Mirovα, Creating Sustainable Value - September 2026
Key events - September 2026
Middle East: hopes for de-escalation at the start of the month have given way to further strikes. Brent crude rose back above $90 and European gas prices rose by nearly 20% over the month.
Markets: corporate earnings supported equities despite rising interest rates. The S&P 500 is up by around 2.5%, compared with 0.5% for the Stoxx 600. The rebound in European software and technology stocks helped to broaden the lead beyond US semiconductors.
Interest rates: long-term rates rose, against a backdrop of high financing needs and increased vigilance by central banks in the face of inflation
Number of the month
Macro outlook
- Energy: if energy prices continue to rise, new inflationary pressures will emerge, complicating the task facing central bankers.
- United States: August’s job creation figures confirm the economy’s resilience. Inflation is becoming a key factor in the Fed’s next decision.
- Eurozone: the recovery in economic activity, particularly in Germany, is being confirmed. However, rising gas prices could undermine the recovery whilst prompting the ECB to tighten monetary policy further.
- China: Technology exports continue to underpin economic activity, whilst domestic demand is disappointing. More substantial government support is still expected.
The Long View
Do we still need pharmaceutical companies now that we have AI?
• What AI can already do
• Big Pharma vs Big Tech: who will sell the medicine of the future?
• Laboratories enter a new era
Mirova, an affiliate of Natixis Investment Managers dedicated to sustainable investing, today announced a strengthened leadership structure designed to support the firm’s next phase of development and further reinforce its position as one of the world's foremost sustainable investment managers.
Climate, Nature and Sustainability Report (LEC 29, TCFD, TNFD)
