Daily Update — September 14, 2026
Global Hydrogen Uptake; Rapid Employment Growth; and AI Capital Spending Impacts
Today is Monday, September 14, 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.
Energy Expansion
Global hydrogen capacity boosts as energy security drives investment: Hydrogen Council
Global low-carbon hydrogen project capacity has increased to 6.9 million metric tons/year, with committed investments totaling $130 billion, the Hydrogen Council said in its Global Hydrogen Compass 2026 report. Operational capacity has grown 70% to about 1.7 million mt/y for 2026 and is projected to reach about 3.8 million mt/y in 2027 as projects under construction come online.
The report — co-authored with McKinsey— noted that the drivers of hydrogen uptake are shifting as energy security, resilience and industrial growth gain importance alongside decarbonization. "The conversation has shifted from sustainability targets to immediate industrial resilience — governments now see hydrogen as a strategic solution to protect their industrial base from external shocks," Air Liquide CEO and Hydrogen Council Co-chair François Jackow said. The combination of drivers varies by geography, with over 60% of committed investment in regions where security and growth match or exceed decarbonization as primary motivations.
Economy
Global PMI signals fastest employment growth for over three years
Global service sector payrolls rose to a three-year high as factory jobs returned, according to August data from the employment index of the J.P. Morgan Global Composite Purchasing Managers’ Index, compiled by S&P Global. Gains for the manufacturing sector were more modest, but were still the highest in 3.5 years.
The improvement reflected the need to meet growing work backlogs, with companies boosting production capacity to meet customer demand amid easing corporate uncertainty. Notable jobs growth was reported in India and the US. Hiring trends have also improved in recent months for Europe and mainland China. By sector, financial services and technology led the improvement.
Artificial Intelligence
Listen: AI Capital Spending Impacts
Headlines around AI-related capital expenditure have been about financial market reactions and balance sheet impacts, but this spending also has other effects. On this episode of the “Next in Tech” podcast, Brenon Daly, financials research director at 451 Research by S&P Global, spoke with host Eric Hanselman about how reduced cash flow and dwindling reserves are affecting M&A.
Hyperscalers had been steady acquirers and set the tone for acquisition trends, but M&A activity has reduced as capital is directed toward AI infrastructure. This pullback has resulted in a narrowing range of exit options for early-stage companies. Software-as-a-service deals have picked up some of the slack, but the market has nonetheless scaled back and will take some time to return to form.
In case you missed it
- Asian rice exporters face a compliance test as the EU's new packaging rules take effect. India, Thailand, Vietnam, Pakistan, Myanmar and Cambodia collectively supply nearly 80% of the EU's rice imports, according to data from the European Commission.
- Independent British pig producers told the country's agricultural supply chain regulator that processor contract terminations, below-average prices and difficult contract negotiations are increasingly pressuring parts of the sector.
- Europe’s independent wealth managers, with assets under management totaling $2 trillion in 2025, have become a key pillar of the continent's financial ecosystem. Still, there is significant room for expansion.
Upcoming events
- AI Workflows in Action: Investment Management | September 15 (Webinar)
- Streamlining Counterparty Credit Reviews Leveraging AI and Automation | September 15 (Webinar)
- What’s Next for Asset Managers? Ratings Analysts Uncover Key Trends and Emerging Risks | September 16 (Webinar)