Newsquawk Daily Asia-Pac Opening News - 9th September 2026

• US stocks closed lower on Tuesday, with the Dow Jones lagging while the equal-weight S&P fell by around 1%, with the majority of sectors also in the red. Energy, Utilities and Real Estate closed higher, while Health Care, Financials and Materials lagged. The data highlight on Tuesday was the NY Fed SCE report, which saw inflation expectations little changed, while perceptions of the labour market deteriorated, albeit consumers saw a lower risk of losing their own jobs.
• USD was choppy on Tuesday as geopolitical developments dictated oil price swings ahead of US CPI and PPI this week, while it failed to track the move higher in US 2yr yields and oil prices amid the Houthis hitting Saudi Arabia's energy facilities. The US Treasury's plans to increase buyback sizes of longer-dated nominal coupon securities may still be acting as a dampening factor for the USD given the resurfacing of the debasement trade in recent weeks. As we await the likely determinants of the FOMC September meeting, CPI and PPI this week, the focus will be on geopolitical developments. Multiple explosions were heard across Iran, to which i24 News reported that the cause was US attacks on Iranian oil tankers. Iran had warned such attacks would be met with a response on US bases.
• Looking ahead, highlights include South Korean Unemployment Rate, Japanese Money Supply, Chinese CPI & PPI, Supply from Australia.

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SNAPSHOT

STOCKS
S&P 500	-0.6%	Nasdaq Comp.	-0.3%
DJIA	-1.2%	Russell 2000	-0.5%
ES Sep'26	-0.6%	RTY Sep'26	-0.5%
NQ Sep'26	-0.1%	YM Sep'26	-1.2%

FX
DXY	-0.1% (98.85)	EUR/USD	Flat
USD/JPY	-0.3%	GBP/USD	-0.1%

BONDS
US T-Note Dec'26	-2 ticks	10yr Bund Sep'26	+9 ticks
US 10yr Yield	4.79%	German 10yr Yield	3.36%

ENERGY & METALS
WTI Oct'26	+3.0%	Brent Nov'26	+2.5%
Spot Gold	-1.2%	LME Copper	+1.5%

CRYPTO
Bitcoin	-0.2%	Ethereum	-0.4%

As of 21:50BST/16:50EDT

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LOOKING AHEAD

• Highlights include South Korean Unemployment Rate, Japanese Money Supply, Chinese CPI & PPI, Supply from Australia.
• Click for the Newsquawk Week Ahead.

IRAN CONFLICT

• Several explosions were heard on Kharg Island, and it was reported that the US military struck targets near Kharg Island and Jask, including Iranian oil tankers.
• Iran launched an attack against US Navy ships on Monday that the US military has yet to acknowledge, according to US officials cited by WSJ. Furthermore, it was noted that no American ships were struck in the attacks, but Iran's recent attempts to hit American naval assets are raising alarms that the regime is using more sophisticated weapons and could be getting assistance from China or Russia.
• IRGC warned that oil tanker crews in Kuwaiti and Bahraini ports will be targeted in light of the US Army targeting several Iranian oil tankers, while Iran's joint military command earlier threatened to "heavily target" US interests in the Middle East if Iranian vessels are attacked.
• US President Trump reiterated that Iran will never have a nuclear weapon and said the blockade against Iran has been effective.
• US Treasury Secretary Bessent said no more forbearance on Iran sanctions and we'll see if Iran lashes out kinetically now.
• US official said we are focusing our efforts on freedom of navigation in the Red Sea, while an official said a US military underwater drone had malfunctioned more than a day ago in the Middle East.
• Iran's IRGC Navy announced the capture of an unmanned US enemy smart submarine in the Strait of Hormuz, while Iran’s army said a US MQ-1 drone was shot down over Bandar Abbas.
• Iranian President Pezeshkian said Iran has always opposed war but will continue to resist aggression with full force until the aggressors are made to regret their actions.
• Iranian Presidency said there is no need to withdraw from the MoU with America and that they are committed to the MoU, but act according to circumstances. It was separately reported that Tehran demands new conditions from Washington to resume negotiations.
• Iran’s Foreign Minister told his Japanese counterpart that “significant progress” has been made on the Strait of Hormuz shipping route, according to SNN. Qatar's Foreign Ministry said they are working with regional partners and China** to resume talks between the US and Iran.
• UK government said it is expanding restrictions on Iran’s financial, trade and aviation sectors.
• South Korea's defence ministry said it will dispatch an investigation team to assess the situation in the Strait of Hormuz.
• Saudi Foreign Minister said the path remains open for diplomacy to address the conflict with the Houthis, but will not hesitate to defend itself, according to Al Hadath.
• Sources report explosions in the Jazan region of Saudi Arabia and explosions were heard in Saudi oil fields, while Yemeni Houthis confirmed they struck Aramco facilities and the Khamis Mushait Air Base, with dozens of ballistic missiles and drones in response to recent Saudi airstrikes.
• Yemen's Deputy FM said "attacks on Saudi Arabia will continue until the end of the siege of Yemen", according to Tasnim, adding that Saudi's infrastructure was targeted to prevent Saudi oil exports.

