1. US stocks fall as 10-year Treasury yield hits highest since 2007.

The 10-year Treasury yield surged to 5.11%, its first trip above 5% since 2007, after the S&P flash composite PMI hit 58.4, the fastest expansion since July 2021.
US business continues to boom, with output growing at the fastest rate for over five years in September.
The blowout September PMI reading convinced traders the Fed isn't done hiking, so growth stocks paid the price.

2. European earnings estimates point to further upside.

Higher oil prices are not derailing estimates (yet) as business activity across the euro zone accelerated this month at its fastest pace in more than three years, defying expectations for a slowdown.
The Euro area September composite PMI increased 1.0 pts to 53.1. This increase took place despite the recent jump in energy prices.
More than just resilience, the PMI numbers are pointing to some underlying strength, consistent with 1.7% growth.
The median year-end Stoxx 600 target in Bloomberg’s latest survey of 16 strategists is 670 points and the most optimistic September forecast since 2018.
However, the charts are starting to side with the skeptics as momentum is fading. The Stoxx 600 has broken the rising channel that carried much of this year’s advance and has been tracing lower highs since its August peak.

3. China's physical AI lead.

China state media now calls robotics, AI and innovative drugs the "new new three", successors to EVs, batteries and solar panels.
Chinese vendors shipped more than 97% of global humanoids in H1 2026 and Chinese customers accounted for more than 85% of demand.
But forget the unit volumes for a moment. We view shipment share as the wrong scoreboard because the real gap is humanoid capability. The US still leads on frontier models, VLA development and simulation. China controls the physical inputs and the supply chain that enable scale. The question is whether US software leadership holds long enough, because every fleet China deploys is collecting the real-world data that could close the software gap too.

Below: Annual shipments of humanoid robots are projected to reach 1.2 mio globally by 2030, most of them from China.

4. Three IPOs could be worth more than all IPO’s in the last 45 years of tech.

5. Novo has erased all gains since Wegovy was approved.

Mike Doustdar, the new CEO, is pushing to make Novo leaner and more competitive as it seeks to claw back share from Lilly in the obesity market it pioneered.

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