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Morning Brew September 23 2026
Summary: Markets calm despite many headlines
Good morning.
There were plenty of headlines out of New York yesterday, but no material change in the market backdrop.
Yields are stable, the U.S. dollar is firmer and oil is lower. Equities remain friendly, with the US 500 at 7,777, the US Tech 100 at 30,730 and the GER 40 at 25,700.
The Nasdaq closed at a record high on Tuesday, supported by Micron Technology and other AI-related stocks, while the S&P 500 remained just below a record. Micron rallied 5% and Sandisk gained almost 7%. Meta’s Muse agent has supported AI-related chip stocks in recent sessions, although concerns remain that it could disrupt retailers, online brokerages and other consumer-facing businesses. Amazon blocked the agent from shopping on its platform on Monday. Financials were the weakest sector, falling 2%—their largest decline since March—on disruption concerns linked to Muse. JPMorgan Chase and Wells Fargo both lost more than 3%.
The USD Index rose to 100.70. EUR/USD is trading at 1.1430, GBP/USD at 1.3315 and USD/JPY at 157.60. Gold is at 4,340 and silver at 66.60, while Bitcoin is stable near 67,000.
U.S. President Donald Trump warned on Tuesday that he could “annihilate” Iran if no agreement is reached to end the war, but also suggested a deal could come soon amid a diplomatic push at the United Nations.
“I have a big decision to make,” Trump said in a speech at the UN General Assembly in New York.
“Will a deal be made with Iran that lets them rebuild and create a far greater country than it ever was before? Or do I annihilate the Islamic Republic and do it quickly, never giving them a chance to kill and destroy people and countries again?”
General Motors Chief Executive Mary Barra is expected to attend President Trump’s White House state dinner for Chinese President Xi Jinping on Thursday, according to two people familiar with the matter. U.S. automakers have warned against allowing Chinese manufacturers into the market, while Trump has signalled that he may be open to it.
President Trump and the leaders of Greenland and Denmark signed an agreement permitting a larger U.S. military presence on Greenland, potentially resolving the standoff over the strategically located and mineral-rich island.
President Volodymyr Zelenskiy said he discussed efforts to end the four-year war with Russia during a 40-minute meeting with President Trump at UN headquarters in New York, including a possible bilateral ceasefire covering energy-related targets.
Zelenskiy said Kyiv was ready for any format of energy ceasefire with Moscow, but there had been no discussion of Ukraine unilaterally halting attacks on Russian oil refineries.
President Trump said he supported a ban on diesel exports after Republican candidates in some of November’s tightest races called for the measure to curb record fuel prices.
Anthropic and medical knowledge platform OpenEvidence are collaborating to bring AI-powered clinical decision support to physicians in regions without access to the technology.
Switzerland — The Council of States votes today on the capital treatment of foreign participations held by systemically important banks. In practice, the proposal primarily affects UBS, which is pushing back against stricter requirements. The proposal would require at least 50% of foreign participations to be backed by common equity tier 1 capital, compared with 45% today, while allowing up to 50% to be covered by additional tier 1 instruments. The current framework requires 45% common equity tier 1 capital plus 17% in additional tier 1 instruments.
Purchasing managers’ indices are due across the major economies. A reading above 50 signals expansion, while a reading below 50 indicates contraction.
France reports at 09:15, Germany at 09:30, the euro area at 10:00, the UK at 10:30 and the United States at 15:45.
The UN General Assembly’s general debate enters its second day in New York, with addresses scheduled from Ukrainian President Volodymyr Zelenskiy and Iranian President Masoud Pezeshkian.
Charu took a closer look at Muse and the implications for investors: Meta Muse The next wave of AI winners and disruption | Saxo Bank Switzerland
Meta Muse signals a new phase of AI in which intelligent agents move beyond answering questions to completing everyday tasks. As AI makes it easier for consumers to compare products, switch providers and complete transactions, companies may face increasing pressure on customer loyalty and margins.
Despite the volume of headlines, oil and refined products, AI and politics remain the main market drivers. Thursday’s Trump–Xi summit could move markets if it produces a tangible result, while tomorrow’s SNB decision is expected to be uneventful.
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.