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July 3, 2026

Rate Relief to Record Highs-Global Markets Advance Despite Tech Volatility

Weekly Market Movers — Key Highlights
  • Easing rate-hike fears boosted risk sentiment.
  • U.S. Dow Jones reached a record high.
  • Investors rotated out of technology stocks amid capex return concerns.
  • Hormuz shipping risks eased, helping cool crude oil prices and energy market concerns.

Global equity markets advanced this week, reflecting broad-based strength across major developed markets despite some late-week volatility in technology shares. Investor sentiment was supported by softer-than-expected U.S. employment data, which reinforced expectations for a more patient Federal Reserve and eased concerns over additional monetary tightening. U.S. equities delivered solid weekly gains, European markets moved higher, and Asian markets were generally resilient, while weakness in semiconductor stocks tempered gains in technology-heavy benchmarks. Investor sentiment was supported by improving risk appetite and expectations of a less restrictive interest-rate environment. 

In global geopolitics, the diplomatic discussions between U.S. and Iranian officials in Doha and risks surrounding shipping activity through the Strait of Hormuz overcame the risk-off sentiment from the previous week. The discussion on operational security in the Strait of Hormuz shipping corridor alleviated acute energy-supply fears and triggered a cooling trend in crude oil prices. India and Japan signed a major Memorandum of Cooperation focused on economic security, semiconductors, and AI. EU-China conducted trade discussions which could impact manufacturing and global supply chains. Intense wildfires in southern France following record-breaking summer heat waves, led to evacuations in the region.

Global Updates
  • The MSCI All Country World Index delivered overall gains, despite diversified performance across key sectors and regions. Global investor sentiment was heavily influenced by the cooling U.S. nonfarm payroll data, which deflated international interest rate hike fears, alongside a correction in technology stocks. While European equity markets advanced, driven by financial and healthcare gains. Asian equities were resilient despite correction over AI capital expenditure concerns. The rotation out of secular tech and into value-oriented cyclical sectors anchored broader equities globally.
  • Eurozone consumer price inflation dropped to 2.8% in June 2026, down from 3.2% in May.
  • The unemployment rate in the Eurozone was 6.2% in May, largely unchanged from April.
  • Vietnam’s economy grew 8.39% year-on-year in April–June, accelerating from the revised 7.94% first-quarter expansion.
  • China Resources New Energy’s shares surged almost threefold on their Shenzhen debut Thursday after the firm secured 24.5 billion yuan through Asia’s largest IPO this year.
  • Australia’s South32 agreed to sell most aluminum operations to Alcoa for up to $5.6 billion, sharpening its copper focus under new leadership strategy.
  • Hangzhou Qiandaohu Xunlong Sci-Tech shares jumped over 36% on Hong Kong debut after raising HK$1.2 billion, reinforcing confidence in China’s aquaculture industry worldwide growth.
  • Volvo Cars reported second-quarter sales of 171,501 vehicles, marking a 5.6% decline from the same period last year globally across its markets.
  • Saudi Aramco accelerated Asian oil sales, shipping 10 million barrels through Hormuz and boosting Ras Tanura exports after months-long disruptions recently ended.
  • Iranian authorities are organizing large-scale commemorations to display public support for the Islamic Republic following reports of Ayatollah Ali Khamenei’s death next week.
  • Iran and the U.S. ended indirect Doha talks without major progress, concentrating on Hormuz shipping and frozen Iranian assets issues for now.
  • Kuwait’s crude output surged to 1.65 million bpd in June from 580,000 bpd in May, boosting Gulf exports after peace.
U.S. Equity
  • In the holiday-shortened trading week U.S. equity posted solid gains. The broad market benchmark indices rose over the week reflecting continued investor optimism. A weaker-than-expected employment data initially cooled interest rate hike anxieties and fueled broader market gains, which was however offset by a late-week sell-off in semiconductor stocks. A rally in blue-chip cyclicals that pushed the Dow Jones Industrial Average index to a record high.
  • The ADP jobs report indicated a lower-than-expected growth of 98,000 jobs in private sector employment, primarily in the education and health services sector. The U.S. Bureau of Labor Statistics also reported the unemployment rate declining to 4.2% and the creation of 57,000 jobs by the U.S. economy in June. The lower-than-expected non-farm payroll numbers was attributed to a 0.3% decline in the country’s labor force participation rate.
  • U.S. manufacturing activity cooled in June as indicated by the ISM Manufacturing PMI reading of 53.3, missing estimates. The lower reading indicates moderating demand and a deceleration in overall industrial activity despite the sixth consecutive month of expansion.
  • SanDisk, CoreWeave and Micron shares declined this week following a severe semiconductor industry-wide sell-off due to intensifying market anxieties surrounding capital expenditure returns on artificial intelligence infrastructure. This disproportionately impacted flash memory and computing hardware manufacturers.
  • Tesla reported 3,953 vehicle deliveries over the second quarter that modestly exceeded consensus expectations. However, Tesla’s stock dragged as investors remained focused on broader concerns around slowing year-over-year sales growth, intensifying competition, and margin pressures.
  • Meta Platforms shares gained after the company outlined plans to expand its artificial intelligence strategy through the development of a proprietary cloud infrastructure business and provide AI computing capacity. The strategy is designed to monetize the Meta’s data center investments and diversify the company’s revenue.
  • Nike reported an earnings beat with $10.97 billion in revenue and an adjusted EPS of $0.20 in the financial fourth quarter, although results were supported by a one-time tariff refund. As a key bellwether for consumer spending, the results  provided an encouraging signal for consumer discretionary spending trends.
  • Nasdaq announced the decision to include SpaceX in its Nasdaq-100 index.
Fixed Income
  • The Bloomberg U.S. Aggregate Bond Index declined over the week. 
  • The U.S. 10-year Treasury yield rose sharply to 4.485% and the yield on the 2-year note rose to 4.137% over the week, following a reassessment of the Federal Reserve’s rate-cut trajectory based on the latest economic data.
  • The U.S. Dollar Index declined to 100.7 over the week.
June 26, 2026

Equities Retreat on AI Deleveraging, Rising Rate Fears, and Escalating Global Risks

Weekly Market Movers — Key Highlights
  • The Strait of Hormuz disruption and vessel strike near Oman raised concerns over oil supply stability.
  • Crude declined as tanker flows improved, partially easing supply fears.
  • U.S. jobless claims fell below expectations, signaling ongoing economic resilience.
  • U.S. policy actions (Turkey jet engine deal, Chemours settlement, vape ban pressure) and Alibaba lawsuit added to headlines.

