WEEKLY MARKET REVIEW

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Get the latest insights on global financial markets with our Weekly Market Review. In it we discuss the key financial headlines from the U.S, Europe, UK, Ireland, and Asia-Pacific, along with in-depth analysis of major asset classes, including:

Equities – U.S, Europe, and UK market trends
Bonds – Interest rate movements and fixed-income insights
Commodities – Oil, gold, and other key market drivers

Stay ahead of market trends with our expert insights. Read the latest update now!

Weekly Market Review: 29th June 2026

The Week in Numbers

Equity Markets

Equity Indices	Value	Weekly Change	YTD Change
S&P 500	7,354.02	-2.01%	+7.43%
NASDAQ	25,297.62	-4.34%	+8.84%
EuroStoxx50	6,221.55	-1.37%	+7.43%
EuroStoxx600	635.88	-0.08%	+7.38%
FTSE 100	10,508.02	+1.42%	+5.81%
ISEQ	13,938.48	+1.24%	+6.41%

Central Bank Interest Rates

Interest Rate	Current Rate	Direction	Rate Change
FED	3.75%	—	0
ECB	2.40%	—	0
BOE	3.75%	—	0

Government Bonds

Fixed Income	Yield	Weekly Change	YTD Change
US 10YR	4.37	-2.95%	+4.31%
US 2YR	4.09	-3.17%	+17.87%
German 10YR	2.85	-3.18%	-1.76%
UK 10YR	4.74	-1.00%	+4.37%
Irish 10YR	3.02	-3.06%	-1.50%

Foreign Exchange Currency Movements

FX	Value	Weekly Change	YTD Change
EUR/USD	1.138	-0.69%	-3.08%
EUR/GBP	0.862	-0.65%	-1.09%
GBP/USD	1.320	+0.02%	-2.01%

Key Events

01/07/2026 – EU Inflation Data
02/07/2026 – US Non Farm Payroll

The Battle for Corporate America: Amazon Takes the Crown

In our most recent Seaspray Private Financial Insight we examine the historic moment Amazon overtook Walmart to become the largest company in the United States by revenue, marking a significant shift in the corporate landscape. We explore the key drivers behind Amazon’s remarkable growth, including the expansion of AWS, artificial intelligence and its global retail ecosystem, while also examining Walmart’s continued resilience and evolving competitive strategy. We then compare the long-term investment performance of both companies, highlighting the trade-off between exceptional growth and defensive stability.

Stay Informed with Our Seaspray Private Weekly Financial Market Review

Equities – U.S, Europe, and UK market trends
Bonds – Interest rate movements and fixed-income insights
Commodities – Oil, gold, and other key market drivers

Stay ahead of market trends with our expert insights. Read the latest update now!

FINANCIAL HEADLINES

United States

US Personal Consumption Expenditure (PCE), the preferred inflation measure used by the Federal Reserve, rose to 4.1% on an annual basis in May, up from 3.8% in April and the highest rate recorded since April 2023. Markets had largely anticipated this increase due to the conflict in the Middle East, and futures markets continue to price in a Federal Reserve interest rate hike in September.

Elsewhere, SK Hynix, the South Korean semiconductor manufacturer whose shares have soared in 2026 amid record demand for AI chips, is expected to raise $29 billion through a US listing. Recent regulatory filings indicate the company will list on the NASDAQ in July, aiming to capitalise on its recent share price strength and its pivotal role in the AI semiconductor supply chain. SK Hynix specialises in High Bandwidth Memory (HBM) chips, which are used in data centres to transfer vast amounts of data at high speed. The company is the leading supplier of HBM chips to NVIDIA, and Microsoft recently named SK Hynix as the supplier for its own in-house AI chips.

Europe & UK

In Europe, a study by Pew Research Center shows that people view European Institutions more favourably than they did prior to the UK’s exit from the EU in 2016. In addition, optimism about the future of the European Union has steadily increased since 2016.

In the UK, in the same week that Keir Starmer resigned as Prime Minister, economic data releases painted a mixed picture of the UK economy. Manufacturing orders fell to their lowest level since September 2020 in June, with the conflict in the Middle East cited as a key factor. Meanwhile, the services sector, the largest contributor to the UK economy, contracted by the most in nearly three and a half years. With Andy Burnham expected to succeed Starmer as Prime Minister, this data underscores the economic challenges he could face should he enter Number 10.

