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Daily Comment (september 21, 2026). by patrick fearon-hernandez, CFA, and thomas wash. [Posted: 9:30 AM ET] | PDF Its Comment today opens with an update on the war in Iran, where Iran-backed proxies have staged a new attack on Saudi Arabia. However, speculation that President Trump could meet with the Iranian president in New York this week has raised hopes for new talks, driving oil prices and bond yields lower. Confluence Investment Management LLC next review several other international and US developments that could affect the financial markets today, including another strong election result for the far right in Germany and a major new issue of junk bonds related to artificial intelligence. United States-Israel-Iran: Iran-backed Houthi rebels in Yemen yesterday staged an apparent missile attack on the main airport in Saudi Arabia's capital, hitting a jet fuel depot and setting it ablaze. The Houthis also reportedly attempted to target civilians and infrastructure in the Saudi cities of Baish, Taif, Farasan, and Yanbu, but the strikes were thwarted by Saudi air defenses. The attacks appear to be aimed at increasing the costs of the Iran war for US allies. In any case, the attacks threaten to further boost energy prices for the US and other countries around the world. * Separately, new analyses by Bloomberg and energy analytics firms show the war in Iran cut Middle Eastern diesel fuel exports by about 770,000 barrels per day in March through August versus the same period in 2025. In contrast, the war in Ukraine has cut Russian diesel exports by only about 350,000 bpd in the same time frame, suggesting a decline in Western diesel prices would be more dependent on peace in Iran than peace in Ukraine. * Meanwhile, reports over the weekend said Walmart and Costco are both experiencing shortages of motor oil due to the conflicts. Prices for synthetic motor oil have at least doubled over the last year, forcing Costco to implement purchase limits. * At the same time, President Trump reportedly said over the weekend that he's open to meeting the Iranian president at the United Nations General Assembly meeting this week in New York. That statement has helped push crude oil prices lower so far today, with near Brent futures currently trading at $100.97 per barrel, down 2.8%. Government bond yields are falling in tandem, with the yield on the 10-year Treasury note now at 4.952%. Germany: In elections for the state parliament of Mecklenburg-Vorpommern at the weekend, the far-right Alternative for Germany party (AfD) came in first with 38.2% of the vote, while the center-left Social Democratic Party came in second with 35.5%. In contrast, the center-right Christian Democratic Union, which rules at the national level under Chancellor Merz, got only 4.9% of the vote, shutting it out of the state legislature. * The result confirms that the AfD continues to garner support and remains on track to possibly gain power at the national level in the coming few years. As the AfD gains power, German policy would probably become more friendly to Russia and antagonistic to the European Union. It would also likely become more anti-immigration and more populist in economic and social policy. * In the near term, after a similar rout in the state of Saxony-Anhalt two weeks ago, the result in Mecklenburg-Vorpommern raises the chance of a leadership challenge to Merz. In turn, that could spark questions of political and policy stability that may be a negative for German stock and bond markets. United States-Russia-China: On Friday, President Trump signed a bill into law known as the "Lindsey O. Graham Sanctioning Russia and Iran Act of 2026," which authorizes and expands statutory sanctions, tariffs, and prohibitions on Russia and extends existing sanctions on Iran. The legislation, passed overwhelmingly by Congress last week, gives the president the authority to impose tariffs of up to 100% on the five biggest buyers of Russian oil and natural gas, along with other measures against Russia and Iran. * The law in theory puts China at risk of US sanctions, since it is a major buyer of Russian and Iranian oil. * Despite recent US moves to delay the application of other tariffs on China, the new law could potentially cause some tension when General Secretary Xi meets with President Trump at the White House later this week. Russia: In the weekend's parliamentary elections, preliminary results show the United Russia party that serves as President Putin's main source of support came in first with 355 of the 450 seats in the lower house of the legislature. As expected, "systemic opposition" parties that usually vote with the Kremlin won most of the remaining seats. Putin's authoritarian regime therefore looks set to continue for the time being. * Perhaps more important, many observers believe Putin could now authorize a special military draft to raise more troops for the war in Ukraine. * That prospect has already prompted many Russian men to flee the country, but recent reports suggest the Kremlin has tightened security along its borders to contain the exodus. China-Japan: New data shows China's August exports of rare-earth magnets to Japan were down 17.1% from the same month one year earlier. That's better than the 52.2% decline in the year to July, but it suggests Beijing is still trying to punish Japanese Prime Minister Takaichi for her statement last year about Japan being likely to respond militarily to any Chinese effort to take control of Taiwan by force. * Permanent magnets made with rare-earth minerals are an important input for modern electronics, industrial products, and defense goods. * China's continued clampdown on exports of the magnets has therefore been disruptive to Japanese companies in a range of industries. China-Philippines: Social media videos confirm that a Chinese coast guard ship on Friday rammed a Philippine fisheries department vessel trying to deliver subsidized fuel to local fishing boats in a disputed area of the South China Sea. The renewed tensions come after a period of relative quiet. A new round of aggressive Chinese tactics to chase Philippine vessels away from the disputed waters would raise the risk of conflict between Beijing and Manila, potentially putting pressure on the US to intervene. US Labor Market: The Wall Street Journal yesterday carried an article on how renowned organizational psychologist Adam Grant thinks artificial intelligence will change the skill set needed for professionals to get ahead. According to Grant, the prevalence of information with AI will make people's expertise less valuable, but it will put a higher value on judgment and interpersonal relations. For example, Grant recommends touching base more often by phone calls or personal meetings to get a better sense of trends and how the future will evolve. US Artificial Intelligence Industry: Japanese technology-investment giant SoftBank this week will reportedly price an $11 billion issue of high-yield bonds to help fund the third tranche of an investment in OpenAI expected to close next month. This would be one of the largest junk bond deals ever, highlighting the continued AI loan demand that is helping drive up global interest rates and further raising fears of excess investment.