US TRADE

• US stocks closed lower on Tuesday, with the Dow Jones lagging while the equal-weight S&P fell by around 1%, with the majority of sectors also in the red. Energy, Utilities and Real Estate closed higher, while Health Care, Financials and Materials lagged. The data highlight on Tuesday was the NY Fed SCE report, which saw inflation expectations little changed, while perceptions of the labour market deteriorated, albeit consumers saw a lower risk of losing their own jobs.
• SPX -0.58% at 7,674, NDX -0.12% at 29,508, DJI -1.18% at 52,791, RUT -0.52% at 2,960.
• Click here for a detailed summary.

TARIFFS/TRADE

• US Treasury Secretary Bessent said Canadian PM Carney needs to stop campaigning and he thinks they will get through the trade spat with Canada, while he added that the Canada trade war would add 0.02% to US inflation. Bessent stated they are seeing China's manufacturing jobs go down and that the 'rest of the world is waking up' on China, as well as stated that they want to work with the EU and Canada on China and want to work with G-7 plus others on China trade.
• USTR Greer and Canada's Leblanc were reportedly to speak on Tuesday, according to Radio Canada.
• Canada's Trade Minister said Canada is negotiating with Poland to sell nuclear energy tech and LNG.

NOTABLE HEADLINES

• US Agricultural Secretary Rollins said there is just one New World screwworm case still active within the US, noting that "Of the 48 confirmed domestic animal cases, 47 are now inactive."

DATA RECAP

• US Consumer Inflation Expectations (Aug) 3.6% (Prev. 3.6%)
• NY Fed SCE (Aug): Inflation expectations: One-year 3.6% (prev. 3.6%), 3-year 3.2% (prev. 3.3%), 5-year 3% (prev. 3%).

FX

• USD was choppy on Tuesday as geopolitical developments dictated oil price swings ahead of US CPI and PPI this week, while it failed to track the move higher in US 2yr yields and oil prices amid the Houthis hitting Saudi Arabia's energy facilities. The US Treasury's plans to increase buyback sizes of longer-dated nominal coupon securities may still be acting as a dampening factor for the USD given the resurfacing of the debasement trade in recent weeks. As we await the likely determinants of the FOMC September meeting, CPI and PPI this week, the focus will be on geopolitical developments. Multiple explosions were heard across Iran, to which i24 News reported that the cause was US attacks on Iranian oil tankers. Iran had warned such attacks would be met with a response on US bases.
• EUR traded indecisively in 1.1600 territory and was ultimately little changed on the day.
• GBP marginally softened after oscillating throughout the session, while the comments from several BoE officials did little to shift the dial, including Governor Bailey, who stated that the US-Iran war has led to high energy prices which could still be higher and that inflation risks are to the upside.
• JPY extended its Labor Day strength that was likely exacerbated by thin liquidity. USD/JPY now trades lower around 153.87, seeing weakness through negative US-Iran headlines, breaking its usual positive correlation towards higher US yields.

