Investors flock to real assets as fiat erosion fears mount, AI isn’t just eating the world — it’s devouring electricity, with energy demand set to surge faster than many power grids can handle. Each week, the Syz investment team takes you through the last seven days in seven charts.

U.S. stocks fell for the week as renewed U.S.-China trade tensions and concerns over the prolonged government shutdown weighed on sentiment. Early gains, driven by enthusiasm for AI-related companies and a major AMD-OpenAI partnership that boosted AMD shares over 20%, were erased after President Trump threatened major new tariffs on Chinese goods. Gold surged past $4,000 per ounce, reflecting heightened geopolitical and economic uncertainty. Investors are now focused on the upcoming Q3 earnings season, especially since the shutdown has halted major economic data releases. Analysts expect the S&P 500 to post its ninth straight quarter of earnings growth.

USD yields declined last week on fears of labor market weakening while credit and EM markets remained strong

Global equity markets rebounded last week, recovering from 3 consecutive days of declines in late September

Meanwhile, markets have a history of bouncing back from US shutdowns—will this time be any different? Each week, the Syz investment team takes you through the last seven days in seven charts.

Stocks posted solid gains, shrugging off the U.S. government shutdown that began on Thursday. US equities appeared to draw support from the September private payrolls report from payroll processing firm ADP showing jobs lost. The labor market data seemingly made it more likely that the Fed will cut rates at its October meeting. The tech-heavy Nasdaq Composite Index outperformed, and growth stocks outpaced value. The Russell 2000 Index of small-cap stocks, which tend to benefit more from lower rates, easily outperformed the S&P 500 Index. In Europe, the STOXX Europe 600 Index ended 2.87% higher, reaching record levels. Japan’s stock markets registered mixed performance over the week, with the Nikkei 225 Index gaining 0.91% and the broader TOPIX Index down 1.82%.

Flash note

Flash note

Flash note

EM Debt keeps rising while DM sovereign and corporate markets take a breather