Monthly Market Insights – September 2026
Economic activity remained resilient through September, with stronger business surveys in the US and euro area contrasting with persistent inflation and rising energy costs. Major central banks adopted a more hawkish stance, with the Fed, ECB and Bank of Japan tightening policy, while China introduced further stimulus measures amid weak domestic demand. Geopolitical risks intensified following renewed US-Iran confrontations and continued fighting in Ukraine, while a partial easing of US-China trade tensions offered some relief to global supply chains.
Financial markets reflected growing concerns over inflation, higher interest rates and sovereign financing needs. Global equities declined, although US technology stocks remained comparatively resilient, while European shares faced pressure from rising energy costs and fiscal uncertainty. Government bond yields reached multi-decade highs, weighing on credit markets, as oil prices surged and precious metals retreated. The US dollar strengthened, while cryptocurrencies extended their rebound.
Download the full report below for detailed analysis, market data, and our assessment of the implications for global investors.
Charts of The Week
