The S&P 500 is 0.7% below a record high, yet 430 of those stocks are 21.7% below their highs. That means on average 86% of the stocks are in a bear market. Breadth has only been this bad twice, in January 1973 and in 1999/2000. On both occasions, the S&P then crashed nearly 50%

Getting back to normal in Hormuz Oil exports through Hormuz reached a seven-day average of 13.2 million bpd on Wednesday, compared with around 17 million bpd before the Iran war disrupted traffic, according Kpler data. Saudi Arabia is exporting 6 million barrels per day of crude oil in September, which is the same as the 2025 monthly average.

Commentary | As Trump and Xi rewrote global power dynamics in Washington, Anthony Albanese delivered a platitude-filled speech to a near-empty UN — underlining its irrelevance. Read the full article by Greg Sheridan: bit.ly/46HceFJ

The Commercial Real Estate Crash Is Moving From Paper Losses To Realized Losses zerohedge.com/markets/commer…

Chalmers to spend more on debt than Medicare afr.com/policy/economy/chalm…

AI boom could end in nasty global recession afr.com/markets/equity-marke…

Bathla’s two-decade bank blacklist raises questions for private credit afr.com/companies/financial-…

ASIC moves on Remara credit fund as it increases pressure on lenders afr.com/companies/financial-…

My question to @AlboMP at the @UN earlier today. @thenightlyau thenightly.com.au/politics/a…

JUST IN: OpenAI and Anthropic reportedly exaggerated AI security threats to push the government to protect their market position

Australia’s labour productivity is 25 per cent below original Treasury projections made almost a quarter of a century ago. ebx.sh/CloYhz

Kevin Warsh has revealed himself to be a hyper-hawk in response to a belligerent inflation cycle fuelled by the hyperscalers’ unprecedented investment programs. The bad news for asset prices is that the typical Fed hiking cycle involves around 300 basis points or more of rate rises. Markets are pricing in only about 100… Across all Fed hiking cycles since 1955, the median increase in the policy rate has been 313 basis points and the average 478. Since 1994, the mean has been 330 basis points and the median 300. The shallow cycles of 1986, 1999 and 2015 delivered just 137, 175 and 225 basis points respectively. Against that history, our call of about 115 basis points looks modest. Even the 150 to 200 basis points this column thinks investors should contemplate would constitute an unusually skinny hiking cycle. A conventional 300-basis-point move would be brutal for equities, real estate and private markets. Defaults would rise, insolvencies would multiply and capital would migrate towards liquid, lower-risk alternatives such as cash and high-grade bonds as attractive risk-free returns made expensive risky assets look uncompetitive. afr.com/policy/economy/kevin…

Latest Aussie house price forecasts...

Close to an actual definition of insanity I’d say… Government needs to cut spending and it needs to cut now… I want to see debates about where spending should be cut not announcements about yet more!

If they actually said that - it’s not true. They did it when I was treasurer and used it to argue for fiscal consolidation.

Anthropic: "AI will kill us all!" Everyone: "How?" Anthropic: "Because it is smart." Everyone: "Can you be more specific?" Anthropic: "We are going to build a bio lab for it." Everyone: "..." This is like an episode of Seinfeld.

Damn. This is the most detailed map of Big AI’s incestuous relationships I’ve seen so far. And it’s interactive! ft.com/content/8475dc9b-b2d4…

“BOND KING” Gundlach takes aim at $CRWV and $NVDA after one of the first Nvidia GPU ABS maturities were reached. CoreWeave was unable to pay back the ABS as costs and debt/liabilities soared to over $70 billion since IPO 18 months ago. They had to sell shares and use convertible notes. CoreWeave bonds have failed and are above 13% as executives selloff $10 billion of shares in 2026 alone (30% of company) all while the company lost access to traditional financing leaving equity and bond holders “holding the $75 billion bag of losses”. “Gundlach took it a step further and compared it to issuing asset-backed securities that were guaranteed by bananas. "Why not do a 30 year ABS deal backed by warehouses of bananas? It's OK, they'll be newly engineered bananas of unknown life," he added.”

Elon Musk has temporarily moved into a motor home on-site in Tennessee. Speaking on the All-In podcast, he confirmed he is staying in an Airstream trailer parked directly at the Memphis facility. Living here allows him to work alongside engineers to speed up work on xAI's Colossus supercomputer.