Global markets regained some risk appetite at the end of the week as oil prices eased, Treasury yields moved lower and Airtel Money completed London’s largest IPO since 2021, while investors reassessed concerns surrounding OpenAI’s revenue growth.
9 October 2026 — Global markets moved into the end of the week on firmer footing as lower oil prices, easing government bond yields and a major new London listing helped offset renewed questions over the scale of the artificial intelligence investment boom.
Kathleen Brooks, Research Director at XTB, said risk sentiment improved on Friday after a volatile week for commodities, bonds and technology stocks.
Brent crude retreated after trading above $105 a barrel on Thursday, while US Treasury yields also moved lower from recent highs. At the same time, mobile payments company Airtel Money began conditional trading on the London Stock Exchange in the biggest London flotation since Wise listed in 2021.
Airtel Money gives London’s IPO market a lift
Airtel Money entered the London market with a valuation of approximately £5.3 billion, providing a notable boost for a stock exchange that has faced concerns over its ability to attract large new listings.
The company, which was spun out of Airtel Africa, began conditional trading on 9 October under the ticker AMC.L. The London Stock Exchange says Airtel Money serves approximately 53 million monthly active users across 13 African markets, supported by more than 2.3 million agents.
Its IPO is the largest on the London market in five years and is being watched closely as a test of investor demand for new UK-listed companies.
Brooks described the listing as an important test for London’s efforts to re-establish itself as a major destination for corporate flotations.
Oil retreat offers markets some relief
Oil markets were another important driver of sentiment.
Brent crude had risen above $105 per barrel during the week as geopolitical tensions around Iran and the Strait of Hormuz intensified. President Donald Trump later said the US would not launch an attack on Iran before the midterm elections, contributing to some reduction in immediate geopolitical risk expectations.
Brooks noted that lower oil prices helped ease pressure elsewhere in markets, particularly government bonds.
However, geopolitical risks remain significant. Oil prices continue to reflect uncertainty around Middle East supply, shipping disruption and the possibility of renewed escalation after the US elections.
Bond yields pull back after volatile week
US Treasury yields also eased after reaching levels not seen in more than two decades.
The 10-year Treasury yield had risen above 5.3% during the week before moving lower as oil prices retreated. Long-term yields remain elevated amid persistent inflation concerns, large government borrowing requirements and expectations that interest rates may need to remain higher for longer.
UK government debt has faced similar pressure.
Brooks highlighted the 30-year UK gilt yield around the 6% level, warning that a sustained move above that threshold could intensify concerns over government borrowing and fiscal policy.
The movement in bonds remains important for equities because higher government yields raise the return available from relatively low-risk assets, increasing the hurdle that stocks must clear to remain attractive.
OpenAI revenue debate rattles technology stocks
Technology shares came under pressure after investors reassessed OpenAI’s revenue trajectory and the economics of the wider AI infrastructure boom.
The Nasdaq fell more than 1% on Thursday, with several semiconductor companies suffering larger declines.
One source of confusion was OpenAI’s annualised revenue figure.
OpenAI’s annualised revenue was approximately $50 billion at the end of September, rather than $70 billion. The company is reportedly targeting $70 billion or more in annualised revenue by the end of 2026. The difference partly reflects varying accounting treatments and earlier comparisons with rival Anthropic.
That distinction matters because OpenAI has become an important proxy for investor expectations around demand for GPUs, data centres and other AI infrastructure.
The uncertainty triggered renewed questions about whether the scale of capital expenditure across the AI industry can ultimately be justified by revenue growth.
AI scepticism remains short-lived
Despite the sell-off, Brooks argued that scepticism around the AI investment theme has repeatedly proved temporary.
Technology stocks have experienced alternating waves of inflows and outflows as investors debate how quickly AI spending will translate into sustainable profits.
The underlying concern is straightforward: companies are committing enormous sums to chips, computing infrastructure and data centres, while investors still have limited visibility into the long-term return on that investment.
Yet demand for AI exposure remains strong enough that periods of doubt have generally been followed by renewed buying.
US equity futures were pointing higher on Friday morning, suggesting some of Thursday’s concerns were already beginning to fade.
Lower yields could broaden the equity rally
If AI-related technology shares cool while bond yields retreat, Brooks sees potential for capital to rotate into more cyclical parts of the market.
That could give sectors outside technology an opportunity to catch up after a period in which a relatively narrow group of AI-related companies has driven a significant share of equity market gains.
Lower yields can also improve valuations for rate-sensitive companies and reduce financing pressure across the wider economy.
The durability of that rotation will depend heavily on inflation, energy markets and the upcoming earnings season.
Earnings move back into focus
Corporate results are becoming the next major test for investor sentiment.
Delta Air Lines was among the companies expected to report earnings, with its results offering insight into consumer demand, particularly among higher-income travellers, as well as the impact of elevated fuel prices on operating costs.
The earnings season will also provide investors with more evidence on whether companies can absorb higher borrowing, energy and labour expenses without significant pressure on margins.
SpaceX puts telecom stocks under pressure
Brooks also highlighted increased competition in the telecom sector following reports around SpaceX’s ambitions in mobile connectivity.
US telecom shares, including T-Mobile, came under pressure as investors assessed the possibility of greater competition from satellite-based communications services.
The development could also have implications for European telecom operators including Vodafone, Deutsche Telekom, Orange and Telefónica as satellite connectivity increasingly competes with traditional mobile networks.
Markets balance several competing forces
Markets are currently being pulled by several powerful themes at once.
Oil prices remain heavily influenced by geopolitical developments. Bond yields are reacting to inflation and fiscal pressures. Technology valuations depend increasingly on whether AI revenue can justify infrastructure spending, while London is looking for signs that its IPO market can regain momentum.
Friday’s improvement in risk appetite suggests investors remain willing to buy into weakness, but the underlying sources of volatility have not disappeared.
About XTB
XTB is an international investment and trading group offering access to financial markets through digital platforms. Kathleen Brooks serves as Research Director and provides market analysis covering equities, currencies, commodities and macroeconomic developments.
