Where markets were leaning on 2026-10-31
The net read we published that day, kept as a dated record. For where markets are leaning right now, see today's outlook.
Rates Bonds
The gist: The rates and bonds market is showing conflicting signals, leaning lower due to rising systemic vulnerabilities linked to Middle East conflict, but facing upward pressure from rising inflation expectations. While ECB policy outlook appears sideways amid leadership transitions, the net direction is caught between sovereign debt stability concerns and upwardly revised HICP forecasts for 2026 and 2027.
Updated 2026-10-31 04:45 UTC · sign up for the full net read + the markets you follow
Us Equities
The gist: US equities are leaning lower following a period of significant volatility. The dominant driver is a sharp, single-day sell-off on 2026-10-30, where the S&P 500 and the SPY both experienced declines far outside their normal ranges. Watch: - The magnitude of continued volatility in the S&P 500 and SPY following the recent outsized downward moves. - Ongoing selling pressure within the US equities market.
Updated 2026-10-31 04:44 UTC · sign up for the full net read + the markets you follow
Energy
The gist: The energy transition sector shows a split outlook, with momentum leaning lower for electricity demand growth linked to the EV sector due to a significant deceleration in consumption. Conversely, the outlook leans higher for solar-plus-storage integration as the co-location of utility-scale solar with battery storage continues to expand.
Updated 2026-10-31 04:44 UTC · sign up for the full net read + the markets you follow
Global Macro
The gist: The global macro outlook is leaning lower, driven by significant downward pressure on broad market measures. While inflation data shows PCE rose by 0.3 percent ($65.2 billion) in June 2026, the dominant driver is a sharp, outsized contraction in the ACWI. Watch: - The magnitude of volatility in the ACWI, which saw a -1.7% single-day move on 2026-10-30, a level noted as being far outside its normal range.
Updated 2026-10-31 04:44 UTC · sign up for the full net read + the markets you follow
Eu Equities
The gist: EU-health and job sectors appear to be moving sideways. The data across both sectors is characterized by isolated, localized headlines rather than broad macroeconomic shifts, providing no clear directional momentum for the wider market. Watch: - UK government policy updates regarding the expansion of the Healthy Babies programme and COVID-19 vaccination advice.
Updated 2026-10-31 04:44 UTC · sign up for the full net read + the markets you follow
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