Reuters Morning Bid

Mark Carney is vowing dollar-for-dollar retaliation after U.S.-Canada trade talks collapsed late Friday, leaving 50% tariffs on some $20 billion of Canadian imports in place. Oil dips as Scott Bessent prepares to unveil his so-called "economic D-Day" on Iran, with Nvidia earnings and Jackson Hole still to come.

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Today's recommended read: US refiners face historic stress test as global crisis looms, Ron Bousso

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Bond markets push Treasury Secretary Scott Bessent's buyback strategy to the limit, as yields climb back toward recent highs. U.S. President Donald Trump promises an economic crackdown on Iran as oil prices head for a weekly gain. Plus, Walmart shares tumble after the retailer posts its weakest U.S. sales growth in more than six years.

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Today's recommended read: Solar gives Hungary's power system vital cover from nuclear fallout by Gavin Maguire

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U.S. Treasury Secretary Scott Bessent expands bond buybacks to calm a market rattled by rising borrowing costs. Meanwhile, America's debt tops $40 trillion for the first time, underscoring the scale of its funding challenge. Plus, Moderna reports a cancer vaccine breakthrough and sends its shares soaring.

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Today's recommended read: US relies on tactics, not strategy, to calm angry bonds by Mike Dolan

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Bond yields hover near multi-decade highs as investors demand more compensation for holding long-term government debt. U.S. President Donald Trump delayed planned tariff hikes on Canadian goods as negotiations on a trade deal continue. And, Chinese robot maker Unitree surges by 600% in its stock market debut, extending investors enthusiasm around AI.

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Today's recommended read: Three midweek thoughts - dodging AI, uber bulls and intervention flub, by Mike Dolan

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Iran says it is shifting to a "fully offensive" military posture sending Brent crude back above $90 a barrel. Thirty-year bond yields are hitting multi-year highs as markets question the outlook for inflation. Tech giants are pouring money into AI infrastructure even as questions about returns remain unanswered.

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Today's recommended read: Even as market clouds clear, AI investment anxiety still gnaws, Mike Dolan

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Produced by Eliza Davis Beard and Abisoye Osundairo.

Sound engineering and music by Sebastian and Josh Sommer.

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