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AI, industrials, and US mid-terms: Investment Insights October 2026

6 October 2026

Our thought-provoking monthly analysis of markets, economies, and investment opportunities and risks in particular sectors


Rathbones Investment Management
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  4. Investment Insights October 2026

Article last updated 6 October 2026.

Our October edition features three stories — read online versions via the links below or download a PDF with all three articles. 

 

In this edition:

  • Breaking with conventions: Investors' old assumptions about US mid-terms may no longer hold.

  • Cleared for take-off? The investment case for industrials rests on a recovery with room to run.
  • Richer, not wiser: Balanced portfolios have edged higher, despite uncertainty and AI-related volatility..

 

Sunset behind a plane on tarmac

5 mins

6 October 2026

Industrials: a hesitant recovery meets an investment boom

Cleared for take-off? The investment case for industrials rests on a recovery with room to run.

Industrials: a hesitant recovery meets an investment boom
Tribune for congressman or US minister political speech

5 mins

6 October 2026

US mid-terms: what investors need to know

Breaking with convention: Investors’ old assumptions about US mid-terms may no longer hold.

US mid-terms: what investors need to know
Download these articles in a single PDF file

Snapshot

The global economy and markets

Figure of the month

$69bn

The estimated cost of the world’s most expensive data centre, planned by cloud computing company Nscale in West Virginia, as AI demands ever more data. By one estimate, that’s one-eighth of the cost of building the Palace of Versailles in today’s money, and about 30% more than Latvia’s annual economic output.
 

At a glance

78.9%

Share of midterm election years in which the SP 500 rose in November.

5.9%

UK 30-year gilt yield in September 2026 – its highest since 1998

€454bn

Projected EU defence spend in 2026, up from €418bn in 2025.

23,000

Rise in US manufacturing jobs in the 12 months to August 2026.

Key market indicators

Equities

Total return (1 October 2021 = 100)
 

Government bonds

2-year yields (%)
 

Sterling

Value of £1 in US dollars and euros
 

Corporate bonds

Option-adjusted spread over government bonds (bp)
 

Download Investment Insights as a PDF

Access more investment insights

Alongside this monthly Investment Insights publication, our large and experienced in-house research team share a wide range of updates and analysis, from regular strategy commentary and video briefings to in-depth reports, all designed to help you understand what’s driving the global economy, financial markets and the outlook for investment returns.

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