--- title: Monthly comment September 2026 description: We send our contacts a monthly comment. image: https://i-partners.ch/hubfs/ipartners-featured.jpg --- [Skip to content](https://i-partners.ch/comment/september-2026#main-content) Close LANGUAGE – en [de](https://i-partners.ch/de/kommentar/september-2026) [es](https://i-partners.ch/es/comentario/septiembre-2026) [it](https://i-partners.ch/it/commento/settembre-2026) [![logo](https://i-partners.ch/hubfs/iPartners_logo.svg "logo")](https://www.i-partners.ch/) en [de](https://i-partners.ch/de/kommentar/september-2026) [es](https://i-partners.ch/es/comentario/septiembre-2026) [it](https://i-partners.ch/it/commento/settembre-2026) [i Partners](https://i-partners.ch/comment/author/ipartners) 01 Oct 2026 6 min read # Monthly comment September 2026 ## Index - [Markets](https://i-partners.ch/comment/september-2026#markets) - [Economy](https://i-partners.ch/comment/september-2026#economy) - [Geopolitics](https://i-partners.ch/comment/september-2026#geopolitics) - [Conclusions](https://i-partners.ch/comment/september-2026#conclusions) - [Allocation](https://i-partners.ch/comment/september-2026#allocation) - [Market data](https://i-partners.ch/comment/september-2026#market-data) - [Event calendar](https://i-partners.ch/comment/september-2026#event-calendar) ### Markets September brought volatility to most asset classes. The sharp rise in yields, the strengthening of the dollar, and oil prices above $90 weighed on global equities and precious metals. U.S. technology stocks and cryptocurrencies were the exceptions. In the United States, the Nasdaq 100 gained 3.2%, bringing its year-to-date gain to 20.4%. The S&P 500, on the other hand, edged down 0.5%, and the Dow Jones fell 4.3%, though both remain up for the year by 11.8% and 5.9%, respectively. Technology was by far the best-performing sector, up about 5%, while financials, materials, and real estate lost about 7%. In the second half of the month, the Nasdaq Composite also hit new all-time highs, driven by stocks related to artificial intelligence. In Europe, stock markets posted their first monthly decline after five consecutive months of gains. The CAC 40 and DAX fell 4.4% and 4.0%, respectively, the SMI fell 3.2%, the Euro Stoxx 50 and FTSE MIB fell 2.4%, and the FTSE 100 fell 2.0%. Year-to-date, the FTSE MIB remains the best-performing index in the region, up 14.3%, followed by the Euro Stoxx 50 (up 8.2%) and the FTSE 100 (up 6.8%), while the SMI is up 4.2% and the CAC 40 is the only one in negative territory (down 2.3%). In Asia, the Nikkei gained 0.7%, bringing its year-to-date gain to 36.9%. The Hang Seng and CSI 300, on the other hand, lost 3.7% and 5.8%, respectively, and are now down 4.0% and 5.9% year-to-date. The yield on the 10-year Treasury note rose by more than 50 basis points, closing September at 5.29%, a rise of over 110 basis points year-to-date, while the 30-year yield stood at 5.63%. The 10-year Bund yield also rose, to 3.59%, and to a lesser extent the Swiss 10-year yield, to around 0.58%. The rise in yields weighed on bond prices, with the Bloomberg Global Aggregate Index down 2.4% for the month and 2.7% year-to-date. Gold fell 6.3%, returning to negative territory year-to-date (−3.0%). The declines in silver, platinum, and palladium were even more pronounced, with these metals losing between 14% and 25% since the start of the year. The dollar strengthened against major currencies. Against the dollar, the euro lost 2.5% during the month, while the Swiss franc fell 3.4%, though it remains up more than 5% year-to-date. Bitcoin and Ethereum gained 6.0% and 8.4%, respectively, but remain down 3.8% and 8.7% year-to-date. ### Economy September saw the Fed and the ECB raise rates again. On September 16, the Federal Reserve raised rates to a range of 3.75% to 4.00%, the first hike since 2023, in a unanimous decision. Warsh cited a stronger economy, inflation that shows no signs of slowing, and heightened geopolitical tensions as reasons for the move, and the majority of members expect at least one more rate hike by year-end. U.S. inflation held at 3.4% in August, while core inflation fell to 2.4%, the