Global Macro and Markets Briefing – 28 September 2026
AI optimism is supporting equities, but persistent inflation and high bond yields are becoming the bigger threat to markets.
AI optimism is supporting equities, but persistent inflation and high bond yields are becoming the bigger threat to markets.
XAU/USD extends its decline as Fed rate hike bets mount after hawkish remarks while bond yields continue to rise, creating an unfavourable environment for non-yielding assets.
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Markets balance geopolitical hopes and Fed tightening as oil and gold face pressure, the dollar strengthens and AI fuels equities.
USOIL slides for a sixth straight day on optimism for a diplomatic breakthrough, but macro-geopolitical risks linger.
The BoJ raised rates in the fastest tightening cycle since 1990, but two dissenters add a dovish spin and the Nikkei's outlook relies more on the AI boom than monetary policy.
Markets now face a tougher trade-off as resilient growth supports earnings while sticky inflation and higher rates raise the bar for risk assets.
Higher oil, elevated yields and AI uncertainty are testing markets, but easing pressures and solid earnings are keeping the broader investment case intact.
FX intervention and shifting monetary policy dynamics push the pair lower, but now is the moment of truth for its path as the BoJ and the Fed decide on rates.
Oil, the dollar, gold and SPX500 are converging on key technical levels as higher energy prices, elevated yields and Friday’s US CPI set up a potentially decisive cross-asset move.
SPX500 maintains its upside bias but its trajectory will be shaped by key events this week, including Oracle earnings, oil prices, the CPI print and the deficit update.
Oil, yields and the USDOLLAR are beginning to move in sync, putting gold and equities under growing pressure.
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