Global equities advanced modestly during the third quarter, as resilient economic activity, strong corporate earnings and continued investment in artificial-intelligence infrastructure outweighed higher energy prices, rising government-bond yields and renewed geopolitical tension. The increase in oil prices supported energy shares, while rate-sensitive areas came under pressure as central banks maintained restrictive policy settings. Market performance was uneven, with continued interest in AI and digital infrastructure but considerable dispersion beneath the index level.

*August 2026