The big picture
The ECB's analysis of hyperscaler euro bond issuance and the FSB's warning on AI-driven leverage point to the same mechanism: US tech giants' funding needs are becoming a systemic feature of global markets. The ECB notes their share of reverse Yankee issuance nearly doubled to 10% in 2026, while the FSB flags the cross-investment between AI companies and hyperscalers as a channel that could amplify a disorderly correction. In India, bank credit growth accelerated to 16.5% year-on-year, nearly double the pace a year ago, with private corporate borrowing jumping to 21.1% — a domestic mirror of the global credit surge. These threads share a common driver: leverage is building in both advanced and emerging economies, and the FSB's letter to the G20 warns that fragilities in sovereign debt markets could turn a shock into a cross-border event.
On the watchlist
- ECB Governing Council meeting on 2026-09-10: whether the staff projections incorporate the hyperscaler issuance trend into the euro-area credit outlook.
- RBI monetary policy announcement on 2026-10-07: whether the credit-deposit gap at 16.5% versus 11.5% triggers a change in the liquidity stance.
- Bank Indonesia policy decision on 2026-09-17: whether the trade deficit and money supply contraction at €40bn alter the rate path.
- First settlement under the Indonesia-Singapore LCT framework: confirmation of operational readiness for rupiah-singdollar transactions.
- US dollar index response to a one-standard-deviation uncertainty shock, as quantified in the Fed's International Finance Discussion Paper.
Top stories
2FSB warns of disorderly correction amid AI leveragePDFRates & Bonds
— FSB · Banco de España
3Indian bank credit growth surges, corporate borrowing acceleratesRates & Bonds
— RBI
4Russia's rate path signals gradual easingPDFRates & Bonds
— CBR
5Indonesia's Trade Deficit and Money Supply ContractionPDF · 288 pp.Follow-upRates & Bonds
Also today
Indonesia and Singapore activate local currency settlement★ Barely reportedFX & Emerging Markets
Fed paper maps state-level trend unemployment★ Barely reportedRates & Bonds
— Fed
US uncertainty shocks tighten global credit★ Barely reportedFX & Emerging Markets
— Fed
In brief
Rates & Bonds 48 items
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Interim Management Report for the First Half of 2026 — Comissão do Mercado de Capitais (Angola)
Government Bonds: Issuance Conditions for 2-Year Fixed-Rate Bonds (No. 488) under the New Over-the-Counter Sales Method — Ministry of Finance (Japan)
Government Bonds: Government Bond Interest Rate Information (August 28, 2026) (CSV: 3KB) — Ministry of Finance (Japan)
Notice regarding the auction of 3-month deposit collection of Rs. 20 billion on Bhadra 15. — Nepal Rastra Bank
Economy grew 1.8% in the second quarter — Statistics Estonia
Consumer Price Index – August 2026 — Fiji Islands Bureau of Statistics
Rates and thresholds for employers 2026 to 2027 — HM Revenue & Customs (United Kingdom)
Special Questions — Dallas Fed
Labour Force Survey, July 2026 — Hellenic Statistical Authority (Greece)
Preliminary estimate of the Balance of Payments (June 2026) — Banco de España
Economic picture less negative in August — Statistics Netherlands (CBS)
Banking sector policy discussion: 2027 policy, international conditions, consumer interests, and sector reforms discussed — Bank of Mongolia
August 31, BCRD maintains its monetary policy rate at 5.25% annually — Central Bank of the Dominican Republic
Download (PDF 1KB) — Bank of Slovenia
Suspicion of crimes in trading of bonds issued by the State Treasury and BGK — Polish Financial Supervision Authority
14-Day Auction Results – 31 August 2026 — Bank of Jamaica
RBI to conduct 7-day Variable Rate Reverse Repo (VRRR) auction under LAF on September 01, 2026 — RBI
Notice for Competitive Bidding on Buybacks of Monetary Stabilization Bonds — BankOfKorea_Notice
US Treasury 13-Week Bill — auction 2026-08-31, bid-to-cover 2.770000 — US Treasury (Auction Results)
Government Bonds: Members of the Government Bond Investor Roundtable (as of June 19, 2026) — Ministry of Finance (Japan)
RBF August Economic Review — Reserve Bank of Fiji
MPC statement at a glance — Bank of Mauritius
Financial Stability Report (June 2026) — BankOfKorea_Financial_Stability_Report
Economic Update 8/2026 — Central Bank of Malta
Inflation more severe for low-income households... food cost burden increased more (Yonhap News,.. (Report content) □ 2026.8.30. Yonhap News reported that "Inflation more severe for low-income households... food cost burden increased more" — Ministry of Data and Statistics (South Korea)
July 2026 Industrial Activity Trends □ (Production) All-industry production decreased in services (-1.3%)* but increased in mining and manufacturing (0.2%)** etc. — Ministry of Data and Statistics (South Korea)
Download (PDF 0.39MB) — Bank of Slovenia
31.08.2026 Significant Increase in Expenditure for Child and Youth Welfare 2025 in Austria — Statistics Austria
Residential Mortgage Survey Results for July 2026 — Hong Kong Monetary Authority
Unemployment was largely unchanged from June to July — Statistics Denmark