Global equities retreated sharply during the week as unwinding positions in crowded AI and semiconductor trades, elevated valuations, rising U.S. rate-hike expectations, and a synchronized Asian chip selloff drove broad risk-off sentiment. At the same time, geopolitical tensions intensified after the UN’s International Maritime Organization suspended Strait of Hormuz escort operations following an attack, with a Taiwan-linked vessel struck near Oman amid Iranian warnings on shipping routes. Separately, health risks escalated as Africa’s leading public health body raised the estimated funding requirement to combat the Ebola outbreak to $1.4 billion, underscoring growing global uncertainty.

Global Updates
  • The MSCI All Country World Index declined sharply, as a tech‑led selloff driven by AI valuation concerns and rising rate expectations triggered broad losses across U.S., European, and Asian equities.
  • Crude oil prices fell about 2% on Friday, heading for notable weekly losses as supply concerns eased with more tankers leaving the Strait of Hormuz.
  • South ​Africa’s producer ‌inflation accelerated to ​7.8% ​year on year ⁠in ​May, ​from 4.8% in April.
  • EL AL Airlines announced a temporary suspension of its Tel Aviv–Moscow flights due to escalating Russia‑Ukraine tensions and recent aviation incidents affecting regional safety.
  • Eli Lilly said its orforglipron pill for diabetes and obesity could be launched in China later this year, as Novo Nordisk intensifies competition in the market.
  • Alibaba filed a lawsuit against the U.S. government after being added to a Defense Department list linking certain Chinese companies to the military.
  • Volkswagen CEO Oliver Blume is reportedly planning to cut up to 100,000 jobs globally and shut down four German plants over the coming years.
  • Saudi Aramco resumed crude shipments from its Ras Tanura terminal on Friday after a nearly four‑month suspension, as exporters accelerated cargo movements amid expectations of normalizing market conditions.
  • The UN maritime agency halted Strait of Hormuz escort operations after an attack report, while Taiwan’s Evergreen said its vessel was struck near Oman.
  • The EU proposed extending protection for Ukrainian refugees to March 2028, while limiting eligibility for newly arriving men of military age without exit approval.
  • Iraq is reportedly considering exiting OPEC if the group does not permit a substantial increase in its oil production, according to sources.
U.S. Equity
  • U.S. equities declined during the week due to a tech‑led selloff driven by concerns over AI spending sustainability, elevated valuations, hawkish rate expectations, and falling oil prices signaling weaker macro support.
  • U.S. inflation rose further in May, surpassing 4% for the first time in three years as Middle East tensions lifted energy costs, keeping potential Federal Reserve rate hikes in focus.
  • New unemployment claims in the U.S. declined by 12,000 to 215,000 for the week ending June 20, beating expectations of 225,000 and signaling continued labor market strength.
  • Alphabet shares declined on concerns over AI talent departures, contributing materially to mega‑cap tech underperformance.
  • SpaceX equity fell amid post‑IPO valuation concerns, erasing roughly $600bn in market value.
  • Anthropic’s Mythos model reportedly uncovered weaknesses in critical U.S. government computer systems during a testing exercise, as per reports. 
  • Shopify Inc is set to prohibit all vape product sales on its platform as early as this week, following pressure from U.S. state attorneys general targeting illegal e‑cigarette distribution.
  • The U.S. Department of Justice announced that Chemours agreed to pay $450 million to settle claims related to PFAS contamination across West Virginia, North Carolina, and New Jersey.
  • The Trump administration has officially informed Congress of plans to approve a sale of jet engines to Turkey, with the deal valued at over $700 million.
  • The White House has requested over $1.4 billion in additional Congressional funding to respond to the expanding Ebola outbreak, including $800 million designated for humanitarian relief efforts.
  • The Trump administration sought to project unity on the Iran conflict, though differing remarks from senior officials, including Vice President JD Vance, revealed disagreements over Israel’s role.
Fixed Income
  • The Bloomberg U.S. Aggregate Bond Index rose over the week.
  • The U.S. 10-year Treasury yield fell to 4.37% and the yield on the 2-year note fell to 4.08% over the week.
  • The U.S. Dollar Index strengthened to 101.03 over the week.
June 22, 2026

Market Volatility Returns: Fed Hawkishness and Geopolitical Friction Cloud Outlook

Weekly Market Movers — Key Highlights
  • Hawkish pivot drives largest front-end yield move in years
  • U.S.–Iran developments trigger oil and equity volatility
  • Semiconductor and IT services face institutional selling pressure
  • SpaceX, quantum computing fuel innovation-led rallies
  • Fox–Roku deal signals media sector consolidation.

Global equity markets declined over the week, amid heightened volatility. Investor sentiment initially received a significant boost from an interim U.S.-Iran peace deal framework to reopen the Strait of Hormuz, which sparked strong rallies across Asian indices like Japan’s Nikkei and South Korea’s KOSPI. However, a hawkish mid-week statement from the U.S. Federal Reserve, which effectively removed the projected rate cut later in the year, triggered global rate-repricing concerns. This tighter monetary policy outlook, coupled with a late-week macro software guidance cut from Accenture, induced localized sector profit-taking. European indices finished mixed, and emerging markets faced a late Friday risk-off slide. Broader technology and semiconductor equities experienced institutional selling pressure, driven by indications of slowing global IT consulting activity and weaker demand visibility. 

