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US Stock Futures Fall Ahead of Fed Meeting as Oil and Treasury Yields Rise: Dow Jones, S&P, Nasdaq, Wall Street

© Carol M. Highsmith Archive, Library of Congress, Prints and Photographs Division US stock futures moved lower on Tuesday ahead of the Federal Reserve’s two-day monetary policy meeting, while investors also monitored higher oil prices, Treasury yields and developments in the Middle East. At 03:20 ET, Dow futures were down 266 points, or 0.5%, while S&P 500 futures declined 28 points, or 0.4%. Nasdaq 100 futures fell 90 points, or 0.3%. Wall Street’s main indices also declined in the previous session. Semiconductor shares moved lower, with the Philadelphia Semiconductor Index recording its largest daily decline since July. The benchmark 10-year US Treasury yield moved above 5% for the first time since 2023 as investors assessed the potential inflationary impact of higher energy prices. “It was another session where September lived up to its reputation as the worst month of the year for asset performance, with bonds and equities continuing to struggle,” Deutsche Bank analysts said. The analysts said they would also monitor US Treasury Secretary Scott Bessent’s testimony to the House Financial Services Committee “to see if he tries to lean in some credible way against the rising tide of bond yields.” The Federal Reserve was due to begin its two-day policy meeting on Tuesday, with its interest-rate decision scheduled for Wednesday. Markets were pricing in approximately a 92% probability of a 25-basis-point rate increase, according to CME FedWatch. Such a move would take the federal funds target range to between 3.75% and 4%. Deutsche Bank analysts said markets were also pricing approximately 90 basis points of rate increases by the Fed’s June 2027 meeting, two basis points more than the previous day. Recent US economic data have shown continued inflationary pressures alongside resilience in the labour market, factors investors are considering when assessing the outlook for monetary policy. Oil prices extended recent gains as investors monitored developments affecting Middle Eastern supply routes.

US Stock Futures Fall Ahead of Fed Meeting as Oil and Treasury Yields Rise: Dow Jones, S&P, Nasdaq, Wall Street
Asia
The Hindu BusinessLine

Amit Shah flags off India’s 1st LNG train; targets zero diesel use in Railways by 2030

Union Home Minister Amit Shah with Gujarat Chief Minister Bhupendra Patel, and others, flags off India's first dual-fuel LNG train from Sabarmati Railway Station, in Ahmedabad, Gujarat. Indian Railways’ push to phase out diesel gained a fresh leg-up on Sunday, with Union Home and Cooperation Minister Amit Shah flagging off the country’s first LNG-powered train from Sabarmati station and setting a 2030 deadline for zero diesel use. Shah said diesel consumption by the Railways had fallen from 293 crore litres in 2015-16 to 108 crore litres in 2024-25, a reduction of about 63.1 per cent, and said the government aims to bring the figure down to zero by 2030. He said the reduction would also help save foreign exchange. “During 2015-16, Indian Railways used to consume 293 crore litres of diesel. By 2025-26, this reduced to 108 crore litres and by 2030 we will reduce it to zero and save forex. This is a big achievement which is seldom noticed,” Shah said at the launch event. The LNG train launch marks a further step in the Railways’ efforts to reduce its dependence on conventional diesel and diversify its fuel mix. The LNG system has been introduced in the train’s Driving Power Cars (DPCs), with the engines capable of running on both LNG and diesel. Under the project, two 1,400 HP DPCs have been converted to LNG-diesel dual-fuel systems. More than 2,000 km of field trials have been completed on the converted DPCs to test the technology’s performance and reliability. The system can replace up to around 40 per cent of diesel consumption with LNG, according to Railways. The dual-fuel configuration allows the engine to switch between LNG and diesel depending on fuel availability, ensuring that train operations can continue even when LNG is unavailable. The Railways expects the LNG system to lower fuel costs and emissions while retaining the power and operating performance of conventional diesel engines. Each DPC has been fitted with an LNG tank of around 2,200 litres capacity. The move comes alongside a broader electrification drive that has significantly reduced the Railways’ reliance on diesel traction. Shah said 99.6 per cent of India’s broad-gauge railway network has been electrified, with work underway on the remaining network. Shah also sought to place India’s electrification progress in a global context. “In China the electrification is 92 per cent, in Spain it is 68 per cent, France it is 60 per cent, and in a small country like Britain it is 49 per cent. Only Sweden has completed 100 per cent electrification but our railway network is 10 times bigger than that of Sweden,” he said. Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments. We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.

