Office distress: US office CMBS delinquencies hit 12.2%, above the financial crisis peak.
Data center boom: US data center construction spending hit a record $85 billion annual pace.
Yield shock: The 10-year Treasury closed at 5.31%, its highest since 2002.
AI borrowing: Hyperscaler investment grade bond issuance is up about 10x from 2024.
Russian gold: Hong Kong’s Russian gold imports hit nearly $15bn in 2026 through July.
AI split: S&P 500 held near highs while the index excluding AI stocks slid from its August peak.
