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President Trump took to Truth Social on Thursday to rage against US media coverage of the Iran war (not for the first time), following Treasury Scott Bessent giving similar scathing remarks earlier this week.

Trump particularly singled out recent and ongoing reports of US missile and interceptor shortages, which he has slammed as false. He called out the "treasonous SCUM" in the media for issuing supposedly inaccurate reports on "our Military Operation in Iran" - claiming that the US has "virtually unlimited amounts of Mid to High Grade Ammunition".

But also notably, and in a seeming implicit contradiction, he said the USA is not at the moment "selling them to others" but is producing and stockpiling at "levels never seen before." This is amid an ongoing scramble for Europe to find an avenue to transfer more Patriots to Ukraine, as Zelensky is essentially betting for more missiles.

Trump once again further blamed the prior Biden administration for handing "hundreds of Billions of Dollars" to Ukraine and NATO "free of charge" in connection with the war with Russia.

From think tanks to NY Times to Wall Street Journal to independent media, pundits, journalists and officials have been raising the alarm on the issue.

This also comes after Trump told journalists in the Oval Office on Monday that the "older stuff" can always be used, when he was pressed over whether the United States is running out of standoff munitions:

Q: Several military leaders have reportedly told Hegseth that a prolonged, large-scale operation in Iran weakens our ability to confront threats elsewhere, including the homeland. Have you heard that?

TRUMP: We're very respected. Nobody else would be crazy enough to do it... We have unlimited amounts of... older stuff.

And then on Wednesday in formal remarks Treasury Secretary Scott Bessent blasted the media for its recent coverage. He went so far as to scold the media for being the best allies that the Iranians have. Pentagon chief Pete Hegseth has over the past months made similar remarks, invoking themes of 'treason'.

"One of the best allies that the Iranians have on this is the media because the media immediately publishes all the lies that they say," Bessent had proclaimed at the G20 meeting in Asheville. 

"Everyone in this audience and every news outlet should be ashamed for publishing that, taking a lying regime at face value," Bessent added.

Bessent on Iran:

One of the best allies Iran has is the media.

The media immediately publishes all the lies that Iran says.

There are no mines in the strait. Two ships did not hit mines. pic.twitter.com/SdhyOOye1B

— Clash Report (@clashreport) September 1, 2026

Bessent has given other statements this week advancing Bush-style "you are either with us or against us" talking points related to the Iran war.

The Iran war this week reached the six-month mark, after White House officials initially repeatedly sought to 'assure' Americans it would be a four to six week operation.

All the way back in May, Trump rebuked a well-known NY Times reporter for a line of questioning that the president framed as "treasonous" coverage of the "victory" accomplished by the United States.

"I had a total military victory. But the fake news, guys like you, write incorrectly. You're a fake guy. We had a total military victory. I actually think it's sort of treasonous what you write. You should be ashamed of yourself. I actually think it's treason," Trump had told David Sanger at the time aboard Air Force One.

The Kremlin is outraged, with President Putin on Thursday blasting Norway for "state terrorism" in the immediate wake of the Scandinavian country's seizure of the Russian vessel Professor Molchanov as it was at the remote Arctic archipelago of Svalbard. Moscow officials are also calling it a brazen "act of piracy".

What makes this development particularly alarming amid the backdrop of now somewhat 'routine' EU action against Russian 'shadow fleet' vessels is that 1) the vessel is used for commercial expedition cruises, 2) Norway was acting at the request of the Ukrainian government for 'compensation', and 3) the seizure happened in the Arctic region, some 500 miles north of the Norwegian mainland in international waters/port area.

Putin while speaking at the Eastern Economic Forum in Vladivostok called out Ukraine's Western backers as being "complicit in international terrorism" with this and other issues, also specifically President Zelensky's recent declarations that Ukrainian drones will 'close Russian skies' to commercial aviation.

The Associated Press summarizes Oslo's motives in the following:

A court in Norway ordered the seizure as part of efforts by Ukraine’s state energy company Naftogaz to recover a $4.22 billion arbitration award. It stems from Russia’s 2014 illegal annexation of Crimea and its seizure of Ukrainian energy assets, including gas fields and pipelines.

After Russia’s refusal to pay the 2023 award, Naftogaz has been petitioning national courts seeking orders to seize Russian commercial assets.