Ireland

Google has partnered with an Italian-based energy company to build a new energy storage facility in Rhode, Co. Offaly. The project will utilise Energy Dome’s proprietary carbon dioxide (CO₂) battery technology. According to the company, the technology uses electricity from the grid to compress and store carbon CO₂, which can later be expanded through a turbine to generate electricity and feed it back into the grid when demand is high. Interestingly, the CO₂ batteries do not require critical minerals or lithium-ion technology to operate, making them a cleaner and more sustainable energy storage solution. Construction is expected to begin shortly, with the plant anticipated to come online in 2028.

Asia-Pacific

China Resources New Energy Holdings, the renewable energy arm of one of China’s largest state-owned conglomerates, is preparing to list on the country’s Shenzhen Stock Exchange in what would be China’s largest IPO in four years. The company is part of China Resources Power and is one of the country’s largest providers of solar and wind power, with projects spanning 31 provinces. The IPO has attracted significant demand, particularly from domestic investors, with the tranche of shares reserved for retail subscriptions oversubscribed by 683 times. Strong demand may also reflect recent restrictions on Chinese citizens’ ability to purchase US equities, with individuals now only able to invest in US-listed shares through official channels.

ASSET CLASS REVIEW

Equities

In the United States, equity markets declined last week, as a broad-based technology sell-off unfolded due to uncertainty over AI spending. SpaceX shares fell more than 16% last Monday, while Alphabet declined following reports that one of its leading AI researchers had left the company to join a rival. Geopolitical tensions also weighed on sentiment, as the US and Iran issued conflicting statements regarding the operational status of the Strait of Hormuz, before trading missile strikes on Friday and Saturday. Markets also reacted to Micron’s earnings release on Wednesday evening. The semiconductor manufacturer reported results ahead of expectations and forecast current-quarter revenue of $50 billion, well above analysts’ consensus estimates of just over $43 billion. The strong outlook sent shares 15% higher in after-hours trading on Wednesday and proved to be a catalyst for the broader technology sector on Thursday. However, the sell off in tech continued on Friday, and for the week, the S&P 500 and NASDAQ closed -2.01% and -4.34% lower, respectively.

In Europe, markets began the week on a positive note, with both the Euro Stoxx 50 and STOXX Europe 600 reaching record closing highs on Monday. The gains were driven by the resumption of oil flows through the Strait of Hormuz, easing energy prices and reducing inflation expectations. However, these gains were erased on Tuesday as the global technology sell-off gathered pace, with ASML falling by more than 5%. Following a subdued Wednesday session, as investors awaited Micron’s earnings, European markets rebounded on Thursday before decling once again on Friday. For the week, the Euro Stoxx 50 closed -1.37% lower while the STOXX600 closed -0.08% lower.

In the United Kingdom, the FTSE 100 initially declined at the start of the week after Keir Starmer announced his resignation as Prime Minister on Monday. The index also came under pressure from lower oil prices, which weighed on heavyweight energy stocks Shell and BP. However, the FTSE 100 rallied through the middle of the week, outperforming many of its global peers on the back of strong gains in the healthcare and consumer goods sectors. The index also proved relatively resilient during the technology sell-off due to its limited exposure to major technology companies. However, this defensive positioning worked against the FTSE 100 later in the week, as it failed to participate fully in the technology rally sparked by Micron’s strong earnings results. For the week, the FTSE 100 closed 1.42% higher.

Bonds

In the US, the 10-year Treasury yield traded within a narrow range for most of the week, settling at 4.37% on Friday. Progress towards a US-Iran agreement and falling energy prices saw yields ease later in the week, as inflation expectations softened. Personal Consumption Expenditure (PCE) inflation data released during the week showed monthly prices rose by 0.3% in May, matching April’s increase, while annual PCE inflation accelerated to 4.1%. In the UK, the 10-year Gilt yield initially rose at the start of the week following Keir Starmer’s resignation, before falling to 4.74% as political uncertainty subsided and weaker economic data reduced the likelihood of further Bank of England interest rate hikes.

Commodities

Oil prices returned to their pre-war levels for the first time last week, as continued progress towards a US-Iran agreement resulted in more tankers transiting the Strait of Hormuz. On Wednesday, 31 tankers exited the strait, marking the highest single-day volume of outbound traffic since Saturday, 28 February, the day before the conflict began. Markets now expect oil prices to remain in the $70–$80 per barrel range, with a global supply surplus forecast for 2026. Prices have now fallen by 26% so far in June.

In metals, gold prices fell below $4,000 per ounce for the first time in eight months, as the US dollar strengthened on expectations of a Federal Reserve interest rate hike. Gold, a non-interest-bearing asset, tends to become less attractive in a higher interest rate environment, as investors can earn greater returns from interest-bearing assets.

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