Daily desk note · the session before

Market analysis

A short, honest read on what moved indices, commodities, forex and crypto the prior session — the data, the news and the why.

Market Analysis
Desk note - Sep 11: oil shock tightens the tape

Thursday, September 10 saw Brent settle at $107.63 as oil, yields and inflation concern pressured US equities.

4 min read
Market Analysis
Desk note - Sep 10: $100 oil weighs on risk

Wednesday, September 9: Brent above $100, rising yields and Iran supply risk coincided with lower US equities and Bitcoin.

5 min read
Market Analysis
Desk note - Sep 9: oil anxiety hits the tape

Tuesday, September 8: higher oil and Iran supply concern coincided with weaker US equities and Bitcoin; EUR/USD gave conflicting daily cuts.

4 min read
Market Analysis
Desk note - Sep 8: jobs data split the tape

Friday, September 4: a stronger August US jobs report weighed on stocks and crypto, but EUR/USD rose and oil did not offer a clean daily read.

5 min read
Market Analysis
Desk note - Sep 3: tech rebounds as oil holds its premium

Wednesday, September 2: US equities recovered on technology strength, while Iran-related supply risk kept Brent near $96 and the yen strengthened.

5 min read
Market Analysis
Desk note - Sep 2: oil and yields set the tone

Tuesday, September 1: Iran strikes lifted Brent and Treasury yields, while US equities, EUR/USD and crypto fell.

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Market Analysis
Desk note - Sep 1: oil rises as stocks slip

Monday, August 31: Strait of Hormuz fighting lifted Brent while US equities fell, leaving a fractured cross-asset session.

5 min read
Market Analysis
Desk note - Aug 28: AI earnings lift a narrow tape

Thursday, August 27: Nvidia's results lifted US technology, but most S&P 500 stocks fell as oil and the dollar also firmed.

6 min read
Market Analysis
Desk note - Aug 27: PCE holds the tape in place

Wednesday, August 26: July core PCE kept inflation in focus as US stocks finished nearly unchanged and oil eased.

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Market Analysis
Desk note - Aug 26: cheaper oil eases the tape

Tuesday, August 25: lower oil and Treasury yields lifted US equities, while gold and Bitcoin stayed firm amid broader uncertainty.

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Market Analysis
Desk note - Aug 25: chips sink as yields ease

Monday, August 24: semiconductor selling pulled on US tech even as Treasury yields eased, while gold and Bitcoin held up.

5 min read
Market Analysis
Desk note - Aug 22: bonds stay loose, assets diverge

Friday, August 21: stocks rose despite higher Treasury yields, while dollar weakness supported gold, the euro and Bitcoin.

6 min read
Market Analysis
Desk note - Aug 21: oil and yields undo bond relief

Thursday, August 20: rising oil and Treasury yields pulled equities lower, while the dollar recovered late and Bitcoin rose.

6 min read
Market Analysis
Desk note - Aug 20: Treasury buybacks calm the long end

Wednesday, August 19: Treasury's larger long-end buybacks lowered yields and the dollar, lifting stocks, gold and Bitcoin.

5 min read
Market Analysis
Desk note - Aug 18: oil lift pulls yields higher

Monday, August 17: firmer oil lifted Treasury yields and weighed on US stocks, while gold, EUR/USD and crypto advanced.

6 min read
Market Analysis
Desk note - Aug 15: weak sales meet an oil rebound

Friday, August 14: weak retail sales raised growth concerns, while Brent's rebound lifted yields and left stocks and crypto lower.

6 min read
Market Analysis
Desk note - Aug 14: softer PPI lifts stocks, not all risk

Thursday, August 13: softer producer inflation and lower oil eased yields and lifted US stocks, while gold and crypto withheld confirmation.

6 min read
Market Analysis
Desk note - Aug 13: CPI relief, but risk stays split

Wednesday, August 12: cooler inflation lowered yields and lifted AI stocks and gold, but oil, FX and crypto did not confirm broad risk-on.

6 min read
Market Analysis
Desk note - Aug 12: oil churn and CPI wait cool risk

Tuesday, August 11: oil rose as Hormuz talks stalled, while stocks faded and other markets waited for the July CPI release.

5 min read
Market Analysis
Desk note - Aug 11: Hormuz doubts lift oil, cool risk

Monday, August 10: a fresh oil spike over the Strait of Hormuz pushed yields and the dollar higher, left stocks slightly lower and kept gold bid.

7 min read
Market Analysis
Desk note - Aug 08: weak payrolls lift risk

Friday, August 7: payrolls fell by 23,000, yields eased and US equities rose, while Brent and Bitcoin also finished higher.

