Investment Review №356. A Reassessment of Values

06.10.2026 — 7,819

• Constellation Energy and Black Hills secured long-term power supply agreements with Google to support data center demand. The contracts underpin >$4.3bn of investment in nuclear capacity and $1.8bn in gas-fired generation.

09.10.2026 — 7,812

• The University of Michigan’s Consumer Sentiment Index fell to 46.3 in October, below consensus of 47.6. The current conditions component hit a record low, reflecting persistent pressure from elevated prices and borrowing costs.

13.10.2026 — 7,805

• Johnson & Johnson (JNJ) reported Q3 results ahead of expectations, driven by growth in newer medicines. U.S. revenue increased 9.1% YoY, while international growth lagged at just 1.5%.

14.10.2026 — 7,719

• U.S. core CPI rose 0.33% MoM in September, above consensus of 0.2%, signaling persistent underlying inflationary pressure. Headline CPI inflation reached 3.7% YoY, while core CPI stood at 2.6%.

15.10.2026 — 7,744

• TSMC (TSM) delivered Q3 results and revenue guidance ahead of expectations, supported by robust demand for AI chips. Manufacturing expansion temporarily weighed on gross margin, although operating profitability remained strong.

16.10.2026 — 7,659

• Fed Chair Kevin Warsh offered no clear signal on the October rate decision, reiterating that price stability remains the policy priority. Markets expect rates to remain unchanged following September’s hike.