In global geopolitics, during the G7 summit in France, President Donald Trump signed an accord with Iranian President Pezeshkian to end the multi-month war, yet his warnings of potential renewed military action if final terms fail sparked market anxiety. This shifting geopolitical rhetoric caused Crude Oil prices to whipsaw, tumbling initially by over 3% as the Strait of Hormuz reopened before rebounding slightly as subsequent headlines injected a renewed risk premium into energy equities. Global market sentiment suffered a sharp reversal when U.S. negotiators unexpectedly called off peace talks in Switzerland and conflict escalated in Lebanon. Doubts cast over the durability of the ceasefire prompted a late-week rebound in Brent crude oil toward $80 a barrel, erasing some of the week’s earlier energy sector relief

Global Updates
  • The MSCI All Country World Index declined as rising oil prices, geopolitical tensions, central bank tightening signals, and persistent inflation concerns dampened risk sentiment and triggered profit-taking.
  • The European Central Bank raised rates by 25 bps at its June 2026 meeting, first since 2023, citing energy-driven inflation risks and Middle East tensions, reaffirming the target.
  • The Bank of Japan raised its key rate by 25bps to 1.0% in June, its highest since 1995, aiming to curb Iran war-driven inflation risks.
  • The Bank of England held its Bank Rate at 3.75% in June 2026 by a 7-2 vote, balancing easing inflation with uncertainty from volatile energy markets.
  • Accenture reported Q3 FY26 results, with 6% revenue growth and 9% YoY EPS increase, reaffirming full-year guidance backed by strong AI-driven demand.
  • LBG Media announced that it has acquired a 75% stake in Gen‑Z agency Uncovered for approximately £26.8mn, strengthening its social-first content strategy.
  • Charger Metals announced that it has signed an agreement to divest the Bynoe Lithium Project to Core Lithium for up to A$14.75mn, streamlining its asset portfolio.
  • Reliance Jio Platforms, has filed for a Mumbai IPO to raise about $3.8 billion, potentially marking India’s largest-ever public listing.
  • Cosmo Energy said it will continue focusing on crude procurement and upstream investments in the Middle East despite the Iran war, citing cost advantages and refinery suitability.
  • Planned U.S.-Iran talks in Switzerland were cancelled on Friday after fighting escalated in Lebanon, adding uncertainty to negotiations on a broader peace deal, as the flare-up could hinder progress.
  • Iran’s Strait of Hormuz authority said Friday it will waive planned transit fees during a 60-day negotiation period under the memorandum of understanding signed with the United States this week.
U.S. Equity
  • The major U.S. equity benchmark indices closed lower this week, following indications of peace in the middle-east, despite a more hawkish Federal Reserve tone and a sharp move higher in front-end Treasury yields. Equity sentiment was further tempered by rotation out of technology and semiconductor stocks and episodic geopolitical volatility, Rising Treasury yields and higher-for-longer interest rate expectations triggered a rotation out of semiconductor and technology stocks, which weighed on major indices mid-week, highlighting sensitivity of high-duration equities to rate repricing. On the other hand, domestic quantum computing stocks rose following an upbeat institutional outlook and sector upgrades. Geopolitical developments at the G7 summit drove energy market volatility, as the announcement of a U.S.–Iran accord initially eased tensions and pressured crude prices lower, while subsequent warnings of potential renewed military action reinstated risk premia, triggering a rebound in oil and energy equities.
  • Initial jobless claims declined by 4,000 to 226,000 for the week ending June 13, signaling continued labor market resilience with layoffs remaining at historically low levels.
  • The U.S. Federal Reserve held policy rates steady at 3.5%–3.75% this week, while signaling a more hawkish bias under new Chair Kevin Warsh, removing prior easing guidance and driving a sharp rise in front‑end Treasury yields. Following this the Short-end bond yields surged while long-term rates flattened. Two‑year Treasury yields recorded their largest Fed‑day increase since 2008, reflecting repricing of rate expectations and tightening financial conditions across equities.
  • Manufacturing data indicated continued expansion, with ISM and flash PMI rising to 55.3—marking a fifth consecutive month in expansionary territory—while Federal Reserve data showed industrial production increasing modestly by 0.1% in May (following a 0.9% gain in April), as manufacturing output remained flat sequentially but was up 1.4% year over year.
  • SpaceX shares rallied following its blockbuster IPO, briefly surpassing major mega-cap peers in market capitalization and intensifying momentum-driven flows within large-cap growth. SpaceX announced a $60 billion acquisition of the AI startup Cursor’s parent, signaling a strategic convergence of aerospace and artificial intelligence.
  • U.S. Congress advanced housing legislation this week, aimed at limiting institutional purchases of single-family homes. The legislation is likely to introduce regulatory risk for real estate–linked equities and private capital participation.
  • Fox Corporation announced a $22 billion agreement to acquire Roku, signaling strategic consolidation and increasing vertical integration between content providers and distribution platforms.
  • U.S.-listed quantum computing stocks rallied sharply following positive institutional commentary and sector upgrades that highlighted accelerating commercial adoption potential. The move reflected renewed investor interest in emerging deep‑tech themes, driving momentum flows into early-stage, innovation-led equities.
  • Wells Fargo raised its year-end S&P 500 price target to 7,950 from 7,300. The bank also revised its 2026 EPS estimate to $340 from $315, citing the U.S.–Iran deal, AI capex momentum from hyperscalers, and reset sentiment.
Fixed Income
  • The Bloomberg U.S. Aggregate Bond Index declined over the week. 
  • The U.S. 10-year Treasury yield edged lower to 4.455% and the yield on the 2-year note rose sharply to 4.179% over the week, following a highly hawkish pivot from the Federal Reserve under new Chairman Kevin Warsh.
  • The U.S. Dollar Index rose sharply to 100.8 over the week rose sharply to 100.8 (reaching its highest intraday level in over a year) due to an aggressive, hawkish pivot by the Federal Reserve which reshaped global interest rate expectations
June 12, 2026

June 12, 2026 Global Market Update: Geopolitical Easing, Oil Correction, and SpaceX IPO Debut

Weekly Market Snapshot

Global equities rebounded as easing U.S.-Iran tensions drove a sharp decline in oil prices, supporting a broad-based risk-on move across regions. A softer U.S. core inflation print and ECB rate hike reinforced global capital rotation into international equities. U.S. markets lagged amid technology sector pressure, with large AI-driven capital raises weighing on sentiment despite landmark developments such as the SpaceX IPO.

Weekly Market Movers — Key Highlights
  • U.S.–Iran developments triggered a global market rebound
  • Falling crude reshaped rate expectations and equity flows
  • AI boom vs dilution fears, drove divergence in mega-cap tech returns.
  • SpaceX’s $75B Record-Breaking IPO debuted this week.
  • Global Rotation, investors shifted from U.S. assets to Europe, Japan & EMs.

