Global Equity Bullets | Wednesday, 23 September 2026

Global equities are entering a more cautious phase as inflation, higher long-term bond yields, energy risks and structural shifts in copper and autos reshape leadership.

• Global equities reached a summer record, led by Energy, Large-Cap Tech and Financials, before Brent crude moved toward $110/bbl amid renewed U.S.–Iran tensions, attacks on Saudi energy infrastructure and risks to Red Sea shipping.
• U.S. equities remained at all-time highs after strong second-quarter earnings and renewed AI optimism; the Federal Reserve raised rates for the first time since 2023, while the U.S. Manufacturing PMI stayed above 50 for an eighth consecutive month.
• European equities fell from early-August records to three-month lows as yields rose; the ECB lifted its key rate to 2.50% and raised its inflation projections for the next two years.
• Copper is expected to remain in deficit in 2026, move toward broad balance through 2029 and face a sharper shortfall from 2030; hyperscale data centres can require up to 30 tonnes of copper per megawatt, while new mines take 7–10 years to develop.
• Chinese-linked brands sold about 663,000 vehicles in Europe in H1 2026: MG sold 180,101 units, BYD 172,964 after 145% growth, Omoda/Jaecoo 124,280 and Leapmotor 55,744 after 569% growth.

Takeaway: Investors should expect more selective equity leadership, with copper supported by AI and electrification but constrained by slow supply growth, and European incumbents facing sustained pressure from Chinese automakers; tariffs and geopolitical escalation remain key risks.