Autumn storms in the market
Summary
- Last week, European and US stock markets experienced volatility, with Nasdaq Helsinki showing a slight gain, while broader declines occurred in Europe and the US.
- US inflation figures exceeded estimates, with consumer prices rising 0.4% in August and 3.4% year-on-year, leading to investor relief ahead of the Fed's rate meeting.
- The US 10-year government bond yield approached 5%, a level rarely seen since 2007, amid erratic movements in the interest rate market.
- Oil prices rose over 8% during the week due to geopolitical tensions, particularly in the Middle East, impacting inflation and market stability.
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Automatic translation: Originally published in Finnish 14/09/2026, 04:45 GMT. Give feedback here.
Last week was volatile on the European and US stock markets. Nasdaq Helsinki managed to edge into positive territory, but broader declines were seen in Europe and the US. The week had been stormy: the oil price rose to over 100 dollars per barrel, US government bond yields climbed to multi-year highs, and shares fell.
| Indexes | close | change 1 wk | YTD | |
| OMX Helsinki | 13934,5 | 1,8 % | 12,2 % | |
| Eurostoxx 600 | 639,1 | -1,7 % | 7,9 % | |
| S&P500 | 7657,0 | -0,8 % | 11,9 % |
An interesting movement was seen in Friday's US inflation figures, which exceeded estimates. Consumer price growth accelerated to 0.4% in August from July and to 3.4% year-on-year, while core prices rose by 2.4% year-on-year. However, the news came as a relief rather than a threat to investors, as the dispelling of uncertainty ahead of the Fed's rate meeting on Wednesday was perceived as more valuable than the effects of the rate hike itself. The apparent reasoning is that a proactive and more moderate rate hike could reduce the need for harsher tightening measures later.
US: Inflation
Source: LSEG
On the interest rate market, the movement was exceptionally erratic. The US 10-year government bond yield eventually ended up close to the 5% mark, a level that has only been touched once since 2007. The oil price, which also fueled inflation, decreased slightly on Friday, but rose by over 8% during the week due to geopolitical tensions—particularly the situation in the Middle East and threats directed at Saudi Arabia's oil infrastructure. By Monday morning, the oil price was up by around 3% again. Thus, the risks have not disappeared.
US: 10-year yield, %