Global equity markets rose over the week, as a massive surge in international risk appetite outpaced the localized dilution pressures seen in Wall Street’s technology sector. Global equities benefited heavily from a sharp mid-week cooling of geopolitical tensions after President Trump announced an impending diplomatic breakthrough with Iran, causing Brent crude oil to decline and instantly erasing fears of a global energy shock. This oil correction, combined with a softer-than-feared 0.2% monthly U.S. Core CPI reading and a 25-basis-point interest rate hike by the European Central Bank to 2.25%, triggered a widespread global rotation out of the safe-haven U.S. dollar and into major European, Japanese, and emerging market equities, pushing the global benchmark into positive territory for the week..

In global geopolitics, President Trump announced an impending diplomatic agreement with Iran, successfully averting planned U.S. military strikes in Europe. This sudden de-escalation of Middle Eastern tensions caused Brent crude oil prices to decline. Escalating naval standoffs between China and Taiwan in the South China Sea, limited the upside for Asian semiconductor manufacturers, keeping supply chain anxieties elevated.

Global Updates
  • The MSCI All Country World Index declined earlier in the week as U.S.–Iran tensions lifted oil prices, and inflation rose to 4.2% in the U.S., and expectations of tighter monetary policy weighed on equities. However, by the end of the week, indications of a possible diplomatic resolution to the middle eastern conflicts led to a decline in energy prices and improved risk-on sentiment in global equity markets.
  • The European Central Bank raised its three key interest rates by 25 basis points, moving the core deposit facility rate to 2.25% while flagging persistent upside risks to regional inflation.
  • Japan’s corporate wholesale inflation accelerated to 6.3% year-on-year in May, hitting a three-year high due to energy supply spikes and consolidating expectations for a near-term Bank of Japan interest rate hike.
  • China’s Services Purchasing Managers’ Index increased to 54.5 in May from 52.6 in April.
  • The S&P Global Eurozone Services PMI rose marginally to 47.7 in May 2026 from the five-year low of 47.6 recorded in April.
  • In Canada, the unemployment rate declined to 6.6% in May 2026, down from 6.9% in April.
  • Net employment in Canada increased sharply by 87,800, significantly surpassing market expectations of 10,000.
  • Full-time employment in Canada rose by 154,000 in May 2026, reversing a decline of 47,000 recorded in the previous month.
  • AI model developer DeepSeek is reportedly close to completing a fundraising round of approximately USD 7 billion.
  • In Canada, support for Alberta separatism appears to be declining, with approximately 75% of residents opposing separation.
  • A U.S.–Iran memorandum to halt the Gulf conflict could be signed by Sunday in Geneva, though terms are unfinished and Iran insists it must also end fighting in Lebanon. Global crude oil benchmarks plunged significantly on Friday, retreating from multi-month highs near $100 per barrel as supply disruption fears across the Strait of Hormuz dissipated.
U.S. Equity
  • U.S. equities navigated a volatile week, marked by SpaceX’s record $75 billion IPO at a $1.77 trillion valuation and a macro backdrop supported by softer‑than‑expected core inflation and easing oil prices. However, sentiment within the technology sector remained bifurcated, as large-scale capital raises to fund AI infrastructure triggered sharp declines in select names, including Super Micro Computer and Oracle, amid dilution and leverage concerns. The broader U.S. equity market indices declined over the week weighed down by concerns of monetary tightening and decline in technology stocks.
  • The U.S. headline CPI for May rose to a three-year high of 4.2% due to a 23.5% spike in energy costs, sparking intense market fears that the Federal Reserve would be forced to aggressively raise interest rates. However, fears of monetary tightening subsided slightly, because the underlying Core CPI rose by a softer-than-expected 0.2% and crude oil prices subsequently declined on geopolitical breakthroughs.
  • The U.S. Producer Price Index (PPI) wholesale inflation reading for May rose 1.1% month-on-month and 6.5% year-on-year, exceeding market expectations.
  • The May Nonfarm Payrolls report exceeded expectations, with job gains of 172K and an additional 93K in upward revisions, underscoring continued strength in the U.S. labor market. The upside surprise prompted a sharp repricing in rate expectations, effectively pricing out near‑term Fed easing and pushing the benchmark 10‑year Treasury yield above 4.53% as markets adjusted to a prolonged higher‑for‑longer policy stance.
  • The Federal Reserve maintained its policy rate in the 3.50%–3.75% range while signaling persistent inflation risks, reinforcing market repricing toward potential rate hikes later in 2026.
  • SpaceX completed a record‑breaking initial public offering, issuing 555.6 million shares at $135 to raise $75 billion in proceeds. The Nasdaq debut values the aerospace, satellite, and AI company at approximately $1.77 trillion, marking the largest IPO globally and significantly elevating Elon Musk’s net worth.
  • OpenAI filed for an initial public offering with the SEC this week, signaling plans for a potential landmark listing that could command a valuation in the several hundred‑billion‑dollar range, underscoring sustained momentum in artificial intelligence markets.
  • Super Micro Computer shares declined sharply following the announcement of a $7 billion capital raise to fund AI infrastructure expansion, with the move triggering investor concerns around equity dilution and the escalating capital intensity of AI hardware growth.
  • Oracle shares declined following the announcement of a $40 billion debt and equity raise to fund AI infrastructure expansion, with the reaction reflecting investor concerns over potential dilution and increased leverage amid intensifying competition in the AI cloud segment despite earnings beat.
Fixed Income
  • The Bloomberg U.S. Aggregate Bond Index rose over the week.
  • The U.S. 10-year Treasury yield declined to 4.463% and the yield on the 2-year note declined to 07% over the wee due to collapsing crude oil prices following geopolitical breakthroughs with Iran and a softer-than-feared core CPI inflation report.
  • The U.S. Dollar Index declined slightly to 99.67 over the week due to the “risk-on” sentiment and expectations of monetary tightening.
June 5, 2026

June 5, 2026: Tech Rout, Oil Shock & Geopolitical Tensions: Markets Rocked by a Perfect Storm

Weekly Market Snapshot

Global equity markets declined sharply this week as mixed corporate news, spearheaded by Broadcom’s Q2 earnings miss and unchanged AI outlook, triggered a massive sell-off in high-flying semiconductor and mega-cap technology stocks. Simultaneously, early-week military escalations between the U.S. and Iran pushed Brent crude oil prices up, heightening global inflation anxieties and tightening financial conditions. Finally, a stronger-than-expected May jobs report fueled fears of prolonged high interest rates from central banks, accelerating a broad capital rotation out of valuation-sensitive tech indices into safer, defensive assets.