In this particular case, the ship has been held at port, and was not sailing at the time:

The first group to announce the ship's seizure was Covington, the US law firm representing Naftogaz as it tries to secure the compensation awarded to it by the Permanent Court of Arbitration in the Hague in 2023. 

Russia had refused to pay the fine plus legal fees and interest amid its ongoing war with Ukraine, and Naftogaz has since begun trying to secure the seizure and forced sale of Russian commercial assets via local courts instead. 

...Covington said it had been tracking the ship, the Professor Molchanov, for months. It said its application was approved on Monday by the Nord-Troms and Senja District Court, which ordered Svalbard's governor to ensure the ship stayed in dock once it arrived.

Ukraine state Naftogaz's acting CEO Sergii Fedorenko celebrated the move: "Russia cannot evade ?responsibility simply by refusing to comply with an international arbitral award," he said.

Russia's ambassador to Norway, Nikolai Korchunov, said Thursday: "We insist on the immediate release of the vessel and on ensuring the safety of its passengers and crew." 

The state-owned ship arrived in Barentsburg on Tuesday with a group of Russian scientists on board, European media reports indictate.

"The seizure has had no impact on the expedition participants or the ship's crew. No one has been arrested. We are all going about our business as usual," Andrei Gorbunov, editor-in-chief of Komsomolskaya Pravda (KP) has stated.

This is a clear escalation at sea, given now EU countries are going after what are essentially Russian cruise and expedition ships in remote Arctic regions. It's highly dangerous given Russia could now see itself as justified as doing the same in the case of Norwegian or other European vessels which carry passengers.

The most-active Chicago wheat contract has plunged nearly 7% since peaking late Wednesday morning, extending losses overnight after Bloomberg reported that Russian President Vladimir Putin had signaled the possibility of constructive peace talks with Ukraine. The recent bid across agricultural commodities has been driven by a confluence of Black Sea maritime disruptions and mounting super El Niño-related crop risks across major agricultural regions worldwide.

Putin's remarks at the Eastern Economic Forum in Vladivostok earlier today raised the prospect of peace in the Black Sea after both sides traded tit-for-tat airstrikes against port infrastructure and cargo ships this summer. Those attacks placed a war-risk premium on wheat and other agricultural commodities, but the steep overnight decline erased some of that premium.

"The Black Sea situation is responsible for 80% to 90% of the wheat rally last month," ETG Commodities senior portfolio manager Sarunas Cebelis said, adding that any prospect of peace would trigger profit-taking.

Russia and Ukraine account for more than a quarter of global wheat exports, along with shipments of barley, corn and sunflower oil. Any peace agreement could restore trade flows and release more grain onto global markets, potentially easing food supplies risks for next year.

Last month, the Bloomberg Agriculture Spot Index (BCOMAGSP) posted its largest monthly gain since the chaotic days of the Arab Spring riots amid Black Sea disruptions and El Niño risks. After a dramatic summer run, the index has run into resistance overnight on Thursday.

Several Wall Street desks, including Barclays and JPMorgan, have warned about mounting food-supply risks next year.

By Benjamin Picton, Senior Market Strategist at Rabobank

US equity indices gained yesterday as oil prices pulled back from recent highs and bond yields followed suit. The S&P 500 closed 0.46% higher while the Dow Jones was up 0.56% and the NASDAQ Composite Index lifted 0.45%. The Bank of Canada kept rates at a low, low 2.25% yesterday for a seventh-consecutive meeting. Governor Tiff Macklem struck a more hawkish tone, but RaboResearch’s Christian Lawrence and Molly Schwartz write that they wouldn’t be surprised to see the BOC on hold for another seven, despite the market pricing hikes.

The slight fall in oil prices followed Donald Trump responding “I don’t think too long” when questioned by journalists about how long the renewed bombing campaign against Iran is likely to last. On the flip side, the President also indicated that the US is prepared to carry out further strikes. The recent adoption of a ‘tanker for tanker’ policy whereby the US has targeted Iranian ships in response to Iranian attacks on allied ships transiting Hormuz presents fertile ground for ongoing flashpoints.

