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: 10th August 2026

The Week in Numbers

Equity Markets

Equity Indices	Value	Weekly Change	YTD Change
S&P 500	7,757.64	+3.00%	+13.32%
NASDAQ	26,690.62	+4.25%	+14.84%
EuroStoxx50	6,523.86	+1.91%	+12.65%
EuroStoxx600	660.25	+1.56%	+11.49%
FTSE 100	10,901.09	+0.61%	+9.76%
ISEQ	14,320.37	+4.29%	+9.32%

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	4.64	-0.58%	+10.82%
US 2YR	4.19	-0.99%	+20.83%
German 10YR	3.12	-0.87%	+7.52%
UK 10YR	4.92	-0.48%	+8.51%
Irish 10YR	3.28	-1.02%	+7.01%

Foreign Exchange Currency Movements

FX	Value	Weekly Change	YTD Change
EUR/USD	1.155	+0.10%	-1.59%
EUR/GBP	0.856	+0.11%	-1.74%
GBP/USD	1.348	-0.02%	+0.12%

Key Events

12/08/2026 – US Inflation Data
13/08/2026 – UK GDP Data

US Corporate Earnings Round-up: Lift off for SpaceX

In this week’s Seaspray Private financial insight, we continue to analyse US corporate earnings. Chief amongst these earnings was SpaceX, whose recent IPO was the largest in history. This would be the space exploration and AI developers first earnings call since becoming a publicly traded company. Along with SpaceX, Advanced Micro Devices, one of the key semiconductor names also announced its Q2 earnings. We also take a quick look at some of the other key earnings calls, including Arista Networks, McDonalds and Eli Lilly.

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

In an effort to strengthen supplies of critical minerals, the US has banned the export of certain used critical minerals that are predominantly used in the defence sector. The Bureau of Industry and Security announced a one-year ban on the export of a substance known as “black mass”, which is produced by shredding batteries, along with scrap tungsten. Under the new rules, which were introduced directly by the White House, US sellers of these materials must now sell exclusively to domestic buyers unless an exemption is granted. In the case of scrap tungsten, the US has no active tungsten mines and instead relies on recycling facilities to gradually reprocess the metal. However, some of this scrap is currently exported to China, the world’s largest producer of tungsten, as well as to recycling hubs in Taiwan, South Korea and the Philippines.

Europe & UK

In Europe, the issuance of green bonds is set to reach record levels in 2026, rebounding from lower issuance in 2025 as the region continues to lead the way in ESG-focused financing. These debt instruments are issued by both governments and businesses to raise capital for climate projects. A record $242bn worth of green bonds were issued during the first half of 2026, with full-year issuance expected to surpass the previous record of $385bn, set in 2024. One of the key drivers behind the increase in issuance has been a renewed focus on energy security, which continues to gain greater prominence due to the ongoing US-Iran conflict.

In the UK, Segro, one of the country’s largest real estate groups, accepted a takeover bid from US rival Prologis, under which the US Real Estate Investment Trust (REIT) will acquire the business for approximately £14.3 billion. The transaction is set to become one of the largest acquisition deals in the UK this year.

Ireland

Ryanair recorded its busiest July on record in terms of passenger numbers, carrying 22.2 million passengers, an increase of 7% compared with July 2025. The airline also operated a record 120,800 flights during the month, highlighting the continued expansion of its network. In terms of passenger numbers, Ryanair carried almost three times as many passengers as its closest rival, Wizz Air, which reported 8.36 million passengers during the same period.

Elsewhere, the value of agricultural output in Ireland rose by 12% in 2025 compared with 2024, reaching €14 billion, driven in part by higher cattle prices. The value of milk production also increased by 8%, with stronger prices and higher production volumes adding €316 million to its value compared with 2024.

Asia-Pacific

Shein, one of the world’s most prominent online fashion retailers, which has become renowned for its cut-price bargains on clothing, is planning to list on the Hong Kong Stock Exchange before the end of August, according to a report by Reuters. The fast-fashion company is aiming to achieve a valuation of between $30 billion and $40 billion through its IPO, well below the $98.2 billion valuation it attained in 2022 following private fundraising rounds. Since then, however, growth has slowed and the company has faced a number of external market challenges.

