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Daily Market Review

Rates, currencies, equities and the global economy.

82 English articles

Daily Market Review · October 30, 2026

October 30 | Global Markets Daily: Tech Cash Returns Reassessed as Treasury Yields Fall Below 5%

On October 29, 2026, US real GDP growth accelerated to an annualized 3.4% in the third quarter, but real consumer spending was almost flat in September. Heavy capital spending by cloud giants squeezed free cash flow, sending the Nasdaq 100 down 1.38% as money rotated into small caps and financials. Safe-haven demand and softer quarterly PCE inflation pulled the 10-year Treasury yield down to 4.98%. The ECB held its rate at 2.50%, while oil and gold both closed lower.

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Daily Market Review · October 24, 2026

October 24 | Global Financial Markets Daily: Oil's Further Rise Sends 10-Year Treasuries Back to 5%, Credit Spreads Widen

On October 23, higher US PMI output prices, a more than 3% rise in crude and a rebound in household inflation expectations pushed the 10-year Treasury yield back to 5.00% and global corporate bond spreads to 129 basis points. The S&P 500 and Dow fell and gold retreated. China's fiscal-financial coordination supported over RMB 28 trillion of credit in the first three quarters, while interest subsidies for first-home mortgages entered implementation.

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Daily Market Review · October 21, 2026

October 21 | Global Financial Markets Daily Review: Long-Term Treasury Yields Ease, Dow Gains More Than 1%, Cash Flows Remain Under Scrutiny

On October 20, 2026, US September housing starts fell for a third consecutive month. Together with oil's retreat from intraday highs, this pushed 10- and 30-year Treasury yields lower. The Dow and small caps outperformed large technology stocks, but high funding costs kept earnings delivery, free cash flow and refinancing costs under scrutiny across traditional blue chips and AI infrastructure.

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Daily Market Review · October 20, 2026

October 20 | Global Markets Daily: Technology Stocks Lift US Equities as the 10-Year Treasury Yield Reaches 5.15%

Cloud and chip stocks lifted the Nasdaq 100 by 1.17% on October 19, while leveraged computing providers faced expensive debt. The 10-year Treasury yield rose 6 basis points to 5.15%; US housing sentiment hit its lowest since June 2012. Russian-sanctions exemptions and recovering Gulf supply lowered prompt Brent, while gold fell 0.67% under pressure from the dollar and real yields. China's third-quarter GDP grew a stronger-than-expected 4.5%.

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Daily Market Review · October 19, 2026

October 19 | Global Markets Weekly: Oil Tops $100, Treasury Yields Fall and the Nasdaq 100 Loses 5.49%

During October 12–18, WTI jumped 10.41% above $100, US September CPI rose 3.7% year on year, and fuel bills squeezed core retail growth. Growth concerns lowered the 10-year Treasury yield by 15 basis points as high-yield spreads widened. Computing-related debt and chip competition triggered a technology repricing, sending the Nasdaq 100 down 5.49%.

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Daily Market Review · October 17, 2026

October 17 | Global Markets Daily: Nasdaq 100 Falls 2.5% as Import Prices and Oil Hold Back Treasuries

On October 16, concerns over debt-funded, capital-intensive AI expansion triggered a technology selloff. CoreWeave fell nearly 12% and the Nasdaq 100 lost 2.50%. U.S. September import prices rose 8.1% year on year, the most in over four years. Brent's 3.56% rise to $109.69 and a fiscal-year deficit near $2 trillion kept the ten-year Treasury yield at 5.09%, while expectations of a rate-hike pause lowered the two-year yield three basis points to 4.74%.

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Daily Market Review · October 16, 2026

October 16 | Global Markets Daily: Treasuries Rally Despite PPI as AI Financing Burdens Weigh on Tech

On October 15, 2026, US September PPI rose 1.3% month on month, its largest increase in over four years, yet the 10-year Treasury yield fell nine basis points to 5.10% as attention shifted to high rates' constraints on consumption and leveraged AI firms' debt service. Stocks rotated toward financials, small caps and traditional blue chips; chip selling hit Japan and Korea. A weaker dollar lifted gold 1.86%, while US crude inventory draws and tanker-sanctions expectations split WTI and Brent.

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Daily Market Review · October 15, 2026

October 15 Global Markets Review: U.S. CPI Reaches 3.7%, and a Long-Bond Rebound Fails to Ease Pressure on Tech Stocks and Credit

U.S. September CPI rose a stronger-than-expected 3.7% year on year. The Treasury curve flattened, but a late long-bond rally could not mask simultaneous AI equity and credit weakness. Onshore oil stocks fell sharply, nearly 30% of G7 and Spanish debt matures within a year, and strong Chinese exports coexist with weak household credit, tightening cross-asset scrutiny of cash flows and credit quality.