New data released by the Energy Information Administration yesterday showed commercial crude inventories fell by 4.5m barrels last week while the Strategic Petroleum Reserve saw a draw of just over 3m barrels. The EIA reports that US refineries are working at 98% capacity. This is likely because the supply of products have been severely constrained by shipping interruptions in the Strait of Hormuz and Ukrainian attacks on Russian refining infrastructure. These converging factors have seen refining margins blow out to multi-decade highs.

Nevertheless, capacity remains insufficient to meet requirements, causing gasoline inventories to fall by 1.2m barrels and prices to remain above $4/gallon throughout the course of August. Distillate inventories posted a small build, but diesel prices are at their highest levels since April.

So, the world is short hydrocarbons and that is contributing to higher prices for all kinds of goods and services as commodity shocks work their way through supply chains. China and the United States have both taken steps to address energy vulnerabilities: the US through its recent deal to take control of a large share of Venezuelan crude reserves and China through the mass adoption of alternative energy sources and electric vehicles. The US strategy does nothing to solve the pressures on refined product supply chains in the near term: reserves are one thing, but you need to be able to get them out of the ground and put them through a refinery somewhere to convert them to usable fuel.

China’s approach reduces the need for liquid fuels and also reduces China’s dependence on imports and international supply chains where the US Navy can still put its foot on the hosepipe. Installed solar generation capacity just overtook coal in China for the first time, and the huge excess capacity in electric vehicle manufacturing is seeing Chinese marques overtaking established brands wherever they still enjoy market access. Jeremy Clarkson is in the Times reviewing the Jaecoo 7, saying “four years ago this car company didn’t exist. Now it is the third bestselling car in the UK”. Scott Bessent, meanwhile, recently remarked that a Chinese BYD is “the best $70,000 car that $35,000 can buy”. No wonder the European auto sector is worried.

Bessent has accused China of engaging in financial repression to ensure that returns to savers and borrowing costs for industry were held artificially low and the value of the CNY artificially weak. PBOC Chief Pan Gongsheng dissented against Bessent’s characterization by saying that China does not deliberately pursue a trade surplus and is committed to boosting domestic demand. He also pointed the finger back to countries running trade deficits, saying that they should be cutting fiscal deficits and raising domestic savings rates to address structural imbalances. He might have a point on that score.

Financial repression has gathered more interest in recent times. The FT recently published a piece saying “the risk of a new age of financial repression is rising” while the Times yesterday claimed that the “world economy faces a new phase of financial repression”. If we define financial repression as government dragooning the private sector into helping hold borrowing costs low we could easily argue that it has been ongoing in the developed world for some time. Perhaps that is the signal from the ~400% increase in gold prices since the GFC, as the Dutch central bank shifts more than 78 tonnes of its bullion reserves from New York to London due to a perceived increase in geopolitical risk.

Policy rates were set miles below nominal GDP growth rates throughout the 2010s as a narrow definition of inflation remained blind to enormous asset price inflation, banks were told that they must buy greater quantities of government paper, quantitative easing was normalized, pension funds have increasingly been directed to invest more of members’ savings according to national priorities rather than blindly pursuing maximum returns. Now we see the US Treasury engaging in exactly the sort of behavior that China is accused of, which is kind of the point: the US believes it is fighting fire with fire by copying the Chinese neo-mercantilist model.

At the crux of this shift is the imperative to eliminate structural trade imbalances to rebuild American production (July US factory order figures reported yesterday were strong), because production underpins national security. Perhaps what is not widely appreciated is that if you are re-orienting your economy away from consumption, and especially consumption of artificially cheap imports with your artificially-strong dollar, you are going to have to do less consuming. In the absence of explosive productivity growth, the American plan is for lower living standards.

No wonder the President is saying that failure to embrace AI will make countries “backward and poor” while the Treasury Secretary tells data center operators that they need to do a much better job of securing their social license.

Shares of soup-and-snack maker Campbell's tumbled the most in nearly six months in premarket trading after the company swung to a quarterly loss, slashed its dividend, and warned that weakening demand and elevated costs were squeezing margins.

Campbell's expects fiscal 2027 adjusted EPS of $1.65 to $1.80, missing the Bloomberg Consensus estimate of $1.84. Net and organic sales are expected to contract by 2% to 4%, signaling that the consumer slowdown is far from over, with national gas prices still above the politically sensitive $ 4-per-gallon level. 

Campbell's fourth-quarter results were uneventful, with adjusted EPS matching estimates and revenue missing consensus by just $10 million. Within the earnings report, however, the quarter revealed a stark consumer split.