In global geopolitics, heightened geopolitical tensions centered on the Middle East conflict, with continued military exchanges involving Iran and regional actors raising concerns over broader escalation and global security stability. Intermittent ceasefire discussions and indications of renewed negotiations tempered immediate escalation risks but failed to establish a durable resolution. The representatives of Israel, U.S. and Lebanon negotiated a conditional ceasefire framework for truce in Lebanon, which was rejected by Hezbollah.

Weekly Market Movers — Key Highlights
  • Broadcom miss sparks semiconductor selloff
  • U.S.–Iran tensions push crude prices higher
  • Strong jobs data boosts hawkish outlook
  • Investors flee tech, move to defensives.
Global Updates
  • The MSCI All Country World Index declined this week as mixed corporate news, spearheaded by Broadcom’s Q2 earnings miss and unchanged AI outlook, triggered a massive sell-off in high-flying semiconductor and mega-cap technology stocks. Simultaneously, early-week military escalations between the U.S. and Iran pushed Brent crude oil prices up to $84.50 per barrel, heightening global inflation anxieties and tightening financial conditions. Finally, a stronger-than-expected May jobs report fueled fears of prolonged high interest rates from central banks, accelerating a broad capital rotation out of valuation-sensitive tech indices into safer, defensive assets.
  • European semiconductor stocks pulled back sharply as market momentum reversed, following conservative guidance from major U.S. chip design partners. This sudden shift triggered a global hardware pullback, impacting key players across Europe’s tech sector.
  • Japan’s Nikkei 225 surged past the 68,000 threshold for the first time, driven by an artificial intelligence and semiconductor equity rally despite regional macroeconomic headwinds
  • Eurostat reported a 0.2% contraction in the Eurozone economy in Q1 2026, driven primarily by a 12% decline in Ireland’s GDP, reflecting a sharp 25% fall in pharmaceutical exports from Ireland to the U.S.
  • Statistics Canada reported a gain of 87,800 jobs in the Canadian Economy in May, alongside a decline in the unemployment rate to 6.6%.
  • Statistics Canada reported a 0.1% contraction in Canada’s Q1 GDP, following a 1% annualized decline in Q4. This was accompanied by a 1.5% increase in consumer spending, a 0.4% decline in final domestic demand, an 8% drop in residential investment, and a 3% reduction in business capital expenditure over the quarter.
  • SoftBank became Japan’s largest company by market capitalization after its share price rallied, following an agreement to invest in AI computing clusters in France.
  • China’s Services Purchasing Managers’ Index increased to 54.5 in May from 52.6 in April.
  • The S&P Global Eurozone Services PMI rose marginally to 47.7 in May 2026 from the five-year low of 47.6 recorded in April.
  • Early-week military escalations between the U.S. and Iran drove Brent crude oil prices up by 3.2% to $84.50 per barrel, driving global inflation expectations higher and triggering a sharp sell-off in international stock markets. Energy prices rapidly reversed later in the week as successful Middle East diplomatic talks and concrete ceasefire signals eased global supply risks, immediately stabilizing international equities and supporting broader risk assets.
U.S. Equity
  • U.S. equity markets experienced diverged performance this week with the Dow Jones Index crossing the 51,500 mark, reversing an initial decline earlier in the week. The Dow Jones rose after investors aggressively rotated capital away from technology names and into stable, cyclical blue-chip equities like healthcare and financials. However, the broader market indices, the S&P 500 and Nasdaq indices declined over the week, due to a sharp sell-off in semiconductor and AI infrastructure equities, spearheaded by Broadcom’s disappointing quarterly outlook. Adding to the pressure on high-growth tech, a better-than-expected May jobs report fueled hawkish interest rate fears, dragging down the more valuation-sensitive, tech-weighted indices while leaving the defensive Dow relatively resilient.
  • The Bureau of Labor Statistics reported a stabilization in the labor market with U.S. employers adding 80,000 nonfarm payroll positions in May and the unemployment rate holding steady at 4.3%.
  • ISM Services PMI for May printed at 54.5 with strong new orders, confirming continued expansion in services activity while employment components remained contractionary.
  • The United States has proposed a sweeping new wave of global tariffs targeting 60 economies following the conclusion of a U.S. Trade Representative (USTR) investigation into forced labor import enforcement. This includes a 12.5% tariff imposed on 48 economies accused of major enforcement gaps, prominently including India and China. Additionally, a 10.0% tariff on 12 nations deemed to have partial restrictions or ongoing compliance frameworks, including Canada, Pakistan, Mexico, and the European Union
  • NVIDIA unveiled its next-generation Vera Rubin data center architecture and the consumer-focused RTX Spark Superchip at Computex 2026 to power advanced AI agents. These cutting-edge hardware and software ecosystem announcements a short-lived stock market rally.
  • Broadcom’s Q2 total revenue of $22.19 billion narrowly missed the heightened LSEG Wall Street expectation of $22.27 billion, causing its stock to plummet. Investor disappointment intensified after the company left its massive $100 billion long-term AI chip sales target unchanged, prompting a sharp capital flight out of high-beta semiconductor.
  • Lululemon Athletica shares dragged after the company downwardly revised its full-year 2026 revenue projections to $11 billion–$11.15 billion and cut its expected earnings per share down to $10.95–$11.15. Management attributed this lowered forecast to severe operational headwinds, driven by rising import tariff costs and persistent consumer softness in its core North American market.
  • SpaceX filed an SEC registration for a monumental public listing which is projected to reach a record-breaking $1.75 trillion valuation, completely reshaping the capital pipeline for the global space economy.
  • Alphabet successfully priced and upsized its record-breaking equity offering to $84.75 billion this week, backed by a $10 billion private placement anchor investment from Warren Buffett’s Berkshire Hathaway.
Fixed Income
  • The Bloomberg U.S. Aggregate Bond Index was in line over the week.
  • The U.S. 10-year Treasury yield edged up to 4.577% and the yield on the 2-year note edged lower to 049% over the week.
  • The U.S. Dollar Index rose slightly to 99.22 over the week, due to safe haven flows as global currency markets adapted to higher-for-longer macroeconomic indicators.
May 29, 2026

Global Market Update May 29, 2026: AI-driven rally persists despite macro risks, geopolitical easing supports sentiment

Weekly Market Snapshot

Global equities extended gains in the last week of May 2026, with major U.S. indices reaching record highs, led by continued concentration in AI-linked mega-cap technology and semiconductor stocks. The rally remains structurally narrow, with capital flows heavily skewed toward AI beneficiaries—particularly memory and advanced chipmakers—amid sustained hyperscaler demand and improving pricing power across the semiconductor value chain. 

