Investment Daily: US stocks fell on inflation and interest-rate concerns
9 September 2026
Key takeaways
-
US stocks and Treasuries fell.
-
European stocks and government bonds were little changed.
-
Asian stocks mostly fell.
Markets
US stocks declined on Tuesday amid inflation and interest-rate concerns. The S&P 500 closed 0.6% lower.
US Treasuries fell and the yield curve flattened, as higher oil prices raised inflation concerns and Fed tightening expectations. 10-year yields edged up 1bp to 4.79%.
European stocks ended little changed on Tuesday amid investor concerns over geopolitical and trade tensions. The Euro Stoxx 50 rose 0.1%. The German DAX closed flat, and the French CAC was up 0.1%. In the UK, the FTSE 100 was down 0.1%.
European government bonds rose. 10-year German and French bond yields fell 2bp to 3.37% and 4.23% respectively. In the UK, 10-year gilt yields edged 1bp lower to 5.17%.
Asian stock markets traded mixed but mostly lower on Tuesday amid higher oil prices. Japan’s Nikkei 225 fell 1.7% as a stronger yen hit exporter shares, while Korea’s Kospi closed 0.6% lower. Elsewhere, Hong Kong’s Hang Seng slipped 0.4% on weakness in tech stocks while China’s Shanghai Composite rose 0.2%. India’s Sensex fell 0.7%.
Crude oil prices rose further on Tuesday. Brent crude for November settlement climbed 0.9% to settle at USD97.9 a barrel.
Key Data Releases and Events
Releases yesterday
The Bank of Japan (BoJ) raised its policy rate by 25bp to 1.00%, as widely expected, and decided to halt the reduction in JGB purchases from April 2027. The BoJ highlighted the risk of underlying CPI inflation deviating upward above 2%.
The Reserve Bank of Australia (RBA) kept its policy rate unchanged at 4.35%, as widely anticipated. Governor Bullock noted upside risks to inflation and did not rule out further tightening.
In China, May activity indicators continued to reflect a two-speed economy. Industrial production showed resilience, up 4.5% YOY, driven mainly by gains in high-tech manufacturing and new energy sectors thanks to robust exports. However, non-tech domestic demand was softer than expected as the property sector remained under pressure. Retail sales fell 0.6% YOY, partly reflecting an unfavourable base effect from last year’s trade-in subsidies. Fixed asset investment contracted by 4.1% YOY in the first five months, despite strong advanced manufacturing investment.
Releases due today (9 September 2026)
In China, headline CPI inflation is expected to rebound in August, while core inflation likely remained subdued.
Explore ways to invest
Related Insights
Disclaimer
We’re not trying to sell you any products or services, we’re just sharing information. This information isn’t tailored for you. It’s important you consider a range of factors when making investment decisions, and if you need help, speak to a financial adviser.
As with all investments, historical data shouldn’t be taken as an indication of future performance. We can’t be held responsible for any financial decisions you make because of this information. Investing comes with risks, and there’s a chance you might not get back as much as you put in.
This document provides you with information about markets or economic events. We use publicly available information, which we believe is reliable but we haven’t verified the information so we can’t guarantee its accuracy.
This document belongs to HSBC. You shouldn’t copy, store or share any information in it unless you have written permission from us.
We’ll never share this document in a country where it’s illegal.
This document is prepared by, or on behalf of, HSBC UK Bank Plc, which is owned by HSBC Holdings plc. HSBC’s corporate address is 1 Centenary Square, Birmingham BI IHQ United Kingdom. HSBC UK is governed by the laws of England and Wales. We’re authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority (FCA) and the PRA. Our firm reference number is 765112 and our company registration number is 9928412.