Markets turned from easing hopes to higher rates and fiscal risk

Aug 3 - Aug 30across 4 weeksImpact

Rates Turned Against Markets

Weak payrolls and cooler inflation first pushed September hike expectations lower. Heavy issuance and fiscal concerns kept long yields elevated, then a hawkish Jackson Hole repricing lifted yields and the dollar while Treasury buybacks failed to restore confidence.

188 storiesAug 3 Aug 10 Aug 17 Aug 24

Aug 3 - Aug 30across 4 weeksImpact

Energy Risk Kept Inflation Alive

Hormuz closure threats and Iran tensions repeatedly moved oil's geopolitical premium, linking energy disruption to inflation, weaker growth, and pressure on equities. By late month, sanctions and renewed tensions pushed oil higher, keeping importers and rate-sensitive assets exposed.

59 storiesAug 3 Aug 10 Aug 17 Aug 24

Aug 3 - Aug 30across 4 weeksImpact

AI Rally Faced Its Funding Test

AI leadership shifted from concentrated hyperscalers toward chips and other markets, then faced corrections as higher yields, leverage, and doubts over spending returns challenged valuations. Nvidia's outlook revived the trade, but narrow breadth and new corporate-bond issuance left it dependent on financing and cash-flow proof.

78 storiesAug 3 Aug 10 Aug 17 Aug 24

Aug 3 - Aug 20across 3 weeksImpact

Yen Weakness Revived Carry Risk

The yen repeatedly surrendered intervention-driven gains as investors focused on Japan's underlying rate disadvantage. Expectations of faster Bank of Japan normalization and renewed intervention risk raised the prospect of a disorderly carry-trade reversal across global assets.

45 storiesAug 3 Aug 10 Aug 17

Aug 18 - Aug 30across 2 weeksImpact

North American Trade War Escalated

A temporary US-Canada tariff pause gave way to failed negotiations and duties reaching 50% on selected goods. The dispute widened from a supply-chain threat into a broader inflation and growth risk for both economies.

28 storiesAug 17 Aug 24

Aug 3 - Aug 30across 4 weeksImpact

Gold and Crypto Split Under Rates

Gold rose on lower-rate hopes, a softer dollar, central-bank buying, and policy uncertainty before higher rate expectations triggered a sharp selloff. Crypto also rallied on institutional demand and leverage, then reversed when the hawkish Fed repricing tightened financial conditions.

58 storiesAug 3 Aug 10 Aug 17 Aug 24

Aug 3 - Aug 15across 2 weeksImpact

Record Equity Rally Lost Breadth

Global equities reached records on softer rate expectations, earnings, and geopolitical relief, but the advance lost breadth as weak retail data and renewed energy pressure exposed its dependence on technology and sustained investor appetite. The rally remained vulnerable to a reversal if flows or fundamentals weakened.

35 storiesAug 3 Aug 10

Aug 3 - Aug 29across 4 weeksImpact

Private-Credit Risks Broadened

Private-credit stress moved from valuation concerns and refinancing pressure to a broader question about losses tied to AI infrastructure and leveraged borrowers. The month ended with exposures still difficult to measure and capable of spreading beyond specialist lenders.

12 storiesAug 3 Aug 10 Aug 17 Aug 24

Month’s Recap

Stories that ran through the month.

Rates Turned Against Markets

Energy Risk Kept Inflation Alive

AI Rally Faced Its Funding Test

Yen Weakness Revived Carry Risk

North American Trade War Escalated

Gold and Crypto Split Under Rates

Record Equity Rally Lost Breadth

Private-Credit Risks Broadened

Dive deeper into the weeks that shaped this month