5 min read
Market Analysis
Desk note - 2026-08-07: oil risk checks the rally

Thursday, August 6: Brent jumped 3.8% to $82.49 and the 10-year Treasury yield rose as Hormuz uncertainty checked equities near records.

5 min read
Market Analysis
Desk note - Aug 06: AI spending splits the tape

Wednesday, August 5 split the tape: the Dow rose while AI-spending scrutiny pulled the Nasdaq lower and oil stayed near $75/$79.

6 min read
Market Analysis
Desk note - Aug 05: earnings broaden the rally

Tuesday, August 4 saw earnings broaden US equity gains as oil cooled; FX and crypto offered less confirmation.

6 min read
Market Analysis
Desk note - Aug 04: Iran pause cuts oil, lifts risk

Monday's pause on new Iran strikes cut Brent and eased inflation anxiety, sending US equities close to records while crypto stayed less decisive.

5 min read
Market Analysis
Desk note - Aug 01: earnings split the AI trade

Friday, July 31 rewarded Amazon's earnings proof but punished Apple's forward guide as oil and labour costs kept inflation risk visible.

4 min read
Market Analysis
Desk note - Jul 31: earnings restore the AI bid

Thursday, July 30 brought an earnings-led AI rebound as Microsoft supplied proof of revenue behind the spending.

4 min read
Market Analysis
Desk note - Jul 30: oil shock meets a divided Fed

Wednesday, July 29 combined renewed oil risk, a divided Fed hold and broad selling in US equities.

4 min read
Market Analysis
Desk note - Jul 29: rotation hides a calm index

Tuesday, July 28 split the tape: falling oil and strong earnings lifted broad shares while the global chip unwind hit tech.

4 min read
Market Analysis
Desk note - Jul 28: oil relief meets chip stress

Monday, July 27 unwound part of the Iran oil premium, but chip weakness left US equities mixed and crypto's bounce faded.

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Market Analysis
Desk note - Jul 25: oil eases, tech stays weak

Friday, July 24 brought partial relief from oil and yields, but another chip selloff kept the Nasdaq under pressure.

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Market Analysis
Desk note - Jul 24: oil and AI spending hit risk

Thursday, July 23 was an oil-and-tech selloff: Brent cleared $100, yields rose and expensive growth stocks took the damage.

4 min read
Market Analysis
Desk note - Jul 23: oil sets the risk premium

Wednesday, July 22 was an oil-led risk session: crude and yields rose while tech, the dollar and bitcoin softened.

4 min read
Market Analysis
Desk note - Jul 22: chips outrun oil and rates

Tuesday, July 21 was a risk rebound led by chips, but oil above $90 and higher Treasury yields kept the tape uneven.

5 min read
Market Analysis
Desk note - Jul 21: oil risk stalls the rebound

Monday, July 20 was a stalled rebound: oil and yield pressure erased an early chip-led lift in U.S. equities.

6 min read
Market Analysis
Desk note - Jul 18: chip rout and oil risk hit tape

Friday, July 17 was driven by AI-chip selling and renewed oil risk: equities fell, crude jumped and the dollar stayed flat.

5 min read
Market Analysis
Desk note - Jul 17: AI-chip unwind hits risk

Thursday, July 16 was a split risk session: resilient U.S. data lifted yields, but AI-chip selling pulled indices lower.

5 min read
Market Analysis
Desk note - Jul 16: cool PPI, earnings steady risk

Wednesday, July 15 was a mixed relief session: soft PPI and earnings lifted equities while oil kept the tape restrained.

5 min read
Market Analysis
Desk note - Jul 15: cool CPI steadies risk

Tuesday, July 14 was led by softer U.S. CPI: yields and the dollar fell, tech rebounded, while oil risk stayed live.

5 min read
Market Analysis
Desk note - Jul 14: oil shock breaks chip bid

Monday, July 13 repriced energy inflation: oil jumped, yields rose, tech sold off, and crypto stayed mostly range-bound.

4 min read
Market Analysis
Desk note - Jul 11: chip bid offsets oil-and-rate drag

Friday, July 10 was a quiet risk session: AI-chip demand lifted U.S. equities while oil and rates kept the tape restrained.

4 min read
Market Analysis
Desk note - Jul 10: oil relief and chip bid lift risk

Thursday, July 9 was driven by lower oil stress, easier yields and a semiconductor-led rebound in risk.