Asia outperformed, supported by strong foreign inflows into Japan and Taiwan’s chip ecosystem, reinforcing the global dominance of the AI investment theme. However, broader market participation remains weak, signaling late-cycle dynamics beneath headline strength. 

On the macro front, a provisional U.S.–Iran agreement, including a ceasefire extension and potential reopening of the Strait of Hormuz, eased energy prices and near-term inflation concerns. This helped offset persistent inflation pressures and a still-restrictive Fed stance, sustaining risk appetite despite elevated yields.

Weekly Market Movers — Key Highlights
  • China’s industrial profits surged 24.7%, signaling manufacturing resilience.
  • UK business confidence improved, though retail demand remained weak.
  • Eurozone retail sales contracted, highlighting ongoing pressure on consumers.
  • BYD reported weaker earnings amid soft demand and policy shifts in EV markets.
  • Asian chipmakers rallied on sustained demand for AI infrastructure.
  • JD.com’s Ceconomy deal faced EU regulatory scrutiny, reflecting rising trade oversight.
  • Kinetics LNG secured a $125M investment to expand its shipping operations.
Global Updates
  • The MSCI All Country World Index continued its upward trajectory, with Asian markets outperforming on strong demand for AI-driven semiconductor stocks. Technology stocks remained the key global driver, supported by sustained demand for memory chips and AI infrastructure.
  • The Reserve Bank of New Zealand held rates at 2.25% but issued hawkish guidance, signaling potential tightening ahead.
  • UK business confidence improved in May, rising closer to pre-conflict levels, with firms expecting stronger output over the coming year.
  • Retail conditions in the UK remained weak, with data indicating declining sales volumes and subdued consumer sentiment.
  • Eurozone retail sales contracted in April, reflecting continued pressure on consumer demand.
  • China’s industrial profits surged 24.7% in April, highlighting resilience in manufacturing despite broader macroeconomic headwinds.
  • Shares of Nio rose following the launch of a new flagship electric vehicle, signaling intensifying competition within China’s EV market.
  • JD.com’s proposed $2.6 billion acquisition of German retailer Ceconomy faced deeper EU regulatory scrutiny, underscoring rising trade oversight.
  • BYD reported a notable decline in first-quarter earnings, as weaker seasonal demand and policy changes weighed on performance in the global EV market.
  • Cisco reported strong Q3 FY2026 results, driven by AI-led demand for networking infrastructure, and raised its full-year guidance.
  • Kinetics LNG secured a $125 million investment from Actera Group to support the expansion of its LNG carrier operations.
U.S. Equity
  • U.S. equities advanced on optimism around progress in Iran-related negotiations, easing inflation concerns, alongside strong earnings and upbeat outlooks driven by AI-led data center demand.
  • U.S. economic growth was revised down to 1.6% annualized in Q1 (from 2.0%), reflecting softer momentum amid inflationary pressures linked to the Iran conflict.
  • Mortgage rates rose to a nine-month high, with the 30-year fixed rate reaching 6.65%, as elevated oil prices and rising yields weighed on housing affordability.
  • Initial jobless claims rose marginally by 5,000 to 215,000, remaining within the 190,000–230,000 range observed this year.
  • Nvidia committed over $6.5 billion toward photonics and optical technologies, aimed at improving energy efficiency and scalability in AI infrastructure.
  • Shares of Dell Technologies surged after the company raised full-year guidance and reported stronger-than-expected quarterly results.
  • American Eagle Outfitters reported a 2% decline in comparable sales at its flagship brand for the first quarter.
  • Progress toward a U.S.–Iran agreement supported risk sentiment, with both sides working toward extending the ceasefire and advancing nuclear negotiations.
  • U.S. crude inventories declined by 3.3 million barrels, while Cushing stocks fell by 2.8 million barrels—the largest drop since August 2023.
Corporate Highlights
  • The Bloomberg U.S. Aggregate Bond Index rose over the week.
  • The U.S. 10-year Treasury yield fell to 4.45% and the yield on the 2-year note fell to 4.02% over the week.
  • The U.S. Dollar Index weakened to 98.96 over the week.
Fixed Income
  • The Bloomberg U.S. Aggregate Bond Index rose over the week.
  • The U.S. 10-year Treasury yield declined to 4.58% and the yield on the 2-year note edged lower to 4.08% over the week.
  • The U.S. Dollar Index rose slightly to 99.31 over the week.
May 22, 2026

Markets Rally as AI Boom Offsets Global Slowdown

Weekly Market Movers — Key Highlights
  • China’s economic momentum weakened sharply, with retail sales nearly flat at 0.2% YoY and investment contracting by 1.6%.
  • Inflation trends diverged across developed markets—cooling in the UK at 2.8% but firming in Canada to the same level.
  • Technology investments surged, led by AMD’s $10B commitment to Taiwan’s AI ecosystem.
  • Cross-border industrial activity strengthened, with Stellantis–Dongfeng’s $1.2B manufacturing agreement.
  • Consolidation in utilities accelerated, highlighted by NextEra’s $67B acquisition of Dominion Energy.
Weekly Market Snapshot

Global markets navigated a week marked by early uncertainty but ended on a stronger footing, as optimism around artificial intelligence and easing financial conditions lifted investor sentiment. Initial volatility—driven by elevated yields, persistent inflation concerns, and energy market disruptions—gradually subsided.

Momentum shifted decisively midweek as U.S. Treasury yields softened and oil prices stabilised, prompting a rotation back into equities, particularly technology and semiconductor stocks. Nvidia’s robust earnings, including exceptional revenue growth, reinforced confidence in the durability of the AI investment cycle and became a key driver of global equity strength.

