SHARESIES · MARKET UPDATE · Week of 28 September 2026
Jacki Neumann, Head of Capital Markets

↑ WHAT'S UP — The S&P 500 rose 1.2% for the week and the Nasdaq gained 2.1%, hitting a record high. Meta jumped almost 13% after its AI agent, Muse, topped US App Store downloads. Microsoft added 4.5% on reports of Copilot discounts for business customers. 

↓ WHAT’S DOWN — The ASX 200 fell 0.8%, its fourth straight weekly loss, and closed at its lowest since mid-June. It’s down around 4.5% for September, with utilities the weakest sector last week at around −5.2%. Oracle fell over 7% after invoking force majeure on its New Mexico data centre, citing power and permit delays.

! BIGGEST SURPRISES — The US 10-year Treasury yield topped 5.2% on Thursday, driven by strong business data, weak Treasury auctions, and hawkish Fed comments. Markets now see a 66% chance of an October Fed hike. In Australia, unemployment rose to 4.6%, the highest since late 2021, though employment grew more than expected.

◎ WHAT TO WATCH — The RBA’s latest decision comes on Tuesday afternoon, with a hike to 4.60% around 90% priced in. August household spending is also out Tuesday. Wednesday brings Australian inflation, building approvals and private sector credit, plus China's manufacturing PMI and US core PCE. US non-farm payrolls land Friday.

◈ BIGGER PICTURE — The Fed, RBA, and RBNZ all have hikes on the table. RBNZ Governor Anna Breman warned inflation will run higher if oil prices persist, and markets price a 70% chance of an October hike. Brent briefly fell below $100 a barrel on US-Iran hopes, then swung with news on the Strait of Hormuz. The US and China extended their trade truce to January, due to meet again at APEC in November.

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