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NFP Tomorrow - and this one carries extra weight Friday, September 4 at 12:30 UTC. August payrolls land less than two weeks before the Fed's September decision, with a rate hike now the market's base case. https://t.co/F9D3ozpsde

Tensions between the United States and Iran flared again this week. American forces carried out fresh strikes on Iranian targets and Iran responded with missiles and drones, while concerns grew over possible disruptions to shipping through the Strait of Hormuz, a route that carries a large share of global oil. Oil reacted fast, and Brent climbed to $96.59 a barrel, up more than 2% on the session. Higher crude raises the risk of stronger inflation, which pushed bond yields higher and lifted the market implied odds of a Federal Reserve rate hike at the September 15-16 meeting to around 65-66%. Equity markets in the United States and Asia sold off alongside crypto bitcoin:native as investors priced in the higher inflation and rate risk.

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