Amit Shah flags off India’s 1st LNG train; targets zero diesel use in Railways by 2030
Europe
BBC Business

Lib Dems vow to end 'computer says no' economy to boost growth

Liberal Democrat deputy leader Daisy Cooper has warned the UK's economic growth is being held back by a "computer says no" approach. She unveiled a 30-page growth plan aimed at removing barriers to business as part of her speech to the Lib Dem conference in Brighton. Cooper, who is also the party's Treasury spokesperson, said too many ideas, start-ups and research started in Britain but ended up being taken overseas. She also outlined a new Growth and Defence Partnership with the EU to reverse the economic damage of Brexit, that she claimed is currently costing the UK £90bn a year in lost tax revenue. Speaking on stage in Brighton, she said: "We build brilliant start-ups, and watch too many leave to scale somewhere else. We produce world-class research, and too little of it becomes a British product." "Britain has the potential," she went on. "The system holds it back. The computer says no. "This plan tears down the barriers to investment, to innovation, and to skills." Cooper called for the creation of a digital one-stop-shop service for businesses and investors, combining tax, regulatory, legal, Companies House, and general business services. Creating this within a new Department for Growth would simplify red tape and help small and medium-sized businesses compete and grow, she said. Cooper said a new Growth and Defence Partnership with the EU, would be the "single biggest growth lever we could pull" by deepening ties with Europe. "It could turbo-charge our economy and start to reverse the economic damage of Brexit which is currently costing us £90bn a year in lost tax revenue," she said. "In power, we will strike the deal on the single market, we will strike the deal on a customs union, we will strike the deal on defence."

Lib Dems vow to end 'computer says no' economy to boost growth
Europe
The Guardian

‘Do you have to be dead?’: US coalminers plead for benefits as black-lung disease cases surge

A coalmine in Wharton, West Virginia. The Trump administration is moving to boost the coal industry. Photograph: Ricky Carioti for The Washington Post via Getty ImagesView image in fullscreenA coalmine in Wharton, West Virginia. The Trump administration is moving to boost the coal industry. Photograph: Ricky Carioti for The Washington Post via Getty ImagesUS unions‘Do you have to be dead?’: US coalminers plead for benefits as black-lung disease cases surgeTrump says he digs coal – but pneumoconiosis cases are at a 50-year high, and sick miners are mired in benefit delays After retirement, Armes, 74, of Grundy, Virginia, was diagnosed with black lung disease, medically known as coal workers’ pneumoconiosis (CWP), caused by breathing in coal dust over long periods, which irreversibly damages the lungs. Armes has required an oxygen tank to breathe for the past four years or so, along with regular doctor visits and an albuterol inhaler to help when he has trouble breathing. Even with the supplemental oxygen, he’s severely limited in what he can physically do. In 2014, Armes received notice that the federal black lung benefits he had been receiving for more than three years were being appealed against by a coal operator. For the last 12 years, he and his family have been in an appeals process limbo, trying to regain their benefits while Armes’s condition progresses. The federal black lung program was created in 1969 to provide coal miners disabled by black lung with monetary compensation and medical benefits. But the Armes family is just one of many who have struggled with appeals and long delays in obtaining federal black lung benefits. Those delays come as the Trump administration moves to boost the coal industry and as cases of black lung are surging – reaching a nearly 50-year high, according to data published in the American Journal of Respiratory and Critical Care Medicine last month. According to a May report by the government accountability office (GAO), 7,709 miner beneficiaries were receiving black lung benefits in 2024. The report was requested in 2023 by Democratic senators Mark Warner, John Hickenlooper, Tim Kaine, and John Fetterman, who have also introduced legislation to improve the black-lung benefits system. In the fiscal year 2025, about 22,500 beneficiaries, including dependents, survivors, and miners, were receiving black lung benefits. Between 2013 to 2024, 40% of approved claims by the Department of Labor were disputed, generally by coal operators. The May report said miners have expressed problems with obtaining black-lung benefits. It said miners have been forced to wait several years for their claims to be approved, and raised issues with coal operators filing appeals. “I can’t figure out one thing. They sent me a paper that said I got first- and second-stage black lung. That ought to be enough, or do you have to be dead?” Armes said. View image in fullscreenLisa Emery, director of the Breathing Center and Black Lung Clinic at New River Health in Oak Hill, West Virginia, shows an X-ray of the lungs of a miner suffering from black lung disease. Photograph: Pierre Hardy/AFP/Getty ImagesHis daughter, Crystal Armes, said obtaining the black lung benefits is an arduous process, involving paying out of pocket for medical tests and finding a lawyer to take on the case. She also argued that the law should change so that coal companies shouldn’t be able to appeal after benefits are awarded.

