Russia has temporarily barred vessels from entering or leaving the Black Sea port of Novorossiysk at night due to the threat of Ukrainian drone attacks. The port, which handles nearly one-third of Russia’s grain exports, is currently operating only during daytime hours and no formal notice has been issued. The move has raised concerns over a sudden supply-chain disruption that could affect global wheat export expectations. Euronext September wheat futures rose 4.5% after the news of the nighttime restriction.

U.S.-Iran mediation efforts eased upward pressure on crude prices, pushing Brent down from a one-month high. European technology stocks rose 0.9%, led by sharp gains in ASML and ASMI. Concerns over energy supplies lingered as Yemen's Houthis maintained a blockade of Saudi Arabia.

Donald Trump signed a new proclamation on Monday adjusting U.S. tariffs on imported aluminum to support domestic primary aluminum production. The proclamation says U.S. primary aluminum capacity currently cannot meet national demand, and the change is intended to reduce reliance on foreign supply. The move represents a substantive trade-policy intervention that can directly affect pricing along the aluminum supply chain and the incentives to produce.

Portugal has signed an agreement with Italy to buy three frigates from shipbuilder Fincantieri in a deal worth €3 billion. The two countries’ prime ministers announced the transaction in Rome, presenting it as a move to strengthen Europe’s strategic autonomy in defense. Following the announcement, Fincantieri shares rose more than 2% in after-hours trading.

U.S. stocks opened lower on Friday, with the Nasdaq Composite down 1.81%, the S&P 500 off 1.14%, and the Dow Jones Industrial Average lower by 0.24%. Markets are reassessing this year’s AI-driven rally, weighing on chip shares. Netflix issued a weak forecast, deepening concerns about lofty valuations in technology stocks. That outlook served as the immediate trigger for the latest pullback.

Russia’s military said it attacked 24 Ukrainian military vessels in the Black Sea and the Sea of Azov over the past week. The strikes included 14 dry cargo ships, three ferries and two container ships. The waterways are a key corridor for global grain exports, and the escalation has driven a noticeable rise in global wheat prices.

Iran launched fresh attacks on U.S. facilities, escalating Gulf tensions and pushing oil prices higher. European technology stocks fell sharply, with ASML down more than 4% on the day. Swedish defence group Saab gained 3.4% after an unexpected rise in second-quarter operating profit and strong demand. The developments drove a near-term split in pricing across energy, defence and semiconductor stocks.

Lead inventories on the London Metal Exchange surged by 171,175 metric tons over two days, lifting total stocks close to 500,000 tons. The increase was concentrated in warranting activity at Singapore warehouses and followed the LME’s move to cut listing fees for smaller lead producers. Indian lead brands now account for 76% of on-warrant LME inventory, while China has emerged as a new key market. Prices slid to a 15-month low, with a rebound tied to whether Chinese buyers keep taking Indian metal.

Geopolitical tensions intensified after Iran struck U.S. facilities and former President Donald Trump renewed criticism over alleged Chinese interference in U.S. elections. Taiwan’s TSMC reported 77% earnings growth, but its shares fell 4%. Semiconductor-related futures in Europe weakened sharply, with EUROSTOXX 50 futures down 0.9% and DAX futures down 0.6%. The developments underscore the chip supply chain’s geopolitical vulnerability and add near-term pressure on chipmaking and equipment assets.