Phillip Capital Futures & CFD

Oil Jumps After US and Iran Exchange Attacks; Bond Traders Scramble for Protection as Yields Soar 2 September 2026 Market Snapshot (Previous Close) 📉 S&P 500 Index 7,631.47 (-0.71%)↓ 📉 Straits Times Index 5,710.37 (-0.78%)↓ 📉 Nikkei 225 Index 66,215.34 (-0.15%)↓ 📉 Gold Spot (XAU) 4328.82 (-0.40%)↓ 🇮🇷🛢️ Brent surged and European natural gas rose to its highest since 2023 after the US struck IRGC positions, with Iran responding with missiles and drones, including an attack on a US base in Jordan. Bessent said Iran's bankruptcy is accelerating and the Strait of Hormuz will become "worthless" as exporters find workarounds, adding the US controls the waterway and has already moved about 17 million barrels of crude through it. 📉 The S&P 500 slumped and bond traders scrambled for protection against soaring yields. Wells Fargo warned of "broad cautiousness" on stocks as investors weigh the sustainability of the AI boom. 🇯🇵 Bessent and BOJ Governor Kazuo Ueda discussed steps to stem the yen's decline at the G20 meeting, while Yamaguchi Financial is reportedly planning to dump more JGBs from its ¥2.04 trillion portfolio amid faster-than-expected BOJ rate hikes. USD/JPY held near 160.20. 🇨🇳 China is imposing a 20% individual income tax on dividends paid by foreign-invested enterprises to foreign individuals, ending an exemption that had been in place since 1994. 🇪🇺 Euro-area headline inflation jumped to 3.3% in August from a year earlier, the highest since 2023, cementing the case for an ECB rate hike next week, though one Governing Council member cautioned it won't be enough alone to bring inflation back to target. 🌏 The RBNZ is expected to raise its official cash rate a quarter-point to 2.75% at 10:00am today, while the Bank of Canada is set to hold at 2.25% at 9:45pm. 🇺🇸 The US Congress passed a stopgap funding bill to avert an October 1 government shutdown, sending the measure to Trump. Separately, Fed Governor Michael Barr said the central bank should be prepared to raise rates if inflation persists, but can be patient if incoming data show price pressures easing. 🇸🇬 MAS is proposing new stablecoin rules under amendments to the Payment Services Act, covering cross-border recognition of foreign-issued tokens, a ban on interest payments for MAS-regulated stablecoins, and stress-testing and wind-down requirements for issuers. The consultation runs until October 16. Singapore's August PMI is due tonight at 9:00pm. 👀 Market Focus: BOJ board member Hajime Takata delivers a speech in Sapporo, and Vietnam's market remains closed today. Markets will continue watching for further escalation between the US and Iran, alongside the RBNZ and Bank of Canada rate decisions.