On the 11th (local time), the Islamic Revolutionary Guard Corps navy announced any vessels disabling navigation and identification systems in the Strait of Hormuz will be treated as "hostile targets" and will face harsh, decisive action.

CITIC Securities says investor focus will shift to US Q3 earnings after US equities showed some rate-decoupling over the domestic holiday. LSEG consensus shows S&P 500 Q3 2026 revenue and EPS YoY growth of 1.2% and 45.0%, respectively, with QoQ moderation. At the industry level, energy, information technology, materials and healthcare all report YoY earnings growth above 50% — indicating high earnings growth is no longer confined to leading tech names and that non-tech contributions are rising materially. For Hong Kong stocks, higher global rates plus renewed AI trading have kept liquidity under pressure, but fundamentals appear to have bottomed and earnings-growth forecasts for major broad indices are being revised up. Earnings revisions are highly divergent by sector: some niche segments are being upgraded while domestic-demand exposed sectors still face downward revisions. Q3 results will be the key test of any recovery. CITIC recommends patient positioning in Hong Kong equities and expects short-term dividend-focused strategies to relatively outperform.

London-based Institute for Fiscal Studies said ahead of the budget later this month that Chancellor John Healey must raise about £35bn to deliver Labour’s ambitious spending plans. The IFS added Healey may have more fiscal headroom than expected, but the plans’ credibility is at risk; unless the government intervenes, inf will squeeze public spending and leave departments underfunded. IFS director Helen Miller said: If you want to increase spending and do not want to cut public services, you must consider tax rises.