The US
On Friday, the Bureau of Labor Statistics (BLS) reported that the US economy added 29,000 jobs in September, well below consensus expectations for around 90,000 and down from August’s downwardly revised gain of 133,000. July and August payrolls were revised down by a combined 60,000, with July now showing a loss of 10,000 jobs. The unemployment rate ticked up to 4.2% from 4.1%, and labour force participation was little changed at 61.8%. Stock futures advanced, and Treasury yields fell after the release Friday morning, while markets, as tracked by the CME FedWatch Tool, implied lower expectations for a rate hike at the Federal Reserve’s October meeting.
Earlier labour market data had offered mixed signals. Private payrolls firm ADP reported that private employers added 90,000 jobs in September, up from August’s revised reading of 36,000, while BLS data showed that job openings declined to 7.08 million in August from a revised 7.34 million in July. Meanwhile, initial jobless claims remained subdued at 197,000, little changed from the prior week, and continuing claims fell by 11,000 to 1.701 million. The Conference Board’s measure of consumers’ perceptions of labour market conditions also weakened to its lowest level in more than five years.
The Bureau of Economic Analysis (BEA) reported that its personal consumption expenditures (PCE) price index rose 0.3% in August and 3.4% over the prior 12 months. Core PCE inflation—which excludes food and energy—increased 0.2% for the month and 3.0% year over year (YoY). Both the headline and core PCE annual inflation figures were unchanged from July’s revised readings.
The BEA also revised second-quarter real gross domestic product (GDP) growth up to a 2.2% annualised rate from 1.5%, mainly reflecting higher investment, consumer spending, and government spending. Real final sales to private domestic purchasers—a measure of underlying private demand—increased at a 4.6% annualised rate, up from a previous estimate of 4.2%.
Manufacturing activity remained in expansion territory in September, according to the Institute for Supply Management. Its manufacturing Purchasing Managers’ Index (PMI) registered 54.5, little changed from August and marking a ninth consecutive month of expansion (readings above 50 indicate expanding activity). New orders and employment strengthened, but the prices index jumped 6.8 points to 77.9, its highest reading since May.
Markets
Equity markets
Emerging markets and other markets
Fixed income markets
Equity markets
Last week, the MSCI All Country World Index (MSCI ACWI) lost -0.7% (13.9% YTD).
The S&P 500 Index finished the week down -0.2% (13.8% YTD) as investors weighed a weaker-than-expected jobs report and declining expectations for a Fed rate hike against elevated Treasury yields, volatile oil prices, and ongoing uncertainty surrounding the US-Iran conflict. Treasury yields also remained a key focus, with long-term yields reaching multi-decade highs before retreating later in the week.
Large-cap growth stocks outperformed their value counterparts, while small caps finished ahead of large caps. The Russell 1000 Growth Index returned 0.7% (7.9% YTD), the Russell Value Index -1.0% (20.0% YTD), and the Russell 2000 Index of small companies -0.1% (15.3% YTD). The technology-heavy Nasdaq Composite gained 0.5% (17.5% YTD).
In Europe, the MSCI Europe ex-UK Index gave back -1.1% (8.6% YTD). European equities were volatile as elevated oil prices and rising sovereign bond yields appeared to weigh on investors' risk appetite. Stronger-than-expected inflation data reinforced concerns that monetary policy could remain restrictive. Among major stock indexes, Germany’s DAX Index declined -0.7% (3.0% YTD), France’s CAC 40 Index fell -2.1% (-0.3% YTD), and Italy’s FTSE MIB Index dropped -2.7% (15.8% YTD). Switzerland’s SMI lost -2.0% (6.1% YTD). The euro weakened against the US dollar, closing the week at USD 1.13 per EUR, down from 1.14.
The FTSE 100 Index in the UK fell -2.1% (8.1% YTD), while the FTSE 250 Index of smaller companies edged down -0.2% (10.4% YTD). The British pound was little changed against the US dollar for the week, closing at USD 1.32 per GBP.
Japan’s stock market returns were negative over the week. The TOPIX Index slid -0.1% (22.5% YTD), and the TOPIX Small Index declined by -0.9% (22.1% YTD). Gains were concentrated in artificial intelligence (AI)- and semiconductor-related shares, supported by strength in global chip stocks and renewed optimism around demand for AI infrastructure. Broader sentiment was more subdued amid elevated bond yields and expectations for further BoJ tightening, reinforced late in the week by a hotter-than-expected Tokyo-area inflation print.
In Australia, the ASX 200 Index added 0.2% (3.4% YTD) thanks to softer-than-expected inflation data. Australian government bond yields fell, and the curve steepened. The Australian dollar weakened 1.1% against the US dollar.
In Canada, the S&P/TSX Composite finished the week down -0.7% (13.9% YTD).
Emerging markets and other markets
The MSCI Emerging Markets Index lost -1.3% (23.8% YTD). Taiwan and Brazil contributed positively, while China, South Korea, and India contributed negatively.
China equities pulled back over the week, with mainland markets closed on Thursday and Friday for the Golden Week holiday. In the week through Wednesday, the CSI 300 Index, the main onshore benchmark, was down -1.8% (-4.1% YTD), while the Shanghai Composite Index declined -1.2% (-1.4% YTD). Information technology stocks led the decline. Domestic semiconductor names retreated on worries about intensifying competitive pressures and speculation that Beijing may allow companies to buy NVIDIA chips, while reports of potential US restrictions weighed on shares of optical equipment makers. Hong Kong's benchmark Hang Seng Index slumped -2.2% (-4.0% YTD), suffering heavy losses on Friday as the Hong Kong market reopened following Thursday’s closure. Financials and technology stocks were among the biggest laggards, hurt by rising US bond yields and disappointment over Beijing’s latest stimulus package. The MSCI China Index, which primarily comprises offshore-listed stocks, gave back -1.9% (-12.6% YTD).
