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Global bond yields surged Tuesday as renewed tension between the U.S. and Iran reinforced inflation expectations, which increased the prospect of interest-rate hikes in the coming months. The 10-year U.S. Treasury yield rose to 4.792%, the highest since January 2025, according to LSEG data. 30-Year Treasuries are on their worst run since 2006. The 10-year Japanese government bond yield crossed 3% to hit a 30-year high. The 10-year German Bund yield reached 3.364%, unseen since 2011. WSJ / BBG
Two oil supertankers attempting to exit the Strait of Hormuz were struck late Monday by projectiles in quick succession, maritime security consultant Marisks said, the latest sign of renewed hostilities around the critical waterway. BBG
Iranian President Masoud Pezeshkian told the Shanghai Cooperation Organization Summit on Tuesday that Tehran would immediately reciprocate if Washington agreed to return to its commitments under the interim deal signed in June. CNBC
Anthropic has signed a cloud-computing deal worth $35 billion with Nvidia backed cloud provider Lambda, with Nvidia itself holding the lease on the data center, according to people familiar with the deal. The data center is being developed by Hut 8, a bitcoin miner and data-center developer, in Nueces County, Texas. Nvidia signed an agreement with Hut 8 a few weeks ago to secure the capacity, the people said. WSJ
China’s factory activity expanded more than forecast in August after three straight months of slowdown, according to a private survey, showing resilience among the country’s export-oriented firms despite a broader slowdown in the economy. The RatingDog China manufacturing purchasing managers index rose to 51.5 from 50.9 in July, according to a statement on Tuesday. It’s been above the 50-threshold separating expansion from contraction for nine months, the longest upswing in five years. BBG
South Korea’s exports for Aug came in ahead of expectations at +68.7% (vs. the Street +63%). BBG
South Korea’s key policy chief Kim Yong-beom resigned. He had drawn criticism over the rapid introduction of single-stock leveraged ETFs and his proposal for a citizen dividend from the AI boom. BBG
Eurozone CPI was inline w/the Street on the headline at +3.3% (up from +2.9% in Jul), but core ran a bit cooler at +2.4% (vs. the Street +2.5% and down from +2.5% in Jul). BBG
Micron's Taiwanese labour unions are reportedly moving toward a possible strike unless the Co. agrees to reform its bonus system.
Shipping costs at risk of rising further as the White House escalates its crackdown on immigrant commercial truck drivers Both the Department of Homeland Security and the Transportation Department are demanding licensing data across the U.S. about immigrants driving trucks, in a hunt for what they say is a rash of drivers with improper certifications. WSJ
"Diesel remains at the epicenter of the rally, accounting for over 40% of the $40/bbl increase in average global refined product wholesale prices since February…Global exports of refined products declined 6mb/d (25%) year-over-year (yoy), with the Persian Gulf and Russia accounting for 75% of the decline." - Goldman Delta One
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