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Wells Fargo & Co’s global-markets business is expanding into options clearing, a capital intensive and operationally arduous corner of finance dominated by Bank of America Corp and Goldman Sachs Group Inc.The fourth-largest US lender has been striving to build a larger presence on Wall Street, and a major roadblock was removed in June, when the bank was released from a regulatory punishment that had banned it from expanding its assets beyond its 2017 level of $1.95tn. The markets business had felt the impact most, squeezed by limits on the capital and balance sheet it could commit.Market makers can rely on the capital of their clearing broker to finance trading activity. That allows trading firms to provide constant liquidity to the market, and even take directional positions themselves, with the support of clearing partners.In November, the chief executive officers of the world’s largest options exchange and the world’s largest options clearing house both sounded the alarm about the level of concentration risk, given the reliance of market makers on a handful of banks.Wells Fargo started exploring options clearing earlier this year, and has already had a flurry of client interest in the offering, said DJ Langis, co-head of equities at the firm’s global-markets division.“The number of conversations we’ve had over the last quarter plus on this effort, it seems to indicate that there is a demand in the marketplace for this,” Langis said in an interview.The move is part of a strategy at Wells Fargo to more closely align its securities sales and trading unit with the needs of market makers, Langis said. His team has started to hire for the effort. Half a dozen people have already joined, including Kevin McCarthy, the head of market-maker clearing, and Mark Morrison, a market-maker clearing product manager. They both worked in Bank of America’s market-maker clearing arm for years.The build-out of options clearing was envisioned prior to the asset cap being lifted, and is one of the many trading-desk initiatives under planning for some time, Langis said.Around $3.9tn a day in notional volumes trade in the US options market, according to data from Cboe Global Markets. In November, US options average daily volumes grew to 68mn contracts, up 24% from a year earlier.Derivatives clearing is a capital-intensive business because brokers perform a credit-intermediation function when they handle client trades. If a client goes bust, it’s the broker’s responsibility to make the clearinghouse whole, and if a broker goes bust, other brokers are liable to ensure the survival of the clearinghouse.The largest market-making firms, including Citadel Securities, Jane Street, Optiver and Hudson River Trading, remain reliant on clearing brokers to process trades. They are the main driver of a surge of options volume since 2020, according to data from the Options Clearing Corp., which clears all US-listed options trades.Wells Fargo CEO Charlie Scharf marked the firm’s investment-bank business for growth shortly after taking the helm in late 2019.Wells Fargo sees the work at an early stage. Market makers are expected to begin clearing at the bank during the second half of 2026, but the team is not bound by any time line.“We want to be thoughtful and intentional around this build,” Langis said. 

One theme is becoming prevalent as the new year approaches: The technology giants that have been shouldering this bull market will no longer be running the show.Wall Street strategists at firms including Bank of America Corp and Morgan Stanley are advising clients to buy less popular pockets of the market, placing sectors like healthcare, industrials and energy at the top of their shopping lists for 2026 over the Magnificent Seven cohort that includes Nvidia Corp and Amazon.com Inc.For years, investing in Big Tech firms has been a no brainer, given their stalwart balance sheets and fat profits. Now, there’s increasing skepticism over whether the sector — which has surged some 300% since the bull market began three years ago — can keep justifying its lofty valuations and ambitious spending on artificial intelligence technology. Earnings readouts from AI bellwethers Oracle Corp. and Broadcom Inc. that failed to meet lofty expectations amplified those concerns this week.Worries around the red-hot trade come amid rising optimism over the broader US economy in the new year. The setup may push investors to pile into the lagging groups in the S&P 500 at the cost of megacap tech.“I’m hearing about people taking money out of the Magnificent Seven trade, and they’re going elsewhere in the market,” said Craig Johnson, chief market technician at Piper Sandler & Co. “They’re not just going to be chasing the Microsofts and Amazons anymore, they’re going to be broadening this trade out.”There are already signs that stretched valuations are beginning to curb investors’ interest in once-unstoppable tech behemoths. Flows are rotating into undervalued cyclicals, small-capitalisation stocks and economically sensitive segments of the market as traders position to benefit from the anticipated boost in economic growth next year.Since US stocks hit their near-term low on November 20, the small-cap Russell 2000 Index has gained 11% while a Bloomberg gauge of Magnificent Seven companies posted half of that advance. The S&P 500 Equal Weight Index, which makes no distinction between a behemoth like Microsoft Corp and relative minnow like Newell Brands Inc, has been outperforming its cap-weighted counterpart over the same period.Strategas Asset Management LLC, which prefers the equal-weighted version of the S&P 500 over the standard gauge, sees a “great sector rotation” into this year’s underperformers like financials and consumer discretionary stocks in 2026, according to Chairman Jason De Sena Trennert. It’s a view shared by Morgan Stanley’s research team, which emphasised broadening in its year-ahead outlook.“We think Big Tech can still do OK but will lag these new areas, most notably consumer discretionary — especially goods — and small- and mid-caps,” said Michael Wilson, chief US equity strategist and chief investment officer at Morgan Stanley.Wilson, who correctly predicted a rebound from April’s rout, says the market widening could be supported with the economy now in an “early-cycle backdrop” after troughing in April. This tends to be a boon for laggards like lower-quality, more cyclical financials and industrials. Bank of America’s Michael Hartnett said on Friday that markets are front-running a “run-it-hot” strategy in 2026, rotating into “Main Street” mid-caps, small caps and micro caps from Wall Street megacaps.Earlier in the week, veteran strategist Ed Yardeni of his eponymous firm Yardeni Research effectively recommended going underweight Big Tech versus the rest of the S&P 500, expecting a shift in profit growth ahead. He was overweight information technology and communications services since 2010.Fundamentals are also on their side. Earnings growth for the S&P 493 is projected to accelerate to 9% in 2026 from 7% this year as the earnings contribution from the seven largest companies in the S&P 500 is set to fall to 46% from 50%, according to data from Goldman Sachs Group Inc.Investors, will want to see evidence that the S&P 493 are meeting or beating earnings expectations before getting more bullish, according to Michael Bailey, director of research at FBB Capital Partners. “If jobs and inflation data remain status quo and the Federal Reserve is still easing, we could see a bullish move in the 493 next year,” he added.The US central bank cut interest rates for the third consecutive time on Wednesday and reiterated its view for another reduction next year.Utilities, financials, healthcare, industrials, energy, and even consumer discretionary are solidly up this year, evidence that the broadening is already happening, points out Max Kettner, chief cross-asset strategist at HSBC Holdings Plc.“For me, it’s not about whether we should buy tech or the other sectors, but more about tech and the other sectors participating too,” Kettner said. “And in my view, that should continue in the coming months too.” 

