Global markets advanced in the week ending 9 October. Specifically, investors turned to the minutes of recent central bank meetings for guidance on the path of interest rates.
Central bank minutes in focus
In the United States, the minutes of the Federal Reserve’s 15–16 September meeting were the week’s focal point. At that meeting, the Federal Open Market Committee voted to raise the federal funds target range by 25 basis points to 3.75%–4.00% (Board of Governors of the Federal Reserve System, September 2026).
Meanwhile, the European Central Bank published the account of its September meeting. Previously, the Governing Council had raised its three key interest rates by 25 basis points. As a result, the deposit facility rate now stands at 2.50% (European Central Bank, September 2026).
Inflation expectations
Similarly, inflation expectations drew attention. Indeed, the New York Federal Reserve’s September Survey of Consumer Expectations showed median one-year and five-year expectations holding at 3.6% and 3.0% respectively. However, the three-year measure eased slightly to 3.2% (Federal Reserve Bank of New York, September 2026).
Other U.S. releases
In addition, the ISM services PMI and weekly initial jobless claims provided further reads on activity and the labour market (Institute for Supply Management; U.S. Department of Labor, October 2026). Furthermore, the Treasury conducted reopening auctions of 10-year and 30-year securities.
Global stock markets
Across the United States, equities advanced. In particular, the S&P 500 rose 1.15%, while the Dow Jones Industrial Average gained 0.93% and the Nasdaq Composite added 0.64% (MarketWatch, October 2026).
European markets, by contrast, were mixed. For instance, the FTSE 100 rose 0.86% and the STOXX Europe 600 was broadly flat, whereas the CAC 40 declined 1.19%. Meanwhile in Asia, the Nikkei 225 rose 1.06% to close at 69,030.92 and the Hang Seng gained 1.00%. The CSI 300, however, eased 0.93%.
Commodities rebound
Finally, commodity markets recovered. To begin with, Brent crude futures rose 2.42% to USD 104.72 a barrel. Similarly, U.S. gold futures gained 1.30% to USD 4,216.30 per ounce. As a result, both recovered part of the previous week’s decline (Reuters; MarketWatch, October 2026).
Weekly performance across major global indices (week ending 9 Oct 2026):
| Index | Closing Price | Weekly Change (%) | Direction |
| DJIA | 51654.95 | 0.93 | ▲ |
| S&P 500 | 7811.54 | 1.15 | ▲ |
| NASDAQ Composite | 27366.17 | 0.64 | ▲ |
| FTSE 100 (UK) | 10552.05 | 0.86 | ▲ |
| CAC 40 (France) | 7803.33 | -1.19 | ▼ |
| STOXX Europe 600 | 631.55 | 0.03 | ▲ |
| Nikkei 225 (Japan) | 69030.92 | 1.06 | ▲ |
| CSI 300 (China)* | 4317.25 | -0.93 | ▼ |
| Hang Seng (Hong Kong) | 24211.35 | 1 | ▲ |
| Brent Crude Futures | 104.72 | 2.42 | ▲ |
| U.S. Gold Futures | 4216.3 | 1.3 | ▲ |
Foreign Exchange
(For the week ending 9 Oct 2026)
| Pair | Closing Price | Week’s Change (%) |
| EUR/USD | 1.1202 | -0.46 |
| USD/JPY | 158.29 | 0.28 |
| GBP/USD | 1.3232 | -0.07 |
| USD/CHF | 0.8301 | 0.17 |
| AUD/USD | 0.6982 | 0.45 |
U.S. Markets Overview
Major U.S. stock market indices finished the week higher. The S&P 500 rose 1.15%, while the Dow Jones Industrial Average gained 0.93% and the Nasdaq Composite added 0.64% (MarketWatch, October 2026).
Federal Reserve minutes and the October meeting
The minutes of the Federal Open Market Committee’s 15–16 September meeting were the week’s central release. At that meeting, the Committee raised the federal funds target range by 25 basis points to 3.75%–4.00%. Notably, this was its first increase since July 2023 (Board of Governors of the Federal Reserve System, September 2026).
