Deutsche Bank August 2026 Performance Review: Global Equities, Sovereign Yields & Commodities

August 2026 delivered strong risk-on performance across global equities and commodities, supported by robust economic data, despite long-dated sovereign bond yields touching multi-year highs. Gold surged +9.7% and the US dollar weakened amid financial repression concerns after the US Treasury doubled long-bond buybacks.

Key Takeaways

• 1.Global equities gained strongly in August 2026 with the S&P 500 (+2.7%) and STOXX 600 (+0.5%) reaching record highs, led by information technology (+6.2%).
• 2.Longer-dated sovereign bond yields spiked to multi-year/record highs across the US, Germany, and Japan before a late-month pullback driven by the US Treasury doubling long-dated buybacks.
• 3.Precious metals and agricultural commodities surged, supported by inflation fears, financial repression concerns, the closed Strait of Hormuz, and El Niño.

Table of Contents

• August 2026 Performance Review
• Month in Review - The high-level macro overview
• Which assets saw the biggest gains in August?
• Which assets saw the biggest losses in August?
• Figure 1: Returns for Major Global Financial Assets in August (in Local Currency)
• Figure 2: Returns for Major Global Financial Assets in August (in USD)
• Figure 3: Returns for Major Global Financial Assets YTD (in Local Currency)
• Figure 4: Returns for Major Global Financial Assets YTD (in USD)
• Figure 5: Returns for Major Global Financial Assets (Local Currency)
• Appendix 1
• Important Disclosures
• Analyst Certification
• Additional Information

Report data

Figure 1: Returns for Major Global Financial Assets in August (in Local Currency)

Reports in this series

Early Morning Reid is shown in chronological order through this edition, published on September 1, 2026.

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