📈 Equities & Market Overview
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Wall Street Rebounds: US stock futures bounced back strongly, propelled by blockbuster earnings from Microsoft and Lam Research, combined with a less hawkish stance from the Federal Reserve. S&P 500 futures (US500) gained 1.6%, while Dow Jones futures (US30) added 1.1%. Attention shifts to earnings from Amazon, Apple, and Chevron after the market close.
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Tech & AI Surge: Nasdaq 100 futures (US100) surged 3.4% as capital rotated heavily out of value and defensive names (Apple, Walmart, Chevron, PepsiCo) into tech and semiconductors (+5.5% sector gain). The AI trade was reignited by stellar results from Microsoft (+17%, driven by 43% Azure growth) and Lam Research (+30% revenue), lifting the broader SaaS and chipmaker ecosystem.
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European Rally: European markets closed significantly higher across the board, led by Spain’s IBEX 35 (SPA35: +2.0%), Italy’s FTSE MIB (ITA40: +1.9%), Dutch AEX (+1.65%), Polish WIG20 (W20: +1.2%), German DAX (DE40: +1.1%), French CAC 40 (FRA40: +1.1%), and British FTSE 100 (UK100: +0.7%).
📊 Macroeconomic Highlights
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US GDP: Q2 2026 GDP growth slowed to an annualized 1.5% (vs. 2.1% forecast and prior), weighed down by declining exports, government spending, and reduced business investment amid war-driven uncertainty.
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US PCE: Personal consumption came in at 0.3% (vs. 0.4% expected). Core PCE inflation marginally missed monthly expectations at 0.1% MoM (vs. 0.2% expected; 3.3% YoY in line), signaling milder short-term price pressures.
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Euro Area Unemployment: Eurozone unemployment held steady at 6.3% in June, matching May’s reading.
🏦 Central Banks & FX
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Bank of England (BoE): The BoE maintained its main interest rate at 3.75% in a tighter-than-expected 6–3 vote (Pill, Greene, and Mann voted for a 25 bps hike). Governor Bailey supported the pause, and slightly less hawkish messaging leaves a September rate hike uncertain. GBPUSD rose 0.8%.
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Foreign Exchange (FX): The US Dollar extended its post-FOMC sell-off (USDIDX: -0.9%). The Japanese Yen outperformed all G10 peers amid suspected FX intervention by Japanese authorities (USDJPY: -2.7%, EURJPY: -2.1%). Risk currencies rallied (AUDUSD: +1.2%, NZDUSD: +1.6%), while EURUSD gained 0.6% to 1.1530.
🛢️ Commodities & Precious Metals
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Energy: Crude oil prices pulled back, with Brent futures falling 1.1% to $87.20/bbl and WTI sliding 0.5% to $84.30/bbl. European natural gas futures dropped 4.0%, whereas NYMEX natural gas gained 0.9%.
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Precious Metals: Gold and silver rebounded alongside a weaker dollar and lower rate expectations. Gold rose 1.0% to $4,105/oz, while Silver gained 2.05% to $58.84/oz.
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