Crypto News: Economic D-Day

Good morning. Trump says the US is waging economic warfare against Iran. Lula faces voters one last time as Brazil’s presidential frontrunner. And parents are paying up for a gap year to give their kids an edge. Listen to the day’s top stories.

— Marc Perrier

Market Snapshot
S&P 500 Futures	7,725.50	-0.0%
Nasdaq 100 Futures	29,525.00	+0.0%
Bloomberg Dollar Spot Index	1,190.84	-0.1%
WTI Crude Oil Futures	$88.03	+2.6%
Market data as of 06:45 AM ET. Data is subject to provider delays.	Your watchlist

Donald Trump announced plans to subject Iran to an “economic D-Day,” underscoring his rising frustration with Tehran’s refusal to capitulate despite months of military strikes. He offered no details, but the threat to target Iran’s trading partners, none of which he cited by name, put an immediate focus on China, which buys the bulk of Iran’s oil. Oil gained for a fifth day as traders weighed Iran’s economic isolation.

Markets are still digesting Treasury Secretary Scott Bessent’s shock intervention to stem a potentially damaging rise in borrowing costs, with JPMorgan warning that traders may question its credibility. Some investors say the dollar could ultimately pay the price as Bessent emerges as the most interventionist Treasury chief in decades.

South Korean memory chipmakers are still in focus as they face concerns about the AI spending boom. SK Hynix may follow up its new mega stock buyback with additional shareholder returns worth at least $130 billion through next year, says JPMorgan. Samsung Electronics is planning to announce a shareholder return program topping $72 billion, MoneyToday reported.

The tentative trade deal between the US and Canada would lower tariffs on certain Canadian exports of steel and aluminum to 25% and cut duties on Canadian auto exports to 15%, people familiar said. The draft agreement adds pressure on Mexican negotiators to secure comparable relief from US import duties, according to a Mexican official familiar with the matter.

Warning Signs Are Flashing at America’s Overheating Landfills

Colombia declared a 30-day economic emergency to tackle the fallout from its devastating earthquake. The decree expands new President Abelardo de la Espriella’s powers to respond to the 7.4-magnitude quake that struck Aug. 10, killing at least 314 and leaving 4,430 injured and 262 missing.

Deep Dive: Lula’s Final Push

Six weeks from Brazil’s election and a year after his popularity sank to career lows, President Luiz Inácio Lula da Silva is waging what he says will be his final campaign as the frontrunner.

Lula is considered the favorite to beat right-wing challenger Flávio Bolsonaro, whose campaign has been marred by a feud with his stepmother and links to a banker at the center of a financial fraud probe.
But the world’s biggest presidential election of 2026 is far from settled. Despite the chaos surrounding Bolsonaro’s campaign, he trailed by just three percentage points in a poll released last week.
It’s a reminder that the voter fury fueling a global wave of anti-incumbent sentiment could still hit highly polarized Brazil in the October ballot.
Lula’s frontrunner status also owes much to political nemeses Donald Trump and Jair Bolsonaro: Trump’s tariffs boosted Lula’s approval, while Bolsonaro’s backing of his son, Flávio, divided allies and investors.
The economy that’s long served as Lula’s calling card, meanwhile, is slowing. Still, the prevailing sentiment is that he’s on the verge of victory.

The Big Take

China is closing the AI gap with the US, raising concerns for firms such as OpenAI and Anthropic, which are chasing trillion-dollar valuations based on their purportedly superior capabilities and prospects.

Big Take Podcast

Why Bessent Is Boosting Treasury Buy-Backs

Opinion

Bessent’s bond-burner move shows the Treasury has impressive yet limited power, John Authers writes. For long-term impact, drastic changes in fiscal policy are needed, not signaling and symbols.

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Before You Go

Natalia Bertran’s son Jorge in the Amazon during his gap year program. Photographer: Noor Saad — Natalia Bertran’s son Jorge in the Amazon during his gap year program.

Premium gap years are gaining appeal as families question whether a college degree alone is enough to stand out. Some parents are paying $95,000 to give their kids an edge despite scant evidence that the programs deliver.

A Couple More

The Hottest Travel Souvenir Is Learning a New Skill

US Alcoholic Beverage Consumption Stabilizes at a Historic Low

Bloomberg Power Players - New York: Set against the backdrop of the US Open Tennis Championships, Bloomberg Power Players returns to New York on Sept. 10, bringing together the leaders shaping this global industry. From athletes and team owners to commissioners and investors, this event will gather the most influential voices in the multitrillion-dollar sports economy. Learn more here.