Newsquawk Daily Asia-Pac Opening News - 23rd September 2026

US stocks closed mixed on Tuesday, with NDX outperforming amid gains in semiconductors and memory names, although materials was the best-performing sector, followed by staples and healthcare, while financials and energy lagged, which weighed on the SPX's performance. Energy declined amid downward pressure in crude prices as market optimism builds on a diplomatic solution between the US and Iran, which would bring increased energy supply with it. Trump noted that US officials met with the Iranian delegation, in what was a "very productive" meeting, with his preference for a deal. However, he also threatened Pickaxe Mountain with strikes if the US sees activity taking place there. In response, Al Jazeera reported that Iran's position has not changed, while Iranian sources refuted recent reports from Kyodo and Reuters that Iran was willing to reopen the Strait of Hormuz if the US lifted its blockade. USD strength carried over through Tuesday as rate hike expectations held despite the continued downward pressure in energy prices. Fedspeak was seen from 2027 voter Barkin and 2028 voter Collins, both expressing support for last week's rate hike. Collins described the FFR as somewhat restrictive, whilst Barkin noted that there is momentum outside data centres and AI, with consumer spending holding up and strength in defence and manufacturing. Outside of Fed speak, the focus was on the UNGA, in which Trump met with several leaders. The highlight came via Trump noting US officials met with the Iranian delegation, describing the meeting as very productive, adding he would prefer to make a deal. Meanwhile, Kyodo reports noted that Iranian officials said Iran could reopen the Strait in seven days, once the US ends its blockade, although Iranian sources via Fars refuted the reports. Looking ahead, highlights include Australian PMIs, Singapore CPI, Supply from Australia, Japanese Holiday Closure. SNAPSHOT STOCKS S&P 500 Flat Nasdaq Comp. +0.5% DJIA -0.4% Russell 2000 +0.5% ES Dec'26 -0.1% RTY Dec'26 +0.6% NQ Dec'26 +0.7% YM Dec'26 -0.4% FX DXY +0.1% (100.55) EUR/USD -0.2% USD/JPY +0.1% GBP/USD -0.2% BONDS US T-Note Dec'26 -0.5 ticks 10yr Bund Dec'26 +9 ticks US 10yr Yield 4.96% German 10yr Yield 3.45% ENERGY & METALS WTI Nov'26 -2.7% Brent Nov'26 -1.8% Spot Gold +0.4% LME Copper +0.8% CRYPTO Bitcoin -0.4% Ethereum -1.0% As of 21:50BST/16:50EDT LOOKING AHEAD Highlights include Australian PMIs, Singapore CPI, Supply from Australia, Japanese Holiday Closure. Click for the Newsquawk Week Ahead. IRAN CONFLICT US President Trump said he thinks a settlement will be reached on Iran, adding that some US-Iran communication has taken place even today and that the relationship with Iran is developing. US President Trump said envoys Witkoff and Kushner met with Iran mediators and that there were lots of good thoughts. Trump later commented that he thinks Iran will do something good and there is a lot of momentum for Iran to make a deal, while he thinks Witkoff and Kushner will get this thing ended, but added there will be a time when it's too late for Iran. Furthermore, he warned that they may have to blow up Pickaxe Mountain and that they will attack if they see activity, as well as reiterated that he thinks the Iran war could end after the Midterms, maybe before. US President Trump said US officials met with the Iranian delegation for three hours, adding that the meeting went very well and was very productive, with another meeting with Iran scheduled in the near future. Trump said, "But certainly, it's to their advantage to make a deal. And we can do that. It's preferable, I guess." US President Trump said Iran will no longer be the bully of the Middle East and will never have a nuclear weapon, while urging Iran to make a deal. Trump said Iran is refusing and that he has a big decision to make between allowing Iran to rebuild or "annihilate" Iran, adding that a deal will come after the mid-term. Trump also called on all nations to join the enforcement of economic isolation of Iran. US President Trump reportedly told advisers he would like to meet Iranian officials if "conditions are right", according to CNN, although nothing is currently scheduled and it is unclear whether Iran is open to a meeting. Trump was also expected to meet representatives of nine Arab nations on Tuesday to discuss Iran, with the countries expected to urge him to de-escalate tensions and reach an agreement, according to N12's Ravid. US Secretary of State Rubio said he is open to a meeting with Iran at the UN, according to NBC, adding that he does not think anything is scheduled between Trump and Iran and that Trump is open to meeting anybody. Rubio also said the US intends to honour its commitments with Saudi Arabia and, regarding the Ukraine war, is concerned about US-linked ships being targeted and wants to bring the conflict to an end. Rubio said an energy infrastructure ceasefire in Ukraine would be a great idea. Meeting between the US and Iran was planned in advance, while the talks revolved around conditions