‘Do you have to be dead?’: US coalminers plead for benefits as black-lung disease cases surge
Europe
BBC Business

Nvidia boss rejects AI extinction fears as 'doomsday narratives'

Image source, Bloomberg via Getty ImagesByOsmond ChiaBusiness reporterPublished3 hours agoNvidia CEO Jensen Huang has described warnings that AI could lead to humanity's extinction by the next decade as "doomsday narratives". "2030 is not going to be the end of the world. There is 0% chance that's going to be the end of the world", Huang said in an interview with CBS News, the BBC's US partner. Warnings from researchers in recent weeks about potential risks posed by the technology escalated the debate about AI safety, with some industry executives calling for a slowdown in developing models. His remarks follow claims posted on social media by former Anthropic researcher Jacob Coxon that AI developers believe the technology "could kill us all by the end of the decade". Coxon's concerns sparked debate about the technology's risks, including calls by top executives like Anthropic boss Dario Amodei and OpenAI's Sam Altman urging for AI's development to slow down. Huang said that such predictions are "not grounded in science", adding that it is in Nvidia's best interest to ensure the industry builds its products responsibly. "Our company's success is directly connected to the safe deployment of products and services," he said. "If we don't continue to do that, our value would be diminished." Huang suggested AI firms talking about a "slow down" could be seeking liability protections for harms their products may cause. "Go and read between the lines," he said. "They're actually not asking for more laws. They're asking to be relieved of the laws we do have, and I think that that's a problem." Nvidia is a key player in the industry, developing cutting edge computer chips that are crucial for making AI models. The firm's most powerful chips face restrictions in China due to measures imposed by both Washington and Beijing. US export controls aim to slow China's military and AI progress, while Chinese regulations are designed to encourage reliance on domestically produced technology.

Nvidia boss rejects AI extinction fears as 'doomsday narratives'
Europe
BBC Business

Ed Davey calls for immediate 10p cut to fuel duty

Sir Ed Davey is calling on the government to immediately cut fuel duty by 10p a litre until Christmas as part of a package of policies aimed at cutting the cost of living. The Liberal Democrat leader is also urging the government to scrap a permanent increase in fuel duty which is set to take effect in January. Fuel duty was frozen under the Conservatives in March 2022 and Sir Keir Starmer's government continued the freeze, deciding in May to push back a planned 3p increase in September until the end of this year. The Lib Dems claim cutting 10p from fuel duty now would mean fuel would drop by 12p per litre at the pump. Sir Ed claimed drivers should be supported and a temporary three-month fuel duty cut would pay for itself by stimulating the economy. "Petrol and diesel prices are higher than they've been for a long time because of Trump's mad war with Iran, and people need help now," he said. The policy would cost about £2bn, he said, adding: "It's a three-month package, a temporary package, but if you look at the extra money the government will get through the energy profits levy, from gas taxes, from VAT and fuel duty, it's self-funding." In a speech to his party's conference on Tuesday, Sir Ed will make further calls to cut the bus fare cap from £3 to £1, and reduce rail fares by 10%. He will also call for VAT to be dropped from public charging points for electric vehicles and a review of network costs the Lib Dems have labelled unfair. Chancellor John Healey is under pressure to raise taxes or cut spending at his Budget next month, amid soaring government borrowing costs. Asked about Sir Ed's call for a fuel duty cut, Labour Party chair Bridget Phillipson told Laura Kuenssberg: "I'm sure John Healey will be open to any and all suggestions ahead of the budget but actually this is an area where the Labour government has taken action on fuel duty already. "Whilst I recognise what the Lib Dems have to say on this topic, this is the element of politics about it - they've got their conference, they're making their pitch, good luck to them."

