Geopolitics continued to drive financial markets in the third quarter of 2026, most notably through high energy prices and tighter monetary policy. The upturn in interest rates gained momentum. Despite these strong headwinds, equities and gold proved remarkably resilient. After an extended period of restraint, several central banks in developed economies tightened their monetary policy. The US Federal Reserve raised its policy rate for the first time in three years, while the ECB and the Bank of Japan raised their key rates further. The yield on 30-year US Treasuries climbed to 5.6 %, its highest level since 2002.

Despite these challenges, equity markets showed remarkable resilience. Performance was mixed, however: large technology companies benefited from AI momentum, while interest-rate-sensitive companies and parts of the European market came under pressure. Gold continued to be supported by sustained high purchases.

LMM calculations with reference date of 30. 09. 2026

Note: the figures are before costs
LMM calculations with reference date of 30. 09. 2026