for renewing negotiations and opening Hormuz, although no agreement was reached on most of the disputes and another meeting is to be held in the coming days, according to Israel's Hayom citing US sources. A high-ranking source told Al Arabiya that the New York meeting between the American and Iranian delegations broke the deadlock in the negotiations, while a breakthrough between America and Iran is possible, but it requires multiple steps. Furthermore, a separate source said Iran's announcement of conditions for opening the Strait of Hormuz was the reason for accepting Witkoff's request for this meeting, while strict conditions were conveyed to the US representative. Al Jazeera reached out to Iranian sources regarding the potential for further diplomatic engagement between the US and Iran, while they heard from almost all of the sources that Iran has not changed its positions, and a security source said if the US fulfils its commitments based on Iranian demands – and if there are sufficient practical assurances – there would be an opportunity for engagement. Iranian delegation began walking out as US President Trump spoke about Iran and the choice he has to make. Iranian President Pezeshkian said the US has trampled on the texts of agreements it made with Iran, according to Al Jazeera. Iranian Foreign Minister Araghchi met and held talks with Qatar's Foreign Minister, according to Tasnim. Iranian Parliament Speaker Ghalibaf said US President Trump cannot impose his power on Iran, adding that Iran will neither shut down nor surrender. Ghalibaf also commented that Iran's missile technology is at a stage where it can "target anywhere it decides" and that Iran will never yield in the conflict. IRGC said if Iran's national interests require negotiations alongside the war, then it must negotiate, adding that it will respond to any enemy strike with multiple strikes across different arenas and in various ways, according to Al Jazeera. IRGC spokesperson warned US leaders and the administration against repeating actions previously attempted against Iran that ended in failure. Iranian IRGC official said the war is still ongoing and the Strait of Hormuz is not open, adding that the US is lying. Iranian Revolutionary Guards spokesman said Iran had "toughened" conditions for ending the war after the collapse of the US deal, according to AFP. He said, "They broke the agreement and committed another vicious act. We have therefore toughened our conditions." He added, "We are not their playthings, and they cannot unilaterally violate an agreement they signed whenever they please." He also said the US had "no choice" but to accept Iran's conditions. Iranian security source said Iran will only consider talks with the US if Washington fulfils commitments relating to Iranian conditions and provides practical guarantees, according to Al Jazeera. The source said, “The claim that the Strait of Hormuz would be reopened in return for a reduction in tensions is incorrect, and the strait will not be reopened until the stated conditions are met.” The source said Tehran had previously taken positive steps that were not met with a similar US response. Iran's conditions for resuming talks include an end to the war on all fronts, negotiations on a timeline for Israel's full withdrawal from southern Lebanon, release of frozen funds, lifting of the naval blockade, removal of newly imposed sanctions, an end to military threats and an oil waiver. Iranian senior official said Tehran welcomes a revival of diplomacy if the US takes tangible steps, adding that the Iranian delegation is in the US with full authority to revive diplomacy, according to Reuters. Iranian sources via Fars rejected reports from Kyodo and Reuters that Tehran is ready to reopen the Strait of Hormuz within seven days if US military pressure is reduced and the blockade of ports is lifted, calling the reports invalid and untrue. Iran plans to detain ships until a 20% Hormuz fine is paid, according to Fars. Qatar and Pakistan have again entered mediation between the US and Iran, according to ILNA, with sources adding that Iran has asked China to take a greater role in bringing the US and Iran to the negotiating table. Several countries mediating between the US and Iran were holding contacts with both sides and worked to arrange a senior-level meeting between the US and Iran, according to a source. Emir of Qatar said the Gulf crisis can be resolved through diplomacy, reopening the Strait of Hormuz and returning to negotiations. Turkey, Egypt, Saudi Arabia and Pakistan said in a joint statement that Saudi Arabia has an inherent right under international law to self-defence and to protect its territory and people. Israeli Defence Minister said Israel will bomb Iran for a third time if necessary until the regime is overthrown. Israeli government is set to approve the recall of up to 200k reservists, according to sources. US TRADE US stocks closed mixed on Tuesday, with NDX outperforming amid gains in semiconductors and memory names, although materials was the best-performing sector, followed