◆ Daily Global-Macro Brief LIVE
TODAY IN 30 SECONDS
  1. Yen buybacks lose steam, raising questions on US Treasury Secretary's warning effectiveness
  2. China increases oil imports amid rising Strait of Hormuz tensions
  3. First Naval Drone Battle Reported in Black Sea, Ukrainian Drone Sinks Russian Vessel
  4. OpenAI Delays IPO to 2027 Amid AI Safety Concerns; Industry Leaders Advocate for Slower Development
  5. Nvidia Reportedly Discussing Up To $10 Billion Investment in Anthropic IPO

Markets 55

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  • Yen buybacks in the foreign exchange market are taking a breather.
  • Questions arise regarding the effectiveness of US Treasury Secretary Scott Bessent's comments in maintaining yen strength.
  • Bessent issued a warning to currency traders: "I am the house now."
  • Despite official warnings, underlying fundamentals suggest a weak outlook for the Japanese currency.

Macro/Economy 53

  • Soaring construction costs are forcing delays and rethinks for hotel development and renovation projects across Japan.
  • This trend occurs despite a surge in investment in the sector, driven by anticipated growth in foreign visitors.
  • Key factors contributing to the cost increases include labor shortages and rising material prices.
  • Some projects are pivoting towards refurbishments rather than new builds due to these cost pressures.
  • The government denied reports that Commerce Minister Suphajee Suthumpun signed an agreement to import one million tonnes of feed corn from the United States.
  • Reports had suggested government involvement in a significant corn import deal.
  • Officials clarified that the corn deal was an arrangement between private companies, not a government-to-government agreement.

Central Banks 2

Energy/Oil 9

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  • China is returning to the oil market, increasing its imports.
  • This coincides with renewed hostilities in the Strait of Hormuz, which are putting upward pressure on oil prices.
  • China had previously reduced oil imports, which helped cushion the impact of a war.
  • Analysts believe China is now focused on shoring up its oil inventory.

Crypto 10

Geopolitics 26

  • The first naval battle between Unmanned Surface Vessels (USVs) reportedly occurred in the Black Sea.
  • The Ukrainian Navy stated one of its naval drones successfully sank a Russian vessel.
  • The incident was reported on September 12, 2026.
  • Houthi fighters claim drone and missile attack on a military base in southern Saudi Arabia.
  • The attack targeted "weapons depots and command and control centres" at the Sharurah base.
  • Renewed fighting with Yemen's government forces has led to increased civilian displacement.
  • Houthi military spokesman Yahya Saree announced the attack on social media, without specifying the date.

Tech/AI 7

  • OpenAI CEO Sam Altman announced the company will not go public this year, pushing the anticipated IPO until at least 2027 due to AI safety concerns.
  • Altman, Anthropic CEO Dario Amodei, and Elon Musk have aligned on the need to slow the pace of advanced AI model development.
  • Amodei proposed a three-step plan for tempering development, with Anthropic unilaterally committing to the first step of granting third-party evaluator access.
  • The consensus among rivals highlights how AI safety concerns are increasingly impacting commercial strategies and business plans.
  • Growing pressure from lawmakers and the public for new AI safeguards and regulations is also influencing industry decisions.
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  • Nvidia is in discussions to invest a substantial sum in AI startup Anthropic's potential initial public offering.
  • The proposed investment could reach up to $10 billion, signaling a major strategic move.
  • This potential deal underscores Nvidia's aggressive strategy to deepen its ties with leading AI companies.
  • Anthropic is a prominent AI developer, known for its Claude large language models.

