WEEKLY MARKET REVIEW

Stay Informed with Our Seaspray Private Weekly Financial Market Review

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: 27th July 2026

The Week in Numbers

Equity Markets

Equity Indices	Value	Weekly Change	YTD Change
S&P 500	7,411.98	-1.25%	+8.07%
NASDAQ	24,975.82	-2.87%	+11.59%
EuroStoxx50	6,280.94	+0.68%	+7.36%
EuroStoxx600	644.51	+0.54%	+8.11%
FTSE 100	10,736.23	+1.82%	+7.89%
ISEQ	13,571.59	+1.18%	+3.24%

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	4.68	+1.89%	+11.59%
US 2YR	4.33	+2.99%	+24.81%
German 10YR	3.18	+1.16%	+9.49%
UK 10YR	5.04	+0.30%	+11.01%
Irish 10YR	3.34	+0.80%	+8.89%

Foreign Exchange Currency Movements

FX	Value	Weekly Change	YTD Change
EUR/USD	1.136	-0.51%	-3.22%
EUR/GBP	0.852	+0.57%	-2.15%
GBP/USD	1.331	-0.87%	-1.14%

Key Events

29/07/2026 – Federal Reserve Rate Decision
30/07/2026 – Bank of England Rate Decision

Ireland’s Evolving Energy Mix: Meeting AI’s Growing Power Demand

In our most recent Seaspray Private financial data insight we examine how Ireland’s energy mix is evolving to meet the rapidly growing electricity demands created by artificial intelligence and expanding data centre infrastructure. We explore the remarkable growth of renewable energy over the past decade, highlighting the increasing contribution of wind and the rapid emergence of solar power as Ireland’s fastest-growing renewable energy source. As AI adoption continues to gather pace, understanding how Ireland balances economic growth with sustainable energy generation will become increasingly important for businesses, policymakers and investors alike.

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

Last week a number of the key Mega Cap companies reported second-quarter earnings. These results were critical for markets, as investors sought reassurance that the record level of investment in AI by the megacaps would soon generate a return on investment. Alphabet was among the most closely watched companies, with the Google owner reporting a significant shift in its operating model. The company posted negative free cash flow for the first time since going public more than two decades ago, recording an outflow of $5.9 billion. CFO Anat Ashkenazi stated that capital expenditure would increase to between $195 billion and $205 billion, up from previous guidance of $180 billion to $190 billion. Despite the higher spending, Alphabet delivered strong growth across its core Cloud and Search advertising businesses, with Cloud revenue rising 82% year-on-year and Search advertising increasing 17% year-on-year. Overall, the company reported revenue of $120 billion, up from $96.4 billion a year earlier.

Europe & UK

In Europe, the European Central Bank held its July policy meeting last week. As expected, interest rates remained unchanged, with the main refinancing rate staying at 2.40%. In its accompanying statement, the Governing Council noted that while the outlook for energy prices remains highly volatile, it is broadly in line with the staff projections published in June. However, futures markets continue to anticipate two quarter-point rate increases by the first quarter of 2027, with the next hike expected in either September or October.

In the UK, inflation slowed to a 15-month low, coming in at 2.6% for June, below both May’s reading of 2.8% and analysts’ expectations of 2.7%. The primary driver of the decline was lower petrol prices, while food and clothing prices also eased compared with May. Despite inflation falling to its lowest level in over a year, the respite from higher prices is expected to be short-lived, with oil prices having accelerated in recent weeks.

Ireland

The Government agreed on an €8.5bn Budget 2027 package, which will be made up of €7bn in spending increases alongside €1.5bn in tax cuts. This overall figure is lower than last year’s Budget of €9.4bn, however the tax cuts have increased by €200mn from the previous year.

Elsewhere, Google announced it would be opening a new office building in Dublin’s Docklands region, which will accommodate 1,900 staff when it opens in the latter half of 2027.

Asia-Pacific

In Australia, Revolut has been granted a full banking licence, enabling the fintech giant to compete directly with the country’s largest banks. The UK-based bank plans to invest $280 million to disrupt the Australian banking sector, with savings and deposit accounts becoming available to customers from last Tuesday. Revolut currently has more than one million customers in Australia who use the app for trading and foreign exchange. The licence represents a significant milestone for the company, now valued at $75 billion, as it is only the second banking licence it has secured outside the UK and Europe, the first having been granted in Mexico.

