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: 03rd August 2026

The Week in Numbers

Equity Markets

Equity Indices	Value	Weekly Change	YTD Change
S&P 500	7,489.72	+0.62%	+9.41%
NASDAQ	25,373.85	+0.73%	+9.17%
EuroStoxx50	6,358.01	+0.23%	+9.78%
EuroStoxx600	649.19	+0.21%	+9.63%
FTSE 100	10,868.05	+0.75%	+9.43%
ISEQ	13,535.33	-1.85%	+3.33%

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	4.71	+1.53%	+12.47%
US 2YR	4.26	-1.34%	+22.65%
German 10YR	3.20	+2.35%	+10.37%
UK 10YR	5.05	+1.85%	+11.34%
Irish 10YR	3.37	+1.85%	+9.94%

Foreign Exchange Currency Movements

FX	Value	Weekly Change	YTD Change
EUR/USD	1.152	+1.33%	-1.86%
EUR/GBP	0.854	+0.21%	-1.92%
GBP/USD	1.348	+1.22%	+0.06%

Key Events

07/08/2026 – China Balance of Trade Data
07/08/2026 – US Non Farm Payrolls

US Corporate Earnings Round-Up: Microsoft Shines as Meta Stumbles

In our most recent Seaspray Private Financial Data Insight, we examine the latest earnings results from some of the world’s largest companies, including Microsoft, Meta, Visa, Coca-Cola, Seagate and Starbucks. This week’s earnings reports highlight a growing divide in how investors view artificial intelligence investment, rewarding companies that can demonstrate clear revenue generation from AI spending while scrutinising those with less tangible returns. We explore the key earnings highlights, market reactions and what these results may tell us about the broader outlook for US equities and corporate profitability.

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

The Federal Open Market Committee held its most recent meeting last week, with policymakers opting to keep the US interest rate unchanged at 3.75%. However, there were three dissenting votes, with those members advocating for a 25-basis-point hike. The decision to leave rates unchanged was widely expected by markets, as the Federal Reserve, under Chair Kevin Warsh, continues to navigate an uncertain inflationary environment. However, Warsh’s press conference following the announcement was negatively received by markets, with the yield on the 30-year US Treasury reaching its highest level since 2007. Investors were unsettled by what they perceived as the Fed allowing market conditions to effectively do the work of further rate hikes, as well as Warsh’s refusal to explain why the central bank had opted not to raise rates at the meeting.

Europe & UK

In Europe, a number of the largest wind turbine manufacturers are examining the possibility of merging to create industry champions, in an effort to counter the growing threat from Chinese manufacturers, which can produce turbines at greater scale and lower cost. The push for consolidation also reflects recommendations outlined in the 2024 Draghi Report, which sought to improve EU competitiveness. However, the scale of China’s domestic market provides its manufacturers with a significant structural advantage. In 2025, domestic Chinese manufacturers installed 120GW of wind turbine capacity, compared with just 20GW installed by the leading EU manufacturers.

In the UK, the Bank of England’s Monetary Policy Committee held interest rates unchanged at 3.75%. However, markets continue to expect a rate hike before the end of 2026.

Ireland

Mobile data usage surged on the day of the All-Ireland Football Final, according to provider Eir. Following Mayo’s historic victory on Sunday, data usage across Ireland rose by 36% compared with an average day. Mayo recorded the largest increase, with data traffic in Castlebar climbing to 6.7 terabytes (TB), compared with 4.5TB the previous Sunday. Vodafone also recorded its highest-ever roaming data traffic during the final, with usage jumping 80% compared with a typical day, highlighting the scale of interest surrounding the historic victory. Interestingly, the 36% increase recorded by Eir exceeded the 30% uplift generated during the World Cup Final between Spain and Argentina.

