Investment Daily: Global stock markets traded mixed as oil prices extended declines
23 September 2026
Key takeaways
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US stocks and Treasuries were little changed.
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European stocks and bond yields edged higher.
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Asian stocks ended mostly higher.
Markets
US stocks traded mixed on Tuesday, with the S&P 500 ending little changed.
US Treasuries edged lower. 10-year yields rose 1bp to 4.96%.
European stock markets traded mixed but mostly higher on Tuesday amid lower oil prices. The Euro Stoxx 50 was up 0.1%. The German DAX ended flat and the French CAC rose 0.2%. In the UK, the FTSE 100 fell 0.3%.
European government bonds edged lower. 10-year German bund yields ended little changed at 3.46%, and 10-year French bond yields rose 3bp to 4.50%. In the UK, 10-year gilt yields rose 3bp to 5.24%.
Asian stock markets ended modestly higher on Tuesday, as oil prices fell and tech shares pared their earlier gains. Korea’s Kospi was up 0.1%. Hong Kong’s Hang Seng rose 0.2%, while China’s Shanghai Composite edged up 0.1%. Meanwhile, India’s Sensex fell 0.4%.
Crude oil prices extended declines on Tuesday. WTI for November delivery settled 1.2% lower at USD94.6 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 (23 September 2026)
US composite PMI may edge down from its multi-year high, highlighting the resilient US economy. Higher energy prices may lift the prices index.
In the Eurozone, higher energy prices may weigh on the headline index and raise price components of the composite PMI. Employment growth has improved recently.
In the UK, rising energy prices should dampen business confidence and increase price components of the composite PMI. The employment index remains low.
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