Companies 6

  • WordPress founder Matt Mullenweg has been confirmed as Automattic's CEO and Chairman, with full board support.
  • Mullenweg was initially put on paid leave by a board vote, with CFO Mark Davies named interim CEO.
  • Mullenweg resisted the ouster, taking control of company communications and declaring his return.
  • A company spokesperson confirmed his reinstatement after a tumultuous week of internal conflict.
  • Reports suggest board member Toni Schneider has stepped down, with board composition potentially still in flux.
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  • PVH CEO Stefan Larsson acquired 14,179.102 shares of PVH common stock for approximately $1,000,001 on September 11, 2026.
  • The shares were purchased at a weighted average price of $70.5264, following a nearly 5% decline in the stock over the past week.
  • PVH is currently trading below its Fair Value, suggesting it is undervalued according to InvestingPro analysis.
  • The company recently reported Q2 2026 earnings that exceeded expectations, with EPS of $3.70 (vs. $3.08 est.) and revenue of $2.1 billion (vs. $2.09 billion est.).
  • UBS reiterated a Buy rating on PVH Corp. with a $121.00 price target, citing brand strength and a robust balance sheet.
  • BillionToOne Senior Vice President John ten Bosch executed a sale of company shares.
  • The total value of the shares sold by Mr. ten Bosch amounted to $138,116.
  • This transaction represents an insider share sale by a company executive.
  • BillionToOne Chief Technology Officer (CTO) David Tsao executed a stock sale.
  • The total value of the stock sold by Tsao amounted to $1.97 million.
  • This transaction represents an insider stock sale by a key company executive.
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  • Chinese EV giant BYD has shelved plans to establish its own assembly plant in Malaysia.
  • BYD is now in advanced talks with a local Malaysian partner to meet its production goals.
  • The specific reasons for abandoning the direct plant construction were not disclosed by BYD.
  • Yasuchika Hasegawa, former president and CEO of Takeda Pharmaceutical, died at 80.
  • He was a key figure in Takeda's globalization efforts, notably leading the acquisition of Millennium Pharmaceuticals.
  • Hasegawa also served as chairman of the Japan Association of Corporate Executives (Keizai Doyukai).
  • His leadership is credited with laying the foundation for Takeda's current global presence.

Thai Markets 8

Other 7

  • Ministry of Agriculture and Cooperatives may seek 350 million baht in additional funds to control blackchin tilapia.
  • The invasive fish has been reported in 21 provinces, impacting livelihoods, biodiversity, and ecosystems.
  • The government has already allocated 70-90 million baht in the 2027 fiscal budget, but more funds are deemed necessary.
  • The ministry plans to establish a special committee and provincial rapid response task forces to oversee efforts.
  • Seven measures have been introduced, including removing fish, monitoring high-risk areas, using DNA analysis, and releasing predator fish.
  • A US judge blocked the Trump administration's 'loyalty' question for federal job applicants.
  • The question was part of the Schedule F executive order, which aimed to reclassify thousands of federal employees.
  • The judge ruled that the executive order violated civil service law.
  • Japan is weighing the construction of a next-generation fast breeder nuclear reactor.
  • The technology aims to reduce Japan's dependence on imported uranium.
  • Japan's prototype fast breeder reactor, Monju, was decommissioned in 2016.
  • A prominent dealmaker departed Weil Gotshal for Cravath, shocking the legal industry.
  • The move reveals contrasting views on the 'race for scale' among top law firms.
  • It underscores strategic differences in how major legal players approach growth and talent.
  • Nagoya recorded an unprecedented 104.5 millimeters of rainfall in one hour, leading to an emergency alert.
  • Widespread flooding disrupted transportation, suspending train, subway, and bus services.
  • Approximately 3,500 people sought shelter, and 400 Asian Games athletes were temporarily evacuated.
  • Despite the significant disruption, the Asian Games are expected to proceed as scheduled, with preliminary rounds already underway.
  • Real Madrid secured a 4-1 victory over Rayo Vallecano in La Liga.
  • Kylian Mbappe scored two goals, bringing his season total to seven across all competitions.
  • Jude Bellingham and Alvaro Carreras also contributed goals for Real Madrid.
  • The win helps Real Madrid draw level with Barcelona at the top of the La Liga standings.
  • Manager Jose Mourinho expressed satisfaction with the team's performance after their previous league defeat.
  • Elena Rybakina defeated Aryna Sabalenka 6-4, 5-7, 6-2 in the US Open women's singles final.
  • Rybakina secured her third Grand Slam title and ascended to world number one.
  • She snapped Sabalenka's 20-match winning streak at Flushing Meadows.
  • The victory earned Rybakina a $5.5 million prize.