At the same time, geopolitical risks showed tentative signs of easing. Progress around a U.S.–China dialogue and indications of potential U.S.–Iran negotiations reduced immediate escalation fears. While structural risks remain, this improvement supported broader risk appetite and helped stabilise markets.

Global Updates
  • Global equity markets advanced over the week, with gains concentrated in technology sectors as risk sentiment improved.
  • China’s April economic data pointed to a broad-based slowdown: retail sales stagnated, industrial output growth softened to 4.1%, and fixed-asset investment contracted.
  • Weak domestic demand was further reflected in a 21.6% YoY decline in China’s car sales, underscoring stress in consumption linked to the property downturn.
  • Inflation in Canada rose to 2.8% in April, suggesting continued stickiness in price pressures.
  • In contrast, UK inflation eased to 2.8%, largely due to falling electricity and gas prices, prompting markets to reassess rate expectations.
  • However, UK fuel prices surged 23% YoY, highlighting persistent energy-related inflation risks tied to global supply disruptions.
  • AMD announced a $10 billion investment in Taiwan, signalling deepening commitment to AI infrastructure and semiconductor supply chains.
  • Stellantis and Dongfeng formalised a $1.2 billion partnership to manufacture vehicles in China, reinforcing industrial cooperation between Europe and China.
  • Dominion Energy shares surged following its agreement to be acquired by NextEra Energy in a $67 billion deal—one of the largest utility transactions this year.
  • The UAE progressed with a strategic oil pipeline bypassing the Strait of Hormuz, now 50% complete, aiming to enhance export resilience by 2027.
  • Ongoing disruptions in the Hormuz region continued to strain global oil supply, intensifying concerns over energy security and inflation.
  • Geopolitical engagement continued, with Quad foreign ministers scheduled to meet in New Delhi on May 26.
U.S. Equity
  • U.S. markets experienced a volatile but ultimately positive week, with the Dow Jones Index crossing 50,250 after recovering from early losses.
  • Early-week weakness stemmed from elevated Treasury yields, persistent inflation concerns, and rising energy prices.
  • Sentiment improved as geopolitical tensions showed signs of easing, including potential U.S.–Iran negotiations, which contributed to a pullback in oil prices.
  • Technology stocks led the rebound, supported by Nvidia’s strong earnings, reinforcing expectations of sustained AI-driven capital expenditure.
  • U.S. Manufacturing PMI climbed to 55.3 (a 48-month high), signalling strong industrial activity, while Services PMI eased to 50.9, indicating moderation in services growth.
Corporate Highlights
  • Nvidia reported record quarterly revenue of $81.62 billion, with strong growth in AI infrastructure demand.
  • Intuit declined despite strong earnings, as investors reacted negatively to a planned 17% workforce reduction and slight revenue miss.
  • Target’s stock weakened despite solid sales growth, as rising operating costs compressed margins; however, improved guidance reflected stronger store traffic.
  • Walmart delivered robust earnings supported by consumer trade-down trends but faced stock pressure due to cautious outlook amid high fuel prices.
  • Estée Lauder resolved a $210 million legal overhang related to China operations, clarifying its valuation outlook.
  • E.L.F. Beauty rallied on strong revenue growth driven by brand integration.
  • OpenAI reported $5.7 billion in quarterly revenue, reflecting rapid commercialisation of AI products.
Fixed Income
  • The Bloomberg U.S. Aggregate Bond Index rose over the week.
  • The U.S. 10-year Treasury yield declined to 4.58% and the yield on the 2-year note edged lower to 4.08% over the week.
  • The U.S. Dollar Index rose slightly to 99.31 over the week.
May 15, 2026

Global stocks rally amidst much awaited U.S.-China talks and continued tensions in the Middle East.

Weekly Market Movers — Key Highlights
  • Stocks rose globally, led by tech-driven gains; U.S. equities hovered near record highs.
  • U.S.–China talks signaled stability, though differences remain; Iran tensions continue to drive oil volatility.
  • Oil prices surged amid concerns over disruptions in the Strait of Hormuz.
  • U.S. inflation accelerated to 3.8%, while labor market data remained broadly resilient.
  • AI momentum stayed strong, with major investments from Nvidia and fundraising activity from Anthropic.
  • UAE pipeline plans and “Fortress North America” trade discussions signal shifting global economic alignments
Weekly Market Snapshot

Global equities surged because strong demand for technology stocks lifted equity indexes around the world on Thursday, while the dollar rose after economic data and investors awaited the outcome of a U.S.-China summit. Oil prices climbed after U.S. President Donald Trump warned his patience with Iran was waning, heightening concerns over stalled efforts to secure peace around the Strait of Hormuz. 

U.S. President Donald Trump and Chinese President Xi Jinping convened for high-level talks this week, emerging with a shared stance on Iran that underscored growing international concern over regional stability and nuclear proliferation. According to remarks made by President Trump following the meeting, both leaders agreed that Iran must not be permitted to develop nuclear weapons and should take immediate steps to reopen the Strait of Hormuz—an essential global energy corridor. Trump further signaled a diminishing tolerance for ongoing tensions, noting that U.S. patience with Tehran was “running out.”

