Daily Pulse

Daily Pulse - WORLD AWAITS WARSH / ANOTHER OPEC CRACK / TACO AVENUE / LAST ORDERS FOR GEN Z - 28th Aug ‘26

Graeme Brewer — Fri, 28 Aug 2026 07:08:19 GMT

UST’s 4.40% / 4.68% / 5.20% / Gilts 4.57% / 5.03% / 5.76% / Germany 3.25% / Japan 2.92%

DOW 53569 +105 +.2% / S&P 7730 +55 +.72% / NASDAQ 26541 +411 +1.57% / NIKKEI 66405 +273 +.41% / TOPIX 4146 +29 +.72% / CSI 300 4619 -11 -.24% / SK KOSPI 6788 -123 -1.79% / FTSE 10792 -85 -.79% / FTSE 250 24898 u/c / STXE 600 651 -4 -.69%

WTI $83.22 / GOLD $4635 / COPP…

Daily Pulse - NVIDIA DELIVERS AGAIN / TECH’S BIG TOBACCO MOMENT / PCE MUTED / US WARNS RUSSIA - 27th Aug ‘26

Graeme Brewer — Thu, 27 Aug 2026 07:00:21 GMT

UST’s 4.38% / 4.65% / 5.17% / Gilts 4.57% / 5.03% / 5.77% / Germany 3.23% / Japan 2.87%

DOW 53463 -113 -.21% / S&P 7675 u/c / NASDAQ 26130 u/c / NIKKEI 66145 -116 -.18% / TOPIX 4116 +5 +.14% / CSI 300 4617 +26 +.58% / SK KOSPI 6912 +104 +1.53% / FTSE 10878 u/c / FTSE 250 24897 +41 +.17% / STXE 600 656 u/c

WTI $81.75 / GOLD $4674 / COPPER $660 / BCOM 138.…

Daily Pulse - US DEBT RECKONING / MARKET AWAITS NVIDIA / CANADA HITS BACK / LAKE AMERICA - 26th Aug ‘26

Graeme Brewer — Wed, 26 Aug 2026 07:01:27 GMT

UST’s 4.35% / 4.64% / 5.18% / Gilts 4.53% / 4.99% / 5.72% / Germany 3.20% / Japan 2.86%

DOW 53577 +160 +.3% / S&P 7677 +24 +.32% / NASDAQ 26151 +171 +.66% / NIKKEI 66309 +453 +.69% / TOPIX 4111 +18 +.44% / CSI 300 4592 +40 +.88% / SK KOSPI 6813 +70 +1.05% / FTSE 10886 +31 +.29% / FTSE 250 24856 +138 +.56% / STXE 600 656 +2 +.35%

WTI $80.51 / GOLD $4699 /…

Daily Pulse - IRAN’S ECONOMIC ASPHYXIATION / BITCOIN RALLY CONTINUES / WHEAT PRICES SURGE / WORLD CUP 2042 - 25th Aug ‘26

Graeme Brewer — Tue, 25 Aug 2026 06:56:16 GMT

UST’s 4.42% / 4.71% / 5.24% / Gilts 4.60% / 5.06% / 5.79% / Germany 3.25% / Japan 2.87%

DOW 53417 +140 +.26% / S&P 7652 -21 -.28% / NASDAQ 25980 -200 -.76% / NIKKEI 65841 +313 +.48% / TOPIX 4090 +16 +.41% / CSI 300 4549 -13 -.3% / SK KOSPI 6746 +49 +.74% / FTSE 10854 +37 +.35% / FTSE 250 24717 u/c / STXE 600 654 u/c

WTI $85.05 / GOLD $4693 / COPPER $659…

Daily Pulse - US TAKES AIM AT FRIEND AND FOE / SILENT BOOM / TREASURY TWIST / DOLLAR FOR DOLLAR - 24th Aug ‘26

Graeme Brewer — Mon, 24 Aug 2026 07:02:49 GMT

UST’s 4.40% / 4.71% / 5.25% / Gilts 4.59% / 5.06% / 5.81% / Germany 3.26% / Japan 2.87%

