{"id":947,"date":"2026-09-27T23:46:01","date_gmt":"2026-09-27T23:46:01","guid":{"rendered":"https:\/\/inmyopinion.com.sg\/?p=947"},"modified":"2026-09-27T23:46:02","modified_gmt":"2026-09-27T23:46:02","slug":"market-wrap-for-week-ending-25-september-2026","status":"publish","type":"post","link":"https:\/\/inmyopinion.com.sg\/?p=947","title":{"rendered":"Market Wrap For Week Ending 25 September 2026"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">Equities finished the week higher, but the gains were carried by a narrow group of tech and semiconductor names rather than the market as a whole. Small-caps and value stocks lagged. Underneath that, government bond yields pushed to multi-year highs, the dollar strengthened, and gold and the energy both sold off sharply. The mood is mixed-to-fragile: equities are still grinding higher, but the move is narrow and running against a backdrop of rising rates that has yet to hurt stocks.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>TOP THEMES THIS WEEK<\/strong><\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li><strong>Bond yields spiked to their highest levels in years.<\/strong>\u00a0The US 10-year yield jumped above 5.11% \u2014 its biggest one-day move in over a year and the highest since 2007 \u2014 while the 30-year touched 5.38\u20135.40%, driven by strong service-sector data, a jump in oil prices, hawkish central bank comments and weak demand at a Treasury auction. This matters because it&#8217;s the likely common driver behind this week&#8217;s dollar strength, gold weakness, and pressure on long-dated bond prices \u2014 and if it continues quickly, it&#8217;s the thing most likely to eventually catch up with equities.<\/li>\n\n\n\n<li><strong>AI infrastructure spending is being funded with a lot of new debt, and cracks are starting to show in how markets price that risk.<\/strong>\u00a0Total US data-centre spending is tracking toward $10.3 trillion by 2032, and SoftBank alone raised over $11 billion in junk bonds at yields near 9.875% to help fund its OpenAI commitments \u2014 even as chipmakers like Nvidia see their valuation multiples fall to decade lows. This matters because it&#8217;s a split market: fund managers such as Fidelity are actively capping tech-debt exposure below 2% on systemic-risk grounds, while others argue hyperscaler debt is still small next to total Treasury issuance \u2014 that disagreement is worth tracking, since it will decide whether tech credit becomes a genuine stress point.<\/li>\n\n\n\n<li><strong>Middle East supply disruption pushed oil higher, but the global economy proved more resilient than feared.<\/strong>Intermittent closures of the Strait of Hormuz disrupted roughly a fifth of global oil and LNG trade at their peak, yet advanced economies avoided the sharp stagflationary contraction many expected, helped by lower energy intensity, inventory releases and rerouted trade. This matters for positioning because it argues against a 1970s-style shock scenario \u2014 though this week&#8217;s sharp pullback in oil and gas prices (Brent -4.96%, Dutch TTF natural gas -9.37% over the week) suggests some of that fear premium is now unwinding.<\/li>\n\n\n\n<li><strong>Governments are competing directly for capital in AI, defence and electrification \u2014 and that&#8217;s structurally different from the last decade.<\/strong>\u00a0Unlike the asset-light, disinflationary software boom of the 2010s, this cycle needs heavy physical investment (power generation, grids, raw materials), which keeps real interest rates structurally higher. This matters because it&#8217;s a standing argument for why bond yields may not return to the ultra-low levels investors got used to \u2014 reinforcing point 1 rather than a one-off spike.<\/li>\n<\/ol>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>INVESTMENT IMPLICATIONS<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This week&#8217;s price action and the reading both point the same way: it&#8217;s a narrow, tech-led equity rally, not a broad, healthy one. Don&#8217;t assume bond yields are heading back down soon \u2014 the drivers (fiscal deficits, AI capex, industrial policy) look structural rather than temporary. On credit, the split view on tech debt is worth taking seriously; if investors want yield exposure, diversifying away from concentrated tech and hyperscaler paper and toward UK corporate credit or improving emerging-market hard-currency debt (Turkey, Mexico, Philippines) makes sense.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<p class=\"wp-block-paragraph\">Want this as a file (Word or Markdown) you can drop straight into your report, or is this fine to copy from here?<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Equities finished the week higher, but the gains were carried by a narrow group of tech and semiconductor names rather than the market as a whole. Small-caps and value stocks lagged. Underneath that, government bond yields pushed to multi-year highs, the dollar strengthened, and gold and the energy both sold off sharply. The mood is [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-947","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Market Wrap For Week Ending 25 September 2026 -<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/inmyopinion.com.sg\/?p=947\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Market Wrap For Week Ending 25 September 2026 -\" \/>\n<meta property=\"og:description\" content=\"Equities finished the week higher, but the gains were carried by a narrow group of tech and semiconductor names rather than the market as a whole. 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