{"id":32154,"date":"2026-09-21T10:50:42","date_gmt":"2026-09-21T09:50:42","guid":{"rendered":"https:\/\/www.bordier.com\/?p=32154"},"modified":"2026-09-21T14:53:00","modified_gmt":"2026-09-21T13:53:00","slug":"monday-report-en-21092026","status":"publish","type":"post","link":"https:\/\/www.bordier.com\/fr\/monday-report-en-21092026\/","title":{"rendered":"Monday Report"},"content":{"rendered":"\n<figure class=\"wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\n<iframe title=\"Monday Report of 21th September 2026\" width=\"500\" height=\"281\" src=\"https:\/\/www.youtube.com\/embed\/u_IP5PX15fc?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe>\n<\/div><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/www.youtube.com\/playlist?list=PL56xCvkO-lVnO8UkHKFEWI8GBRxcXAmUC\">Discover this Monday Report, available in 12 languages<\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Economy<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Statistics released in the United States were somewhat mixed. Retail sales rebounded by +1.2% MoM in August, exceeding expectations (+0.8%). However, developer confidence fell more than expected in September (from 35 to 32 vs. an estimate of 34). Similarly, the decline in housing starts (-2.6% MoM vs. +6.7% est.) and building permits (-2.7% MoM vs. -1.5% est.) was disappointing in August, as was the stagnation in industrial production (vs. +0.3% MoM est.). In the eurozone, industrial production came as no surprise (-0.1% MoM vs. -0.2% est.). In China, the decline in real estate prices continued in August (-0.2% MoM for new homes and -0.3% for existing homes), and retail sales were disappointing (+0.4% YoY vs. +0.8% est.). Industrial production came in better than expected (+5.2% y\/y vs. +4.8% est.), while the contraction in investment (-7.2% y\/y) was close to expectations (-7.1%).<\/p>\n\n\n\n<div class=\"wp-block-group boxed background-light\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<h2 class=\"wp-block-heading\">Artificial Intelligence<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The debate over the pace of development for cutting-edge \u201cFrontier\u201d AI models is intensifying. Some in the industry are calling for a slowdown\u2014or even a temporary suspension\u2014of the most advanced work, arguing that risks are growing faster than safeguards. Conversely, Nvidia, Meta, and the Trump administration reject a coordinated pause, citing global competition. This disagreement also extends to research labs, where the imperative for safety clashes with the race for greater capabilities.<\/p>\n<\/div><\/div>\n\n\n\n<figure class=\"wp-block-image size-full wider offeset-top\"><img decoding=\"async\" src=\"https:\/\/www.bordier.com\/wp-content\/uploads\/2024\/09\/image-1.jpg\" alt=\"\" class=\"wp-image-4375\" style=\"object-fit:cover\"\/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">Markets<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The Fed and the BoJ raised their benchmark interest rates. These decisions were anticipated but did not prevent 10-year government bond yields from rising by a few basis points in USD and EUR, despite a stabilization in oil prices (-0.7%). The dollar appreciated by more than 1% (dollar index) but did not weigh excessively on gold (-0.2%). The declines in equities were relatively moderate (U.S.: -0.1%; Europe and emerging markets: -0.6%). To watch this week: manufacturing and services PMIs, new home sales, and durable goods orders in the United States; consumer confidence, manufacturing and services PMIs, and M3 growth in the eurozone; 1- and 5-year lending rates in China.<\/p>\n\n\n\n<div class=\"wp-block-group boxed background-light\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<h2 class=\"wp-block-heading\">Swiss Market<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Coming up this week: balance of payments (SNB), 2026 real estate bubble index (UBS), August lodging statistics (FSO), and consensus forecasts (KOF).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The following companies will report earnings: Addex, Curatis, Newron, Peach Property, Xlife, and Hilti<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n<\/div><\/div>\n\n\n\n<figure class=\"wp-block-image size-full wider offeset-top\"><img decoding=\"async\" src=\"https:\/\/www.bordier.com\/wp-content\/uploads\/2024\/09\/image-2.jpg\" alt=\"\" class=\"wp-image-4383\"\/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">Equities<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>AIRBUS <\/strong>(Satellite): According to Cirium, the group has delivered 16 aircraft so far in September, bringing the total to 491 since the start of 2026. As was the case last year, a very strong final quarter will be needed to reach the annual target of approximately 870 deliveries.