lowest level since 2021. The labor market surprised with 162,000 new jobs, compared with expectations of 53,000, and the unemployment rate remained stable at 4.1%. However, at the end of the month, a lower-than-expected PCE reading reduced the likelihood of another rate hike as early as October. On September 10, the ECB raised the deposit rate to 2.50%, its second hike of the year, indicating that the conflict in the Middle East will keep inflation above target for quite some time. Eurozone inflation rose to 3.2% in August, up from 2.9% in July, while preliminary national data for September point to further price pressures. Consequently, the market is pricing in further rate hikes over the course of next year. The SNB, on the other hand, left its policy rate at 0% at its September 24 meeting, citing the weaker franc as a support for the economy. ### Geopolitics The crisis in the Gulf escalated further, with Iranian attacks against Kuwait and the U.S. destruction of five Iranian oil tankers. At the end of the month, Trump rejected a proposal from Tehran to reopen the Strait of Hormuz, which was contingent on the lifting of the naval blockade and the release of Iranian assets. According to reports from Tehran, Washington then sent its own counterproposal, a sign that the door to negotiations remains open. WTI crude oil closed the month around $90, up 5.4% for the month and more than 56% since the start of the year. Brent crude, after reaching $107, ended near $98, with a gain of about 8% for the month. Meanwhile, oil flows through the Strait have rebounded to about 13 million barrels per day, compared to 20 million before the conflict. On the trade front, the summit between Trump and Xi concluded with a two-month extension of the tariff truce and a reduction in tariffs on approximately $30 billion worth of goods, with no progress on rare earths. ### Conclusions We close out September with a more cautious stance on fixed income and a higher cash allocation. We are reducing our bond exposure, bringing it to underweight, and increasing the cash component, now overweight, to maintain greater flexibility to capitalize on new opportunities. We maintain a slight overweight in gold, while at the sector level we continue to favor Information Technology, Financials, and Industrials. October begins with key events, from the U.S. jobs report on October 2 to U.S. inflation data on the 14th, followed by the Fed meeting on October 27 and 28 and the ECB meeting on the 29th. Negotiations over the Strait of Hormuz and the U.S. midterm elections in November also remain in focus. With interest rates, oil prices, and technology capable of changing direction rapidly, the ability to adjust our allocation based on daily signals remains key, and we continue to favor a flexible approach over an overly static allocation. ### Allocation #### Liquidity ![6\_Percentage](https://i-partners.ch/hs-fs/hubfs/CommentsInfographic/6_Percentage.png?width=500&height=82&name=6_Percentage.png) #### Bonds  ![2\_Percentage](https://i-partners.ch/hs-fs/hubfs/CommentsInfographic/2_Percentage.png?width=500&height=82&name=2_Percentage.png)  #### Equity ![5\_Percentage](https://i-partners.ch/hs-fs/hubfs/CommentsInfographic/5_Percentage.png?width=500&height=82&name=5_Percentage.png)  #### Precious metals & Commodities ![5\_Percentage](https://i-partners.ch/hs-fs/hubfs/CommentsInfographic/5_Percentage.png?width=500&height=82&name=5_Percentage.png)   ### Geo-tactical allocation #### Switzerland ![4\_Neutral\_Percentage](https://i-partners.ch/hs-fs/hubfs/CommentsInfographic/4_Neutral_Percentage.png?width=500&height=82&name=4_Neutral_Percentage.png) #### Western Europe ex Switzerland  ![5\_Percentage](https://i-partners.ch/hs-fs/hubfs/CommentsInfographic/5_Percentage.png?width=500&height=82&name=5_Percentage.png)  #### North America  ![4\_Neutral\_Percentage](https://i-partners.ch/hs-fs/hubfs/CommentsInfographic/4_Neutral_Percentage.png?width=500&height=82&name=4_Neutral_Percentage.png)  #### Latin America ![4\_Neutral\_Percentage](https://i-partners.ch/hs-fs/hubfs/CommentsInfographic/4_Neutral_Percentage.png?width=500&height=82&name=4_Neutral_Percentage.png) #### Asia