by staples and healthcare, while financials and energy lagged, which weighed on the SPX's performance. Energy declined amid downward pressure in crude prices as market optimism builds on a diplomatic solution between the US and Iran, which would bring increased energy supply with it. Trump noted that US officials met with the Iranian delegation, in what was a "very productive" meeting, with his preference for a deal. However, he also threatened Pickaxe Mountain with strikes if the US sees activity taking place there. In response, Al Jazeera reported that Iran's position has not changed, while Iranian sources refuted recent reports from Kyodo and Reuters that Iran was willing to reopen the Strait of Hormuz if the US lifted its blockade. SPX +0.00% at 7,765, NDX +0.82% at 30,732, DJI -0.36% at 51,869, RUT +0.51% at 2,890. Click here for a detailed summary. TARIFFS/TRADE Chinese President Xi is reportedly unlikely to bring a business delegation to his meeting with US President Trump, with the summit also unlikely to include Chinese CEOs, according to the WSJ. Preparations remain ongoing, and plans could change. China's MOFCOM said its Commerce Minister met with the German Auto Industry Association President to discuss bilateral auto cooperation and China-EU trade, adding that China is not the root cause of EU trade problems. US Treasury Secretary Bessent's proposed AI safety "notification mechanism" is an open channel between him and Chinese Vice Premier He Lifeng, according to four people familiar with the matter cited by Politico. UK PM Burnham said he pushed US President Trump on tariffs and stated that Trump understands the UK's position on the Falklands. UK PM Burnham will call on EU Commission President von der Leyen to allow the UK to participate in the EU's Made in Europe industrial framework, according to the FT. India’s PM Modi expected to visit Canada in December to sign trade deal, according to The Globe and Mail. NOTABLE HEADLINES Fed's Barkin (2027 voter) said the Fed raised rates last week because risks to inflation outweigh risks to maximum employment, adding that last week's rate hike "will help" restore price stability. Barkin said "we'll see" if more hikes are needed and that while it is tempting to blame high inflation on a handful of categories exposed to energy costs or tariffs, much of the personal consumption expenditures index is climbing by more than 3%. Barkin said the labour market is not overheated or even particularly tight and that he does not see much evidence of stretched consumer balance sheets. Fed's Collins (2028 voter) reiterated she supported last week's rate hike and now sees an increased likelihood of scenarios in which inflation remains notably above 2%, adding that upside risks to inflation have increased while labour market conditions appear somewhat stronger overall. Collins said with the labour market on a better footing, monetary policy can focus on a timely return to price stability, particularly after five and a half years of inflation being too high. She added that somewhat restrictive FFR will help ensure inflation durably returns to target. US President Trump said the US is stronger now than ever before and that its future is very bright, adding that more than 1mln private-sector jobs have been created. Trump said more than 1.5mln people have been lifted out of poverty, that more money is being invested in the US than any other country in the world and that USD 21tln in new investments have been secured globally. Trump said there will be no global taxes and called on all ICC members to resign. US President Trump said all US documents will use "Super Intelligence" regarding AI, adding that the US is leading China by a lot and will not stifle AI growth. US Treasury Secretary Bessent is reportedly eyed for Trump's AI czar, according to Semafor. US Treasury Deputy Secretary said the US will continue to expand and enhance its buyback programme, adding that stablecoins may increase demand for US Treasuries. The Deputy Secretary said banks view Treasuries as attractive assets for liquidity, returns, including when purchased on asset swaps, and benefits in asset-liability management. He added that investor demand has also grown significantly in the Treasury bill market. DATA RECAP US Richmond Fed Manufacturing Index (Sep) -2 vs. Exp. 5 (Prev. 4). US Richmond Fed Manufacturing Shipments Index (Sep) -5 (Prev. 11). US Richmond Fed Services Revenues Index (Sep) 0 (Prev. -8). US Philadelphia Fed Non-Manufacturing Regional Activity Index (Sept.): -22.0 (exp. -8.7, prev. -10.6). US ADP Employment Change Weekly 20K (Prev. 16.25K). FX USD strength carried over through Tuesday as rate hike expectations held despite the continued downward pressure in energy prices. Fedspeak was seen from 2027 voter Barkin and 2028 voter Collins, both expressing support for last week's rate hike. Collins described the FFR as somewhat restrictive, whilst Barkin noted that there is momentum outside data centres and AI, with consumer spending holding up and strength in defence and manufacturing. Outside of Fed