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Daily Update — August 27, 2026

Global Gas Turbine Expansion; China’s Gold Chase; and Australian Mutual Banks’ AI Implementation

Today is Thursday, August 27, 2026, and here’s your curated selection of Essential Intelligence on global markets from S&P Global. Subscribe to be notified of each new Daily Update.

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Energy Expansion

Global gas turbine demand enters new growth cycle

 

The global gas turbine market entered its most significant expansion phase in over two decades, with orders surging past 100 gigawatts in 2025 after years of modest growth, according to data from S&P Global Energy and McCoy Power Reports. This was the second-strongest year on record, behind the peak of the merchant power boom in the early 2000s. The rebound was led by the US, but the longer-term outlook is increasingly defined by the growing power demand, renewable integration needs and energy security priorities of the Asia-Pacific region and the Middle East.

 

North America is dominating this decade, with an 85-GW gas project pipeline expected to come online through 2030, according to S&P Global Energy CERA power outlooks. But global gas-fired capacity additions are expected to peak at 96 GW in 2030 on the back of US demand, with Asia, the Middle East and Africa driving the majority of capacity additions.

Metals & Mining

China’s gold chase to gain pace in an uncertain world

 

China recognized gold as a “strategic mineral” that is critical to the country’s security amid rising global uncertainty. According to S&P Global, this signals that China will continue building its holdings and increasing support for its gold industry, fueling Chinese miners’ expansion against the slower growth of their global peers. These efforts will also help China retain its place as the largest consumer and producer amid high gold demand across developing economies.

 

China’s gold efforts are more comprehensive and long term than a simple “gold grab.” They are motivated by the country’s aims to raise economic resilience and broaden global use of the renminbi. As such, S&P Global expects these efforts to advance through government actions such as increased gold holdings, the promotion of yuan-based gold trading, and global gold exploration and production support.

 

This report is made possible by the S&P Global Institute's China Research Lab, S&P Global Energy’s global mining research team, and S&P Global Ratings’ mining teams in China, Australia, Canada and South Africa.

Artificial Intelligence

Australian Mutual Banks Juggle Human Touch With AI Adoption

 

Australian mutual banks, known for their human-centric service and member advocacy, are looking to implement AI while maintaining a human touch. These banks have the challenge of preserving their level of personal service while adopting the technologies required to compete with larger, more efficient institutions. Compared with midsize and larger banks, which are at an intermediate level of AI implementation, mutual lenders are focusing on a plug-and-play strategy over more resource-intensive proprietary AI models. By outsourcing digital banking platforms and using preintegrated modules, mutuals can offer digital experiences at a more reasonable cost.

 

However, this integration introduces prudential and operational challenges, including third-party vendor dependencies, governance requirements and emerging AI-driven cyberthreats. Regulators such as the Australian Prudential Regulation Authority said that regulated entities must adapt to manage AI risk, focusing on areas such as board literacy in AI, cybersecurity for AI-specific threats, and robust oversight and monitoring of third-party suppliers.

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