Wednesday, 23 September 2026

Good morning

Your daily brief from the Kristal Research Desk.

2 min

Kristal Pulse · today

Cheaper oil lifts stocks as Brent slips below $100 and the AI trade runs

Your 3-minute daily market update - simplified for busy investors.

The week ahead

Full calendar

TodayPure Storage investor day

TodayTrump-scheduled Gulf discussions on Iran strategy at the UN General Assembly

TodayGlobal flash S&P PMIs for September; Fed's Barr speaks

TodayCintas and Paychex earnings

TodayUS sells $70 billion of 5-year notes and $28 billion of 2-year floating-rate notes

TodayMeta Connect developer conference, day one (runs Sept 23–24); investors seek Muse usage numbers

24SepUS initial jobless claims, German IFO; policy decisions from Riksbank, SNB, Norges Bank and Banxico; Xi begins US state visit

24SepDarden and Costco earnings

24SepTrump–Xi summit in Washington on AI, tariffs, critical minerals, Iran and Taiwan; tech CEOs expected at dinner

24SepUS sells $44 billion of 7-year notes

24SepSwitzerland's SNB rate decision

25SepUS August durable goods orders and Atlanta Fed Q3 GDP update; Fed's Williams and Hammack speak

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Kristal Lens

Fed hikes for first time since 2023 as 10-year yield breaks 5% and diesel hits a record

A unanimous, fully-priced quarter-point increase to 3.75–4.00% mattered less than Chair Warsh refusing to call money tight, a Saudi pipeline attack sending WTI above $105, and record $6.39 diesel the Fed concedes it cannot fix.

Deepakshi18 Sept2 min

Kristal Reads

Nu Holdings 2Q26: The Left Tail, Narrowed

Nubank posted its first billion-dollar quarter, but the note argues the widening credit-delinquency gap versus Brazilian peers—tied to owning the primary customer relationship—may matter more than AI itself.

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IC Outlook - Q3 2026 | From Fog to Formation

Kristal's Investment Committee made its biggest portfolio pivot since April at its July 6, 2026 meeting, re-engaging selectively with risk after the Strait of Hormuz shock exposed which parts of the global system proved resilient.