speak, the focus was on the UNGA, in which Trump met with several leaders. The highlight came via Trump noting US officials met with the Iranian delegation, describing the meeting as very productive, adding he would prefer to make a deal. Meanwhile, Kyodo reports noted that Iranian officials said Iran could reopen the Strait in seven days, once the US ends its blockade, although Iranian sources via Fars refuted the reports. EUR slightly softened against the dollar in a choppy fashion, with little fresh drivers from the bloc. GBP weakened amid the firmer buck but with price action in GBP/USD confined within the 1.3300 handle, while the attention was on the meetings during the UN General Assembly, with UK PM Burnham meeting US President Trump for the first time and was said to have pushed Trump on tariffs. JPY failed to sustain early strength with USD/JPY returning to flat territory against the dollar after recovering from an initial dip beneath the 157.00 handle. FIXED INCOME T-notes settled slightly lower, and yields were little changed despite a drop in oil prices as eyes turn to the next buyback announcement and auctions. COMMODITIES Oil prices declined amid hopes for US/Iran diplomacy and signs of supply returning after Saudi Arabia restarted the East-West oil pipeline and was preparing to resume crude exports from Yanbu. In terms of geopolitics, a senior Iranian official said Tehran welcomes a revival of diplomacy if the US takes steps and that Iran could reopen the Strait within seven days if the US eases military pressure and lifts the blockade, which was denied by some sources, although US President Trump later announced that envoys Witkoff and Kushner met with the Iranian delegation and said there were lots of good thoughts. Saudi Arabia restarted the East-West oil pipeline and is preparing to resume crude oil exports from Yanbu port later on Tuesday, according to trade sources. Satellite images showed Saudi oil terminal Ju'aymah was busy again, with six supertankers loading crude and another at Ras Tanura. Libya's National Oil Corporation said the shutdown of the Sharara-Zawiya crude pipeline has cut production by around 130k BPD, warning that losses will increase if the shutdown continues. US is discussing a USD 10bln joint investment fund with Arab states to repair energy and other infrastructure damaged during the Iran war, according to the FT. US President Trump said he has called for a ban on diesel exports and is currently examining it, while Treasury Secretary Bessent said the administration is also examining the measure. GEOPOLITICAL RUSSIA-UKRAINE US President Trump said he wants to settle the Russia-Ukraine war and that Russian President Putin should end the conflict. Trump said he has a good relationship with Ukrainian President Zelensky and they are working on a solution to end the war, while he added the US relationship with Ukraine and Europe is very strong, while he thinks Ukraine will make a deal and that Putin is willing to meet to end the war. US President Trump said the US is working closely with the leaders of Russia and Ukraine and will get the conflict resolved, adding that it will "definitely get it done fast." Ukrainian President Zelensky said he hopes US President Trump will help Ukraine end the war before winter. Zelensky also said Ukraine is ready for any format of an energy ceasefire and he asked Trump to raise the Russia issue with Chinese President Xi. EU agreed to extend Russian sanctions for a three-year period. OTHER US President Trump said the US will have a much more secure relationship after the Greenland deal, while Trump signed the security agreement with Denmark and Greenland. Cuban delegation walked out of the UN General Assembly as US President Trump said Cuba will fall and that the US is seeking fundamental change in Cuba, while US Secretary of State Rubio is in intensive talks with Cuba. ASIA-PAC NOTABLE HEADLINES US President Trump said Japanese PM Takaichi has done a great job and that Japan is doing well, adding that he will discuss China-Japan relations with Takaichi. Chinese regulators asked some banks not to classify overdue Vanke (2202 HK) loans as non-performing and to extend loan repayments, according to reports. China's internet regulator is investigating DeepSeek and Moonshot AI after Anthropic alleged both companies had been routing sensitive user data to Claude models, according to The Information. EU/UK NOTABLE HEADLINES US President Trump said he spoke with UK PM Burnham about Rolls-Royce (RR LN) and energy, adding that the US can do business with Burnham and that trade with the UK is now going well. PM Burnham said the two discussed the Falklands and told Trump the UK is ready to play its part in the Middle East, while he stated UK trade is doing well and relations between the UK and US are improving. UK Labour MPs are urging the government to close stamp duty loopholes, according to FT. ECB's Nagel said oil prices are not the only indicator, but have become more relevant over the past four years, while he is not so concerned by labour market developments.