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Daily Market Review · October 12, 2026

October 12 | Weekly Global Markets: Stocks and Oil Rise, Treasuries Recover Modestly and Credit Diverges

October 5–11 brought modest recovery and deep divergence. Energy and financials lifted the S&P 500 1.15%, while technology capex faced revenue scrutiny. The 10-year Treasury yield fell to 5.24%; auctions were firm but credit split. Supply disruptions lifted Brent 2.42%, gold recovered to $4,216.30, and Asian equities faded from highs as Chinese fiscal and monetary policies supported demand.

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Daily Market Review · October 10, 2026

October 10 | Global Markets Daily: AI Optimism Lifts U.S. Stocks; Inflation Expectations Push Up Short Treasury Yields

On October 9, 2026, AI commercialization prospects lifted U.S. stocks, with the S&P 500 gaining 0.59%. Michigan survey inflation expectations rose for a second month, driving a short-end-led rise in Treasury yields and higher real rates. Dip buying lifted COMEX gold 1.52% back above $4,220, while oil erased early losses to finish slightly higher.

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Daily Market Review · October 7, 2026

October 7 | Global Financial Markets Daily: S&P Hits Record and Treasuries Recover, but Demand and Oil Still Constrain Easing Expectations

On October 6, 2026, Treasury yields fell across maturities, the S&P 500 hit a record close and gold strengthened. Small caps declined and oil recovered a steep intraday loss. A wider US trade deficit, higher capital-goods imports and faster private hiring showed resilient demand. Corporate guidance supported large caps, while inflation compensation and elevated oil still limited easing expectations.

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Daily Market Review · October 6, 2026

October 6 | Global Financial Markets Daily: S&P Gains 0.66% as Long-Term Bonds Remain Under Pressure

On October 5, the S&P 500 rose 0.66%, oil fell about 2% and long-term U.S. Treasury yields continued to rise. Earnings expectations and takeover news supported equities, while service-sector cost pressures and financing needs constrained long bonds. France's budget dispute and Brazil's election results drove national-market divergence; Asia's next focus was orders and policy implementation.

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Daily Market Review · October 1, 2026

October 1 | Daily Global Markets Review: Softer Core PCE Fails to Lift Long Bonds; Technology Alone Supports U.S. Stocks

On September 30, core PCE rose a softer-than-expected 0.2% in August, but strong spending and corporate-bond supply pushed the 10-year Treasury yield to 5.29%. Most equity sectors fell while Nasdaq 100 gained 0.23% on computing orders. Oil rose, real rates constrained gold, and China's manufacturing PMI returned to expansion at 50.1% alongside input-cost pressure.

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Daily Market Review · September 30, 2026

September 30 | Global Markets Daily: Ten-Year Treasury Yield Reaches 5.26%; Oil Falls More Than 3.5%

Weak U.S. employment and confidence data lowered the two-year yield to 4.89% on September 29, while supply pressures helped lift the ten-year to 5.26%, widening the spread to 37 basis points. Stocks diverged narrowly, with chips and memory lifting the Nasdaq 100 by 0.21%. Vendor continuous-futures closes showed WTI down 3.56% at $89.30 and gold up 1.06% at $4,212.70. China expanded structural support and first-home mortgage interest subsidies, while markets awaited its manufacturing PMI and Micron earnings.

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Daily Market Review · September 29, 2026

September 29 | Global Financial Markets Daily: Higher Treasury Yields Hit Stocks and Gold; Nvidia's Buyback Cannot Halt the Selloff

On September 28, 2026, Treasury yields rose across the curve, the S&P 500 fell 0.77%, gold dropped 3.81% and oil surrendered most early gains. Nvidia's $150 billion buyback authorization and U.S.-China tariff concessions on $60 billion of goods failed to offset macro tightening pressure. China's central bank injected over RMB 1 trillion through reverse repos to offset quarter-end liquidity needs.

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Daily Market Review · September 26, 2026

September 26 | Global Financial Markets Daily: US Equities Rise as Long Bonds Remain Under Pressure

Oil retreated on September 25, supporting US equities, lower short Treasury yields and a weaker dollar as COMEX gold rebounded. Yet the 30-year yield rose to 5.49% and one-year Michigan inflation expectations jumped to 4.6%, showing persistent long-term financing and inflation constraints. Core capital-goods orders showed investment resilience, while crude backwardation remained pronounced.

