Inflation, Oil, and Earnings Keep Global Markets on Edge (September 7-11, 2026, Recap)

Overview

Global markets faced a busy week of economic data, central bank decisions, commodity moves, and corporate earnings. Investors focused on the ECB’s latest rate increase, stronger US inflation pressures, resilient labor market data, and improving UK growth. Meanwhile, oil prices rose sharply, precious metals weakened, and major U.S. stock indexes ended the week lower. Several large companies also reported earnings, with AI, cloud growth, consumer demand, and margin pressures remaining key themes.

Major Economic Indicators and Events in Review

Thursday, September 10

15:15 – Eurozone: Main Refinancing Rate (EUR)

The European Central Bank raised its three main interest rates by 0.25 percentage points to help bring inflation back toward its 2% target. Inflation remains high, partly because of the Middle East conflict and higher energy pressures, and is expected to fall only gradually. The euro area economy is proving more resilient than expected, but uncertainty remains high. The ECB says future rate decisions will depend on inflation, economic data and financial conditions rather than follow a fixed path.

Economists expect the ECB to raise interest rates by 25 basis points at its next meeting.

EUR/USD slipped 0.18% on the day.

15:30 – USA: PPI m/m (USD)

US producer prices rose 0.4% in August 2026, bringing the annual increase to 5.4%. The monthly rise was driven mainly by goods prices, which climbed 1.1% as energy costs surged. Diesel fuel prices jumped 24.1%, while gasoline and jet fuel also became more expensive. Service prices increased only 0.1%. Excluding food, energy, and trade services, producer prices rose 0.3% for the month and 4.7% over the past year.

USD/JPY rose 0.6% on the day.

15:30 – USA: Unemployment Claims (USD)

US unemployment claims remained low and fairly stable. During the week ending September 5, 206,000 people filed new claims for unemployment benefits, down 1,000 from the previous week. The four-week average also declined slightly. Meanwhile, about 1.77 million people were continuing to receive unemployment benefits in the week ending August 29, also down slightly. The insured unemployment rate remained unchanged at 1.2%.

USD/CAD increased by 0.20% on the day.

Friday, September 11

09:00 am – UK: GDP m/m (GBP)

The UK economy grew by 0.4% in July 2026, after expanding 0.3% in June. Growth came from all three main sectors: services rose 0.4%, production increased 0.2%, and construction edged up 0.1%. Over the three months to July, GDP also grew 0.4%, led by stronger services activity, while production and construction both declined. Compared with a year earlier, GDP was 1.6% higher in July.

GBP/USD edged up 0.06% on the day.

15:30 – USA: CPI m/m (USD)

US consumer prices rose 0.4% in August 2026, pushing annual inflation to 3.4%. Gasoline prices jumped 3.9% and were a major driver of the monthly increase, while overall energy costs rose 2.1%. Shelter prices increased 0.3%, and food prices edged up 0.1%. Core inflation, which excludes food and energy, rose 0.3% for the month and 2.4% over the past year.

EUR/USD fell 0.12% on the day.

Commodities

1. Crude Oil

1. Crude oil prices rose 9.59% over the past week

2. Brent Oil

1. Brent was up 8.84% compared to the previous week

3. Gold

1. The precious metal Gold (XAUUSD) concluded the week on Friday with a 1.82% weekly loss

4. Silver

1. XAGUSD decreased by 2.58% from last week

Stock Market

1. S&P 500 fell 0.66%

2. DJIA was down 1.30%

3. NASDAQ 100 decreased by 0.44%

Top Gainers

1. Indaptus Therapeutics, Inc. (INDP) 127.05%

2. Elite Express Holding Inc. (ETS) 80.72%

3. Future FinTech Group Inc. (FTFT) 76.69%

Top Losers

1. Lianhe Sowell International Group Ltd (LHSW) -89.29%

2. Rich Sparkle Holdings Limited (ANPA) -88.46%

3. Lexaria Bioscience Corp. (LEXX) -71.94%

Company Earnings (September 7-11)

Thursday, September 10: ORCL (Oracle Corporation)

Thursday, September 10: ADBE (Adobe Inc.)

Friday, September 11: KR (The Kroger Co.)

Oracle reported strong growth, driven by booming demand for AI and cloud infrastructure. Quarterly revenue rose 30% to $19.3 billion, while cloud infrastructure revenue more than doubled. The company also signed over $30 billion in new AI contracts and raised its full-year outlook. However, heavy spending on data centers is putting pressure on cash flow and profit margins as Oracle rapidly expands its AI capacity.

ORCL shares rose 5.35% over the past week.

Adobe reported strong third-quarter results, with revenue up 13% and earnings up 15%, prompting management to raise its full-year outlook. AI products are growing quickly, with AI-related recurring revenue rising more than 150%. However, Adobe’s focus on attracting free users has slowed near-term new recurring revenue growth. The company also announced a CEO transition and highlighted continued enterprise demand and investment in AI-powered creative and productivity tools.

ADBE shares fell 5.36% over the past week.

Kroger’s outlook was mixed. The company lowered its full-year sales forecast because of pressure on consumers, pharmacy pricing challenges, and tougher comparisons ahead. However, it kept its profit and earnings guidance unchanged. E-commerce and retail media remained strong, while Kroger’s private-label brands continued to gain share. Management is also focusing on lower prices, simpler promotions, cost savings, and productivity improvements while continuing share buybacks.

KR shares rose 0.17% over the past week.

Conclusion

Overall, the week highlighted a mix of persistent inflation pressures, resilient economic activity, and cautious investor sentiment. Higher energy prices and stronger US inflation data kept interest-rate expectations in focus, while the ECB’s rate increase reinforced concerns about tighter financial conditions. Equity markets finished lower, even as several companies delivered solid earnings. Looking ahead, investors are likely to remain focused on inflation, central bank policy, energy prices, and the strength of consumer and business demand.