4 min read
Market Analysis
Desk note - Jul 09: oil shock, split tape, Fed caution

Wednesday, July 8 was driven by renewed Iran oil risk, higher yields and a split equity tape led by AI strength.

4 min read
Market Analysis
Desk note - Jul 08: AI selloff, oil shock, firmer dollar

Tuesday, July 7 was driven by AI-stock weakness, a renewed Iran oil shock and a modestly firmer dollar.

4 min read
Market Analysis
Desk note - Jul 07: AI bid, oil drag, firmer dollar

Monday, July 6 was led by a narrow AI-stock rebound while oil slipped on OPEC+ supply and the dollar firmed.

4 min read
Market Analysis
Desk note - Jul 04: holiday-thin tape, softer dollar

Friday, July 3 was a holiday-thin global session: U.S. cash was shut, Europe firmed, oil stayed calm and crypto bid.

4 min read
Market Analysis
Desk note - Jul 03: soft jobs split the tape

Thursday, July 2 was driven by a soft U.S. jobs report: the dollar fell, gold and crypto bounced, Dow led, tech lagged.

4 min read
Market Analysis
Desk note - Jul 02: softer U.S. data, incomplete relief

Wednesday, July 1 brought softer ADP and ISM price signals, but chip weakness still pulled the Nasdaq lower while gold rose and oil fell.

4 min read
Market Analysis
Desk note - Jul 01: quarter-end tech bid, firm dollar elsewhere

Tuesday, June 30 closed well for U.S. equities, but higher yields kept the dollar firm, gold pinned, oil softer and crypto lagging.

4 min read
Market Analysis
Desk note - Jun 30: tech rebound, split tape elsewhere

Monday, June 29 was a relief bounce in beaten-up tech, but oil, FX and crypto did not confirm a clean all-clear across assets.

4 min read
Market Analysis
Desk note - Jun 27: tech unwind masks softer-dollar relief

Friday, June 26 was another split tape: tech and semis stayed heavy even as yields eased, the dollar softened and gold bounced.

4 min read
Market Analysis
Desk note - Jun 26: hot PCE, easier yields, split tape

Thursday, June 25 was a split tape: hot PCE cooled yields at the margin, but Apple-led tech weakness kept risk appetite uneven.

4 min read
Market Analysis
Desk note - Jun 25: oil relief, cooler yields, softer tech

Wednesday, June 24 was a split tape: cheaper oil eased inflation pressure, but tech, the dollar and bitcoin still reflected a tighter regime.

4 min read
Market Analysis
Desk note - Jun 24: AI unwind outweighs cheaper oil

Tuesday, June 23 was a hawkish-dollar tech session: semis hit equities and crypto even as oil kept sliding on U.S.-Iran talks.

3 min read
Market Analysis
Desk note - Jun 23: oil relief meets a firmer dollar

Monday, June 22 was a split session: Iran oil relief knocked crude lower, but a firmer dollar and higher yields still weighed on gold and Big Tech.

4 min read
Market Analysis
Desk note - Jun 22: narrow rebound, dollar still in charge

With Friday's Juneteenth holiday removing U.S. cash trade, Thursday still read as a hawkish-Fed dollar session with only a narrow tech rebound.

4 min read
Market Analysis
Desk note - Jun 20: strong dollar outlasts the holiday lull

Friday's June 19 session was holiday-thin but clear: the Fed-driven dollar stayed firm, oil bounced, and gold and crypto stayed heavy.

4 min read
Market Analysis
Desk note - Jun 19: oil relief lifts stocks, dollar stays firm

Thursday's June 18 session was split: cheaper oil and easier yields lifted stocks, but the post-Fed dollar bid kept gold and crypto heavy.

4 min read
Market Analysis
Desk note - Jun 18: hawkish Fed resets risk

Wednesday's session turned on the Fed: rates stayed put, but a higher-inflation, hike-leaning message hit stocks, gold and the euro.

4 min read
Market Analysis
Desk note - Jun 17: oil unwind meets tech wobble

Tuesday's session kept unwinding the oil shock, but it was a split tape: the Dow hit another record while AI-heavy tech sold off into the Fed.

4 min read
Market Analysis
Desk note - Jun 16: Iran truce relief resets oil and risk

Monday's session was a relief trade: a US-Iran framework deal hit oil, lifted equities and crypto, softened the dollar, and pulled gold higher too.

4 min read
Market Analysis
Desk note - Jun 12: Hormuz deal hopes knock oil lower

Friday's session centered on U.S.-Iran deal hopes: oil fell sharply, equities rallied, FX stayed mixed and crypto bounced only modestly.

4 min read