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>ASTRAZENECA <\/strong>(Core Holding): Meeting with the company. The 2030 target ($80 billion in revenue) is achievable thanks to the therapies launched. The pipeline will be crucial for post-2030 growth, with a dense newsflow over the next 18 months. The downside risk, in our view, is the upcoming release of Datroway data for lung cancer, as the market is becoming more optimistic following the CEO\u2019s relatively confident comments during his roadshow. Aside from this short-term caution, our positive rating is confirmed.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">AMD reportedly informed several customers of a price increase starting in Q4 to offset rising production costs at <strong>TSMC <\/strong>(Satellite). This increase would notably affect chips for AI and PCs. At this stage, however, no specific 10% price hike at TSMC has been officially confirmed. The message remains one of increased cost pressure in the semiconductor sector.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>VOLKSWAGEN <\/strong>(Satellite) announced Friday evening that it was revising its 2026 targets downward. The group is now targeting an operating margin of \u201cup to 1%,\u201d down from 2.5% in 2025, a previous guidance of 4.0\u20135.5%, and a current analyst consensus of 4.1%. About three-quarters of this revision is attributable to one-time charges. The stock\u2019s muted reaction (approx. -0.2%) suggests that this bad news is largely priced in. However, we are placing the stock under review.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<div class=\"wp-block-group boxed background-light\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<h2 class=\"wp-block-heading\">Bonds<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">In the U.S. last week, the 10-year Treasury yield surpassed the 5% mark for the first time since 2007, while the Fed unanimously raised its benchmark rate by 25&nbsp;bps\u2014the first such hike since 2023. In Europe, the yield spread between the OAT and the Bund continued to widen as France announced that its deficit target for 2026 would not be met, with the 10-year OAT rising 11&nbsp;bps over the week. This week, all eyes will be on the meeting between Xi and Trump, which begins on Wednesday, and on the flash PMI figures in Europe.<\/p>\n<\/div><\/div>\n\n\n\n<figure class=\"wp-block-image size-full wider offeset-top\"><img decoding=\"async\" src=\"https:\/\/www.bordier.com\/wp-content\/uploads\/2024\/09\/image-3.jpg\" alt=\"\"\/><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\">Sentiment of traders<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Stock markets<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Markets opened the week in positive territory despite growing tensions in the Middle East; perhaps the UN General Assembly will provide some clarity. On the macro front, we\u2019ll see U.S. PMIs, durable goods orders, and some housing sales figures; and in the eurozone, PMIs as well as a confidence index that could very well dampen sentiment.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Currencies<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The euro is struggling to climb above \u20ac\/$ 1.15, trading at 1.1470 this morning. Political risk in Germany is weighing on the single currency; a test of the \u20ac\/$ 1.1350 sup. resistance level is possible. This week, currency traders will be watching the IFO index, U.S. employment figures, and the SNB meeting on Thursday. The CHF is stable at $\/CHF 0.8236 and \u20ac\/CHF 0.9450. We anticipate the following ranges: $\/CHF 0.8150\u20130.8300, \u20ac\/CHF 0.9357\u20130.9500. The pound is under pressure at \u00a3\/$1.3375, with support at 1.3306 and res. at 1.3482. Gold is trading at $4,350\/oz.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">Today\u2019s graph<\/h4>\n\n\n\n<figure class=\"wp-block-image size-full is-resized\"><img fetchpriority=\"high\" decoding=\"async\" width=\"959\" height=\"584\" src=\"https:\/\/www.bordier.com\/wp-content\/uploads\/2026\/09\/graphPourSite-2.webp\" alt=\"graphpoursite\" class=\"wp-image-32164\" style=\"aspect-ratio:1.646059343343631;width:588px;height:auto\" srcset=\"https:\/\/www.bordier.com\/wp-content\/uploads\/2026\/09\/graphPourSite-2.webp 959w, https:\/\/www.bordier.com\/wp-content\/uploads\/2026\/09\/graphPourSite-2-300x183.jpg 300w, https:\/\/www.bordier.com\/wp-content\/uploads\/2026\/09\/graphPourSite-2-768x468.jpg 768w\" sizes=\"(max-width: 959px) 100vw, 959px\" \/><\/figure>\n\n\n\n<h4 class=\"wp-block-heading\">Performances<\/h4>\n\n\n\n<figure class=\"wp-block-image size-full is-resized\"><img decoding=\"async\" width=\"533\" height=\"321\" src=\"https:\/\/www.bordier.com\/wp-content\/uploads\/2026\/09\/perfANG-pour-site-2.webp\" alt=\"perfang