Consequently, investors examined the minutes closely. In particular, they looked for detail on the Committee’s assessment of inflation and the labour market ahead of the October meeting.
U.S. inflation expectations
The Federal Reserve Bank of New York released its September Survey of Consumer Expectations. The survey tracks household views on inflation, the labour market and household finances.
Median inflation expectations held at 3.6% at the one-year horizon and 3.0% at the five-year horizon. However, the three-year measure eased slightly to 3.2% (Federal Reserve Bank of New York, September 2026). As a result, the survey pointed to broadly stable longer-term expectations.
Services activity and the labour market
The ISM services report provided an update on activity in the services sector. In addition, it covered the prices and employment sub-indices (Institute for Supply Management, October 2026).
Meanwhile, weekly initial unemployment claims were released on 8 October (U.S. Department of Labor, October 2026).
U.S. Treasury auctions
Furthermore, the Treasury conducted reopening auctions of 10-year and 30-year securities during the week (U.S. Department of the Treasury, October 2026). Notably, long-dated supply has remained a focus for bond markets through recent months.
European Markets
European stock market performance
European equities were mixed over the week. The FTSE 100 rose 0.86% and the STOXX Europe 600 was little changed at 0.03%. By contrast, the CAC 40 declined 1.19% (MarketWatch, October 2026).
European Central Bank account
Meanwhile, the European Central Bank published the account of its September monetary policy meeting. At that meeting, the Governing Council raised its three key interest rates by 25 basis points, taking the deposit facility rate to 2.50% (European Central Bank, September 2026).
As a result, markets gained further insight into the Governing Council’s assessment of euro area inflation ahead of its next decision.
Asian Markets
Japanese equities and the yen
Japanese equities advanced. The Nikkei 225 rose 1.06% over the week to close at 69,030.92 (MarketWatch, October 2026). Meanwhile, the yen weakened modestly against the U.S. dollar, with USD/JPY rising 0.28% to close at 158.29.
Chinese stock markets
Chinese markets diverged. The CSI 300 declined 0.93%, whereas Hong Kong’s Hang Seng Index rose 1.00% to close at 24,211.35 (MarketWatch, October 2026).
China’s official reserves
In addition, the State Administration of Foreign Exchange reported official reserve assets as at the end of September. Foreign exchange reserves stood at USD 3,399.078 billion, while gold reserves were valued at USD 369.582 billion (State Administration of Foreign Exchange, October 2026).
Separately, the Shanghai Gold Exchange resumed trading following the National Day holiday.
Commodities
Oil (Brent Crude Futures)
Brent crude futures (BZ=F) settled at USD 104.72 a barrel, up 2.42% from the previous Friday (Reuters; MarketWatch, October 2026). As a result, the benchmark held above the USD 100 level for a third consecutive week.
Gold (U.S. Gold Futures)
Similarly, U.S. gold futures settled higher at USD 4,216.30 per ounce, up 1.30% from the previous Friday (Reuters; MarketWatch, October 2026). Notably, the move recovered part of the previous week’s 3.68% decline.
Week Ahead
Points of focus flowing from the week’s developments:
- Federal Reserve October meeting: With the September minutes now published, investors will assess how incoming data shapes expectations for the October decision.
- U.S. inflation expectations: The New York Fed survey showed longer-term expectations broadly stable. However, markets will watch whether this holds as energy prices move.
- U.S. Treasury supply: The 10-year and 30-year reopenings continue a heavy issuance calendar. Consequently, demand at the long end remains a key indicator.
- European Central Bank policy: The September account provides detail ahead of the ECB’s next decision. Meanwhile, European equities were mixed, with French stocks underperforming.
- Commodity prices: Brent crude and gold both rebounded after the previous week’s declines. Whether the recovery extends will bear on the inflation outlook.
- Chinese stock markets: Mainland trading has resumed after the National Day holiday. Notably, the CSI 300 lagged a stronger Hang Seng.
- Japanese equities: The Nikkei 225 extended its advance for a third consecutive week, closing above 69,000.
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