SPGI · Earnings call · 2026Q3T · Full report

Macroeconomic Factors Impact

S&P Global Inc. · 2026-10-27 · Importance 13 · Surprise 6

Management described an environment marked by geopolitical conflict, shifting rates, and volatile commodity markets, alongside strong credit and equity market activity. In debt markets, higher Treasury yields were offset by near-record-tight credit spreads, supporting a favorable issuance environment. In energy, management said oil was expected to remain around $100 per barrel through the fourth quarter, while Strait of Hormuz flows had recovered to almost two-thirds of pre-war levels. Energy revenue growth also faced a negative impact from sanctions of about half a percentage point, and management said the near-term environment remained uncertain.