pour site\" class=\"wp-image-32168\" style=\"aspect-ratio:1.721387018759396;width:574px;height:auto\" srcset=\"https:\/\/www.bordier.com\/wp-content\/uploads\/2026\/09\/perfANG-pour-site-2.webp 533w, https:\/\/www.bordier.com\/wp-content\/uploads\/2026\/09\/perfANG-pour-site-2-300x181.webp 300w\" sizes=\"(max-width: 533px) 100vw, 533px\" \/><\/figure>\n\n\n\n<p class=\"has-small-font-size wp-block-paragraph\">This document has been issued for information purposes and is exclusively supplied by Bordier &amp; Cie SCmA in the framework of an existing contractual relationship with the recipient of this document. The views and opinions contained in it are those of Bordier &amp; Cie SCmA. Its contents may not be reproduced or redistributed by unauthorized persons. The user will be held liable for any unauthorized reproduction or circulation of this document, which may give rise to legal proceedings. All the information contained in it is provided for information only and should in no way be taken as investment, legal or tax advice provided to third parties. Furthermore, it is emphasized that the provisions of our legal information page are fully applicable to this document and namely provisions concerning the restrictions arising from different national laws and regulations. Consequently, Bordier Bank does namely not provide any investment services or advice to \u201cUS persons\u201d as defined by the Securities and Exchange Commission rules. Furthermore, the information on our website \u2013 including the present document \u2013 is by no mean directed to such persons or entities.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Read the latest weekly report on the financial sectors and financial market, by Bordier Switzerland<\/p>\n","protected":false},"author":15,"featured_media":15629,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_seopress_titles_title":"","_seopress_titles_desc":"","_seopress_robots_index":"","_seopress_robots_follow":"","_seopress_robots_imageindex":"","_seopress_robots_snippet":"","_seopress_robots_primary_cat":"","_seopress_robots_breadcrumbs":"","_seopress_robots_freeze_modified_date":"","_seopress_robots_custom_modified_date":"","_seopress_robots_canonical":"","_seopress_social_fb_title":"","_seopress_social_fb_desc":"","_seopress_social_fb_img":"","_seopress_social_fb_img_attachment_id":0,"_seopress_social_fb_img_width":0,"_seopress_social_fb_img_height":0,"_seopress_social_twitter_title":"","_seopress_social_twitter_desc":"","_seopress_social_twitter_img":"","_seopress_social_twitter_img_attachment_id":0,"_seopress_social_twitter_img_width":0,"_seopress_social_twitter_img_height":0,"_seopress_redirections_value":"","_seopress_redirections_enabled":"","_seopress_redirections_enabled_regex":"","_seopress_redirections_logged_status":"","_seopress_redirections_param":"","_seopress_redirections_type":0,"_seopress_analysis_target_kw":"","_seopress_news_disabled":"","_seopress_video_disabled":"","_seopress_video":[],"_seopress_pro_schemas_manual":[],"_seopress_pro_rich_snippets_disable_all":"","_seopress_pro_rich_snippets_disable":[],"_seopress_pro_schemas":[],"footnotes":""},"categories":[19,134],"tags":[132],"news_country":[13],"news_language":[38],"class_list":["post-32154","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-insights","category-monday-report","tag-monday-report","news_country-switzerland","news_language-en"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.bordier.com\/fr\/wp-json\/wp\/v2\/posts\/32154","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bordier.com\/fr\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bordier.com\/fr\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bordier.com\/fr\/wp-json\/wp\/v2\/users\/15"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bordier.com\/fr\/wp-json\/wp\/v2\/comments?post=32154"}],"version-history":[{"count":6,"href":"https:\/\/www.bordier.com\/fr\/wp-json\/wp\/v2\/posts\/32154\/revisions"}],"predecessor-version":[{"id":32191,"href":"https:\/\/www.bordier.com\/fr\/wp-json\/wp\/v2\/posts\/32154\/revisions\/32191"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.bordier.com\/fr\/wp-json\/wp\/v2\/media\/15629"}],"wp:attachment":[{"href":"https:\/\/www.bordier.com\/fr\/wp-json\/wp\/v2\/media?parent=32154"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bordier.com\/fr\/wp-json\/wp\/v2\/categories?post=32154"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bordier.com\/fr\/wp-json\/wp\/v2\/tags?post=32154"},{"taxonomy":"news_country","embeddable":true,"href":"https:\/\/www.bordier.com\/fr\/wp-json\/wp\/v2\/news_country?post=32154"},{"taxonomy":"news_language","embeddable":true,"href":"https:\/\/www.bordier.com\/fr\/wp-json\/wp\/v2\/news_language?post=32154"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}