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Morning Brew September 22 2026
Summary: AI Optimism Back
Good morning.
Falling yields and renewed optimism around AI spending lifted equities to their best session since early August on Monday.
The Nasdaq Composite jumped 2.3% to a record close of 27,122.09—its 21st record of 2026 the S&P 500 rose 1.5% to 7,764 ,—and the Dow gained 0.7% to 52,050. Meta surged 11% after early signs of success for its Muse AI agent, AMD climbed 10% and crossed a USD 1 trillion market capitalization for the first time, Intel jumped 12%, and Akamai rose 12%. Energy was the only major laggard as oil prices fell
European equities also rebounded sharply. The Stoxx Europe 600 rose 1.0% to 642—its biggest gain since 2 JulyThe DAX gained 1.1% to 25,575, the FTSE 100 rose 0.7% to 10,739, the Euro Stoxx 50 climbed 1.3% to 6,318, and the SMI advanced 1.2% to 13,955 ASML led the Stoxx 600 higher with a 2.5% gain
Société Générale gained as much as 4.9% after raising its 2029 return-on-tangible-equity target to 13–14% and identifying up to EUR 600 million in AI-driven cost savings. Novo Nordisk after its capital-markets day disappointed investors looking for more concrete turnaround targets.
Bitcoin reached an eight-month high yesterday and is trading around USD 85,000 this morning, down 1.5%.
Government bond yields retreated modestly yesterday. The U.S. 10-year yield is at 4.595%, the UK at 5.20%, Germany at 3.45%, Japan at 2.97% and Switzerland at 0.54%. The USD Index is at 100.33, EUR/USD at 1.1477, GBP/USD at 1.3385 and USD/JPY at 157.50. USD/CHF fell to 0.82.
Oil is gaining around 1.5%, with WTI trading near USD 96.70 and Brent around USD 101.50. Gold is at USD 4,340, silver at USD 66 and platinum at USD 1,790.
President Donald Trump’s approval rating fell to 32%, the lowest of his political career, as Republican support weakened over his handling of the cost of living and the unpopular Iran war, according to a new Reuters/Ipsos poll.
CNN, MS NOW and Politico sued President Donald Trump and other members of his administration on Monday over their exclusion from the White House grounds.
St. Louis Fed President Alberto Musalem said the Federal Reserve will probably need to raise interest rates further to contain inflation generated by strong demand and a commodity-price shock that has spread beyond oil.
Alibaba plans to train a new artificial-intelligence model with between 5 trillion and 10 trillion parameters, Chief Executive Eddie Wu said.
South Korea selected a gas-fired power-plant project in Texas as the first project Seoul intends to pursue under its USD 350 billion investment agreement with Washington.
Houthi fighters pushed to seize strategic heights in Yemen on Monday in an effort to cut off remaining Saudi-backed areas from the Red Sea coast. The move followed a report that President Trump had called off U.S. strikes on the group at the last minute.
Today’s focus is political news from New York, where President Trump will address the UN General Assembly. The bilateral meetings may prove more important for markets, so erratic moves are possible at any time. The next major event is the Trump–Xi summit on Thursday.
The elephant in the room remains the health of the AI trade, which has absorbed proposals to slow the pace of AI development better than many investors had feared.
Tuesday, 22 September 2026
Macro: UK public-sector finances; Swiss Q2 current account; euro-area preliminary consumer confidence.
Politics: Trump addresses the UN General Assembly and is expected to hold bilateral meetings with Burnham, Takaichi and Zelenskiy.
Wednesday, 23 September 2026
Macro: Flash manufacturing, services and composite PMIs for France, Germany, the euro area and the UK; France final Q2 GDP; U.S. flash PMIs.
Thursday, 24 September 2026
Macro: Germany Ifo business climate; France business confidence; U.S. initial jobless claims and new home sales.
Central banks: Swiss National Bank rate decision.
Politics: Reported Trump–Xi meeting.
Friday, 25 September 2026
Macro: Germany GfK consumer confidence; France consumer confidence; Spain final Q2 GDP; euro-area M3 money supply and private-sector credit.