Pacific  ![4\_Neutral\_Percentage](https://i-partners.ch/hs-fs/hubfs/CommentsInfographic/4_Neutral_Percentage.png?width=500&height=82&name=4_Neutral_Percentage.png)   #### Top sectors 1. Information technology 2. Financials 3. Industrials   ### Market data (data as of 30.09.2026) ![Equity](https://i-partners.ch/hs-fs/hubfs/Settembre%202026/Equity.jpg?width=797&height=790&name=Equity.jpg)   ![Bond + ccy](https://i-partners.ch/hs-fs/hubfs/Settembre%202026/Bond%20+%20ccy.jpg?width=798&height=678&name=Bond%20+%20ccy.jpg)   ![Interest rates](https://i-partners.ch/hs-fs/hubfs/Settembre%202026/Interest%20rates.jpg?width=799&height=713&name=Interest%20rates.jpg)   ![Comm + Crypto](https://i-partners.ch/hs-fs/hubfs/Settembre%202026/Comm%20+%20Crypto.jpg?width=800&height=582&name=Comm%20+%20Crypto.jpg) ### Event calendar ![ECO EU](https://i-partners.ch/hs-fs/hubfs/Settembre%202026/ECO%20EU.jpg?width=795&height=321&name=ECO%20EU.jpg) ![ECO US](https://i-partners.ch/hs-fs/hubfs/Settembre%202026/ECO%20US.jpg?width=795&height=571&name=ECO%20US.jpg) Legend | CPI: Consumer Price Index GDP: Gross Domestic Product FOMC: Federal Open Market Committee BOJ: Bank of Japan | FED: Federal Reserve System EIB: European Investment Bank BOE: Bank of England SNB: Swiss National Bank | ZEW: Zentrum für Europeische Wirtschaftsforschung (Center for European Economic Research) YoY: Year on Year MoM: Month on Month | | --- | --- | --- |   --- **Disclaimer:** the content of this document is provided by i Partners SA (hereinafter iP) for information purposes only and is intended for internal use only. It does not in any way constitute an offer or recommendation to buy or sell a security or to carry out any type of transaction. Nor does it constitute any other type of advice, in particular to any recipient who is not a qualified, accredited, eligible and/or professional investor. It is to be used solely by its recipient and must not be forwarded, printed, uploaded, used or reproduced for any other reason. iP, cannot guarantee that the information contained herein is relevant, accurate or comprehensive. Accordingly, iP and its directors, officers, employees, agents and shareholders accept no responsibility for any loss or damage that may result from the use of the information contained herein. The content is intended solely for recipients who understand and bear all implicit and explicit risks involved. iP assumes no responsibility for the suitability or unsuitability of the information, opinions, securities or products mentioned herein. Past performance is no guarantee of future performance.   All rights reserved - i Partners SA © 2026 All rights reserved. - [Risk Involved in Trading Financial Instruments](https://i-partners.ch/hubfs/SBA_Risks_Involved_in_Trading_Financial_Instruments_2023_EN.pdf) - [Privacy Policy](https://www.iubenda.com/privacy-policy/71388647) - [Cookie Policy](https://www.iubenda.com/privacy-policy/71388647/cookie-policy) - Cookie Settings ```json { "@context" : "https://schema.org", "@type" : "Organization", "address" : { "@type" : "PostalAddress", "addressCountry" : "", "addressLocality" : "6900 Lugano", "addressRegion" : "Switzerland", "postalCode" : "", "streetAddress" : "Via Pretorio 9" }, "knowsLanguage" : "en", "logo" : { "@type" : "ImageObject", "url" : "https://26705879.fs1.hubspotusercontent-eu1.net/hubfs/26705879/iPartners_logo.svg" }, "name" : "i Partners SA", "url" : "https://i-partners.ch/comment/september-2026" } ``` ```json { "@context" : "https://schema.org", "@type" : "BlogPosting", "abstract" : "We send our contacts a monthly comment.", "author" : { "@type" : "Person", "name" : "i Partners" }, "dateModified" : "October 1, 2026 3 PM", "datePublished" : "October 1, 2026 2 PM", "headline" : "Monthly comment September 2026", "image" : "https://26705879.fs1.hubspotusercontent-eu1.net/hubfs/26705879/ipartners-featured.jpg", "inLanguage" : "en", "keywords" : "[]", "mainEntityOfPage" : { "@type" : "WebPage" }, "name" : "Monthly comment September 2026", "publisher" : { "@type" : "Organization", "logo" : { "@type" : "ImageObject", "url" : "https://26705879.fs1.hubspotusercontent-eu1.net/hubfs/26705879/iPartners_logo.svg" }, "name" : "i