crude Tanker Overnight
  • Trump Launches America.Gov Website Simplifying Access To Government Services
  • Senate Passes 'Protect College Sports Act'
  • Supreme Court Lets Trump's Third-Country Deportations Resume, Takes Case
  • Why Businesses Haven't Left California - Yet
  • Elon Musk Makes A Move On The Banks
  • Trump Mulls Big Russia Sanctions Relief For Prisoners, Risking Wrath Of Allies & Hawks
  • Education Department Scraps Biden-Era Title IX Gender Identity Protections
  • Group To Sue New York Over Union-Backed "Hit-Job" Law
More

zero rss

Copyright (c) 2026 FYCKL Project