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Authored by:Andrew Ye, CFADate:18 Sep 2026
The Next Big Theme - September
From Germany’s manufacturing recovery and a $3.25 trillion US infrastructure push, to defence-critical minerals and personalised cancer vaccines, download the report to explore the developments shaping five major investment themes.
In the September issue:
Germany’s industrial recovery: Manufacturing PMI reached a 51-month high as infrastructure spending began feeding into company order books.¹
A $3.25 trillion infrastructure push: Three major US banks have announced initiatives spanning power, data centres, semiconductors and critical minerals.²,³,⁴
A milestone for personalised medicine: Moderna and Merck’s Phase 3 results provide significant clinical validation for an individualised, genomics-led cancer vaccine.⁵
This document is not intended to be, or does not constitute, investment research as defined by the Financial Conduct Authority.
Footnotes
1. S&P Global, Aug 2026. Recovery in German manufacturing sector gathers pace in August.
2. J.P. Morgan, 13 Oct 2025. JPMorganChase launches $1.5 trillion Security and Resiliency Initiative to boost critical industries.
3. Morgan Stanley, 10 Aug 2026. Morgan Stanley Launches the U.S. Innovation Infrastructure Initiative, Facilitating Approximately $1.5 Trillion to Support America’s Next Era of Growth.
4. Bank of America, 12 Aug 2026. Bank of America Launches $250 Billion, 18-month Critical Infrastructure Finance Initiative in Honor of America’s 250th Anniversary.
5. Moderna, Aug 2026. Merck and Moderna Announce Phase 3 INTerpath-001 Trial of Intismeran Plus Keytruda Met Endpoints of RFS and DMFS in Melanoma.