In Brazil, Brazilian equities advanced over the week, although trading was volatile as investors positioned ahead of Sunday’s presidential election. The Ibovespa received support at different points from financial and oil-related shares, while the real fluctuated amid domestic political uncertainty and swings in the US dollar, global bond yields, and oil prices. Polling continued to point to a closely contested race between President Luiz Inácio Lula da Silva and Senator Flávio Bolsonaro, with a runoff remaining possible.
Domestic data presented a mixed backdrop for monetary policy. Brazil created a stronger-than-expected 165,827 formal jobs in August, led by services and construction, underscoring continued labour market resilience even as broader economic momentum moderated. At the same time, signs of financial strain persisted, with the delinquency rate on non-earmarked loans reaching a record 6.6% in August. Fiscal concerns also remained in focus after central bank data showed gross government debt rising to 82.9% of GDP, largely reflecting higher interest expenses. Taken together, resilient employment alongside elevated fiscal and credit pressures complicated the outlook for further central bank easing.
Fixed income markets
Last week, the Bloomberg Global Aggregate Index (hedged to USD) returned -0.2% (-1.3% YTD), the Bloomberg Global High Yield Index (hedged to USD) -0.9% (0.5% YTD), and the Bloomberg Emerging Markets Hard Currency Aggregate Index -1.2% (-2.3% YTD).
Over the week, the 10-year Treasury yield increased by 9bps to 5.27% from 5.16% (up 110bps YTD). The 2-year Treasury yield decreased by -2bps, ending the week at 4.83% from 4.85% (up 135bps YTD).
Over the week, the 10-year German Bund yield decreased by -14bp, ending at 3.46% from 3.60% (up 61bps YTD). The 10-year UK gilt yield was little changed, ending the week at 5.37% (up 89bps YTD).
Source: https://www.troweprice.com/financial-intermediary/be/en/lp/global-equities/weekly-market-recap.html, accessed 10.04.2026
Stoicism
All for one, one for all
“That which isn’t good for the hive, isn’t good for the bee.” Marcus Aurelius, Meditations, 6.54
Inherent in the stoic concept of sympatheia is the notion of an interconnected cosmos in which everything in the universe is part of a larger whole. Marcus Aurelius was one of the first writers to articulate the notion of cosmopolitanism – saying that he was a citizen of the world, not just of Rome.
The idea that you’re a bee in the hive is a reminder of this perspective. Marcus even states the reverse of that idea later in his Meditations, just so he doesn’t forget: “That which doesn’t harm the community can’t harm the individual.”
Just because something is bad for your doesn’t mean it’s bad for everyone. Just because something is good for you definitely doesn’t mean it’s good for everyone. Think of the hedge fund managers who bet massively against the economy – they profited by rooting for essentially everyone and everything else to fail. Is that who you want to be? A good Stoic understands that proper impulses, and the right actions that arise from them, naturally carry the good of the whole, which is the wise person’s only good. Conversely, good and wise actions by the whole are what’s good for the individual.
Ryan Holliday, The Daily Stoic, Kindle Edition, pages 296-297. Accessed 10.04.2026.
Taxes
The Taxpayer Advocate Service (TAS)
You should know that you have help available when dealing with the IRS> The Taxpayer Advocate Service (TAS) is the separate department of the federal government that is not part of the Internal Revenue Service (IRS), even though it is located in an IRS office in major cities in the US.
IT is part of the government that helps people who have not been treated properly or who are about to lose property or assets from the IRS due to levies, seizures, garnishments and liens. This might be the last line of defence between you and the IRS.
Taxpayer advocates can stop collection actions under certain conditions if you follow their rules. The department helps you help yourself. Though there are limits to the TAS abilities, but they can do far more than you can.
TAS has some great tips to help you understand what they are and what they do:
TAS is an independent organization within the IRS and is your voice at the IRS.
TAS helps taxpayers whose problems are causing financial difficulty. This includes businesses as well as individuals.
You may eligible for help if you’ve tried to resolve your tax problem through normal IRS channels and your issues are still unresolved, or you believe an IRS procedure isn’t working right.
As a taxpayer you have rights the IRS must respect. The IRS has adopted a Taxpayer Bill of Rights that includes 10 fundamental rights that every taxpayer has:
o The right to be informed
o The right to quality service
o The right to pay no more than the correct amount of tax
o The right to challenge the IRS position and be heard
o The right to appeal an IRS decision in an independent forum
o The right to finality
o The right to privacy
o The right to confidentiality
o The right to retain representation
o The right to a fair and just tax system
The TAS Tax Toolkit – when can be found athttps://taxpayeradvocate.irs.gov can help you understand these rights and what they mean for you. The toolkit also has examples that show how the Taxpayer Bill of Rights applies in specific situations.
If you qualify for TAS help you are assigned an advocate who is with you at every turn. The IRS has at least one local TAS office in every state, the District of Columbia and Puerto Rico. You can call your advocate, whose number is in your local directory, in Publication 546, Taxpayer Advocate Service – Your Voice at the IRS, and athttps://www.irs.gov/advocate.
You can also call them at 877-777-4778.
The TAS toolkit has basic tax information, details about tax credits for individuals and businesses and lots more. TAS also handles large-scale or systematic problems that affect many taxpayers. They’re even on social media – Facebook, Twitter, YouTube.
TAS is there to help. The worst thing you can do is nothing at all.