Daily Briefing — 2026-08-18

Today’s Key Themes

Global bond markets remain the central stress point, with the U.S. 30-year Treasury yield hitting its highest level since 2007 amid inflation and fiscal worries across major economies. Equities have so far shrugged off rising yields, but the tension between resilient stocks and a global bond selloff is a key dynamic. Meanwhile, oil prices jumped to $91 per barrel as Middle East tensions escalated, dragging major U.S. indexes lower. In digital assets, legislative clarity remains elusive: the Clarity Act impasse leaves the SEC, CFTC, and Treasury to shape crypto policy, while the Treasury has opened a 60-day comment period on GENIUS Act stablecoin rules. Japan has brought crypto under its Financial Instruments and Exchange Act, and the Bank of Russia now caps brokers’ crypto equity at 25%. Also notable: the OCC granted World Liberty Financial a conditional bank charter.

Upcoming Events

Today’s calendar features high-impact Canadian CPI data—including median, trim, and common measures—alongside a slate of Chinese activity indicators (industrial production, retail sales, fixed asset investment) and an NBS press conference. Japan releases preliminary GDP and activity data, and the U.S. sees the Empire State Manufacturing index.

What to Watch

Traders should watch how Treasury yields react to inflation prints and whether the rise in crude persists, as both will likely guide risk sentiment. Also monitor any regulatory headlines from the Treasury’s stablecoin consultation and the SEC’s delayed crypto meeting—these remain unresolved policy drivers.