Ed Davey calls for immediate 10p cut to fuel duty
North America
CNBC Finance

Charities say gifts by deceased donors are getting held up at financial firms

For donors who want to leave a legacy and save on taxes, naming a charity to receive their retirement account upon their death is one of the simplest ways to do so. But nonprofit leaders and lawyers warn of a growing wrinkle in carrying out these last wishes. Typically, donors can leave their IRA to a nonprofit without adjusting their will. The amount is subtracted from their taxable estate, and the assets go to the charity — free of the income taxes that would otherwise be paid by the individual who inherits the estate. But collecting these gifts can take months or even years of navigating red tape, according to experts. Some brokerages and banks require a nonprofit to open a new account with the institution before they'll release the IRA assets, often asking for detailed and sometimes sensitive information. Experts told CNBC that in some cases, IRA custodians have sought the personal information of nonprofits' employees or board members, such as Social Security numbers or home addresses, without even disclosing the gift's value. The hurdles force charities to spend scarce staff time chasing funds intended for their missions and, occasionally, walk away from the gift altogether, the experts said. "These contributions are important, because a person has chosen to leave part of what they worked their entire life for to support our mission, and we want to honor that designation," said Rob Hilbert, president of the Iowa PBS Foundation. "But we can't do it if we don't receive the funds." Hilbert said his nonprofit once spent more than five years sending paperwork back and forth to receive a gift that turned out to be $6,000. While he acknowledged that was an extreme case, he said pushing back against what he characterized as invasive demands by brokerages is a frequent burden for the foundation. Lawyers told CNBC that IRA custodians are generally not required to inform nonprofits or individuals that they are beneficiaries of these gifts, or how much they are owed. Jon Kraus, executive director of gift planning at the University of Denver, said it once took two years to collect a donor's investment account, which turned out to be worth $2 million. The university initially resisted the financial institution's requests to open an account and to provide personal information of its then-chief financial officer, but ultimately gave in, Kraus said. "That $2 million at 4.5% would have spun off $90,000 a year that we could have been awarding in student scholarships," he said. "Instead it sat at the company in their assets under management." Many of the nonprofit leaders who shared their experiences with CNBC asked to keep some details, including the institutions they worked with, confidential, citing donor privacy and concerns about retaliation. Some nonprofits are now advocating for state laws that require financial firms to release funds and benefits in a timely manner and without forcing charities to create new accounts.

Charities say gifts by deceased donors are getting held up at financial firms
Europe
The Guardian

Trump and Rubio allies are vying for control of Cuba’s assets if regime falls

Marco Rubio and Donald Trump at a cabinet meeting at Camp David in Maryland, on 31 July 2026. Photograph: Aaron Schwartz/AFP/Getty ImagesView image in fullscreenMarco Rubio and Donald Trump at a cabinet meeting at Camp David in Maryland, on 31 July 2026. Photograph: Aaron Schwartz/AFP/Getty ImagesTrump administrationTrump and Rubio allies are vying for control of Cuba’s assets if regime fallsWashington and Florida insiders are exploring lucrative deals for a post-communist Cuba crushed by ever-increasing US sanctions Spanish hotel chains. A Canadian mining firm. European shipping giants. Visa and Mastercard. Scores of foreign companies have been driven out of Cuba this summer over fear of being hit with potent, new secondary sanctions. Marco Rubio, the secretary of state, told Axios last month there are “no escape valves” from his unprecedented pressure campaign against the island. But not everybody is losing out. A growing cast of Washington and Florida insiders – from billionaire Trump cronies and Rubio-linked lobbyists to Cuban exiles – are jockeying for control of the communist-ruled island-nation’s key assets, charging top dollar to help clients navigate the ever-expanding web of sanctions, and positioning themselves for lucrative business opportunities in the case of regime collapse. Since an executive order signed by Donald Trump on 1 May drove Canada’s Sherritt International from its nickel and cobalt mining joint venture with the Cuban state, two rival US bids to buy out its stake have been presented to US authorities. Ray Washburne, the vice-chair of Trump’s 2016 Victory Committee who organized last week’s Republican Midterm Convention in Dallas, is clashing with Albert Huddleston, another Texas oil tycoon with close ties to the White House. Both are hoping to swoop in, despite nine-figure claims on Sherritt’s Cuba holdings by Citigroup and Office Depot – Fortune 500 corporations. Washburne did not respond to the Guardian and the consortium group including Huddleston declined to comment. View image in fullscreenRay Washburne, co-chair of the host committee, during an interview ahead of the first day of the Republican Midterm Convention in Dallas, Texas, US, on Wednesday, Sept. 9, 2026. Washburne said President Donald Trump and the GOP will have no problems generating enthusiasm at the party's midterm event by stressing the strength of the economy. Photograph: Bloomberg/Getty ImagesA similar approach is being pursued by Australia’s Antilles Gold Ltd, which after being blacklisted over its Cuba operations in June received the green light from the Trump administration to negotiate the transfer of its stake in a Cuban copper-gold mine to the New York-based, multibillion-dollar investment fund, Global Emerging Markets. “If I had done during the Biden administration what Trump’s friends have done now, I’d have been put in jail,” said a person with several decades of experience in Cuba policy who requested anonymity. Sources tell the Guardian that several Trump Organization executives who had previously traveled to the island to explore real estate deals and who even registered the Trump trademark there in 2008 have in recent months returned to Cuba under the aegis of Dominari Holdings for meetings. The executives are said to have met with Raúl Guillermo Rodríguez Castro, the grandson of former Cuban president Raúl Castro, dubbed “the Crab”, to explore opportunities amid the departure of Spanish hotel giants Meliá and Iberostar, which had been operating on the island since the 1990s. View image in fullscreenCuba's Colonel Raul Guillermo Rodriguez Castro, grandson of Raul Castro, attends the funeral of the 32 Cuban soldiers killed during the US incursion in Venezuela at Colon cemetery in Havana on January 16, 2026. US Secretary of State Marco Rubio has held secret talks with a scion of Cuba's communist Castro leadership as he intensifies pressure on the island, a report said. Axios, quoting unnamed sources, said Rubio has been speaking with Raul Guillermo Rodriguez, the grandson of former leader Raul Castro, who succeeded his brother Fidel Castro. Photograph: Yamil Lage/AFP/Getty ImagesNeither Antilles nor Dominari returned calls for comment. But American investors aren’t the only ones sensing opportunity in Rubio’s effort to coerce the sanctions-battered country of his parents’ birth into becoming economically dependent on the US. Cubans have been living under an effective fuel blockade since January 2026: the Trump administration cut oil shipments to the island from the island’s main ally after abducting Nicolás Maduro, the Venezuelan president; it then nixed oil deliveries from Mexico by threatening tariffs on any country sending petroleum to the island. Treasury department-authorised oil exports from Florida and Texas to the island’s private sector, however – all but non-existent last year – have shot up to over $160m so far this year.

