Daily Update — October 5, 2026
US Renewable Goal Cuts; Manufacturing Production Growth; and India’s Geopolitical Shift
Today is Monday, October 5, 2026, and here’s your curated selection of Essential Intelligence on global markets from S&P Global.
Energy Expansion
States cut back on renewable goals amid affordability concerns
As concerns about energy affordability grow, US states are pulling back on their clean energy goals or reclassifying what qualifies as clean energy. Among others, Connecticut scaled back its renewable portfolio standard targets in November 2025, Arizona officials are trying to repeal the state's renewable standard rules, and North Dakota repealed its voluntary renewables goal after meeting it.
"The repeals and the backtracking of the targets kind of started last year," said Monica Hlinka, senior principal analyst at S&P Global Energy CERA. "Another trend that we were noticing is states that had the more ambitious [renewable portfolio standard] targets already on the books are now expanding into stand-alone energy targets."
Economy
Global Manufacturing PMI hits highest since February 2022 but price growth also accelerates
The Global Manufacturing Purchasing Managers’ Index™ (PMI) survey, sponsored by J.P. Morgan and compiled by S&P Global Market Intelligence, indicated further improvement in the factory sector in September. At 53.0, the headline PMI was the highest since February 2022. If the post-pandemic growth spurt is excluded, September’s reading was the best since May 2018 and indicates that factories are enjoying a better business environment than seen in recent years.
Demand for goods has improved throughout 2026, reflecting increases in spending on AI infrastructure and defense equipment. Comparisons with official data suggest that the PMI’s output index, which is highly correlated with official data, indicates manufacturing production rose worldwide at an annualized rate of almost 4% in September, its fastest pace since July 2021. That compares with a long-run average of about 2%.
Global Trade
Asymmetric hedging: Mapping India’s geopolitical shift
Recent global trade and the Middle East and Russia-Ukraine wars are necessitating a recalibration of India’s foreign policy, reinforcing the view that the country remains exposed to global risks. It must reconsider its approach to strategic resource diversification and economic and security self-sufficiency to become a dominant international player.
A more belligerent form of globalization is emerging and is likely to influence India’s outlook on its economic growth, land and maritime border security, and demographic dividend. For now, India remains one of the world’s fastest-growing major economies, but it must use new domestic and foreign policy levers to bolster security in an evolving global landscape. The war in the Middle East has forced India to accelerate efforts to build domestic energy resilience; its ethanol blending program, domestic gas utilization and green hydrogen initiatives are real-world examples of energy sector decoupling.
In case you missed it
- Of the 14 traditional and virtual multichannel services reviewed by S&P Global Market Intelligence Kagan and captured in its MediaCensus online consumer survey, virtual multichannel services such as Fubo and Sling generally had the highest monthly churn rates.
- Sunflower oil exports from the Black Sea region are expected to remain below historical levels in marketing year 2026-27 (September-August) due to the recent escalation in the Russia-Ukraine war.
- Adaptation and resilience emerged across New York Climate Week as vital to long-term value. AI, energy and water infrastructure were central to discussions throughout the week.
Upcoming events
- Annual Cyber Spotlight | October 6 (Webinar)
- Global Credit Conditions Q4 2026: Eroding Immunity | October 7 (Webinar)
- AI Infrastructure Boom and Backlash | October 7 (Webinar)