Everything crashes, except stocks

Friday 25 September 2026

Risk is coming out of EM, forex, and bonds. But stocks don’t care. How long can it last? TME.

Bonds break. Stocks haven’t blinked

The bond market is setting the pace. The 10-year has broken out of a three-year range, MOVE has surged, and small caps are feeling the pressure. Equities and VIX still look calm, but that calm faces a test as buybacks fade into October.

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.