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Daily Market Review · September 25, 2026

September 25 | Global Financial Markets Daily: Long Yields and Oil Rise as U.S. Stocks Finish Mixed and Flat

On September 24, 2026, long Treasury yields and oil rose as U.S. stocks finished narrowly mixed. Low jobless claims and a weak 7-year auction lifted the 10-year yield 7 basis points to 5.18%. Saudi-led missile interceptions raised geopolitical fears, taking Brent above $106 while gold edged lower. Heavyweights obscured broad sector weakness and AI delivery bottlenecks hit hardware. The U.S.-China trade truce was extended and China's central bank emphasized moderate easing.

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Daily Market Review · September 24, 2026

September 24 | Global Financial Markets Daily: Treasury Yields Climb and Stocks Come Under Pressure

On September 23, 2026, the preliminary U.S. composite PMI reached a more-than-five-year high. Greater rate-hike expectations lifted Treasury yields across the curve, led by the 5-year. Major U.S. indices fell; energy rose with oil and dollar strength pressured gold. SoftBank completed more than $10 billion of multicurrency financing, while Asian central banks worked to smooth quarter-end funding volatility.

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Daily Market Review · September 23, 2026

September 23 | Global Markets Daily: Oil and Short Rates Ease, but Long Rates Stay Firm as AI Winners and Losers Diverge

On September 22, lower oil and short-term Treasury yields brought marginal relief, but long-term benchmarks stayed firm. Meta's AI assistant supported computing hardware while threatening intermediary platforms; expected technology debt issuance widened AI credit premiums. Manufacturing orders and hiring expectations weakened, oil fell while gold held up, and offshore funding and global supply chains remained constrained by rates and tariffs.

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Daily Market Review · September 22, 2026

September 22 | Global Financial Markets Daily Review: Technology and Long Bonds Rally, but Short-Term Financing Remains Constrained

On September 21, 2026, US technology leaders lift stocks and lower real yields support longer Treasuries. Higher bill-auction discount rates and a stronger dollar show persistent short-term funding constraints. Saudi oil exports pressure crude, while AI investment drives SoftBank's multibillion-dollar bond sale.

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Daily Market Review · September 21, 2026

September 21 | Global Markets Weekly Review: Rate Hike Lifts Real Yields as AI Orders Support Technology Recovery

During September 14–20, a 25-basis-point Fed increase and strong nominal retail sales flattened the Treasury curve and raised real discount rates, pressuring cyclicals and small caps. Power and chip orders helped technology lead. Oil surrendered geopolitical premium, gold rose on short covering, and a post-close sanctions law introduced implementation uncertainty for the next opening.

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Daily Market Review · September 19, 2026

September 19 | Global Financial Markets Daily Review: Treasury Yields Reach 5%; Chip Rebound Supports US Stocks

On September 18, 2026, the Treasury's comparable closing 10-year yield reaches 5.01%, with larger short-end increases flattening the curve. Semiconductors help US benchmarks eke out gains despite most stocks falling. Saudi pipeline repairs ease oil-supply fears, gold edges up but faces high real rates, and China's fiscal and high-tech investment data show structural bright spots.

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Daily Market Review · September 18, 2026

September 18 | Global Markets Daily: Oil and Treasury yields retreat as technology leads US stocks higher

On September 17, 2026, Saudi supply arrangements eased immediate fears and lowered oil prices, while Treasury yields shifted down by about 7 basis points across maturities. Expectations of large AI supply-chain orders helped the S&P 500 rise 1.14% and Nasdaq 100 gain 1.73%. Low jobless claims and stronger manufacturing price indices nevertheless pointed to persistent inflation. High TIPS real yields and mortgage rates constrained the economy, limiting market breadth, while gold slipped slightly.

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Daily Market Review · September 17, 2026

September 17 | Global Markets Daily: Fed hike flattens the yield curve; stocks diverge and oil tumbles

The Fed unanimously raised rates 25 basis points, while stronger-than-expected August core retail sales helped lift the 2-year Treasury yield to 4.74% and flatten the curve. US indices diverged: chips held up while financials and transport fell. Oil dropped around 3%, gold weakened under higher real yields, and HKMA expanded offshore renminbi liquidity arrangements.

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Daily Market Review · August 28, 2026

August 28 | Global Markets Review: Four Fed Presidents Turn Hawkish, but Treasuries Respond With Just a One-Basis-Point Rise

On August 27, the opening day of Jackson Hole, four regional Fed presidents delivered unusually concentrated hawkish comments. Treasury yields rose just one basis point across maturities, while September-hike pricing declined. Separate drivers were Washington's rejection of a return to the June memorandum framework and Nvidia-led technology strength.