FIXED INCOME

• T-notes were indecisive alongside oil prices and as eyes turned to inflation data and supply.

COMMODITIES

• Oil prices chopped throughout the session, but ultimately settled in the green. Oil was initially supported by comments from the Saudi Energy Minister that a number of energy facilities and utilities had been hit, temporarily halting some operations. However, crude later moved off its highs after the Qatari Foreign Ministry said it is working with regional partners and China to resume talks between the US and Iran. Post-settlement, oil moved higher again on reports of explosions at Kharg Island, followed by reports that the US had attacked a "small" Iranian oil tanker. Further choppy trade followed after the WSJ reported that Iran had launched an undisclosed second wave of attacks on US Navy ships, although none were struck.
• Stocks of crude oil in the US SPR fell by about 1.2mln barrels to 285.4mln barrels last week, which is the lowest since 1982.
• Iraqi Oil Minister said the Basra-Baniyas pipeline is under negotiation with US and Qatari companies.
• US seeks more access to Venezuela’s mineral wealth after tapping its oil, according to reports.

GEOPOLITICAL

RUSSIA-UKRAINE

• Ukrainian President Zelensky said he hopes to meet US President Trump later this month to discuss a winter air defence package. Russia's Kremlin said US President Trump and Russian President Putin spoke on the phone, in which the conversation was open, constructive and lasted one hour, while it added that Trump is focused on ending the war in Ukraine and discussed the outcome of the US envoy’s visits to Moscow and Kyiv with Putin. Furthermore, it stated that Trump and Putin both rated the US envoy’s visit positively and that Trump is seeking restored US-Russia ties during his presidency, while Putin supports the idea of restoring US-Russia ties and that Russia has no hostile plans toward Europe.
• Russian Foreign Minister Lavrov said Russian President Putin may meet with US President Trump and China President Xi at APEC in November, while he also stated that Russia is not planning to attack Europe and that saying such delusional things is not serious.
• US defence official said the US must prepare for a prolonged conflict in Ukraine.

ASIA-PAC

NOTABLE HEADLINES

• Chinese President Xi held a phone call with UK PM Burnham, according to Xinhua.
• BoJ plans to raise rates by 25bps to 1.25% at the September 18 meeting, according to Kyodo.
• RBA's Hauser said that the RBA stands ready to raise rates again if needed and the question is whether more is needed on interest rates, while they will debate a hike at this month's meeting although the outcome is not a certainty. Furthermore, he said they have not yet arrived at a point where they need to be sharply raising rates.

EU/UK

NOTABLE HEADLINES

• BoE Governor Bailey said the US-Iran war has led to high energy prices and they could still be higher, while inflation risks are to the upside. Bailey also said he does not think that they are on the verge of a recession and that the latest data is looking a bit stronger, but noted the labour market is softening and the hiring rate has declined.
• BoE's Ramsden said that the domestic inflation position is relatively benign and he gets reassurance on inflation from the labour market, adding that UK wages have come in below what was expected before the conflict. Ramsden also said the increased frequency of supply shocks may lead to a ratcheting-up of prices.
• BoE's Greene said that the length of time oil prices have been high for worries her in relation to potential second-round effects.
• BoE's Taylor judges that, for now, holding at a "moderately restrictive level" provides insurance, but stated that conflict subsiding, energy moderating and underlying disinflation continuing would see the case for easing becoming stronger.

DATA RECAP

• German Trade Balance (Jul) 21.3B vs. Exp. 16B (Prev. 15.4B)
• German Exports (Jul MM) -0.8% vs. Exp. 0% (Prev. 0.9%)
• German Imports (Jul MM) -5.7% (Prev. 4.4%)