Report published October 1, 2026

Global Market Intelligence: September 2026 Recap – J.P. Morgan

J.P. Morgan · October 1, 2026

In September 2026, global equities fell modestly as benchmark sovereign yields surged on sticky inflation and hawkish central bank repricing. Tech and AI-related themes outperformed broader cyclicals and defensives, while energy gains lifted commodity indices amid Middle East geopolitical tensions.

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Finvaulta summarizes J.P. Morgan'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 rose substantially in September as central banks repriced hawkishly, with the US 10Y climbing 53 bps alongside Fed and ECB tightening biases.
2.Technology and AI-linked equities maintained leadership while broader markets softened, with dispersion widening within themes rather than purely across sectors.
3.The US Dollar strengthened as investors returned to USD against low-yielding currencies, while JPY positioning surged following BoJ hike expectations.

KEY THEMES IN SEPTEMBER
TECH BROADENING
GLOBAL NARROWING
POSITIONING
GLOBAL RATES SELLOFF
FX
GEOPOLITICS
POLITICS
MONTHLY RECAP
GLOBAL EQUITIES IN SEPTEMBER
GLOBAL FICC IN SEPTEMBER

Report data

GLOBAL EQUITIES IN SEPTEMBER — as of September 30, 2026.

Metric	Estimate	Context
US 10-Year Treasury Yield Change	53.0 bps	US 10Y yield rose sharply during September alongside global rates selloff.
Brent Crude Monthly Performance	14.2%	Brent crude rose on geopolitical escalation in the Middle East, moving above $100/bbl.
US Flash All-Industry Output PMI	58.4 index	September flash output PMI reached highest level since July 2021.
OAT-Bund Spread	125.0 bps	French-German 10-year yield spread widened to over 125 bps, highest since 2002.
MSCI ACWI Monthly Performance	-1.3%	Global equities fell in September amid poor seasonality and choppy trading.