DOW 53277 +517 +.98% / S&P 7674 +33 +.43% / NASDAQ 26180 +113 +.43% / NIKKEI 65499 -516 -.78% / TOPIX 4071 u/c / CSI 300 4553 -65 -1.41% / SK KOSPI 6696 -215 -3.12% / FTSE 10816 +68 +.64% / FTSE 250 24718 +210 +.86% / STXE 600 650 -1 -.12%

WTI $85.62 / GOLD $4698 / CO…

Daily Pulse - MORTGAGE ON A CREDIT CARD / BITCOIN RALLY CONTINUES / ANTHROPIC VS SPACEX / SPACE GOLDEN AGE - 21st Aug ‘26

Graeme Brewer — Fri, 21 Aug 2026 07:01:56 GMT

UST’s 4.39% / 4.70% / 5.25% / Gilts 4.60% / 5.07% / 5.81% / Germany 3.26% / Japan 2.87%

DOW 52759 -703 -1.32% / S&P 7641 -66 -.87% / NASDAQ 26067 -263 -1% / NIKKEI 66033 -183 -.28% / TOPIX 4068 +8 +.22% / CSI 300 4623 +30 +.67% / SK KOSPI 6912 +60 +.88% / FTSE 10748 u/c / FTSE 250 24508 -134 -.55% / STXE 600 650 -1 -.12%

WTI $88.15 / GOLD $4596 / COPPER …

Daily Pulse - US TREASURY STEPS IN / ECONOMIC D-DAY / AMERICA’S $40TN DEBT / CANCER VACCINE BREAKTHROUGH- 20th Aug ‘26

Graeme Brewer — Thu, 20 Aug 2026 07:00:16 GMT

UST’s 4.34% / 4.64% / 5.18% / Gilts 4.58% / 5.04% / 5.78% / Germany 3.26% / Japan 2.82%

DOW 53463 +119 +.22% / S&P 7707 +16 +.21% / NASDAQ 26331 +41 +.16% / NIKKEI 66148 +822 +1.26% / TOPIX 4053 +41 +1.03% / CSI 300 4575 -13 -.29% / SK KOSPI 6852 +381 +5.89% / FTSE 10743 +15 +.14% / FTSE 250 24643 +82 +.33% / STXE 600 651 -1 -.11%

WTI $86 / GOLD $4547 / …

Daily Pulse - $3.5TN TECH REBOUND / SKYNET GROUP CHAT / SPACEX LOCKUP LOOMS / FED READY TO ACT - 6th Aug '26

Graeme Brewer — Thu, 06 Aug 2026 07:04:11 GMT

UST’s 4.32% / 4.61% / 5.16% / Gilts 4.43% / 4.89% / 5.64% / Germany 3.11% / Japan 2.75%

DOW 54349 +263 +.49% / S&P 7723 -12 -.17% / NASDAQ 26363 -221 -.83% / NIKKEI 65660 -640 -.97% / TOPIX 4057 +11 +.08% / CSI 300 4633 -25 -.54% / SK KOSPI 6274 -323 -4.9% / FTSE 10888 u/c / FTSE 250 24632 +173 +.71% / STXE 600 657 u/c

WTI $74.78 / GOLD $4321 / COPPER $6…

Daily Pulse - MARKET EUPHORIA / BURNHAM BOUNCE / CHINA’S GLOBAL TAX HUNT / US MISSILE SHORTAGE - 5th Aug ’26

Graeme Brewer — Wed, 05 Aug 2026 07:46:21 GMT

UST’s 4.32% / 4.6% / 5.15% / Gilts 4.43% / 4.90% / 5.64% / Germany 3.09% / Japan 2.79%

DOW 54085 +907 +1.71% / S&P 7736 +136 +1.79% / NASDAQ 26584 +671 +2.59% / NIKKEI 66280 +2323 +3.63% / TOPIX 4046 +84 +2.14% / CSI 300 4654 +53 +1.17% / SK KOSPI 6598 +239 +3.76% / FTSE 10879 +21 +.2% / FTSE 250 24459 234 +.97% / STXE 600 656 +4 +.73%

