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The proposal targets one of the more crypto-friendly tax regimes in Europe, and its main effect for now is on sentiment rather than price, since it only concerns future acquisitions and remains unlegislated. A confirmed timeline could still prompt longer-term German holders to reassess disposal timing around the 2027 cutoff, particularly those weighing whether to realise gains under the current exemption before the new rules could apply. The measure's modest projected revenue, starting near €160 million and rising toward €350 million annually, suggests this is being framed more as a structural alignment with existing capital income rules than as a major fiscal lever. A prior attempt by the Green Party to change crypto tax treatment was…

The major U.S. stock indices are closing lower for the third consecutive trading day, pressured by rising oil prices, higher Treasury yields and continued concerns about inflation. Tomorrow, we get a piece of the inflation with the PPI data in the US that will be released at 8:30 AM. On Friday the more important CPI data will be released. The combination will have analysts piecing together the PCE inflation data which is the Fed favored measure of inflation.

Brent crude moved above $100 per barrel ($101.64 was the intraday high) as escalating tensions in the Middle East increased concerns about disruptions to global energy supplies. WTI crude also moved sharply higher toward $97. Higher energy prices can feed into inflation, complicating…

The economic calendar for Asia today does not show impactful data releases. 

We will, of course, have ongoing war developments to deal with, along with specualtion ahead of US inflation reports due Thursday (PPI) and Friday (CPI - what Goldman Sachs expect ('benign') here).

The comments from US Treasury Secretary Scott Bessent from late yesterday are worth repeating.

“I am the house now, so when we intervene with the Japanese yen, I have pretty good insight into what the Japanese, what the Bank of Japan is going to do, what Japanese policymakers are going to do, bet against me if you want” Bessent said at a Southern Methodist University event in Texas."Whenever people say, 'The Treasury Secretary is taking a risk'... it's my dream. I have asynmettic information," he said.

This raises a multitude of questions. The first one that comes to mind is: Who is pulling the strings at the Bank of Japan? It's not an 'independent' central bank as the Fed claims to be but there is a 9-person board that presumably votes on…

The price of gold remains in an up-and-down trading range as buyers and sellers battle for control. The technical levels are clearly defined, but the market is still waiting for the next shove—and ultimately a break—to establish the next directional move.

At the start of September, gold moved below its 100-day moving average, which was near $4,384 at the time, and extended down to a low of $4,283 on September 2. Buyers then stepped in aggressively, pushing the price back up to approximately $4,510 on September 3.

Since then, the price action has been more balanced.

Yesterday’s decline reached approximately $4,345, right near an upward-sloping trendline connecting the August low with the September 2 low. That trendline held, and the price…

Trump says oil prices will come tumbling down after the midterm elections. He said that getting oil down will 'take a little longer' but wil come 'shortly, right after the election, He said gasoline will fall below $2. It hit a Labor Day record above $4 on the weekend.

Republicans in close races won't want to hear that and I would take it as a bullish sign for oil as it looks like he's not planning on a TACO before November.

Trump says oil prices will come tumbling down after the midterm elections. He said that getting oil down will 'take a little longer' but wil come 'shortly, right after the election, He said gasoline will fall below $2. It hit a Labor Day record above $4 on the weekend.

Republicans in close races won't want to hear that and I would take it as a bullish sign for oil as it looks like he's not planning on a TACO before November.

Trump says oil prices will come tumbling down after the midterm elections. He said that getting oil down will 'take a little longer' but wil come 'shortly, right after the election, He said gasoline will fall below $2. It hit a Labor Day record above $4 on the weekend.

Republicans in close races won't want to hear that and I would take it as a bullish sign for oil as it looks like he's not planning on a TACO before November.

The market has gone through various phases where stock markets sold off on fears surrounding AI. There were a few specific things:

• That it hit a wall
• That it was too expensive
• That it was commoditized
• That various labs were going to outright win

What the market will need to contemplate next is the question: What if it's too powerful?

On Tuesday, Jacob Coxon, a researcher at Anthropic, said he resigned after three years of model pre-training at OpenAI and Anthropic.  "Neither company is acting responsibly. They are racing straight to self-improving superintelligence and gambling with our lives," he wrote.

He followed that up with a warning:

This was a reopening so it's 9 years, 11 months.

This should unwind some of the angst about Bessent's buyback as it's a 1.5 bps stop through, which is the most since April 2025.

In any case, this is still the most the Treasury has paid to borrow of 10 years since 2007.

• Bid to cover at 2.71 vs 2.53 prior

This is like the start of a sci-fi horror movie.

Reuters reports that six sets of independent researchers have discovered that OpenAI's rogue agents were running wild on the internet, communicating on 10 additional undisclosed websites.

"It's almost certain that there's more going on here that we just don't know about," said one of the researchers who found it. One estimated at least 23 sites.

Even worse, this was all back in May-June and OpenAI didn't disclose it.

The sites were communally edited wikis, online text storage sites, and link shorteners run byu Vanderbilt University and the University of Toronto.

What's terrifying is that the agents were told to only read on the internet but broke those rules and began posting and communicating.…

Crude oil futures are trading sharply higher as tensions in the Middle East continue to escalate and concerns grow about the security of global oil supplies.

Yesterday, U.S. forces said they destroyed five Iranian oil tankers after Iran launched missile attacks against a U.S. warship. Iran responded by targeting a U.S. base in Jordan and threatening additional action against shipping in the Persian Gulf.

The conflict also widened after Iranian-backed Houthi forces attacked several Saudi cities and oil facilities. Overnight, Iran said it attacked 10 ships near the Strait of Hormuz—the largest wave of attacks against shipping since the war began. Iran is also threatening new maritime exclusion zones, increasing the risk of further disruptions…