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US Strikes Iran, Iran Hits US Bases in Jordan | Horizons Middle East & Africa 8/31/2026
US and Iran exchange attacks for the first time in about a month, with the US striking Iranian rocket launchers and Iran responding with missile attacks on US bases in Jordan. The renewed confrontation sends oil higher and weighs on Asian stocks and US futures.
Markets react to a hawkish tone from Warsh, with Asian equities falling as investors assess the implications for interest rates. Warsh reiterates the importance of the Fed’s 2% PCE inflation objective, while his comments set the stage for a potential September policy clash. Bessent warns that disorderly moves in the yen could put additional pressure on US interest rates, while he expects the BOJ to make the appropriate policy decisions.
The US continues its campaign to squeeze Iran’s economy, while the latest strikes around Hormuz add further uncertainty to energy markets.
China’s onshore yuan posts its strongest gain in more than a week following PMI data. BYD’s first-half overseas revenue surpasses domestic sales, Meituan reports an unexpected second-quarter profit, and PetroChina’s first-half earnings rise 22% as oil demand strengthens. CXMT is challenging its inclusion on the US blacklist through legal action.
Shein prepares to begin trading in Hong Kong following its $1.7 billion IPO. The company has lost much of its value over the past four years, while the end of the US de minimis exemption is forcing changes to its business model. Higher spending has also put pressure on margins, following unsuccessful attempts to list in New York and London.
In the Gulf, Moody’s puts Binghatti’s BA3 rating under review as parts of Dubai’s property market show signs of stress. Real-estate bonds are coming under pressure as the property boom cools, although sellers continue to resist significant price reductions.
Turkey’s stronger currency is weighing on its reputation as a low-cost tourism destination. The exchange-rate environment has made travel more expensive, while tourist arrivals have declined even as overall tourism revenues remain relatively resilient.
The US Treasury restricts access for some media organizations at the G20 summit. In Africa, Niger says an army mutiny has been contained.
Iceland votes against joining the EU, while emerging-market bonds attract strong investor inflows as expectations of dollar debasement support the asset class. Hedge funds increase their short positions against the yen as markets look ahead to Friday’s US jobs report. Guests includes Divye Arora, Daman Investments Head of Portfolio Management and Muhammad BinGhatti, BinGhatti Holding Chairman.
Horizons Middle East & Africa is your daily spotlight on one of the world's fastest-growing regions. Live from Dubai, we bring you the latest global markets and analysis, plus news-making interviews, with a special focus on MEA. All that and more, as you head to the office in the Gulf, pause for lunch in Hong Kong, or start your day in London or Johannesburg.
Chapters:
00:00:00 - Introduction
00:04:32 - US and Iran Exchange Attacks for First Time in a Month
00:08:43 - Kevin Warsh, Federal Reserve Chair
00:09:53 - Divye Arora, Daman Investments Head of Portfolio Management
00:16:10 - Shein to Debut in Hong Kong After $1.7B IPO
00:26:36 - Muhammad BinGhatti, BinGhatti Holding Chairman
00:36:02 - Turkey’s Lira Hits Tourism
00:40:42 - Dollar Debasement Backs Bull Case for EM Bonds
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Published Aug 31, 2026