His Excellency Prime Minister and Minister of Foreign Affairs Sheikh Mohammed bin Abdulrahman bin Jassim al-Thani met in Washington Tuesday with members of the United States Senate Committee on Foreign Relations. The meeting discussed close strategic relations between Qatar and the United States of America and ways to support and develop them. It also discussed a number of top of common concern.  

Spot freight rates for liquefied natural gas (LNG) tankers extended a surge as record-breaking exports from North America tied up more vessels.The cost to hire a ship transporting LNG from the US to Europe jumped by about 12% on Friday to $130,750 a day, the highest since December 2023, according to data from Spark Commodities. Rates have rallied since early October as output ramps up from new projects in North America, requiring more vessels to deliver the super-chilled fuel to customers, including in Asia.There appears to be even more upside for rates, with a ship chartered for more than $150,000 a day for a journey in the Atlantic Ocean starting in the second half of December, according to traders with knowledge of the matter. The 30-day moving average for North American LNG exports rose to the highest level on record on Thursday, up about 50% year-over-year, according to ship-tracking data compiled by Bloomberg.Spiking freight rates are a turnaround after the market languished for most of the year due to a glut of ships. However, the surge has resulted in some LNG buyers seeking to delay loadings in the Atlantic basin, according to Spark Commodities. Separately, the cost to hire a tanker in the Pacific Ocean is also at the highest in more than a year.

Lionel Messi, still chasing international glory nearly two decades into his career, says he hopes to play at the 2026 World Cup in North America, acknowledging his age and fitness will dictate his role in defending Argentina’s 2022 title.The Argentine great recently extended his contract with Major League Soccer side Inter Miami through 2028, signalling he is not yet considering retirement despite turning 39 next June. Speaking to NBC News, the eight-time Ballon d’Or winner said he will take time next year to assess his physical condition before deciding whether to play in the tournament across the United States, Mexico, and Canada.“It’s something extraordinary to be able to be in a World Cup, and I would love to,” the Argentine captain said in the interview.“I would like to be there, to be well and be an important part of helping my team, if I am there. I’m going to assess that on a day-to-day basis when I start preseason next year with Inter (and see if I can really be 100%, if I can be useful and then make a decision.“I’m really eager because it’s a World Cup. We’re coming off winning the last one, and being able to defend it on the field again is spectacular because it’s always a dream to play with the national team.”Messi has enjoyed a professional career spanning more than 20 years, debuting for Barcelona at just 17 in 2004 before playing for Paris St Germain and joining Inter Miami in 2023. He sparked fresh interest in the American league in a critical moment for the sport in North America ahead of hosting next year’s World Cup.While Messi has amassed countless club and individual accolades, international success had eluded him until claiming the 2021 Copa America before beating France 4-2 on penalties to win the 2022 World Cup in Qatar.“It was the dream of my life,” Messi said of the victory. “It was also true that it was the only thing missing at a professional level because I had been lucky enough to have achieved everything at an individual level, at a team level with Barcelona, and I think that’s every player’s dream. When you ask a player what their dream is, it’s to be world champion.”Messi said he is enjoying his time in MLS. “The truth is that I like everything about living here,” Messi said of Miami. “I spent a lot of time in Barcelona, which for me is an extraordinary city, where I grew up and had many spectacular moments, and which we miss a lot. But Miami is a city that allows us to live very well, that makes us enjoy life, that allows us to be calm, that allows the kids to be themselves and live day to day.”Messi has played in 195 matches and scored a record 114 goals for his country. A return for the 2026 World Cup would mark his sixth appearance in the tournament.

His Highness the Amir Sheikh Tamim bin Hamad Al-Thani left Doha on Sunday, heading to the United States of America to participate in the 80th session of the United Nations General Assembly, which will be held at the organization's headquarters in New York.His Highness the Amir will deliver a speech at the opening session of the General Assembly on Tuesday, Sept. 23.His Highness is accompanied by His Excellency Prime Minister and Minister of Foreign Affairs Sheikh Mohammed bin Abdulrahman bin Jassim Al-Thani and an official delegation.