Report published September 23, 2026
Early Morning Reid: Macro Strategy – Deutsche Bank Research (September 23, 2026)
Deutsche Bank · September 23, 2026
Global markets were volatile but finished roughly flat as Brent crude fell back below $100/bbl on tentative US-Iran de-escalation reports. Bond yields pushed higher, with the US 2-year yield touching a two-year high of 4.76% and the Franco-German 10-year spread widening to 104bps.
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Key Takeaways
- 1.Crude oil retreated below $100/bbl amid headline volatility around potential US-Iran de-escalation negotiations and Saudi pipeline restart reports.
- 2.Global yields edged higher, with the US 2-year yield reaching a new two-year high of 4.76% as markets price 75bps of Fed hikes by next June.
- 3.European sovereign debt softened, pushing the 10-year Franco-German spread back to 104bps, near its highest level since the Euro crisis.
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Report data
Key figures extracted from this report
| Metric | Estimate | Context |
|---|---|---|
| Brent Crude Close Price | 99.02 USD/bbl | Closed below $100/bbl for the first time in over two weeks. |
| US 10-Year Treasury Yield | 4.96% | US 10yr yield edging higher on inflation concerns. |
| US 2-Year Treasury Yield | 4.76% | Reached a new two-year high. |
| 10-Year Franco-German Sovereign Spread | 104 bps | Just shy of its 105bps peak last week, the highest level since the Euro crisis. |
| Australia Manufacturing PMI (Flash) | 49.3 index | Fell into contraction territory amid elevated energy costs and borrowing costs. |
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