The latest Market Talks covering FX and Fixed Income. Published exclusively on Dow Jones Newswires throughout the day.

1403 ET - Hyperliquid tokens are closing in on $100 -- finding a new record-high of $96.68, up 2.8% for the day. That makes it about 25% that Hyperliquid has gained in the past week alone, and over 280% year-to-date. HYPE and Zcash are the two hottest gainers among cryptocurrencies with market capitalization in the top 10 in 2026, with Hyperliquid's underlying platform growing to one of the largest exchanges for trading perpetual futures, this even without U.S. exposure. Regulatory moves to allow Hyperliquid to operate in the U.S. may prove to further fuel the token's gains, says Zach Pandl of Grayscale Research in a note. Bitcoin slides 0.5% to $86,511, ethereum is down 1.2% to $2,752, and solana falls 0.9% to $117.92. (kirk.maltais@wsj.com)

1334 ET - Fitch Ratings is slightly increasing its forecast for global GDP growth, adding world growth is holding up well in the face of the energy price shock, though real interest rates are climbing. Its 2026 global GDP forecast rises by 0.2 percentage point to 2.6%, which is only marginally lower than 2025 and close to the long-term trend, Fitch says. Fitch also raises its U.S. forecasts for both this year and next by 0.2 pp to 2.1%, while its China forecast for this year is cut by 0.1 pp to 4.5%. The Eurozone has shown resilience, Fitch says, and forecasts have edged up, with German GDP expanding by 1% year-over-year in 2Q26 after three years of stagnation, Fitch adds. (stephen.nakrosis@wsj.com)

1250 ET - The former head of fixed-income powerhouse Pimco says the first thing he looks at in the morning is diesel. Mohamed El-Erian made the comments on CNBC as the price of diesel, the lifeblood of so many economic sectors, hits records daily. El-Erian, now chief economic adviser at Allianz, says the main problem for the U.S. economy is supply side, particularly energy, and investors need to stop pushing central banks saying "you're the only game in town." He thinks effective remedies lie with other policymakers that address the supply side, such as reducing sensitivity to choke-point areas like the Strait of Hormuz. On the demand side he says reducing debt burdens and budget deficits is a must. Without these things, the Fed could sacrifice the real economy just to quell Wall Street's expectations. (patrick.sheridan@wsj.com)

1217 ET - New York Fed President John Williams expressed his support for the central bank's current operational system, which relies on administered rates rather than active reserve management. "The combination of an ample supply of reserves and these tools enables the FOMC to maintain strong interest rate control and flexibility regarding changes in the size of the balance sheet," Williams said in New York this morning. "This operational framework has proven to be highly effective at delivering interest rate control and supporting the smooth functioning of core financial markets." (jessica.coacci@wsj.com)

1209 ET - Bitcoin ETFs started the week with a bang, with CoinGlass reporting net inflows of $999M to bitcoin ETFs on Monday. It was the third trading session in a row that bitcoin ETFs have reported net inflows, with a net $1.59B inflow seen in that timeframe. Bitcoin has inched back from its highest point since January, trading down 0.7% to $86,407. Analysts say that resistance for bitcoin is now around $90k. Ethereum is down 1.3% to $2,747, XRP is up 2.9% to $1.57, and solana falls 1.3% to $117.46. (kirk.maltais@wsj.com)

1119 ET - President Trump's plan to buy Belarus potash and circumvent Canadian imports may not be as easy or as viable as he makes it seem. According to a Scotiabank report, analyst Ben Isaacson says the proposal lacks economic logic. Canada currently supplies roughly 80% of U.S. potash needs, benefiting from a $75-a-ton freight advantage over Belarus when delivering to the American Midwest. Logistics is another problem. Without port access through Lithuania, "it's difficult to see how Belarus could earn a higher netback selling into the U.S. vs. Brazil or China," and "certainly with no room for Belarus to accept a "substantially" lower price," Isaacson says. Adding to the confusion, Trump's Truth Social post came just hours after Belarusian President Lukashenko stated he "had no potash available to offer the west," Isaacson says. (adriano.marchese@wsj.com)

1112 ET - Investors appear to overestimate the Bank of England's interest rate rises over the coming year, UBS's Mark Haefele says in a note. Markets expect the BOE to raise interest rates by a total of 101 basis points by November 2027, LSEG data show. "The latest underlying inflation data support our view that markets are pricing longer tightening cycles than are likely to be delivered," Haefele says. UBS expects the BOE to raise interest rates by a quarter-point, each, in November and in February 2027. (miriam.mukuru@wsj.com)

1059 ET - Canadian capital spending may have picked up recently after no growth in the decade through 2024, but it is still on the sluggish side and has plenty of room to recover, Bank of Montreal's Douglas Porter says. Capital spending has typically risen and fallen in sync with the economy, but since 2001 has been wildly out of sync, the economist says. First it ran much stronger than overall growth, then much weaker than GDP. Porter says the experience from the early 2000s may suggest that not all investment necessarily is efficient, which could have played a role in the capital spending drought since 2015. (robb.stewart@wsj.com; @RobbMStewart)

1039 ET - Geopolitical alignment between Canada and Europe won't automatically change business economics, Cornell University visiting professor Vidya Mani says. The significance of Canada's push to become the European Union's first associate member will depend on implementation, Mani says. After all, Canadian and American companies have for decades built deeply integrated supply chains, which can be tough to redirect. The professor says it waits to be seen if a deal between Canada and the EU builds Canadian processing capacity alongside raw material exports, and whether infrastructure funding, partnerships and binding European purchase commitments convert diplomatic ambition into commercially viable investment. (robb.stewart@wsj.com; @RobbMStewart)

1034 ET - U.S. home prices increased 0.25% month over month in August, Redfin says. That's down slightly from 0.26% in July and 0.27% in June. Prices rose 3.7% from a year earlier in August, the fastest annual growth rate in a year. Price growth slowed slightly because buyers continue to gain bargaining power. August was the strongest buyer's market on record. Home prices continue to rise, partly because many homeowners have substantial equity and little incentive to accept a steep discount. The luxury housing market is another factor keeping prices afloat. Slowing price growth is good news for buyers, Redfin says, because it means waiting for the right home is less likely to come with a rapidly rising price tag. Buyers can afford to be choosy and negotiate. (chris.wack@wsj.com)

1027 ET - Bank of Canada-Federal Reserve divergence is set to widen into 2027, TD Securities argues. It says near-term BoC pricing looks increasingly misaligned with the domestic backdrop in Canada, with limited evidence that high oil prices are broadening into core inflation. Yet markets continue to price in a similar near-term path for the BoC and Fed despite the divergence in the two economies, TD says. Additionally, it says elevated trade uncertainty should also keep the BoC on hold into next year, even if U.S. tariffs to date haven't had much of a lasting impact outside of targeted sectors. (robb.stewart@wsj.com; @RobbMStewart)

1006 ET - Bitcoin is retreating slightly after climbing as high as $87,000, which is the highest since January. The push toward $90k has analysts calling for the start of a new "bull cycle" in bitcoin. "Bitcoin has crossed above its 365-day moving average - now at $80.5K - and trades at $86K," says analysts with CryptoQuant in a note. "This crossover is the definitive technical signal that has marked the start of Bitcoin's bull markets in past cycles." The firm adds that $90k is the new resistance level for bitcoin. Bitcoin is down 1.4% to $85,729, while ethereum falls 1.4% to $2,746, XRP rises 1.4% to $1.55, and solana slides 1.7% to $117.