In more IPO news, Glencore, one of the UK’s largest listed mining companies, announced that it is preparing for a secondary listing in Australia, aiming to tap into the country’s deep pool of investment capital and a market with extensive expertise in the mining industry.

ASSET CLASS REVIEW

Equities

In the United States, equity markets enjoyed a strong week, supported by robust corporate earnings and renewed investor demand for AI-related stocks. During the early part of the week, both the S&P 500 and NASDAQ rallied, with the S&P 500 closing at a new record high on Tuesday. Amazon, which for years had been viewed as one of the laggards among the Magnificent Seven stocks, surpassed $3 trillion in market capitalisation for the first time in its history on Monday, aided by strong second-quarter earnings. Alongside Amazon, Microsoft, Meta and NVIDIA also rallied during the early part of the week. Markets were further supported by optimism surrounding a potential agreement involving Iran, Oman and the US that would lead to the reopening of the Strait of Hormuz. The cessation of missile strikes by both the US and Iran also helped lift investor sentiment.

As the week progressed, markets plateaued but remained firmly bullish. Oil prices continued to decline, easing inflation concerns, while corporate earnings continued to highlight the strength of the US economy. In particular, Arista Networks, Eli Lilly and Caterpillar all exceeded revenue expectations, with Arista and Caterpillar continuing to benefit from the “picks and shovels” AI investment theme. SpaceX also reported its first public earnings since its IPO. Although the company beat both revenue and EPS estimates, its capital expenditure guidance unsettled investors, causing the shares to fall by almost 10% on Tuesday alone. On the geopolitical front, the announcement of an agreement between Iran and Oman on a proposed shipping route through the Strait of Hormuz also lifted sentiment on Thursday. For the week, the S&P 500 and NASDAQ closed 3.00% and 4.25% higher respectively.

In Europe, equity markets also rallied, with both the Euro Stoxx 50 and STOXX Europe 600 reaching fresh highs. A combination of sharply lower oil prices and strong corporate earnings resulted in both indices recording three consecutive days of gains from Monday to Wednesday. Easing inflation and interest rate concerns also supported market sentiment. On the earnings front, Siemens Energy reported record third-quarter sales, with its shares rising 3.5% on Wednesday, while Heineken also delivered strong results, pushing its shares 2.1% higher. For the week, the Euro Stoxx 50 and STOXX Europe 600 closed 1.91% and 1.56% higher respectively.

In the United Kingdom, the FTSE 100 continued to trade within a narrow range near record highs, supported by improving sentiment surrounding developments in the Middle East. Strong earnings from Glencore and Coca-Cola HBC also provided support for the index. For the week, the FTSE 100 closed 0.61% higher.

Bonds

In the US, the 10-year Treasury yield declined to 4.64% on Friday, as the prospect of the Strait of Hormuz reopening pushed oil prices lower and eased broader inflationary pressures. The decline in oil prices and the resulting moderation in inflation expectations should also influence upcoming Federal Reserve policy decisions, with the next potential interest rate increase now expected towards the latter part of the year. However, the agreement between Iran and Oman has led futures markets to price in just one further rate hike in 2026. In the UK, the 10-year gilt yield also moved lower, tracking the broader decline in global bond yields as falling oil prices and easing inflation expectations improved the outlook for interest rates.

Commodities

Oil prices declined by more than 10% last week, as hopes were rekindled that a lasting ceasefire could be agreed between the US and Iran. An agreement between Iran and Oman on proposed shipping lanes through the Strait of Hormuz further increased hopes that a broader deal was nearing, although investors continued to question the durability of any ceasefire. The conflict has wreaked havoc on global oil supplies, with Aramco CEO Amin Nasser stating that more than 2.6 billion barrels of oil production have been lost since the outbreak of the war between the US and Iran. In metals, gold prices rallied last week, rising from $4,050 to nearly $4,300 on Friday, as easing interest rate concerns and hopes of a prolonged cessation of hostilities in the Middle East boosted demand for safe-haven assets.

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