Notable market news this past week (20-Sep-26)
Here is the Skeptivest roundup of the latest market headlines for the week
🌍 Fed hikes 25bps, turns more hawkish amid renewed inflation concerns, as higher oil prices and yields weigh on equities
Markets were dominated by the Fed’s 25bp rate hike, its first since 2023, with the updated dot plot pointing to at least one more 25bp hike this year, as 16 of 18 policymakers see further tightening. More strikingly, the median projection implies no rate cuts through 2027, with policymakers expecting that inflation will not successfully cool back down to the 2% target until 2029. The more hawkish outlook, alongside elevated oil prices amid ongoing Middle East tensions, has reinforced expectations for a higher-for-longer rate environment and raised concerns over renewed inflationary pressures.
US treasury yields rose sharply earlier in the week, with the 10-year yield briefly breaching 5%, adding pressure to equity valuations, particularly for long-duration growth and technology stocks. The move was compounded by crude oil remaining above US$100/bbl amid ongoing Middle East tensions, raising concerns that a prolonged energy shock could keep inflation elevated and constrain the scope for monetary easing. The combination of higher oil prices, renewed inflation concerns and rising yields weighed on global equities, although markets subsequently recovered as oil prices eased and Treasury yields retreated. The renewed hawkishness was compounded by elevated oil prices, with crude remaining above US$100/bbl amid ongoing Middle East tensions, raising concerns that a sustained energy shock could keep inflation elevated and constrain the scope for monetary easing.
☕️ Quick fire happenings to note
🌏 Global macro
- Bank of Japan hiked 25bp to 1.25% in a decisive move, resuming its tightening path and raising rates to its highest level in 31 years, as it seeks to contain rising inflation pressures amid higher energy costs and a weaker yen. The decision passed by a 7–2 vote, highlighting some divergence within the board, while Governor Ueda said further hikes would depend on the evolution of inflation and economic conditions.
- PBoC kept rates unchanged, leaving the 1-year LPR at 3% and 5-year LPR at 3.50% for the 16th consecutive month, as policymakers face limited room for broad-based monetary easing amid tighter global financial conditions and pressure on bank margins. However, persistent weakness in domestic demand and the property sector could leave scope for further targeted support, with markets watching for additional policy easing in the months ahead.
- US-China trade talks resume ahead of Trump-Xi summit on 24th September – US treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng resumed talks in New York ahead of the planned Trump-Xi summit, with discussions focused on tariffs, critical minerals and AI, alongside Chinese purchases of US agricultural goods and Boeing aircraft. The talks aim to extend the existing trade truce and ease tensions around trade and supply chains, although differences over tariffs and technology restrictions remain key areas to watch.
🏦 Individual stocks/companies
- Tempu AI Inc (+34.39% past 5D) shares rallied, after founder and CEO Eric Lefkofsky presented a highly optimistic revenue growth outlook at the Morgan Stanley Global Healthcare Conference on 15 September. The stock extended its gains significantly as investors cheered new estimates projecting a combined US$400million in annual Medicare reimbursement revenue from its tissue scanning and liquid biopsy diagnostic pipelines.
- Strategy Inc (+17.52% past 5D) shares surged, reversing earlier losses following its US$139.3mn preferred stock buyback plan, with the stock jumping 16.39% on Friday on high volume. The rally was supported by a broader cryptocurrency rebound as Bitcoin broke back above US$81,000, with crypto assets shrugging off the Fed’s 25bp rate hike amid renewed optimism around regulatory tailwinds. Sentiment was further supported by the US House Financial Services Committee’s passage of the American Reserve Modernization Act, which proposes a strategic bitcoin reserve, alongside the SEC’s temporary trading exemption for tokenised asset platforms.
- MiniMax Group Inc (+19.76% past 5D) shares saw a volatile session, facing notable downward pressure early in the week before ultimately pulling off a massive late-week rally. The stock initially saw selling pressure amidst ongoing concerns over the company’s broader cash burn and competitive pressures; however, sentiment reversed and the stock saw an aggressive rebound fuelled by strong tailwinds, including MiniMax officially open-sourcing its “Code CLI”, its user base crossing the 300 million milestone, active net buying from Southbound Stock Connect funds, and the integration of its AI products into Singapore’s official government AI education curriculum.
🇸🇬 Singapore related
- Alphabet’s Waymo officially announces Singapore expansion, with a phased roadmap to launch its fully driverless, commercial ride-hailing service in Singapore by 2028, in partnership with Land Transport Authority (LTA). The rollout will begin with all-electric Jaguar I-PACE vehicles arriving in late 2026 to map Singapore’s roads and gather data on local driving conditions, including heavy tropical weather.