Meals and beverages delivered 3% organic growth, driven entirely by stronger volume and mix. Snacks deteriorated sharply, with organic sales and volume/mix falling 6%, worse than expected, even as a 1% pricing benefit modestly exceeded forecasts. This suggests cash-strapped consumers are eating more meals at home. 

"Our performance is not where it needs to be, and we are taking decisive action to improve it," CEO Mick Beekhuizen wrote in a statement. 

UBS maintained its Sell rating and $18 price target on Campbell's after the earnings report delivered mostly in-line quarterly profit but issued another bleak outlook. The target implies roughly 24% downside from Wednesday's close of $23.78.

"Guidance points to another tough year ahead," UBS analyst Peter Grom wrote in a first take note earlier on Thursday.

Grom continued: 

Initial Reaction: Slightly Negative 

Although our conversations would suggest sentiment continues to lean negative over the long-term, many seemed to believe expectations for the quarter/initial FY27 guidance were already quite low with some believing CPB could be the next Packaged Food stock to outperform following an earnings re-base. As it pertains to the quarter, we think the result this morning more or less played out as expected as EPS was in-line as weaker organic sales growth was offset by slightly better margin performance. From a guidance standpoint, while the headline figures are below the Street across the board, we think the midpoint is only modestly below buyside expectations. Lastly, the company announced a change in their dividend policy and while we do not think the news this morning will be viewed as a complete surprise, we also do not believe this change was fully priced in. As has been the case across the group, the reaction today will largely hinge on whether investors can gain comfort that the outlook is fully de-risked but based on the quarter/outlook/dividend cut, we would still expect shares to open lower (currently indicating -6.9%).

FY27 Guidance Below/Ahead of Expectations

For FY27, CPB expects organic sales to decline -4% to -2%, compared to UBSe/Visible Alpha estimates of -2.2%/-1.0%. The company expects EBIT to decline -12% to -7%, compared to UBSe/Visible Alpha estimates of -15.7%/-8.8%. The company expects adjusted EPS to be in the range of $1.65-$1.80 vs. UBSe/Str. of $1.72/$1.83. Other key assumptions include: combined raw materials/packaging inflation of +5-6%, doubledigit logistics inflation, productivity above 4%, total operating expenses down slightly on a dollar basis (including $50M impact from resetting incentive compensation), marketing and selling to increase as % of sales, $100M of cost savings, interest expense of $345-$350M, noncontrolling interest of $15-$20M, and a diluted share count of 308M.

F4Q Review: Weaker Topline Offset By Better Margins, Driving In-Line EPS 

CPB reported 4Q EPS of $0.39, which was a penny above our forecast ($0.38) but in-line with Visible Alpha consensus ($0.39). Organic sales for the quarter were down -1.0%, below our forecast (-0.2%) and Street expectations (-0.4%). From a segment perspective, growth was below expectations in Meals & Beverages (+3.0% vs. UBSe/St. +3.9%/+3.7%) and Snacks also below expectations (-6.0% vs. UBSe/St. -5.0%/-5.2%). That said, gross margin of 28.6% was above our forecast (28.2%) and consensus (28.4%), and OPM of 11.3% was also above our forecast and consensus of 10.3%/11.2%, respectively.

Campbell's shares were down nearly 15% year-to-date through Wednesday's close. The stock fell another 6% in premarket trading, and if those losses hold through the cash session, it would mark the largest one-day decline since the 7% selloff on March 11.

Our read-through of the earnings report suggests Campbell's is confronting stagflation in the grocery aisle. National gasoline prices above $4 are adding further pressure on lower-income consumers, who have been reducing discretionary purchases or trading down to cheaper alternatives.

Iran's retaliatory attacks on US bases and the regional countries hosting them actually continued overnight into Thursday, despite CENTCOM having on Wednesday announced the cessation of the US bombing operation.

This week's round of US attacks saw six Iranian navy personnel killed, Tasnim is reporting, with Iran's Health Ministry stating that 18 Iranians were killed and over 140 wounded since August 30. The ministry also indicates most of the casualties were women and children, especially due to the reported US bombing of a wedding in the coastal town of Kuhestak along the Strait of Hormuz in southern Iran.  