WTI $75.12 / GOLD …

Daily Pulse - RIP-ROARING / DECAPITATION / US MANUFACTURING BLITZ / DON’T MENTION THE WAR! - 4th Aug ’26

Graeme Brewer — Tue, 04 Aug 2026 07:00:26 GMT

UST’s 4.40% / 4.69% / 5.24% / Gilts 4.50% / 4.95% / 5.69% / Germany 3.15% / Japan 2.83%

DOW 53178 +693 +1.32% / S&P 7600 +110 +1.48% / NASDAQ 25913 +540 +2.13% / NIKKEI 64000 +246 +.39% / TOPIX 3965 +5 +.15% / CSI 300 4602 +59 +1.31% / SK KOSPI 6358 +101 +1.62% / FTSE 10857 u/c / FTSE 250 24224 +249 +1.04% / STXE 600 652 +3 +.45%

WTI $81.32 / GOLD $4115 …

Daily Pulse - PARAMETERS OF A DEAL / YEN INTERVENTION / AI WOBBLE, NOT BREAKDOWN / SOLAR HITS 3TW - 3rd Aug '26

Graeme Brewer — Mon, 03 Aug 2026 07:01:48 GMT

UST’s 4.40% / 4.69% / 5.24% / Gilts 4.59% / 5.05% / 5.78% / Germany 3.20% / Japan 2.81%

DOW 52485 +276 +.53% / S&P 7489 +52 +.7% / NASDAQ 25373 +251 +1% / NIKKEI 63657 -704 -1.09% / TOPIX 3956 -46 -1.16% / CSI 300 4536 -51 -1.13% / SK KOSPI 6237 -358 -5.43% / FTSE 10868 -29 -.27% / FTSE 250 23975 -104 -.43%% / STXE 600 649 u/c

WTI $79.57 / GOLD $4123 / CO…

Daily Pulse - AI VOLATILITY CONTINUES / MICROSOFT RECORD / BOE & BOJ HOLD / US GDP SLOWS - 31st July '26

Graeme Brewer — Fri, 31 Jul 2026 07:01:41 GMT

UST’s 4.37% / 4.65% / 5.19% / Gilts 4.53% / 4.98% / 5.71% / Germany 3.15% / Japan 2.78%

DOW 52208 +613 +1.19% / S&P 7437 +121 +1.66% / NASDAQ 25122 +679 +2.78% / NIKKEI 64362 +2494 +4.03% / TOPIX 4003 +50 +1.29% / CSI 300 4612 +62 +1.38% / SK KOSPI 6595 +1001 +17.91% / FTSE 10897 u/c / FTSE 250 24079 +82 +.34% / STXE 600 649 +4 +.77%

WTI $81.64 / GOLD $41…

Daily Pulse - FED HOLDS, MKT BITES / OLD LADY WAITS / UK TO DRILL ? / PWC HOMEWORK FAIL - 30th July '26

Graeme Brewer — Thu, 30 Jul 2026 07:00:04 GMT

UST’s 4.42% / 4.70% / 5.23% / Gilts 4.61% / 5.03% / 5.73% / Germany 3.16% / Japan 2.79%

DOW 51594 -1153 -2.19% / S&P 7316 -112 -1.52% / NASDAQ 24442 -433 -1.74% / NIKKEI 61807 +373 +.61% / TOPIX 3949 -24 -.63% / CSI 300 4578 -21 -.47% / SK KOSPI 5593 -69 -1.23% / FTSE 10908 +37 +.34% / FTSE 250 23996 u/c / STXE 600 645 -1 -.29%

WTI $84.92 / GOLD $4040 / C…

Daily Pulse - CHIP ROUT CONTINUES / US CPI FALLS / GERMAN AUTOS UNDER PRESSURE / RHINE WATER 36-YEAR LOW / FOOTBALL'S SOUL FOR SALE - 29th July '26