Partners SA" }, "text" : "Index Markets Economy Geopolitics Conclusions Allocation Market data Event calendar Markets September brought volatility to most asset classes. The sharp rise in yields, the strengthening of the dollar, and oil prices above $90 weighed on global equities and precious metals. U.S. technology stocks and cryptocurrencies were the exceptions. In the United States, the Nasdaq 100 gained 3.2%, bringing its year-to-date gain to 20.4%. The S&P 500, on the other hand, edged down 0.5%, and the Dow Jones fell 4.3%, though both remain up for the year by 11.8% and 5.9%, respectively. Technology was by far the best-performing sector, up about 5%, while financials, materials, and real estate lost about 7%. In the second half of the month, the Nasdaq Composite also hit new all-time highs, driven by stocks related to artificial intelligence. In Europe, stock markets posted their first monthly decline after five consecutive months of gains. The CAC 40 and DAX fell 4.4% and 4.0%, respectively, the SMI fell 3.2%, the Euro Stoxx 50 and FTSE MIB fell 2.4%, and the FTSE 100 fell 2.0%. Year-to-date, the FTSE MIB remains the best-performing index in the region, up 14.3%, followed by the Euro Stoxx 50 (up 8.2%) and the FTSE 100 (up 6.8%), while the SMI is up 4.2% and the CAC 40 is the only one in negative territory (down 2.3%). In Asia, the Nikkei gained 0.7%, bringing its year-to-date gain to 36.9%. The Hang Seng and CSI 300, on the other hand, lost 3.7% and 5.8%, respectively, and are now down 4.0% and 5.9% year-to-date. The yield on the 10-year Treasury note rose by more than 50 basis points, closing September at 5.29%, a rise of over 110 basis points year-to-date, while the 30-year yield stood at 5.63%. The 10-year Bund yield also rose, to 3.59%, and to a lesser extent the Swiss 10-year yield, to around 0.58%. The rise in yields weighed on bond prices, with the Bloomberg Global Aggregate Index down 2.4% for the month and 2.7% year-to-date. Gold fell 6.3%, returning to negative territory year-to-date (−3.0%). The declines in silver, platinum, and palladium were even more pronounced, with these metals losing between 14% and 25% since the start of the year. The dollar strengthened against major currencies. Against the dollar, the euro lost 2.5% during the month, while the Swiss franc fell 3.4%, though it remains up more than 5% year-to-date. Bitcoin and Ethereum gained 6.0% and 8.4%, respectively, but remain down 3.8% and 8.7% year-to-date. Economy September saw the Fed and the ECB raise rates again. On September 16, the Federal Reserve raised rates to a range of 3.75% to 4.00%, the first hike since 2023, in a unanimous decision. Warsh cited a stronger economy, inflation that shows no signs of slowing, and heightened geopolitical tensions as reasons for the move, and the majority of members expect at least one more rate hike by year-end. U.S. inflation held at 3.4% in August, while core inflation fell to 2.4%, the lowest level since 2021. The labor market surprised with 162,000 new jobs, compared with expectations of 53,000, and the unemployment rate remained stable at 4.1%. However, at the end of the month, a lower-than-expected PCE reading reduced the likelihood of another rate hike as early as October. On September 10, the ECB raised the deposit rate to 2.50%, its second hike of the year, indicating that the conflict in the Middle East will keep inflation above target for quite some time. Eurozone inflation rose to 3.2% in August, up from 2.9% in July, while preliminary national data for September point to further price pressures. Consequently, the market is pricing in further rate hikes over the course of next year. The SNB, on the other hand, left its policy rate at 0% at its September 24 meeting, citing the weaker franc as a support for the economy. Geopolitics The crisis in the Gulf escalated further, with Iranian attacks against Kuwait and the U.S. destruction of five Iranian oil tankers. At the end of the month, Trump rejected a proposal from Tehran to reopen the Strait of Hormuz, which was contingent on the lifting of the naval blockade and the release of Iranian assets. According