Market Quick Take - Stocks slip as the ten-year hits a 2007 high - 24 September 2026

Key arguments

• Strong US PMI data drove Treasury yields to new cycle highs, lifting the dollar and pressuring risk assets.
• Equity weakness was broad, with rate-sensitive biotech, gold miners, utilities and real estate hit hardest; energy was the sole sector gainer.
• Brent reclaimed $100 on supply concerns and Hormuz tension, but diesel futures fell after the US signaled voluntary export cuts.
• Precious metals slid on dollar strength and rising yields, while copper held steady on demand fundamentals.

Corresponding source evidence

1. The S&P Global flash composite PMI rose to 58.4 in September, with the services measure at 58.7, the strongest in over five years and above expectations, on strong domestic demand; backlogs and employment climbed toward record levels even as input costs rose with fuel and transport, export orders weakened and business confidence stayed below trend.
2. The manufacturing PMI jumped to 57.0 from 53.9, far above expectations and the strongest since May 2022, with production, new orders, employment, inventories and delivery times all improving. · May 2022
3. European shares fell, with Brent's return above USD 100 a barrel and rising bond yields cited as outweighing better-than-expected PMI data.