With just 60 days until the US midterms, the pressure on the White House is intensifying.
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Chinese oil demand has unexpectedly rebounded, pushing Shanghai crude above $100 per barrel and to a significant premium over Brent. That marks a sharp reversal from earlier in 2026, when weak Chinese imports and refining activity helped contain global oil prices. Now, Chinese buyers are aggressively competing for supplies from Africa, Canada and Latin America as Iranian exports collapse and disruption around the Strait of Hormuz persists. Some African crude grades are reportedly trading at premiums of up to $20 over Brent, while Russian ESPO prices are also strengthening. The rebound appears driven by improving refinery margins, renewed fuel exports and inventory restocking—not necessarily a full economic recovery. But the market implication is clear: Brent is approaching $100 Alternative supplies are becoming more expensive Further shipping disruptions could send prices toward $120 China may have just removed one of the biggest brakes on global oil prices. Source: Zerohedge, Bloomberg
Norges Bank Investment Management has proposed cutting government bonds from 70% to 50% of its fixed-income benchmark. The potential impact: • Around $106 billion less in global government debt • An estimated $80 billion reduction in US Treasuries • More capital redirected toward higher-returning areas of the bond market The fund currently invests just under 26% of its assets in fixed income. The timing is significant. Government debt is surging. Inflation risks are returning. And despite repeated US Treasury interventions, long-term yields remain near multiyear highs. This does not mean Norway is abandoning Treasuries. But when one of the world’s largest investors questions the traditional government-bond allocation, markets should pay attention. The message is clear: sovereign debt may no longer offer the risk-return profile it once did. Source: Financial Times
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