Russia’s invasion of Ukraine led to the collapse of a UN-backed Black Sea grain initiative in July 2023, and Russia and Ukraine together account for 27.4% of global wheat exports, setting the stage for a sharp rise in wheat prices. A separate shock has come from the US-Iran war that began on February 28, which lifted average Brent spot prices in March-August to $98 a barrel, up 41% from March-August 2025. The combined pressures are worsening food and energy strains across the Global South, including major energy importers such as India.

CoreWeave’s interest expense reached $640 million, rising 2.4 times year over year, underscoring the financial strain from its rapid expansion. The company has continued to grow revenue. However, the high interest burden could pose risks to its long-term sustainability.

New Zealand’s central bank raised its key interest rate for a second consecutive meeting. The move aims to shift policy settings toward a less stimulatory stance to head off inflationary pressures. It marks a further tightening of the country’s monetary policy.

The Reserve Bank of New Zealand lifted the official cash rate by 25 basis points to 2.75% from 2.5%. The move was widely expected by the market.

Zurich Insurance Group disclosed changes to its U.S. equity portfolio for the second quarter of 2026. The Swiss insurer sharply increased its holdings in AMD and Eli Lilly. It also reduced its position in Microsoft, reflecting an allocation shift during the quarter.

Renewed Middle East hostilities pushed oil prices higher, with Brent futures at $95.52 a barrel and WTI at $91.02. Expectations of a Federal Reserve rate hike in September rose to 67% from about 40% a week earlier, while the 10-year U.S. Treasury yield climbed to 4.8%. The dollar strengthened as the pound slipped to $1.3509, the Australian dollar held at $0.7143, and the yen stayed weak.

Australia’s statistics agency reported that GDP rose 0.4% q/q in the second quarter, above the market forecast of 0.3%. The prior reading was 0.3%. The slight pickup in growth suggests resilient domestic demand, while cost pressures persist and markets are watching the RBA’s next policy steps.

Australia’s economy expanded 0.4% quarter-on-quarter in the second quarter, beating most economists’ expectations and reinforcing market bets on a near-term Reserve Bank of Australia rate increase. Traders lifted the implied probability of a September hike to about 70% and fully priced in at least one increase by November, according to Bloomberg analysis of futures pricing. Market expectations for the cash-rate peak rose to 4.8%.