QCP Market Colour, 28 September 2026

Global markets opened Monday under multi-asset pressure as investors reduced risk exposure across all liquid asset classes. The Nasdaq-100 fell from 744.45 to 737.76 in premarket, gold declined from $4,260 to $4,147, and Bitcoin dropped from $84,500 to $82,800—simultaneously. The US Dollar Index also traded lower, defying typical flight-to-safety flows. This pattern reflects broad-based deleveraging rather than safe-haven repositioning.

The primary driver was geopolitical: the US rejected proposed ceasefire conditions for the Strait of Hormuz over the weekend, reigniting concerns about potential prolonged energy supply disruption and triggering sharp increases in Brent crude prices. Elevated energy costs carry direct implications for consumer purchasing power during this economically sensitive period.

This week carries a heavily concentrated US macroeconomic calendar. The PCE price index and Nonfarm Payrolls report are critical releases following recent Fed rate increases. Markets remain hypersensitive to data that could inform expectations on additional monetary policy adjustments. In crypto options, front-end implied volatilities remain elevated as dealers price downside protection. Spot Bitcoin ETF flows show hesitation amid the broader liquidation. Bitcoin's recent technical strength faces pressure from the convergence of geopolitical uncertainty and macroeconomic data risk. Critical support levels are in focus.

Read the full QCP Market Colour here.