Global bank stocks shiver as US credit risks spark reality check. Fear over credit quality in U.S. regional banks rippled through markets on Friday, dragging global financial stocks lower and reviving memories of the crisis of confidence that shook sentiment just over two years ago. (Reuters)

Ocean rates hit lowest levels since late 2023. Ocean rates and import volumes are sinking amid a wave of turbulence for maritime shippers, including the implementation of U.S. fees on China-linked ships and some easing tensions in the Red Sea. (Supply Chain Dive)

Madagascar’s military leader thanks Gen Z protesters as he is sworn in. Col Michael Randrianirina has been sworn in as the new president of Madagascar days after a military takeover on the Indian Ocean nation. (BBC)

Europe’s private equity giants tumble as US bank lending fears spread. Shares in several high-profile private markets firms were in negative territory on Friday as concerns around credit stress in the U.S. spread to Europe. Officials at the IMF and ECB this week flagged concerns over “spillover risk” from the private credit sector. (CNBC)

French markets buoyed as government moves toward budget compromise. French financial assets gained ground and the euro rose against the dollar Wednesday after the country’s prime minister moved toward securing a compromise to avoid a government collapse and pass next year’s budget. (Wall Street Journal)

Fed Governor Miran wants a half-point cut this month, while Waller backs another quarter-point move. Federal Reserve Governors Stephen Miran and Christopher Waller provided conflicting views on how quickly the central bank should lower interest rates in the face of a weakening labor market and heightened geopolitical tensions. (CNBC)

China has found Trump’s pain point—rare earths. Last week, China’s Ministry of Commerce published a document that went by the name of “announcement No. 62 of 2025.” But this wasn’t just any bureaucratic missive. It has rocked the fragile tariffs truce with the U.S. (BBC)

AI boom rippling across to Britain’s pound, Swedish crown. The boom in investment in artificial intelligence is starting to be felt for the first time in currency markets across Europe, and analysts reckon the Swedish crown and sterling stand to benefit the most. (Reuters)

To move or not to move? Manufacturers hesitant to nearshore before USMCA review. As the United States solicits feedback on the U.S.-Mexico-Canada Agreement ahead of the deal’s review next year, manufacturers are mulling how they can minimize their exposure to tariffs. (Supply Chain Dive)

Trump claimed India had agreed to stop buying Russian oil. New Delhi says it knows nothing about it. India has seemingly pushed back against U.S. President Donald Trump’s claim it had agreed to stop importing Russian oil, signaling the issue that has strained ties is unlikely to be resolved soon. (CNN)

Spain’s grid operator denies risk of imminent power blackout after sharp voltage swings. Spain’s electricity-grid operator said there was no risk of an imminent second major blackout in the country after detecting two sharp voltage variations in recent weeks. (Wall Street Journal)

India Cements quarterly loss narrows as demand picks up. India Cements opens new tab reported a narrower second-quarter loss on Friday, supported by improved pricing and demand from a year ago, when general elections had dampened construction activity across the country. (Reuters)