to reports from Tehran, Washington then sent its own counterproposal, a sign that the door to negotiations remains open. WTI crude oil closed the month around $90, up 5.4% for the month and more than 56% since the start of the year. Brent crude, after reaching $107, ended near $98, with a gain of about 8% for the month. Meanwhile, oil flows through the Strait have rebounded to about 13 million barrels per day, compared to 20 million before the conflict. On the trade front, the summit between Trump and Xi concluded with a two-month extension of the tariff truce and a reduction in tariffs on approximately $30 billion worth of goods, with no progress on rare earths. Conclusions We close out September with a more cautious stance on fixed income and a higher cash allocation. We are reducing our bond exposure, bringing it to underweight, and increasing the cash component, now overweight, to maintain greater flexibility to capitalize on new opportunities. We maintain a slight overweight in gold, while at the sector level we continue to favor Information Technology, Financials, and Industrials. October begins with key events, from the U.S. jobs report on October 2 to U.S. inflation data on the 14th, followed by the Fed meeting on October 27 and 28 and the ECB meeting on the 29th. Negotiations over the Strait of Hormuz and the U.S. midterm elections in November also remain in focus. With interest rates, oil prices, and technology capable of changing direction rapidly, the ability to adjust our allocation based on daily signals remains key, and we continue to favor a flexible approach over an overly static allocation. Allocation Liquidity Bonds Equity Precious metals & Commodities Geo-tactical allocation Switzerland Western Europe ex Switzerland North America Latin America Asia Pacific Top sectors Information technology Financials Industrials Market data (data as of 30.09.2026) Event calendar Legend CPI: Consumer Price Index GDP: Gross Domestic Product FOMC: Federal Open Market Committee BOJ: Bank of Japan FED: Federal Reserve System EIB: European Investment Bank BOE: Bank of England SNB: Swiss National Bank ZEW: Zentrum für Europeische Wirtschaftsforschung (Center for European Economic Research) YoY: Year on Year MoM: Month on Month Disclaimer: the content of this document is provided by i Partners SA (hereinafter iP) for information purposes only and is intended for internal use only. It does not in any way constitute an offer or recommendation to buy or sell a security or to carry out any type of transaction. Nor does it constitute any other type of advice, in particular to any recipient who is not a qualified, accredited, eligible and/or professional investor. It is to be used solely by its recipient and must not be forwarded, printed, uploaded, used or reproduced for any other reason. iP, cannot guarantee that the information contained herein is relevant, accurate or comprehensive. Accordingly, iP and its directors, officers, employees, agents and shareholders accept no responsibility for any loss or damage that may result from the use of the information contained herein. The content is intended solely for recipients who understand and bear all implicit and explicit risks involved. iP assumes no responsibility for the suitability or unsuitability of the information, opinions, securities or products mentioned herein. Past performance is no guarantee of future performance.", "url" : "https://i-partners.ch/comment/september-2026", "wordCount" : "4736" } ``` ```json { "@context" : "https://schema.org", "@type" : "BlogPosting", "author" : { "@type" : "Person", "name" : "i Partners", "url" : "https://i-partners.ch/comment/author/ipartners" }, "dateModified" : "2026-10-01T15:00:39.455Z", "datePublished" : "2026-10-01T14:41:12.000Z", "headline" : "Monthly comment September 2026", "image" : [ "https://i-partners.ch/hubfs/ipartners-featured.jpg" ], "mainEntityOfPage" : { "@id" : "https://i-partners.ch/comment/september-2026", "@type" : "WebPage" }, "publisher" : { "@type" : "Organization", "logo" : { "@type" : "ImageObject", "url" : "https://i-partners.ch/hubfs/iPartners_logo.svg" }, "name" : "I Partners SA" } } ```