Six months into the US-led military campaign in Iran, markets have grown accustomed to a grinding stalemate that has far exceeded initial estimates of four to six weeks, as CNBC reports. This prolonged conflict continues to ripple through global energy prices and investor sentiment, even as S&P 500 futures hold steady ahead of Warsh’s Jackson Hole address. In the Arctic, Iceland’s knife-edge EU referendum is being shaped by Trump’s fixation on Greenland, adding a layer of geopolitical uncertainty to the Nordic region.
Crypto markets saw mixed action: Bitcoin slipped under $80,000 to $79,698 but traded at a premium on Coinbase for the first time since May, while Solana led majors higher with a 5.5% gain. The news that Sheikh Tahnoon’s group reportedly backs a stake in a Trump-linked crypto bank underscores the growing convergence between Gulf capital and US digital asset ventures. Meanwhile, the SEC cleared paperwork for an XRP treasury company to move toward a Nasdaq listing, pending a shareholder vote.
In the tech world, a US judge ruled that the Trump administration illegally retaliated against AI firm Anthropic, rejecting the defence that national security concerns justified blacklisting. The ruling is a significant check on executive power. OpenAI, meanwhile, rolled out ads on select ChatGPT plans in India to boost monetisation. On the climate front, a massive mudslide in Nepal wiped out areas of eastern China, with rescue operations paused due to flood risks in Tibet, while a 5.0 magnitude earthquake struck near Fuji, China.
Global health efforts continue as the DRC begins vaccinating frontline workers against Ebola amid the deadliest outbreak in years. In Indonesia, thousands marched on parliament demanding tougher anti-corruption laws. In the UK, NHS leaders warn of chaos in ADHD and autism care as private providers capitalise on demand, while the government announced a crackdown on rogue bailiffs and cowboy builders. Finally, a 6.0 magnitude earthquake struck off Yemen’s coast, and a tropical storm Saudel-26 threatens Japan and China.