Bond Selloff Drives Risk Aversion, US-Iran Peace Prospects Dim | The Opening Trade 8/18/2026

Stocks fell as long-dated bond yields pushed further into multidecade highs and oil prices extended their climb, draining traders’ appetite for risky assets.

Equity markets are struggling under the weight of rising global borrowing costs as bond investors demand higher premiums to finance spendthrift governments and shield against persistently high inflation.

Little prospect of an imminent breakthrough in the US-Iran war has also reinforced expectations that central banks will need to tighten monetary policy.

The Opening Trade has everything you need to know as markets open across Europe. With analysis you won’t find anywhere else, we break down the biggest stories of the day and speak to top guests who have skin in the game. Hosted by Guy Johnson and Tom Mackenzie.

Chapters:
00:00:00 – The Opening Trade
00:00:55 – Market Check
00:01:52 – Global Bond Yields Rise
00:05:06 – Iran War: Diesel Premium to Crude Near Record
00:06:01 – Anthropic Revenue
00:08:07 – Nvidia Backs OpenAI Data Center Project
00:12:32 – Anthropic Expected to IPO Soon
00:18:16 – Katsu Curry Index Is Alternative to Big Mac’s
00:18:34 – Yen Price
00:25:59 – Don’t Think Oman Behave Very Well: Trump
00:38:59 – Yield Excitement Reaching Local Extreme?: MLIV
00:47:05 – Stocks to Watch: BHP, Stellantis, Henkel
01:02:10 – Oil Price Climbs
01:06:48 – BHP CEO on Escondida
01:13:45 – In No Hurry to End Iran War: Trump
01:18:09 – Food Inflation Pressure, Summer Drought
01:24:25 – Healey to Unveil UK Budget in October
01:30:27 – OpenAI Project
01:32:32 – Global Bonds Hit by Spending, Inflation
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