In today’s briefing:
- HEW: Broadening Rate Rises
- Sentiment Matters: The Biggest Consensus Longs and Shorts
- Walker’s Weekly: Dr. Jim’s Summary of Key Global Macro Developments – 25 Sep 2026
- The Heat Is On: News Flow and Sentiment in CHINA / HONG KONG (September 2026)
- CX Daily: China’s Blood Supply Runs on a Knife Edge
HEW: Broadening Rate Rises
- Hopeful easing of energy price pressures didn’t disrupt the rising trend in interest rates, aided by PMI data showing sustained resilience and the ongoing fiscal profligacy.
- The Norges Bank delivered a hike, despite dovish hopes to stop it, while the Riksbank signalled it will start hiking before year-end, and even the SNB opened a hawkish door.
- Next week is the RBA’s turn to be hawkish to avoid unwelcome FX pressures. US payrolls and higher EA inflation are the week’s highlights in the macro data.
Sentiment Matters: The Biggest Consensus Longs and Shorts
- Where is the market most crowded — and where could the consensus be most vulnerable? This note uses our cross-asset sentiment rankings to find out.
- Technology, Industrial Metals and Energy remain among the strongest consensus longs, with bullish sentiment elevated enough to raise the hurdle for further positive surprises.
- Health Care and High Yield sit near the bearish end of the ranking, but Health Care offers the cleaner contrarian setup given broader and more extreme pessimism.
Walker’s Weekly: Dr. Jim’s Summary of Key Global Macro Developments – 25 Sep 2026
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There were interest rate rises in both the United States and Japan, neither of which did anything whatsoever to stop the rise in long bond yields, which continues relentlessly upwards.
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The equity markets are failing to read the room, particularly with the Iran war, which is ongoing and disruptive for oil and oil product flows. These problems take time to emerge and they will start to do so over the coming months. When they are realised, equity markets are going to take fright in the same way as bond markets now.
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If governments wish to curtail activity in the bond markets, they’ve really got to take decisive action against inflation, which they haven’t done so far.
The Heat Is On: News Flow and Sentiment in CHINA / HONG KONG (September 2026)
- The healthcare sector continues to outperform in September, remaining in the leading quadrant for strength and momentum. Analysts project a 35% one-year return for the sector.
- Outflows to Hong Kong ETFs since the start of the Iran War have reversed and remained neutral this month. Southbound net flows are flat after turning negative in 1Q26.
- Chaozhou Three-Circle (6951 HK) has been in the news following its 1H26 earnings report. The company’s H shares have gained 30% since their July listing.
CX Daily: China’s Blood Supply Runs on a Knife Edge
- In Depth: China’s Blood Supply Runs on a Knife Edge. When Li Ke saw the toilet bowl filled with blood, she knew her father might not make it.
- She was caring for him during his hospital treatment for lymphoma.
- His platelet count remained dangerously low, and he needed transfusions two or three times a week.
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