Many of the victims' funerals have commenced on Thursday, regional media reports. The NY Times and other Western media have been seeking to verify details amid ongoing investigations. "Dozens of guests, according to a witness and accounts in local news media, had already arrived at the Malahi family’s home and surrounding buildings in the southern city of Kuhestak to celebrate a young bride and groom," NYT writes.

"Around 9:30 p.m. on Tuesday, the wedding was struck by a bomb that, according to a weapons expert and a visual analysis by The New York Times, had been released by American forces as they carried out intense attacks in southern Iran," the report continues. "At least five wedding guests were killed, including a 6-year-old boy, and at least 67 other people were wounded, according to Iran’s Red Crescent Society, a humanitarian aid group."

President Trump and his Treasury Secretary Scott Bessent have meanwhile expressed dismay over why the Iranians don't 'rise up' - but rarely do populations under assault want to openly side with the country attacking them and bombing weddings, hospitals, and girls schools. This is certainly not a strategy for 'winning over' the population.

As for the latest military action, while Iran launched ballistic missiles and/or drones on Bahrain and Jordan on Wednesday as part of the initial salvo, the Kuwaiti government is confirming that its territory has alco come under attack Thursday:

Sirens sounded in Kuwait early Thursday, where air defenses intercepted missile and drones during a "blatant Iranian aggression," the Ministry of Defense said on X.

Kuwait's foreign ministry promptly condemned this the latest attack that began before dawn - slamming the flagrant violation of its sovereignty and a direct threat to its security.

"The continuation of these brazen assaults reflects a hostile approach and constitutes a dangerous escalation that threatens the security and stability of the region," the ministry state. It added that "the attacks represented a systematic undermining of diplomatic efforts aimed at de-escalation and calm" - and said it reserves the right to respond.

Crucially, Tehran is also saying Thursday that it targeted UAE, in a rarity - though it's unclear if there have been any impacts, or the nature of the attack wave. According to a Tasnim press release of the Iranian Army statement [machine translated]:

• In retaliation for the blood of innocent people and the brave men of the armed forces, early this morning the Islamic Republic of Iran's Army struck the satellite communications systems, equipment storage facilities, and fighter aircraft hangars of the U.S. military at Ahmad al-Jaber Air Base in Kuwait with missiles and attack drones.
• These attacks caused damage to the communications systems and fighter aircraft hangars.
• Also, as part of this powerful operation, the troop deployment areas and radar systems of the U.S. military at Al Minhad Air Base in the UAE came under attack by missiles and drones launched by the Army.
• Ahmad al-Jaber Air Base plays a central role in the logistics and support of the U.S. military in West Asia and has a major role in the country's aerial and surveillance operations.
• Al Minhad Air Base is also considered one of the important centers for the logistical support and air transportation of foreign forces.
• The response of the brave men of the Army to any attack by the terrorist U.S. military will be harsh...

UAE Strongly Condemns Hostile Iranian Attack on Kuwait, but has not initially confirmed if its own territory was hit as well

???????? ????? ???? ?????? ???????? ???????? ??? ??????

UAE Strongly Condemns Hostile Iranian Attack on Kuwait pic.twitter.com/YWLxYjUEoe

— MoFA ????? ???????? (@mofauae) September 3, 2026

As for the Trump administration's moves from here, or the 'what's next?' - Bloomberg on Thursday states the obvious (which is a headline that might as well have been on repeat throughout the whole summer): 'We Are Stalled': US-Iran Conflict Stuck With No End in Sight. The below headline also hints at what could be a conflict lull ahead of midterms, now that each side perhaps 'escalated to de-escalate' this week...

Is Trump ending Iran war? 'Operation Fury' naming ends, Hegseth extends troop plan to 2027 as prez appears tired ahead of midterms

Also, Goldman Sachs Delta One Desk offers the following analysis and market angle [emphasis zh]:

The most important headline overnight may be the WSJ report that "Privately, Trump is having discussions with senior aides about whether to declare the Iran war over, U.S. officials said, noting Trump has said he favors the idea."  Trump said, “I like our position now much better, with almost total control of the Hormuz Strait, and their economy totally collapsing.” That feels like US reflexivity becoming explicit. Oil >$90, product markets are tight, gasoline matters politically and interceptor inventories are reportedly stretched. My bias remain that this is an  escalate to de-escalate... that on the other side of Labor day there might be a different approach. Perhaps optimistically,  that makes me think we are closer to the high end than the low end of the near term energy range.