Trump and Rubio allies are vying for control of Cuba’s assets if regime falls
North America
CNBC Economy

'Science fiction': Transport companies — the backbone of economy — are sounding alarm on fuel prices

Transportation companies, the lifeblood of the U.S. economy, are flashing warning signs as diesel costs hit records. Prices for diesel, the fuel type used to power trucks and trains, came in at an all-time high of around $6.31 per gallon on Wednesday, according to AAA. Diesel prices have surged more than 70% from a year ago, which analysts attribute to the supply shock from the U.S. war with Iran. "We have seen some of the most radical and abnormal swings in fuel prices that I think we've ever seen," said Brad Delco, finance chief at trucking company J.B. Hunt, at an industry conference hosted by Morgan Stanley. Delco said to expect a drop in earnings between 5% and 10% from the second to third quarter as a result of higher costs. Shares of J.B. Hunt dropped more than 13% in Wednesday's session, one of the worst days for the stock since going public in 1983. The Dow Jones Transportation Average, a broader gauge of the sector, close to 3% on Wednesday. J.B. Hunt was the biggest loser of the index, which also includes rideshare providers and airlines. Those diesel-related price pressures should only intensify in the coming days, warned Patrick De Haan, head of petroleum analysis at price tracker GasBuddy. The national average could eclipse $6.50 in the next two days, De Haan said. Midwest states such as Michigan, Ohio and Illinois may see per-gallon diesel prices touch $7 in the coming days, according to his estimates. In California, AAA found that the average rate for a gallon of diesel has already surpassed $8. Prices have climbed almost 20% in the last month alone, according to the motor club association's data. "We're talking about $6 diesel, but out here, it's $8 diesel, we noticed on the way in, which is like science fiction," said Claude Elkins, chief commercial officer at railway transporter Norfolk Southern, on Tuesday at the Morgan Stanley conference held in Laguna Beach, Calif. Elkins said he keeps a "very cautious eye" and has conversations about what those price levels will "mean for the economy." The transportation services sector added $1.9 trillion to the U.S. economy in 2024, accounting for more than 6% of the country's total enhanced gross domestic product, according to the Bureau of Transportation Statistics. "That certainly is something that we have to keep our eyes open to," Elkins said. "Ultimately, over some period of time, that's going to be a drag on the consumer out there." To be sure, retail sales climbed 1.2% from July to August despite energy-related inflationary pressures. Excluding spending on autos and gas station, sales grew at their highest level in more than a year.

'Science fiction': Transport companies — the backbone of economy — are sounding alarm on fuel prices