Morning Market Briefing: 10 Sep 2026

Iran said it attacked more than a dozen vessels trying to pass through the Strait of Hormuz on Wednesday, as it announced an expansion of a no-go zone outside the strategic waterway it has blockaded for months. President Trump told reporters he thinks the war is going to end immediately after the election - a statement that locks eight more weeks of supply disruption into crude oil pricing as a structural baseline. Brent crude futures are trading well above $101 per barrel after a roughly 3.5% surge overnight. Asian markets are broadly lower, every major index in the red, and the session's risk-off tone is reinforced by two simultaneous catalysts: the European Central Bank is widely expected to raise interest rates today, while the US PPI for August lands at 13:30 UK time and could determine whether the Fed follows with a hike of its own next week. The Japanese yen is trading near its strongest level in seven months ahead of an expected Bank of Japan rate hike next week to 1.25%, its highest level in roughly 31 years. The yen's descent has USD/JPY approaching the 153.00 structural target, WTI is pressing toward $100, and USD/CHF has now broken below the 0.8080 floor that contained it all week. These three setups are directionally clear and structurally supported. The ECB guidance language at 13:15 and the PPI print 15 minutes later create the session's most volatile window, and how EUR/USD and gold respond to that double catalyst will determine whether the morning's risk-off tone carries into the New York session or briefly reverses. The full briefing identifies the exact levels, the precise early warning signals, and the execution framework for navigating both the calm morning and the volatile afternoon. Subscribe to Markets Mastered to trade this session with the same clarity professionals bring to every open.