Several significant developments occurred in the last week of September as we head towards a new quarter of financial year 2027. On a global front, the US-Iran uncertainties kept geopolitics buzzing, also impacting the crude oil prices, while the US Treasury yields soared. Meanwhile, in India, HDFC Bank's MD & CEO's appointment,stock market crash were few of the key developments this week.
Here's a recap of the week
US Treasury yields
This week, the US benchmark yield jumped to its highest level since 2002 as elevated oil prices drove a renewed selloff in global bonds. The yield on the 10-year Treasury yield rose as much as six basis points to 5.34% on Thursday, crossing its 2007 peak. Prior to this, Yields of the longest-dated US Treasuries rose for a sixth consecutive session on Tuesday, September 29, hitting highest level since 2002, Bloomberg reported. The 30-year yield rose above 5.61% amid intensifying selloff across global debt markets.The surge in yields came as higher energy prices raised inflationary pressures and strong corporate-debt supply weighed on the market.
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HDFC Bank names new Managing Director & CEO
HDFC Bank has appointed Anup Bagchi as its new Managing Director and Chief Executive Officer for a three-year term, starting October 27, 2026. He will succeed Sashidhar Jagdishan, whose term ends on October 26. The appointment was approved by the Reserve Bank of India.
Flydubai incident
Indian pilot Captain Smit Machchhar was attacked by his co-pilot during flydubai Flight FZ1073, which was travelling from Dubai to Tel Aviv with 174 people on board. Despite suffering serious injuries, Machchhar managed to open the cockpit door, allowing passengers and crew members to intervene. The aircraft was subsequently diverted to Tabuk, Saudi Arabia, where it landed safely. Prime Minister Narendra Modi on Thursday hailed Machchhar as a hero, saying his courage helped avert a great tragedy after he was stabbed in the cockpit.
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US-Iran uncertainties
US President Donald Trump this week said Washington faces a choice between fresh military action against Iran and a negotiated settlement, indicating that the war could end "very soon", with no clarity on which path he will take. Speaking at the White House how a deal could be struck with Iranian officials he has repeatedly described as "crazy", Trump replied: "Maybe you blow them up." He added, "We have to make that decision. We blow them up or make a deal
Volatility in oil prices
Oil prices remained volatile this week as supply concerns continued due to disruptions around the Strait of Hormuz keeping prices elevated. Brent crude initially rose above $105 a barrel amid heightened US-Iran tensions, before easing as some Gulf crude exports resumed and Saudi Arabia increased flows through its East-West pipeline.
Stock market crash
The NSE market capitalisation eroded by around Rs 5 lakh crore today, as the Nifty ended in the red for the eighth straight week, declining 3%. Bajaj Auto and Apollo Hospitals were the worst weekly performers, with both stocks falling more than 9%. The broader market also tracked the benchmark indices, with the Nifty Midcap 150 closing in the red for the second consecutive week, down 3.5%. PB Fintech and Patanjali Foods were the top weekly losers, declining 15% and 12%, respectively.
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