Elsewhere, South Korea and Taiwan both reported strong export data, reinforcing the continued strength of the global AI buildout. In South Korea, semiconductor exports surged 180% year-on-year in July, while Taiwan’s July exports are expected to have risen by 55% year-on-year.

ASSET CLASS REVIEW

Equities

In the United States, markets were once again dominated by geopolitics, semiconductors and corporate earnings. Tensions continued to rise between the US and Iran last week, with President Trump stating that the US would strike a piece of critical Iranian infrastructure for every ship hit by an Iranian missile. Fears of broader disruption to global oil supplies escalated midweek after the Houthi rebel group in Yemen announced a blockade of the Bab al-Mandab Strait, which links the Red Sea to the Gulf of Aden and the wider Indian Ocean. These developments fuelled renewed concerns over inflation and interest rates. The semiconductor sector was among the strongest performers early in the week following robust export data from Taiwan and South Korea. However, sentiment deteriorated midweek as investors became increasingly concerned about the scale of AI-related spending by the megacap technology companies. Although Alphabet delivered strong revenue growth in its earnings report on Wednesday evening, the market reacted negatively after the company posted negative free cash flow. Away from earnings, Apple briefly overtook NVIDIA as the world’s largest company by market capitalisation last Monday, with Apple’s market value surpassing $4.88 trillion while NVIDIA’s briefly slipped below $4.86 trillion. However, by Tuesday’s open, NVIDIA had regained the top spot as it resumed its march towards the $5 trillion mark. For the week, the S&P 500 and NASDAQ closed 1.25% and 2.87% lower, respectively.

In Europe, equity markets edged higher for much of last week, supported by strong corporate earnings and robust performances across several sectors, before geopolitical developments weighed on sentiment later in the week. Strong export data from Taiwan and South Korea provided a boost to Europe’s semiconductor sector, with ASML shares rising 4.7% and Infineon gaining more than 6% on Tuesday. Santander, one of Europe’s largest banks, reported a 17% increase in annual profit, lifting banking stocks across the euro area. Airbus also reported strong second-quarter earnings and announced a €5 billion share buyback programme. European markets did, however, experience a sell-off on Thursday as higher oil prices heightened concerns about inflation across the region. For the week, the Euro Stoxx 50 and STOXX Europe 600 closed 0.68% and 0.54% higher, respectively.

In the United Kingdom, the FTSE 100 outperformed both its European and US counterparts last week, supported by rising oil prices and broad-based strength across multiple sectors. Markets also benefited from softer inflation data, with the June inflation rate coming in at 2.6%, below forecasts of 2.7%. With oil prices moving higher, Shell and BP were among the standout performers, while gains across the mining, financial and healthcare sectors also helped lift the index. The FTSE 100 finished the week 1.82% higher.

Bonds

In the US, the 10-year Treasury yield rose to its highest level since January 2025, reaching 4.71% on Thursday before closing at 4.68%. The increase was driven partly by elevated oil prices, which could add to inflationary pressures and increase the likelihood of a Federal Reserve interest rate hike before year-end. Lower-than-expected initial jobless claims also reinforced the continued strength of the labour market, reducing pressure on the Federal Reserve from the employment side of its dual mandate. In the UK, the 10-year gilt yield moved above the 5% mark once again last week, approaching 5.1% on Thursday. The rise came as the new Chancellor, John Healey, warned about the increasing cost of doing business and the ongoing pressure from the higher cost of living.

Commodities

Oil prices rose to their highest level since late May, with Brent reaching $100 per barrel on Thursday. Renewed US threats to strike critical Iranian infrastructure, coupled with further attacks on tankers by Houthi rebels near the Bab al-Mandab Strait, pushed prices to their highest level since the US and Iran initially agreed a ceasefire. Although talks between the US and Iran appear to be ongoing, risks to global oil supplies increased significantly last week. In metals, gold rose to $4,064 per ounce last week as investors once again sought the metal’s safe-haven qualities amid heightened geopolitical uncertainty.

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