Graeme Brewer — Wed, 29 Jul 2026 08:02:44 GMT

UST’s 4.37% / 4.61% / 5.09% / Gilts 4.5% / 4.94% / 5.66% / Germany 3.12% / Japan 2.72%

DOW 52747 +537 +1.03% / S&P 7428 +15 +.21% / NASDAQ 24876 -55 -.22% / NIKKEI 61269 -1095 -1.76% / TOPIX 3971 +7 +.19% / CSI 300 4590 +21 +.47% / SK KOSPI 5663 -360 -5.98% / FTSE 10871 +89 +.83% / FTSE 250 24004 +106 +.45% / STXE 600 646 +2 +.35%

WTI $82.29 / GOLD $4080 …

Daily Pulse - AI SELL-OFF DEEPENS - CDS RISES / SPACEX BACK TO EARTH / FED TO HIKE? / PORSCHE JOBS CULL - 28th July '26

Graeme Brewer — Tue, 28 Jul 2026 07:01:08 GMT

UST’s 4.39 % / 4.63% / 5.12% / Gilts 4.56% / 4.99% / 5.69% / Germany 3.13% / Japan 2.76%

DOW 52210 +262 +.51% / S&P 7413 u/c / NASDAQ 24932 -43 -.18% / NIKKEI 62279 - 2652 - 4.08% / TOPIX 3958 -107 - 2.64% / CSI 300 4566 -136 -2.9% / SK KOSPI 6023 - 732 -10.84% / FTSE 10781 +45 +.42% / FTSE 250 23898 +96 +.41% / STXE 600 644 u/c

WTI $81.61 / GOLD $4041 / …

Daily Pulse - CXMT BLOCKBUSTER IPO / US & IRAN STEP BACK / AI'S HIDDEN $1.65TN BILL / CENTRAL BANKS HOLD FIRE ? - 27th July '26

Graeme Brewer — Mon, 27 Jul 2026 07:00:10 GMT

UST’s 4.38 % / 4.63% / 5.12% / Gilts 4.59% / 5.03% / 5.72% / Germany 3.17% / Japan 2.75%

DOW 51947 +235 +.46% / S&P 7411 u/c / NASDAQ 24975 -161 -.64% / NIKKEI 64945 +334 +.52% / TOPIX 4061 +50 +1.25% / CSI 300 4666 +17 +.37% / SK KOSPI 6767 +77 +1.15% / FTSE 10736 +97 +.91% / FTSE 250 23801 +174 +.74% / STXE 600 644 +5 +.82%

WTI $84.8 / GOLD $4091 / COPP…

Daily Pulse - OIL SURGES, AI JITTERS / TRUMP RENEWS TARIFFS / ECB HOLDS / QANTAS GOES LONG - 24th July '26

Graeme Brewer — Fri, 24 Jul 2026 07:00:02 GMT

UST’s 4.47 % / 4.671% / 5.17% / Gilts 4.67% / 5.1% / 5.78% / Germany 3.20% / Japan 2.79%

DOW 51711 -506 -.97% / S&P 7408 -90 -1.21% / NASDAQ 25137 -553 -2.15% / NIKKEI 64370 -2052 -3.09% / TOPIX 3997 -56 -1.4% / CSI 300 4652 -75 -1.6% / SK KOSPI 6692 -404 -5.7% / FTSE 10639 -77 -.73% / FTSE 250 23627 -299 -1.25% / STXE 600 639 -7 -1.18%

WTI $91.73 / GOLD $4028 / COPPER $631 / BCOM 135.95 / VIX 18.7 / BITCOIN $65.2k / DXY 101.44

Happy Friday !!

Brent climbed above $100 with stocks and bonds falling after Houthi attacks on tankers in the Red Sea opened a new front in the Middle East conflict, while Trump threatened to extend US strikes on Iran and more tariffs on trading partners. The near 40% jump in oil this month has reignited concerns about inflation, prompting traders to again price in prospects for higher interest rates.