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Daily Market Review · August 26, 2026

August 26 | Global Financial Markets Review: Oil Falls 6% in Two Days and Treasury Yields Retreat—What Is the Market Anticipating?

On August 25, 2026, falling oil, weaker consumer expectations and new-home sales, and Fed officials' conditional rate views drew markets toward a cooling-growth narrative. Treasury yields fell across maturities, but stable inflation compensation and continued hike pricing showed that further tightening risk had not disappeared.

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Daily Market Review · August 21, 2026

August 21 | Global Markets Review: Buyback Support Fades as Inflation Compensation Lifts Long-Term Treasury Yields and Weak Consumption Hits Risk Assets

On August 20, Treasuries surrendered much of the rally from expanded buybacks. Five-, ten- and thirty-year yields rose four basis points to 4.39%, 4.69% and 5.23%, with inflation compensation driving the long end. Strong manufacturing contrasted with weak Walmart sales, while higher oil and pending sanctions added pressure.

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Daily Market Review · August 18, 2026

August 18 | Global Financial Markets Daily: Short Yields Accommodate a September Hold as New Long Bonds Enter the Secondary Market at a Discount

On August 17, newly auctioned 3-, 10- and 30-year Treasuries settled. The 2-year rose only 2 basis points to 4.19%, versus 4 basis points for the 10-year to 4.72% and 6 for the 30-year to 5.31%. Short rates continued to favor a September hold, while the long end repriced supply settlement, real yields and energy premiums.

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Daily Market Review · August 10, 2026

August 10 | Global Markets Daily Review: Payroll Shock Reverses Tightening Bets as U.S. Stocks Post Their Strongest Week Since Mid-April

On August 7, 2026, a payroll shock shifted market pricing toward labor-market weakness. July nonfarm payrolls fell by 23,000 against a consensus gain of about 80,000, while May and June were revised down by a combined 103,000. Treasury yields fell across the curve, led by the front end, producing a bull steepener.

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Daily Market Review · August 2, 2026

August 2 | Global Markets: Treasuries Sell Off Across the Curve as September Hike Odds Reach Two-Thirds

On July 31, 2026, Treasuries sold off for a third session after the Fed’s fifth consecutive hold. Yields from two to thirty years rose 5–7 basis points, with the thirty-year reaching 5.27%, its highest area since 2006–2007. Public comments from officials who dissented in favor of a hike helped lift September hike odds to about two-thirds.

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Daily Market Review · August 1, 2026

August 1 | Global Markets Review: Fed Dissenters Strengthen Hike Expectations, Treasuries Sell Off and Korean Stocks Rebound 18%

On July 31, 2026, global assets diverged along four lines. Treasuries sold off across the curve, with four key maturities rising 5–7 basis points, as successive comments by the three FOMC dissenters further strengthened hike expectations. U.S. indexes rose, but internal divisions were sharp: Amazon gained 15%, with AWS revenue vindicating AI capital spending, while Apple fell.

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Daily Market Review · July 31, 2026

July 31 | Global Markets Daily Review: Long Yields Stay Elevated After the FOMC, AI Earnings Diverge and Geopolitical Premiums Fluctuate at High Levels

On July 30, 2026, markets digested the FOMC along three parallel tracks: rates stayed elevated, Microsoft and Meta split equities over returns on AI investment, and geopolitical fears eased into high-level volatility. VIX fell almost a fifth, but long Treasury yields refused to retreat. Across assets…

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Daily Market Review · July 30, 2026

July 30 | Global Markets Review: The FOMC's Most Divided Vote in a Decade Jolts Markets as Treasuries Bear-Steepen and Oil Surges More Than 6%

On July 29, 2026, an apparently unchanged FOMC decision triggered global repricing. The Fed held rates by 9 votes to 3, but three regional Fed presidents favored a 25-basis-point increase, the most divided vote since 2016. Renewed escalation in the Middle East sent oil more than 6% higher and drove a sharp bear-steepening at the long end of the Treasury curve.

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Daily Market Review · July 29, 2026

July 29 | Global Financial Markets Review: Predecision Repricing, Persistent Geopolitical Premiums and a Shock to Memory Expectations

On July 28, 2026, markets priced a pause in U.S.-Iran exchanges: WTI settled down 4.1%, Brent 4.8%, Treasury yields fell and earnings lifted the Dow. Beneath cross-asset relief, portfolios rotated sharply as semiconductors fell more than 4% and memory stocks plunged. Renewed after-hours tensions rapidly restored much of oil's premium.

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