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Market news: Chevron (CVX.N) is close to reaching an agreement on two oil fields in the Orinoco heavy oil belt in Venezuela.

On September 1st, US Treasury Secretary Bessenter, during a fireside chat at the G20 summit, pointed out that the US "3-3-3" plan in the energy sector targets crude oil equivalent. Since Trump took office, US daily oil production has increased by 1.6 million to 2.2 million barrels. He stated that risks must be mitigated, and the Strait of Hormuz will be "bypassed" within two years, rendering the strait "worthless waters," with oil transported via land pipelines instead of the Strait of Hormuz. Regarding Iran, he mentioned that 85%-90% of Iranian factories have the capacity to rebuild, and Iran may possess the world's third-largest energy resources. Furthermore, the US is likely to announce bank sanctions this week and next, and has received strong support from the EU, the European Central Bank, the UK, the UAE, and Bahrain. The US has zero tolerance for Iran and will economically stifle its development. The US will also be monitoring aircraft leasing companies linked to Iran. Bessenter stated, "We know that funds stolen from the Iranian people through accounts in the British Virgin Islands can be returned to them, and Iranian funds can also be used to help victims of terrorism."

US Treasury Secretary Bessenter: Iran's protective barriers must be removed.

US Treasury Secretary Bessenter: Iran has an opportunity to reintegrate into the global system.

U.S. Treasury Secretary Bessenter: The funds stolen from the Iranian people can be returned to them.

U.S. Treasury Secretary Bessenter: We are aware of accounts in the British Virgin Islands linked to Iran.

US Treasury Secretary Bessenter: We will be monitoring Iranian-related aircraft leasing companies.

On September 1st, European Central Bank Governing Council member Jean-Claude Nagel criticized the United States for recently selling euros to support the yen without prior coordination with its European partners. He said, "Of course, it would be better if there were prior coordination and consultation on such interventions, which has been the usual practice in the past." He is currently attending the G20 finance ministers and central bank governors meeting in the region. Japan intervened in the foreign exchange market at the end of July, and US Treasury Secretary Bessenter confirmed in early August that the US had assisted in dealing with the "disorderly" fluctuations of the yen. Subsequent reports indicated that the US intervention used euros instead of dollars, breaking with long-standing practice. Nagel said, "This issue has been raised and discussed openly here. I think it resonated—in a positive sense—because people understand why we in Europe, in the euro system, are not excited about the lack of prior coordination."

US Treasury Secretary Bessenter: Received strong support from the EU, the ECB, the UK, the UAE, and Bahrain.

US Treasury Secretary Bessenter (regarding Iran and sanctions) said that bank sanctions may be announced this week or next week.

On September 1st, European Central Bank (ECB) Governing Council member Jean-Claude Nagel stated that the slowdown in core inflation in the Eurozone in August was a positive sign. He said, "The good news is that core inflation has declined, and services inflation has also slowed." He noted that "no second-round effect is currently seen in core inflation." Nagel stated that the market outlook for the ECB's interest rate decision next week is "relatively predictable" and in line with financial market expectations. The market has already fully priced in a 25 basis point rate hike. Earlier that day, data showed that Eurozone inflation rose to 3.3% in August, further solidifying the case for a September 10th rate hike by the ECB. However, core inflation, excluding volatile items such as food and energy, unexpectedly fell to 2.4%.

According to the German business weekly Businessweek, Volkswagen's management board has decided to cease production at four German plants: Emden and Zwickau in 2031, Hanover in 2032, and Neckarsulm in 2034.

Musk: Artificial intelligence is expected to significantly improve productivity.

Musk: American companies need to find new energy sources to power data centers.

On September 1st, during the Q2 2026 earnings call, NIO's CEO, Li Bin, stated that among Cedar models equipped with the self-developed Dimensity NX9031 chip, nearly 60% of users utilize intelligent driver assistance systems (ADAS) for over 50% of their daily driving mileage. For first-time NIO owners, NIO offers a five-year free subscription to its AI-powered autonomous driving system. For used car owners, an AI-powered subscription service is also offered, and currently, this subscription rate is approaching 20%. With the continuous increase in the user base, AI-powered subscriptions will become a very important source of revenue for NIO in the long run.

U.S. Treasury Secretary Bessenter: (Regarding trade issues) We must reduce risks.

US Treasury Secretary Bessenter: More Latin American countries may return.

Ukrainian military intelligence: Ukraine attacked the Russian Novatek oil complex in the Leningrad region.

US Treasury Secretary Bessant: Abenomics has a reflation effect, and Japan can now reap the benefits.