The big picture
The Bank of Russia's digital ruble launch on September 1 is the day's defining event, with 12 systemic banks covering 80% of the payment market and online banking share tripling to 15% from 5% in a year. Meanwhile, energy markets show a split: WTI fell −10.12% to $79.22 in June, while Henry Hub rose 3.31% to $2.89, and Waha gas at −$17 highlights regional dislocation. Peru's twin surpluses—current account at 4.5% of GDP and fiscal deficit at 1.3%—offer a counterpoint to global energy-driven inflation, supporting sovereign credit.
On the watchlist
- On September 1, 2026, monitor the digital ruble's operational launch and any early transaction volumes or technical glitches.
- By September 23, 2026, watch for South African Reserve Bank comments on the Flac capital deduction directives, which could raise funding costs for mutual banks.
- Watch the euro area's next inflation expectations release in August 2026 to see if the 12-month expectation continues its decline from the July level.
- Monitor WTI prices in July 2026 for a rebound after the June average of $79.22, which would signal whether the March-June decline is reversing.
Top stories
2Hormuz closure reshapes crude and gas pricesCommodities & Energy
3Peru's twin surpluses bolster sovereign creditPDFRates & Bonds
4Euro area inflation expectations ease, long-term stableRates & Bonds
— ECB · Banco de España
5Consumer inflation expectations ease, labor fears risePDF · 4 pp.Other market topics
Also today
SEC fines unregistered broker in muni bond deals★ Barely reportedRates & Bonds
— SEC
Bulgarian pension savers get sub-fund choice★ Barely reportedRates & Bonds
South Africa proposes Flac capital deduction rules★ Barely reportedRegulation & Structure
— SARB
Deep dives
In brief
Rates & Bonds 28 items
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Announcement of the Launch of the Public Offering of BAI Sustainable Bonds — Comissão do Mercado de Capitais (Angola)
MSB Issuance Notice(DC026-1124-0910) — BankOfKorea_Notice
Notice regarding auction of 6-month deposit collection of Rs. 85 billion on Bhadra 5 — Nepal Rastra Bank
The People's Bank of China will issue Renminbi Bills through Central Moneymarkets Unit of Hong Kong Monetary Authority — Hong Kong Monetary Authority
Public sector finances, UK: July 2026 time series — Office for National Statistics (United Kingdom)
Evolution of fuel prices in July 2026 — Eurostat
MPC Meeting Minutes No.98 May 20-21, 2026 — Central Bank of The Gambia
Who’s paying attention? How firms form policy rate expectations — Bank Underground (BoE)
Business confidence rises in August — Statistics Denmark
Monetary Policy Committee decides to keep key interest rates unchanged — Central Bank of Egypt
Trends in Credit Activity - Q2 2026 — National Bank of Serbia
Sovereign Gold Bond (SGB) Scheme Calendar for premature redemption during October 2026 – March 2027 — RBI
Notice of weekly liquidity injection tender No. 34/H/2026 of 24 August 2026 — Central Bank of West African States (BCEAO)
21/08/2026 Announcement of the issuance of 2-year OTA on 26 August 2026 - Chad — Bank of Central African States (BEAC)
Successful Issuance of BDCB Islamic Bills 264th Series — Brunei Darussalam Central Bank
Exchange Fund Notes Tender Results — Hong Kong Monetary Authority
Weekly Sensitive Price Indicator (SPI) for the week ended on 20-08-2026 — Pakistan Bureau of Statistics
25.08.2026 Labour Cost Survey 2024 — Statistics Austria
Report on the results of the bank lending survey – Q2 2026 — National Bank of Serbia
Monetary policy — Bank of Latvia
Statistical Bulletin — Brunei Darussalam Central Bank
Press Release 21 Jul 2026 Consumer Prices - July 2026 — Central Administration of Statistics (Lebanon)
Notice on default interest and interest on monetary claims no. 08/2026 — Financial Supervisory Authority (Iceland)
Equities & Sectors 3 items
Read article — KfW Bankengruppe
Monthly report for July 2026 — Croatian Financial Services Supervisory Agency
