UBP says bull market broadens as inflation risks keep Fed hike on table

• Union Bancaire Privée flagged broadening equity leadership as equal-weighted S&P 500 rose 1.6% last week, beating Nasdaq 100 at 0.3%.
• It kept a constructive equity stance, with a modest bias toward the US, Japan, and global technology, ahead of Q3 earnings.
• Inflation risks stayed in focus as ISM services prices-paid jumped to 74, the highest since July 2022, ahead of September CPI.
• Fed minutes showed unanimous support for September’s hike to 3.75%-4.00%, with markets pricing a 25-bp move in December.
• French 10-year OAT yields hovered near 4.9%, with the OAT-Bund spread at 140 bps; the ECB signaled no intervention.

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