Report published September 24, 2026
Early Morning Reid: Macro Strategy – Deutsche Bank Daily Update (September 24, 2026)
Deutsche Bank · September 24, 2026
A global bond selloff intensified after stronger-than-expected US and Eurozone flash PMIs and higher oil prices drove markets to price in a high probability of October rate hikes by the Fed and ECB. Sovereign yields hit multi-year highs across the US, Europe, and Asia-Pacific, weighing broadly on global equities.
Read the remaining 3 pages
Finvaulta summarizes Deutsche Bank's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.
Key Takeaways
- 1.Global bond yields surged across curves after strong US and Eurozone flash PMIs and rebounding oil prices fueled expectations of faster central bank rate hikes.
- 2.Market pricing aggressively shifted toward near-term policy tightening, with futures pricing a 71% chance of an October Fed rate hike and a 66% chance for an ECB October hike.
- 3.European sovereign debt showed mounting stress as the Franco-German 10-year yield spread widened to 110.4 bps, its highest level since the 2012 Eurozone crisis.
Table of Contents
- Key Market Data
- Other Market Data
- Key Economic Data
Report data
Key figures extracted from this report
| Metric | Estimate | Context |
|---|---|---|
| US 10yr Treasury Yield | 5.11% | Reached highest level since 2007 following strong PMIs and oil rally. |
| US Flash Composite PMI | 58.4 index points | Unexpectedly hit a 5-year high. |
| Eurozone Flash Composite PMI | 53.1 index points | Hit a 3-year high indicating resilient European growth. |
| Brent Crude Price | 103.08 $/bbl | Ended 5 consecutive sessions of declines amid US-Iran tensions. |
| Franco-German 10yr Spread | 110.4 bps | Widest spread since July 2012 prior to Draghi's 'whatever it takes' speech. |
Reports in this series
Early Morning Reid is shown in chronological order through this edition, published on September 24, 2026.
Part of the Early Morning Reid series — view all 65 editions
Looking for the latest edition? Early Morning Reid Macro Strategy (Oct 9, 2026)
Access the full report
And others from the leading tier 1 banks.
Free account: read previews and a daily allowance of full reports. Pro removes the daily limit.