Où les marchés étaient en tendance 2026-10-23

The gist: The commodities market shows a bifurcated direction, leaning higher for energy-related themes—driven by increased supply flows in diesel and growth in decarbonization infrastructure—while precious metals lean lower following a significant price retreat. Global commodities generally appear sideways, though localized support is emerging for agricultural value-add initiatives.

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The gist: EU equities are leaning lower following a period of rapid selling in the EURO STOXX 50, which closed -1.9% on 2026-10-22. This move was described as being far outside the index's normal range and appears to be part of a broader downtrend active since mid-August. Watch: - The impact of rising energy costs, specifically Brent crude rising above $114 per barrel.

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The gist: The rates and bonds market is leaning higher on global yields, though the direction is characterized by significant regional divergence and volatility. While US 10-year Treasury yields saw a recent uptick to 4.98%, Eurozone sovereign debt is showing increased fragility due to escalating fiscal stress in France, and expectations for rate hikes in Japan are contributing to the upward pressure on global…

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The gist: The global macro outlook is leaning lower, driven by significant volatility and rapid selling in Asian markets, specifically a -3.8% drop in the Nikkei 225 on 2026-10-23 which fell far outside its normal range. While emerging market clean energy infrastructure shows upward momentum, this is offset by broader instability in global equities, labor market strain, and divergent inflationary pressures.

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The gist: The crypto market is leaning lower as macro inflationary pressures and geopolitical risk aversion weigh on risk assets. While institutional-grade infrastructure and network security show signs of strength, these are being offset by significant downward pressure on large-cap tokens, altcoin underperformance, and legal headwinds.

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The gist: The FX market shows a leaning higher for the U.S. Dollar, supported by robust labor data and geopolitical risk. While major FX pairs appear sideways, emerging market currencies face downward pressure from geopolitical and electoral volatility, as well as specific central bank actions like Turkey's interest rate cut.

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The gist: US equities are leaning lower as a strong rotation away from the AI trade and skepticism regarding AI-driven momentum drive significant selling pressure in technology and growth-oriented sectors. While cybersecurity is seeing a boost as a perceived component of the AI trade, this is being offset by broader concerns over AI investment, rising borrowing costs, and a sharp decline in tech leadership.

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The gist: Emerging markets are leaning lower, driven by significant selling pressure in China and Hong Kong. The primary driver is a sharp decline in the Hang Seng, which fell 3.0% on volume 1.5x its recent average, a move characterized as being far outside its normal range. Watch: - The broad emerging markets measure (EEM), which fell -2.9% in a single day.

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The gist: The energy market is leaning higher, driven primarily by escalating geopolitical tensions in the Middle East and rising commodity costs, with Brent crude reaching $115 and WTI returning to $100. While supply-side expansions are noted in Venezuela, the broader sentiment is supported by strong momentum in renewable infrastructure, battery technology, and large-scale nuclear proposals.

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