Other: Publication of the 'Ex-Post Evaluation Report on Policies Related to Special Tax Measures for Fiscal Year 2026' — Ministry of Finance (Japan)
Commodities & Energy 4 items
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Index of Commercial Activity decreased 0.2% year-on-year in July 2026 31-08-2026 Read more — Instituto Nacional de Estadísticas (Chile)
Crop Progress — USDA National Agricultural Statistics Service (Today’s Reports)
Secretary Rollins Announces Ranchers First Initiatives to Rebuild the Great American Beef Herd — U.S. Department of Agriculture
Average prices of fuels rose in August 2026 — Statistics Finland
FX & Emerging Markets 9 items
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Interim Management Report for the First Half of 2026 (Unaudited) — Comissão do Mercado de Capitais (Angola)
Monthly Result of the Economic Expectations Survey - August 2026 — Central Bank of Bolivia
El Salvador's economy maintains solid growth of 5.2% in June 2026 — Central Reserve Bank of El Salvador
Export Commodity Analysis, 2021-2025, Agriculture, Forestry, and Fisheries Sector; Manufacturing Industry Sector; and Mining and Other Sectors — Badan Pusat Statistik (Indonesia) — API
Foreign exchange transactions in September 2026 — Norges Bank
BOLIVIA RECORDS TRADE SURPLUS OF USD 176.0 MILLION IN JULY 2026 — Instituto Nacional de Estadística (Bolivia)
Regulation & Structure 11 items
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UK leads way in disrupting shadowy Russian sanctions evasion network — HM Treasury (United Kingdom)
CMC Publishes Monthly Capital Markets Report for July 2026 — Comissão do Mercado de Capitais (Angola)
AFSA Publishes Notice on the Expected Approach to Event-Based Contracts in the AIFC — Astana Financial Services Authority (AIFC)
Public comments received on proposed IFSCA (Electronic Trading Platforms) Regulations, 2026 — International Financial Services Centres Authority (India)
Rules in DORA replace the ICT regulation — Financial Supervisory Authority of Norway
31 August 2026 Simplification for companies: single portal for ESG data reporting — Bank of Slovenia
2026-08-31 Amendment of certain provisions of the "Regulations Governing Deposit Accounts and Suspected Unlawful or Abnormal Transactions". — Financial Supervisory Commission (Taiwan)
Other market topics 5 items
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PPI 2026 – Q2 — Maldives Bureau of Statistics
CPI July 2026 — Maldives Bureau of Statistics
Industrial Turnover Index, July 2026 — Agency for Statistics (Bosnia-Herzegovina)
Turnover Index in Retail Trade (2021=100.0), June 2026 — Hellenic Statistical Authority (Greece)
No direct market impact 28 items
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£100 million competition to back British AI companies to fix public services — HM Treasury (United Kingdom)
Telecommunications: GSA Should Assess Agencies’ Effectiveness at Preventing Service Disruptions — U.S. Government Accountability Office
Broadband Deployment: Agencies Should Take Steps to Better Target Underserved Areas and Consider Sustainability — U.S. Government Accountability Office
Capital Markets Commission Approves Registration of New Entity — Comissão do Mercado de Capitais (Angola)
MAS Commits S$220 Million to Support Next Phase of FinTech Innovation — Monetary Authority of Singapore
Activity of financial enterprises and of associations and foundations - 2025 - preliminary data — National Statistical Institute (Bulgaria)
Notice - Consultation Paper - Proposed Amendm... — Bermuda Monetary Authority
Support measures for SMEs and small-scale businesses affected by the heavy rain from August 27, 2026 (2nd report) — Ministry of Economy Trade and Industry (Japan)
Trade turnover grew by 5.6% in July 2026 — Statistics Finland
Austin Economic Indicators — Dallas Fed
Is this a good time to rent? — FRED
Business Demography, 2nd Quarter 2026 — Hellenic Statistical Authority (Greece)
Expenditure on acquisition of tangible fixed assets - 2025 - preliminary data — National Statistical Institute (Bulgaria)
Activity of Non-Financial Enterprises - 2025 - Preliminary Data — National Statistical Institute (Bulgaria)
Foreign Direct Investment as of 31.12.2025 - preliminary data — National Statistical Institute (Bulgaria)
FIJI'S GROSS DOMESTIC PRODUCT (GDP) 2025 — Fiji Islands Bureau of Statistics
Demographic Yearbook of Kazakhstan (2021-2025) — Bureau of National statistics (Kazakhstan)
31.08.2026 Revenues in Austrian industry stagnated in May 2026, construction with revenue decline — Statistics Austria
Request made to Hitachiomiya, Ibaraki Prefecture, to conduct literature survey under the Act on Final Disposal of Specified Radioactive Waste — Ministry of Economy Trade and Industry (Japan)
01.09.2026 Preliminary new motor vehicle registrations from 1 to 31 August 2026 by brand — Statistics Austria
Governor Ulrik Nødgaard's presentation at PSD3 & Open Banking: resilient payments from Danmarks Nationalbank's point of view — Danmarks Nationalbank
At the 10th Fukushima Daiichi Decommissioning International Forum, we discussed the decommissioning and future of TEPCO's Fukushima Daiichi Nuclear Power Station with local residents — Ministry of Economy Trade and Industry (Japan)