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Brent Holds Above $97 as US-Iran Fighting Continues; Treasuries Rebound in Asia, Commerzbank Says

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Brent crude remains above $97 a barrel amid renewed fighting between the US and Iran, according to Commerzbank Research in a note. Treasuries recover in Asian trading on Tuesday.

Iran's US dollar revenues are drying up, according to The Wall Street Journal.

Japanese government bond yields fall, with longer-term yields declining faster, as the yen continues to strengthen, said Commerzbank.

Japanese Finance Minister Satsuki Katayama says she remains in close contact with U S Treasury Secretary Scott Bessent as the yen strengthens.

Japanese investors bought 3.5 billion euros of German government bonds in July, the most since February 2025, while selling US Treasuries for a second straight month, added the bank.

Far-left French presidential candidate Jean-Luc Melenchon says the European Central Bank is "driving the country into a wall," according to Commerzbank.

What else is happening in Sectors?

Sectors

Ferrexpo Resumes Pellet Line Operations in Ukraine

Ferrexpo (FXPO.L) said Monday it resumed production operations in Ukraine by restarting one pellet line.The restoration of Ukrainian operations follows the iron ore pellets producer's $100 million fundraiser on Sept. 4.The company added that it will focus on its exports to European clients amid the conflict in the Black Sea.

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Sectors

Sector Update: Energy Stocks Softer Late Afternoon

Energy stocks declined late Friday afternoon, with the NYSE Energy Sector Index decreasing 0.7% and the State Street Energy Select Sector SPDR ETF (XLE) shedding 0.9%.The Philadelphia Oil Service Sector Index was falling 1.2%, and the Dow Jones US Utilities Index was down 0.4%.Front-month West Texas Intermediate crude oil rose 0.1% to $91.40 a barrel, and the global benchmark Brent crude contract added 0.7% to $96.17 a barrel. Henry Hub natural gas futures advanced 1.1% to $2.95 per 1 million BTU.In corporate news, Shell (SHEL) and Equinor's (EQNR) Jackdaw gas field in the North Sea is expected to receive UK government approval for new drilling this month, news outlets reported. Separately, Morgan Stanley upgraded Shell to overweight from equalweight and lifted its price target to $101.30 from $81.60. Shell shares were up 0.8%, while Equinor was shedding 1.2%.TotalEnergies (TTE) shares were down 0.5% after Morgan Stanley downgraded the stock to equalweight from overweight.BP's (BP) "turnaround" is gaining momentum as stronger commodity conditions, asset sales and cost cutting are expected to accelerate debt reduction and improve the company's balance sheet, RBC Capital Markets said in a note, after hosting a session with BP CFO Kate Thomson. BP shares were up 0.6%.Dominion Energy (D) shareholders have given consent to the company to proceed with the planned merger with NextEra Energy (NEE), according to regulatory filings Thursday. Dominion shares were shedding 0.6%, and NextEra was down 0.9%.

$BP$D$EQNR$NEE$SHEL$TTE
Sectors

Sector Update: Financial Stocks Retreat Late Afternoon

Financial stocks were lower in late Friday afternoon trading, with the NYSE Financial Index decreasing 0.7% and the State Street Financial Select Sector SPDR ETF (XLF) off 0.8%.The Philadelphia Housing Index rose 0.5%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) shed 0.6%.Bitcoin (BTC-USD) was falling 1.8% to $79,763, and the yield for 10-year US Treasuries rose 2.2 basis points to 4.784%.In economic news, total nonfarm payrolls rose by 162,000 last month, the Bureau of Labor Statistics said Friday, compared with a 55,000 increase projected in a Bloomberg-compiled survey.The probability of the Fed raising its target rate by 25 basis points to 3.75%-4.0% in September jumped to 60% after midday from 49% a day ago, according to the CME FedWatch tool. The remaining likelihood is that policy will remain on hold.President Donald Trump called on the Federal Reserve to lower interest rates, saying the US economy is a stronger credit than it was before. In a post on Truth Social, Trump said job growth exceeded estimates and argued that a "strong country means a lower interest rate."In corporate news, Blue Owl Capital (OWL) is planning to create a real estate investment trust for data centers and seek a public listing, Bloomberg reported. The REIT would be seeded with $6.5 billion of Blue Owl's existing data-center assets and then raise money through an IPO and additional share sales to expand the portfolio, the report said. Blue Owl shares were down 1%.Equifax (EFX), Experian and TransUnion (TRU) "have been overcharging Americans for far too long," US Federal Housing Finance Agency Director Bill Pulte said late Thursday on X, adding that his agency is considering solutions to prevent the companies from taking advantage of American consumers. Equifax shares dropped 6.5%, and TransUnion fell 5.8%.Deutsche Bank (DB) led an effort to provide about $950 million of credit to properties owned by troubled Hollywood studio landlord Hackman Capital Partners, which is now in default, the Financial Times reported. Deutsche shares were down 0.5%.Robinhood's (HOOD) blockchain-based transaction fees, known as chain revenue, are surging and are on track to surpass a $100 million annualized run rate, Deutsche Bank said in a note. Deutsche raised its price target to $135 from $115 while keeping its buy rating. Shares were shedding 1.9%.

$DB$EFX$HOOD$OWL$TRU