Global stocks fall, Treasury yields rise on September 19, 2026

1. GLOBAL STOCKS FALL, TREASURY YIELDS RISE.
The MSCI global stocks index fell 0.2% and European equities dropped 1.1% on September 19. The 10-year U.S. Treasury yield rose 5.32 basis points to 4.947%, after a selloff this week took it above 5% for the first time since 2007. The moves reflect pressure as central banks continue to prioritise fighting inflation.

2. WALL STREET EDGES HIGHER, BITCOIN TOPS US$81,000.
The S&P 500 and Nasdaq Composite closed modestly higher, while bitcoin rallied more than 6% to above US$81,000. Bank of America strategists reaffirmed expectations for Federal Reserve rate increases in October and December and said investors should prepare for the fed funds rate to exceed 5%. Earlier in the week, the Fed raised its benchmark rate by 25 basis points to a 3.75%-4.00% target range, its first hike in three years, and Chair Kevin Warsh signalled more increases ahead.

3. U.S. MANUFACTURING OUTPUT UNEXPECTEDLY FALLS.
U.S. manufacturing output declined 0.3% month-on-month in August, compared with expectations for a 0.3% increase, ending seven consecutive months of growth. Durable goods production fell 0.5%; motor vehicles and parts dropped 1.2%; computers and peripheral equipment fell 1.4%. Semiconductor-related parts output still rose 12.4% from a year earlier.

4. OIL FALLS, GOLD HITS ONE-WEEK HIGH.
WTI crude for October settled down 1.58% at US$100.30 a barrel, while Brent crude for November settled down 0.91% at US$103.87 a barrel. Spot gold rose 1.2% to US$4,390.11 an ounce as falling oil prices eased rate-hike concerns; some sources put gold near US$4,415 an ounce. On the London Metal Exchange, copper rose 0.68% to US$14,563 a tonne, aluminium added 0.24% to US$3,298 a tonne, and zinc gained 1.46% to US$3,938 a tonne.

5. EUROPEAN STOCKS DROP, CORPORATE STRESSES MOUNT.
The Stoxx Europe 600 closed down 1%, its third consecutive weekly decline. Volkswagen fell 5.6% after cutting its operating margin outlook; Nestle fell 2.6% after Russia seized local assets of Nestle and Auchan; Airtel Africa dropped 11% in London on plans to raise less than previously sought in the Airtel Money IPO. EU finance ministers and central bank governors met in Dublin on 18-19 September amid sharply rising energy prices and weak growth prospects.

6. GLOBAL EQUITY FUNDS SEE LARGE OUTFLOWS.
Global equity funds posted net outflows of US$23.21 billion in the week through September 16, the largest weekly outflow since December 17, 2025. U.S. equity funds lost US$31.44 billion and European equity funds lost US$295 million, while Asian equity funds attracted US$6.26 billion. Money market funds recorded US$77.42 billion in outflows; gold and precious metals funds took in US$1.17 billion, their ninth weekly inflow in the past ten weeks.

7. WTO WARNS OF WORST TRADE DISRUPTION IN 80 YEARS.
WTO Director-General Ngozi Okonjo-Iweala warned that global trade faces its worst disruption in 80 years as supply-chain bottlenecks in the Strait of Hormuz threaten global food and fertilizer prices. She said global goods trade grew 4.6% this year, far above the initial 1.9% projection, partly driven by AI-related trade under low or zero-tariff deals covering US$3 trillion in semiconductor shipments. The WTO has estimated crude oil at US$90 a barrel could cut overall trade growth by 0.5 percentage points; current prices have exceeded that threshold.

What to watch today: EU finance officials continue their Dublin talks on energy prices and inflation.

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