Global Updates
  • The MSCI All Country World Index rose on strong tech demand, while the dollar firmed ahead of a U.S.-China summit. Oil prices climbed as Trump’s Iran warning heightened Strait of Hormuz concerns.
  • UK Prime Minister Keir Starmer is facing mounting pressure, with around 100 MPs reportedly calling for his removal.
  • Canadian Prime Minister Mark Carney has signaled openness to deeper trade integration with the United States and Mexico, advocating a “Fortress North America” strategy.
  • S&P Global Ratings has revised Mexico’s credit outlook from stable to negative, citing persistent fiscal vulnerabilities.
  • Stellantis and Dongfeng have reached a $1.2 billion agreement to manufacture Peugeot- and Jeep-branded vehicles in China, signaling deeper future collaboration.
  • Greece is moving to ease its bailout debt burden through accelerated repayments, with roughly €7 billion due in the near term.
  • Brazil’s JBS, the world’s largest meatpacker, reported a 56% drop in first-quarter net profit, missing estimates amid operational challenges in its North American beef and poultry segments.
  • The UAE is developing a new west-to-east pipeline set for completion next year, enabling oil exports to bypass the Strait of Hormuz and enhance supply security.
U.S. Equity
  • U.S. stocks hovered near record highs, driven by strong demand for AI technologies, while robust corporate earnings continued to exceed profit expectations.
  • U.S. export prices rose 3.3% month-over-month in April, while import prices increased 1.9% over the same period.
  • U.S. annual inflation escalated to 3.8% in April (its highest since May 2023) while core inflation ticked up to 2.8%.
  • The preliminary Michigan Consumer Sentiment Index for May fell to 48.2, reflecting weaker consumer confidence.
  • U.S. nonfarm payrolls rose by 115,000 in April, surpassing expectations, while the unemployment rate remained at 4.3% and wages grew 3.6%.
  • Nvidia has secured an option to invest up to $2.1 billion in Iris Energy over five years, alongside a $3.4 billion AI cloud agreement to support its internal research efforts.
  • JPMorgan is reportedly considering a leadership overhaul within its investment banking division.
  • Anthropic is aiming to raise $30 billion, targeting a valuation of $900 billion.
  • Explosions were reported amid violent clashes in La Paz, as mining groups staged protests demanding the resignation of centrist President Rodrigo Paz.
  • The Federal Reserve marks the end of Chair Jerome Powell’s eight-year tenure today, with Kevin Warsh reportedly emerging as a potential successor.
Fixed Income
  • The Bloomberg U.S. Aggregate Bond Index fell over the week.
  • The U.S. 10-year Treasury yield rose up to 4.54% and the yield on the 2-year note rose to 4.05% over the week.
  • The U.S. Dollar Index rose to 99.03 over the week.
May 8, 2026

Markets Rally on Cooling Labor Signals as AI Giants Power Past Geopolitical Noise

Weekly Market Snapshot

Global equities advanced over the week, supported by signs of easing momentum in the U.S. labor market and optimism around corporate earnings, which offset early geopolitical volatility. Major U.S. indices reached record intraday highs, while Asian and European markets also posted solid gains as softer oil prices and emerging prospects for diplomatic de-escalation improved global risk sentiment. U.S. equities were led by mega-cap and AI-linked stocks, with strength driven by buyback activity, capital spending tied to artificial intelligence, and resilient earnings results. However, underlying data showed pockets of caution, as rising jobless claims and weaker confidence readings weighed on consumer sentiment. Market performance masked pronounced stock-specific moves, with sharp declines in select consumer and industrial names counterbalanced by outsized gains tied to healthcare developments, deal activity, and crypto-related trading volumes.

Geopolitical developments remained a key backdrop. Elevated tensions in the Middle East, particularly around shipping routes and energy infrastructure, briefly pressured oil and freight markets, while broader diplomatic strains across Europe and ongoing regional military actions sustained uncertainty despite tentative ceasefire efforts.

Weekly Market Movers — Key Highlights
  • The Dow Jones index posted its longest winning streak of the year as softer labor data and earnings resilience buoyed U.S. markets.
  • Mega-cap leadership intact, with Alphabet at record highs, Apple boosted by a $110B buyback, and Nvidia supported by sovereign AI demand.
  • Geopolitics in focus, as U.S.–Iran tensions and Strait of Hormuz risks drove energy and shipping volatility despite ongoing diplomacy.
  • Sharp single-stock moves, with declines in Shopify, Uber, Intel, Disney, and Spirit Airlines offset by gains in Novavax, Moderna, and Robinhood.
  • Oil prices declined overall during the week, even as intermittent disruptions and supply concerns drove volatility.
Global Updates
  • The MSCI All Country World Index rose sharply over the week mainly due to a combination of easing geopolitical fears and strong corporate earnings. Optimism over a U.S.–Iran deal, lower oil prices, strong earnings, and robust AI-driven tech demand boosted investor confidence across markets
  • OPEC+ countries have agreed to increase oil production by 188,000 barrels per day; however the decision is expected to have little practical impact while the Strait of Hormuz remains closed.
  • Chinese battery manufacturer CATL announced it will partner with Turkey’s Togg to jointly develop vehicles using its Panshi EV chassis, marking the platform’s first overseas deployment.
  • Estee Lauder agreed to a $210 million settlement over allegations it misled investors by failing to disclose its reliance on unauthorized gray-market sales in China.
  • Magna International Inc. reported a 3% increase in first‑quarter sales to $10.4 billion, while slightly reducing its full‑year sales guidance for 2026.
U.S. Equity
  • U.S. equity markets posted gains this week, U.S. equity markets rallied, with the Dow Jones Industrial Average securing its longest winning streak of the year and the S&P 500 crossing the 7300 mark, driven by a cooling labor market and positive corporate earnings reports. Key market drivers included record highs for Alphabet, Apple’s share buyback momentum, and significant volatility in tech, retail, and biotech stocks, including substantial gains for Novavax and losses for Roblox and Shopify. 
  • Initial jobless claims rose to 231,000 for the week ending May 4, hitting an eight-month high and fueling speculation of a cooling labor market. The U.S. Department of Labor reported that the unemployment rate held steady at 4.3% in April, while nonfarm payrolls increased by 115,000.
  • The ISM Services PMI eased to 53.6 in April, signaling slower yet continued expansion in the services sector.
  • Elon Musk’s SpaceX has proposed investing $55 billion to establish a semiconductor manufacturing facility named Terafab in Texas, according to a filing released on Wednesday.
  • Novo Nordisk shares surged after strong first-quarter sales of its oral GLP-1 weight-loss drug surpassed expectations.
  • Anthropic and Google announced a five-year, $200 billion partnership focused on cloud computing and AI chip access.
  • Alphabet shares hit record highs, briefly pushing its market capitalization above $4.6 trillion following sustained AI-driven optimism.
  • Apple shares gained this week, with investors reacting favorably to the company’s record-breaking $100 billion share repurchase authorization.
  • Spirit Airlines plummeted after reporting wider-than-expected losses and warning of significant revenue pressure from grounded aircraft.
  • Intel shares fell after the U.S. Department of Commerce revoked licenses for the company to export chips to a major Chinese telecom customer.
Fixed Income
  • The Bloomberg U.S. Aggregate Bond Index rose over the week. 
  • The U.S. 10-year Treasury yield declined to 4.394% and the yield on the 2-year note edged lower to 3.92% over the week.
  • The U.S. Dollar Index fell slightly to 97.93 over the week.
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