On the other side of the conflict, the Iranians have shown a keen understanding of how energy markets and the growing unpopularity of the war among the American public factor into the November midterms.

He can declare it whatever he wants, but if American warships are still blockading Iranian ports and escorting oil tankers through Hormuz then, um, it's not actually over https://t.co/1b42qkONOb

— Gregg Carlstrom (@glcarlstrom) September 3, 2026

Al Jazeera highlights the view from Tehran, offering the analysis of Sultan Barakat, Professor of Public Policy at Hamad bin Khalifa University in Qatar:

"I think Iran is just holding their breath to see what happens with the midterm elections in the United States," Barakat told Al Jazeera. "If that election goes against what Trump wishes, then you could see the president being impeached. I think the Democrats will probably ask for a halt on the war and go back to negotiation."

While, "impeached" is a highly unlikely scenario and a bit strong in this context, Barakat pointed out that this is "major gambling on the Iranian side," since "Trump has nothing to lose now. He can actually take actions that were not anticipated in the past, or maybe were far-fetched in the past." Trump himself on Wednesday brushed off midterm election concerns:

Trump on Iran:

I’m not affected by the election. I’m not running. My party is running.

I think my party respects the fact that we are not allowing Iran to have a nuclear weapon. pic.twitter.com/jF4rYkvupq

— Clash Report (@clashreport) September 2, 2026

Prof. Barakat continued by saying "the ultimate losers, really, are still the Gulf States" now "past six months" into the economic strain, and yet still with no unified effort or momentum "to talk directly to the Iranians to come with a solution to the current problem."

More Latest Developments

...via Newsquawk

• US President Trump said regarding Iran that the US is winning that one very big and controls the Hormuz Strait.
• US Secretary of State Rubio instructed all US embassies around the world earlier this week to send an official diplomatic demarche about Operation Economic Outcast to the most senior level of their host governments, according to Axios citing US officials.
• US Ambassador to NATO Whitaker said Iran is a bankrupt country and will not be able to pay anyone in its military, civil service or government, nor subsidise its society. He stated the people of Iran will not be happy with the current state of affairs and should blame their government and regime, adding that they should ask for change and a different way forward.
• US Envoy Witkoff met last weekend with the UAE's national security adviser to discuss next steps on Iran, according to Axios. The report added that "One of the officials said a special message was sent to U.S. diplomatic posts in Abu Dhabi, Muscat, Hong Kong, Doha, London, Berlin and several Central Asian capitals. The missive instructed them to demand that their host governments shut down all branches of Iran's Melli and Saderat banks that are affiliated with the IRGC."
• Iran reportedly threatened the US with a large-scale attack if Israel launches an attack on the Ali al-Taher ridge in southern Lebanon, Reuters reported citing sources.
• Iranian Chairman of the National Security and Foreign Policy Commission said the Strait of Hormuz cannot be opened without Iran’s will, IRIB reported.
• Kuwait Army said it was repelling missile and hostile drone attacks, while local news outlets were attributing the attacks to Iranian aggression and Arab sources said the US base in Kuwait was hit by a strike with smoke reported.
• A senior Yemeni official said Yemen’s armed forces are conducting new military drills in the Red Sea to prepare for a possible confrontation with Israel and the US, IRNA reported.
• Military sources said clashes broke out between Yemeni government forces and Houthis in the Al-Kadha area west of Taizz, Yemen.
• Geopolitics: Ukraine
• Russian President Putin said that Russia and Ukraine should agree first and noted that there is an opportunity to reach a peace agreement. Putin added that contacts with the US continue, adding that Russia is in favour of restoration of relations with the US. He said US President Trump is ready for positive and constructive works and that there are contacts with Ukraine.
• Russian President Putin said attacks on three oil refineries have been repelled, adding that Russia must respond in kind.
• US Ambassador to NATO Whitaker said Russia’s aggressive actions, invasion of Ukraine and prior annexation of Crimea lead the US to believe that Russia can be unpredictable and could be willing to take action against a NATO country. Furthermore, he said recent statements by Russian President Putin do not leave him optimistic, while he added that Ukraine needs to be able to defend itself as long as it takes until the war can be brought to an end.