Investors are also growing more nervous about Big Tech’s AI spending as the war in Iran clouds the macro outlook. The Mag7 fell 4.8%, their worst day since April 2025, wiping out nearly $800bn in market value and leaving the group down 11% from its May peak, erasing around $2tn.

Bonds are also being pummelled. 10-year gilt yields this week set their longest period of daily closes above 5% in almost two decades, Germany’s 10-year yield is at the highest since 2011, while their Japanese peers are close to levels last seen in the 1990s.

Retail sales unexpectedly rose in June, climbing 1% compared to economists’ estimate for a 0.3% dip. Excluding auto fuel sales rose 1.1%, also exceeding the estimate for a 0.5% slump.

GfK has called it the ‘Burnham bounce’. Consumers put the Iran war energy shock behind them this month as the World Cup and Burnham’s promise to help with living costs lifted the national mood. GfK’s indicator of consumer confidence climbed to minus 17, with sentiment now back to levels last seen in January, before the Middle East war broke out.

Burnham is ready to ‘move quickly’ to scale up North Sea oil and gas production with a decision on drilling at Britain’s biggest undeveloped sites due within weeks.

JPM’s Dimon has warned Burnham against imposing a new bank tax, arguing it would damage London’s competitiveness and risk pushing business elsewhere.

Iran’s Revolutionary Guards issued a “Warning to the British monarchy,” threatening UK military bases after American B-1 bombers launched strikes from RAF Fairford in Gloucestershire. The IRGC explicitly declared “any base used to invade Iranian territory is our legitimate target” while claiming the Royal Family represents “the main cause of the misfortunes” in the region.

The US will impose duties of between 10% and 12.5% on imports from 60 major trading partners, citing alleged failures to prevent forced labour in supply chains. Goods from Mexico, the UK, Canada and India will face 10% tariffs, while products from the EU and Taiwan will be capped at 10%, and those from Japan, Switzerland and South Korea broadly limited to 12.5%.

Warsh told Congress the central bank’s sole objective is getting policy right and that the five-year inflation surge will end, noting the inflation fight is not over even as June producer prices fell 0.3% against flat expectations.

Markets are pricing a roughly 30% cut of a hike next week.

EU/EUROPE

The ECB kept rates unchanged, however traders added to the chances of a hike in September, as Lagarde warned renewed Middle East hostilities and the resultant rebound in oil prices pose upside risk to the euro zone inflation outlook.

France passed a law banning social media access for children under 15, becoming the first European country to institute teen restrictions.

ASIA

Japan’s core inflation came in at 1.6% in June, the first rise in core inflation since March, and was in line with the 1.6% growth expected by economists

Japan’s private sector expansion picked up speed in July 2026, as the S&P Global Composite PMI rose to 53.1 from 52.8 in June, its highest reading since February and the 16th consecutive month of growth

A potential shift by Japan’s $1.8tn GPIF could unsettle global markets after Takaichi signalled support for steering state pension funds toward domestic assets. No formal allocation change has been announced, but any move could mean selling foreign holdings and buying more Japanese stocks and bonds.

MIDDLE EAST

Trump placed a new condition on a nuclear agreement with Saudi Arabia a day after formally approving it, saying the country now must join the Abraham Accords. He said that the deal, which has already been signed, “will be approved,” but added, that it “is totally subject to Saudi Arabia joining the very respected and successful Abraham Accords.”

REST OF THE WORLD

Subscribe now

COMMODITIES

STOCKS / FX

Alphabet sank 6.9% after raising its capital spending forecast. Tesla tumbled 15% as its profits fell even after strong electric-vehicle deliveries.

Intel delivered a surprisingly strong revenue forecast for the current period, indicating that a surge in data centre spending is helping fuel the chipmaker’s turnaround.

The AI boom has found its way into some unlikely corners. Japan’s Toto, best known for high-end toilets, is up 78% this year thanks to its ceramic electrostatic chucks used in semiconductor manufacturing equipment, while Nittobo has gained 63% on demand for advanced glass fibre used in chip-packaging substrates. Ajinomoto, better known for MSG seasoning, is up 61% thanks to its ABF insulating film, used in semiconductor packaging for high-performance computers and data-centre servers.

