Market Quick Take - Copper hits a record and the yen jumps as oil holds near USD 98 - 08 September 2026

Key arguments

• Copper's record high is supported by market tightness and anticipated US tariffs, with demand from data centers and renewables outstripping constrained mine supply.
• The yen's sustained strength is driven by expectations of tighter monetary policy, with USDJPY nearing its yearly low.
• Oil remains elevated due to Hormuz tensions and potential supply disruptions, despite talks of a shipping management deal.
• Equities face headwinds from rising oil prices and inflation concerns ahead of key US CPI data, while chip stocks rally in Asia.
• Fixed income: European yields remain near cycle highs on energy prices, while long-dated JGBs rally on value buying.

Corresponding source evidence

1. • Equities: US markets were closed, Europe stayed flat as oil revived inflation worries, Asia was mixed as chips rallied but yen strength weighed.
2. • Digital Assets: Bitcoin drifted lower over the long weekend as Coinbase pushed further into regulated derivatives.
3. Oil surged nearly 10% last week as renewed US-Iran clashes, including US strikes on Iranian tankers and attacks on ships and military targets around Hormuz, stoked supply fears.