🇺🇸⛽️ August gas prices set a new record: the national average in August was $4.056/gal, beating 2022's august record ot $3.940/gal, costing Americans $1.35 billion more than August 2022, or $10.51 billion more than August 2025

🔗 Patrick de Haan

💸 A global bond selloff is getting WORSE:

A Bloomberg gauge of global sovereign bond yields rose to 3.72% on Monday, the highest level since 2008 during the Great Financial Crisis, marking its 4th straight session of gains.

UK 10-year gilt yields jumped to 5.21% on Tuesday, the highest since 2008, while Japan’s 10-year JGB yield reached 3.00%, the highest since 1996.

At the same time, the US 10-year Treasury yield rose to 4.78%, its highest since January 2025, while 30-year yields touched 5.27%, near their highest since 2007.

Traders are now pricing a ~70% chance of a Fed rate hike this month, while a BOJ hike is seen as nearly certain and an ECB hike is fully priced in for next week.

The Bloomberg global bond gauge is now down -0.9% year-to-date, reversing a +6.8% gain in 2025, with September and October historically the worst 2 months for the index over the past decade, averaging losses of more than -1% each.

Rising yields are now threatening to unwind the AI-fueled rally in equities too, as higher yields raise financing costs and make lofty equity valuations harder to justify.

🔗 Global Markets Investor

🚢 Hormuz crossings fall by half

Strait of Hormuz traffic declined sharply on 31 August, with five confirmed crossings, down 50% from 10 a day earlier. Four vessels entered the Middle East Gulf and one exited, using a mix of Iranian, Omani and negotiated routes. Two crossings involved shadow vessels and one involved a sanctioned vessel.

Bab el Mandeb activity was comparatively stable, with 35 confirmed crossings, up 2.9% day on day. Of these, 19 entered the Red Sea and 16 exited. No dark transits were recorded, while the International Maritime Organization verified no additional attacks.

🔗 Kpler (@Kpler)

💥🇮🇷 Explosions in Bandar Abbas, Hormozgan Province

@CIG_telegram

🇺🇸⚔️🇮🇷 The U.S. is firing Tomahawk cruise missiles from U.S. warships far away from the Iranian coast.

There are also reports of alleged HIMARS launches from Bahrain.

Iran has previously promised a "disproportionate retaliation" if U.S. attacks resume following the strikes on Iranian antiship missile launchers.

@CIG_telegram

🇮🇷⚔️🇺🇸 Iran’s state TV: More than 5 explosions were heard near the village of Masen on Qeshm Island.

4 additional explosions were also heard from the Strait of Hormuz, on Qeshm Island.

@CIG_telegram