AND FINALLY

Qantas’s new ultra-long-haul Airbus A350-1000ULR has landed in Australia for the first time after a 19-hour test flight from Toulouse to Melbourne. The aircraft is designed for nonstop flights of up to 22 hours, including Qantas’s planned Sydney-to-London direct service from October 2027, and drew plenty of aviation-geek attention, with more than 67,000 people tracking its 17,000km journey on Flightradar24.

MARKETS YTD

DOW +7.59% / S&P +8.22% / NASDAQ +8.16%

NIKKEI +27.88% / TOPIX +14.99% / CSI 300 .48% / SK KOSPI +58.81%

FTSE +7.13% / FTSE 250 +5.44% / STXE 600 +8.43%

WTI +59.73% / GOLD -7.01% / COPPER +10.96% / BITCOIN -25.44% / DXY +3.17%

GBPUSD 1.3320

GBPEUR 1.1700

EURUSD 1.1386

USDJPY 163.78

This newsletter is a summary of information and news stories taken from a variety of public sources around the world and is for information only. Whilst all reasonable care has been taken to ensure that the stated facts are accurate, and opinions are fair and reasonable, neither can be guaranteed.

Subscribe now

Daily Pulse - TACO IS BACK / US CPI COOLS / CHINA GDP MISSES / IBM SHOCKER - 15th July '26

Graeme Brewer — Wed, 15 Jul 2026 07:05:14 GMT

UST’s 4.33 % / 4.6% / 5.11% / Gilts 4.52% / 4.97% / 5.68% / Germany 3.11% / Japan 2.67%

DOW 52508 u/c / S&P 7543 +28 +.38% / NASDAQ 26107 +233 +.9% / NIKKEI 68751 +1008 +1.49% / TOPIX 4088 +49 +1.22% / CSI 300 4785 -11 -.24% / SK KOSPI 7284 +427 +6.24% / FTSE 10529 +31 +.3% / FTSE 250 23406 u/c / STXE 600 642 +1 +.17%

WTI $79.98 / GOLD $4037 / COPPER $637…

Daily Pulse - HORMUZ GODFATHER / UK TO DRILL NORTH SEA ? / CHINA EXPORTS SOAR, INCLUDING 1M CARS / FRANKEN-TROUT - 14th July '26

Graeme Brewer — Tue, 14 Jul 2026 07:02:20 GMT

UST’s 4.3 8% / 4.62% / 5.10% / Gilts 4.52% / 4.97% / 5.67% / Germany 3.11% / Japan 2.73%

DOW 52498 -138 -.26% / S&P 7515 -60 -.79% / NASDAQ 25873 -408 -1.55% / NIKKEI 67743 +500 +.74% / TOPIX 4038 +31 +.79% / CSI 300 4677 -18 -.39% / SK KOSPI 6856 +49 +.73% / FTSE 10498 u/c / FTSE 250 23396 +25 .11% / STXE 600 641 u/c

WTI $79.87 / GOLD $4028 / COPPER $636…

Daily Pulse - TENSIONS BOIL / BIG WALL STREET WEEK / UK WORST CUSTOMER / SK HYNIX TUMBLES - 13th July '26

Graeme Brewer — Mon, 13 Jul 2026 07:00:36 GMT

UST’s 4.33% / 4.58% / 5.08% / Gilts 4.4% / 4.87% / 5.60% / Germany 3.06% / Japan 2.76%

DOW 52637 +149 +.29% / S&P 7575 +31 +.42% / NASDAQ 26281 +74 +.29% / NIKKEI 67132 -1424 -2.08% / TOPIX 4003 -32 -.81% / CSI 300 4716 -64 -1.34% / SK KOSPI 6806 -669 -8.95% / FTSE 10497 +24 +.24% / FTSE 250 23371 +130 +.56% / STXE 600 641 u/c

WTI $74.49 / GOLD $4065 / CO…