Asia-Pacific

In China, CXMT, the world’s fourth-largest manufacturer of memory chips, made its trading debut in Shanghai last Monday, with shares soaring an unprecedented 466%. The initial surge was so strong that the company briefly became the most valuable in China, overtaking both Tencent and Alibaba as its market capitalisation increased by $547 billion in a single session. CXMT is China’s equivalent to SK Hynix and Samsung and is the country’s largest producer of DRAM chips. The company only recently turned profitable, having accumulated losses of more than $5 billion over the past decade. Before the AI boom, CXMT primarily supplied chips for consumer electronics. However, it is now expected to manufacture 350,000 wafers per month by the end of 2026, approaching the production levels of US-based Micron, before reaching 500,000 wafers per month by 2028. In a further sign of the enthusiasm surrounding semiconductor manufacturers, analysts set a target price equivalent to a 1,200% increase on CXMT’s IPO price.

ASSET CLASS REVIEW

Equities

In the United States, equity market sentiment was dominated by earnings, the AI buildout and the Federal Reserve. Both the S&P 500 and NASDAQ declined early in the week, with the semiconductor sector among the hardest hit as a global sell-off in chip stocks resumed. The resounding success of China’s CXMT IPO also unnerved investors amid fears of increased competition from Chinese companies in the sector. SK Hynix’s earnings added to the pressure on semiconductor stocks, as despite reporting record results, the company failed to meet lofty investor expectations. While the NASDAQ suffered steep losses, the S&P 500 showed greater resilience due to its broader sector composition. Markets then sold off sharply on Wednesday following the Federal Reserve’s interest rate decision. While the decision to hold rates was widely expected, the content and tone of Fed Chair Kevin Warsh’s subsequent press conference spooked investors, with both the S&P 500 and NASDAQ dropping more than 1% within an hour. However, markets received some support from strong gains in Microsoft, whose shares jumped more than 5% following a positive earnings report. A market rally ensued on Thursday and Friday, cancelling out the early week losses. Against this backdrop, the US and Iran exchanged missile strikes on Tuesday and Wednesday, pushing oil prices back into the $90 range. For the week, the S&P 500 and NASDAQ closed higher, up 0.62% and 0.73% respectively.

In Europe, equity markets inched higher last week despite a volatile period for major indices. Markets initially recovered strongly after the US and Iran paused missile strikes against each other, but sentiment subsequently soured as the global semiconductor sell-off took hold. Due to Europe’s lower exposure to the technology sector, outside of a handful of major companies such as ASML, the wider market suffered only modest declines compared with markets in Asia and the US. Strong earnings from LVMH helped lift the luxury goods sector, while Unilever reported robust sales growth in Q2, supported by a major marketing campaign tied to the World Cup. Investors also welcomed positive EU growth data, with the eurozone economy expanding by 0.4% in Q2, beating expectations and improving on the zero growth recorded in Q1. For the week, the Eurostoxx50 and STOXX600 closed 0.23% and 0.21% higher respectively.

In the United Kingdom, the FTSE 100 surged to a new all-time high last Wednesday, supported by what could be described as an “anti-tech” rally. As technology-heavy indices such as the NASDAQ continued to decline amid concerns over the sustainability of the AI boom, investors turned towards markets with lower exposure to the technology sector, with the FTSE 100 emerging as a beneficiary. The index remained close to record levels for the remainder of the week, closing 0.75% higher.

Bonds

In the US, long duration bond yields moved higher last week, as the Federal Reserve kept interest rates at 3.75%. The lack of guidance from Kevin Warsh’s speech in the aftermath of the decision, along with the three dissenters who voted in favour of a rate hike, led to a surge in longer dated yields, with the 30yr hitting 5.2%, its highest level since 2007. Markets now assign a 63% probability of a rate hike in September. Yields also moved higher as the US and Iran traded missile strikes midweek. In the UK, the 10yr Gilt yield remained above 5%, as the Bank of England held rates at 3.75%, with three dissenters arguing for a hike.

Commodities

Oil prices traded within a wide range last week, having declined significantly from their recent highs. Brent crude fell to $83 per barrel on Tuesday before rebounding sharply to more than $92 on Thursday and back to $87 on Friday evening, as the US launched a wave of strikes against more than a dozen Iranian targets. With Houthi rebels continuing to target ships in the Bab al-Mandab Strait, concerns over near-term oil supply remained elevated. US strategic oil reserves declined for the 18th consecutive week, falling to their lowest level since 1983. In metals, gold prices remained above $4,000 per ounce as traders assessed the Federal Reserve’s interest rate decision and ongoing developments in the Middle East.

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