Wednesday, 9 September 2026

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Your daily brief from the Kristal Research Desk.

Kristal Pulse · today

Chips rally as consumer internet stocks tumble on agentic-AI fears, splitting a lower US market

Your 3-minute daily market update - simplified for busy investors.

The week ahead

Full calendar

TodayTreasury upsized long-end buybacks (10–20 and 20–30 year sectors) begin

TodayTreasury long-end buyback operations rise to at least $4 billion

TodayApple new iPhone launch event

TodayTreasury's doubled bond buyback programme takes effect

TodayUS weekly ADP employment change

TodayUS 10-year note auction; Australia and Germany debt sales; US Treasury long-end buyback announcement; EIA short-term energy outlook

TodayNational Bank of Poland rate decision; ECB President Christine Lagarde speaks

10SepAugust PPI and weekly jobless claims at 8:30am ET; Treasury sells $22 billion of 30-year bonds

10SepUS producer prices (wholesale inflation)

10SepEuropean Central Bank decision

10SepUS 30-year bond auction

10SepOracle and Adobe earnings; options imply ~11% swing in Oracle, consensus near $19.13bn revenue (~28% higher) and EPS ~$1.74 with ~$638bn backlog

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Kristal Lens

Oil jumps 9% on Hormuz escalation as Fed hike odds swing wildly, yet S&P 500 ends flat

WTI settled at $91.22, up 9.32%, and September rate-hike odds whipsawed from two-in-three to a coin flip on conflicting Fed remarks, while the S&P 500 closed up just 0.09% at 7,718.6.

Deepakshi4 Sept2 min

Kristal Reads

Nu Holdings 2Q26: The Left Tail, Narrowed

Nubank posted its first billion-dollar quarter, but the note argues the widening credit-delinquency gap versus Brazilian peers—tied to owning the primary customer relationship—may matter more than AI itself.

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IC Outlook - Q3 2026 | From Fog to Formation

Kristal's Investment Committee made its biggest portfolio pivot since April at its July 6, 2026 meeting, re-engaging selectively with risk after the Strait of Hormuz shock exposed which parts of the global system proved resilient.