Commodities & Energy 3 items
Milk Production — USDA National Agricultural Statistics Service (Today’s Reports)
Cattle on Feed — USDA National Agricultural Statistics Service (Today’s Reports)
21.08.2026 Pig population in Austria declined again in 2026 — Statistics Austria
FX & Emerging Markets 5 items
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47.3 billion dollars remittances from Egyptians working abroad during fiscal year 2025/2026 — Central Bank of Egypt
International investment position of the Russian Federation in national and foreign currencies — CBR
Inflow of direct foreign investments in BiH during 2025 amounted to KM 1.41 billion — Central Bank of Bosnia and Herzegovina
Global Corporate Governance & Latin American Directors Summit Argentina 2026 — Comisión Nacional de Valores (Argentina)
Developments in the balance of travel services: June 2026 — Bank of Greece
Regulation & Structure 12 items
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Commodity Pool Operators and Commodity Trading Advisors: Reduction of Duplicative Regulation Through Intermediary Registration Exemptions; Expansion of the Exemption for Small Commodity Pools — U.S. Federal Register (Finanzaufsicht, Regeln und Entwuerfe)
Eric L. Munson — SEC
Raisin Savings Bank/ Raisin Ireland (CLONE) - Central Bank of Ireland Issues Warning on Unauthorised Firm — Central Bank of Ireland
Placing UKCA or CE marked products on the market in Great Britain — Department for Business and Trade (United Kingdom)
Financial Supervisory Authority of the Central Bank of Iceland concludes case of unlawful disclosure of inside information with settlement — Financial Supervisory Authority (Iceland)
Guidance on Eligible Investments for Trump Accounts — U.S. Federal Register (Finanzaufsicht, Regeln und Entwuerfe)
Otto Lobo meets with TCU President and presents projects to strengthen and modernize CVM — Comissão de Valores Mobiliários (Brazil)
IDEA Annual Tax Meeting — Comisión Nacional de Valores (Argentina)
No direct market impact 24 items
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Installation Maintenance: Better Information on Risks and Challenges Needed to Improve Oversight of DOD Facility Conditions — U.S. Government Accountability Office
Results of the activity on supplementary pension insurance for the first half of 2026 — Financial Supervision Commission (Bulgaria)
14.2 billion paid out in wages in the last 12 months — growth is 6.1 percent — Statistics Faroe Islands
Expenditure on acquisition of tangible fixed assets - Q2 2026 — National Statistical Institute (Bulgaria)
31,100 employed in July — 500 more than last year — Statistics Faroe Islands
Construction cost indices - Q2 2026 — National Statistical Institute (Bulgaria)
In July 2026, total employment was 1,766,371; registered unemployment rate was 3.4% — Croatian Bureau of Statistics
15,220 New Enterprises Registered in April-June 2026 — Statistics Finland
Average monthly net salary for June 2026 was 1,555 euros Median net salary was 1,345 euros 21.08.2026. — Croatian Bureau of Statistics
21 August — Bureau of National statistics (Kazakhstan)
International Policy: 4th Japan-Korea Finance Officials' Meeting (August 21, 2026) — Ministry of Finance (Japan)
Bank of Mongolia presents its sustainable and green finance policy and activities at COP17 — Bank of Mongolia
Reclaim tax relief for pension scheme members with relief at source — HM Revenue & Customs (United Kingdom)
Vaping Products Duty and Vaping Duty Stamps guidance — HM Revenue & Customs (United Kingdom)
Export-Import Bank: Monitoring of Exports with Dual Military and Civilian Uses as of 2026 — U.S. Government Accountability Office
Jesse R. Mitchell — SEC
Advisory fuel rates — HM Revenue & Customs (United Kingdom)
Income Taxes — U.S. Federal Register (Finanzaufsicht, Regeln und Entwuerfe)
Vajra Coin / Vajra Fund — Securities and Futures Commission (Hong Kong)