Doug McMillon and anthony hopkins: Walmart legacy. September 19, 2026 Doug McMillon has been a pivotal figure in Walmart's history, serving as a transformative leader in one of the world's largest retail organizations. His contributions have left a lasting mark on how Walmart operates, especially in adapting to modern retail challenges. McMillon's role as the CEO of Walmart from February 2014 through January 2026 showcases his innovative mindset and ability to steer the company toward a future heavily influenced by technology and customer-centric practices. Understanding the dynamics of his leadership offers valuable insights for anyone interested in business transformation and strategic leadership. Table of Contents Early career. Doug McMillon's career at Walmart began in earnest when he joined the company in 1984 as an hourly associate. Starting out in the warehouse, he gained firsthand experience in the nuts and bolts of retail operations. This foundational work equipped him with deep insights into the daily functions of the company and instilled a strong work ethic that carried throughout his career. As he progressed, McMillon moved into management and merchandising roles, steadily climbing the corporate ladder. This trajectory highlights the importance of understanding ground-level operations in order to emerge as an effective leader. Path to leadership. McMillon's journey toward becoming the CEO of Walmart was defined by a series of strategic leadership roles that prepared him for the responsibilities he would later assume. A key milestone in his career was his appointment as the CEO of Sam's Club, a division of Walmart, where he introduced reforms to enhance the member experience and broaden the product range. Following this, McMillon took on the role of CEO of Walmart International, where he navigated the complexities of global retail markets. These positions were crucial in molding his leadership style and strategic thinking, readying him for the eventual role as the head of the entire corporation. Transformational leadership as CEO. During his tenure as Walmart's CEO, Doug McMillon emphasized a shift toward a technology-driven and omnichannel retail model. Recognizing the changing landscape of retail, he spearheaded initiatives to integrate technology deeply into Walmart's operations. This included significant investments in eCommerce platforms and implementing technologies to streamline operations. McMillon also focused on improving the welfare of Walmart's associates by investing in higher wages, offering better parental leave, and expanding education benefits. These efforts reflected his commitment to creating a work environment that values both innovation and employee well-being. Significant achievements. Under McMillon's leadership, Walmart experienced substantial growth in eCommerce, marking a significant achievement in the company's history. He understood the need to compete with eCommerce giants and thus pushed for investments in technology and logistics that enabled faster and more efficient service. This transformation notably improved the customer experience while simultaneously enhancing the work environment for associates. By blending traditional retail practices with cutting-edge technology, McMillon ensured Walmart remained competitive in an increasingly digital marketplace, serving as a model of adaptation for other large businesses. Transition and retirement. In 2025, Walmart announced that Doug McMillon would be retiring from his role as CEO in January 2026, setting the stage for a transition in leadership. John Furner was named as his successor, ready to continue the strategic direction laid out by McMillon. The planning and announcement of this transition exemplifies a thoughtful approach to leadership succession, emphasizing continuity and stable future operations. McMillon's departure from the CEO role was part of a broader plan to ensure Walmart's ongoing success, with a focus on maintaining the company's growth trajectory and commitment to innovation. Post-Retirement involvement. Even after retiring as CEO, Doug McMillon continued to play a vital role in Walmart through leadership and advisory capacities. His extensive experience and deep understanding of the retail landscape made him an invaluable asset in guiding strategic decisions and mentoring future leaders. McMillon's ongoing involvement ensured that Walmart could still benefit from his vast knowledge and insights, allowing him to contribute to the company's long-term strategy and success. Conclusion. Doug McMillon's legacy at Walmart is marked by his transformative impact on the company's approach to retail. His focus on technology, employee welfare, and customer service reshaped Walmart into a more agile, customer-focused organization. Under his leadership, Walmart navigated significant industry shifts, emerging stronger and more competitive. McMillon's journey serves as a roadmap for aspiring leaders in understanding the value of innovation, strategic thinking, and taking calculated risks. For those looking to build and lead successful businesses, his career provides practical lessons on adapting to change, investing in people, and setting a vision that propels an organization forward. For more insights on business leadership and strategic development, consider visiting resources like this business guide which offers valuable tools and insights to enhance your entrepreneurial journey. Read Also: