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: 17th August 2026

The Week in Numbers

Equity Markets

Equity Indices	Value	Weekly Change	YTD Change
S&P 500	7,785.76	+0.39%	+13.74%
NASDAQ	26,729.16	+0.13%	+15.00%
EuroStoxx50	6,539.59	+0.11%	+12.92%
EuroStoxx600	657.86	-0.47%	+11.09%
FTSE 100	10,750.11	-1.36%	+8.24%
ISEQ	14,541.08	+2.02%	+11.01%

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	4.69	+0.64%	+11.85%
US 2YR	4.17	-0.88%	+20.09%
German 10YR	3.21	+2.43%	+10.49%
UK 10YR	5.04	+2.30%	+11.13%
Irish 10YR	3.36	+1.72%	+9.40%

Foreign Exchange Currency Movements

FX	Value	Weekly Change	YTD Change
EUR/USD	1.156	+0.08%	-1.51%
EUR/GBP	0.854	-0.20%	-1.95%
GBP/USD	1.353	+0.27%	+0.45%

Key Events

19/08/2026 – UK Inflation Data
19/08/2026 – US FOMC Minutes

Critical Minerals: Soaring Prices and the Future of Supply and Demand

In our latest Seaspray Private financial insight, we analyse the price dynamics of the critical minerals sector. As the world economy becomes more reliant on these minerals for the development of industries such as AI and clean energy, many of these minerals have seen significant price increases over the past year, for various reasons including geopolitics and supply constraints. We also look at the outlook for global supply and demand of rare earth minerals, which are particularly important for developments in wind energy and other frontier industries.

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

As demand for AI computing capacity soars, NVIDIA, the world’s largest semiconductor designer, has announced plans to partner with major financial institutions to launch compute financing platforms aimed at raising capital for the AI infrastructure buildout. The initiative aims to raise more than $500bn in third-party funding, with NVIDIA committing to backstop up to $125bn of potential deals. The company has signed memorandums of understanding with financial firms including KKR, Brookfield, BlackRock and Goldman Sachs, with the platforms designed to provide companies and governments with access to a deep pool of capital to fund AI infrastructure. For fund managers, the initiative presents an opportunity to create long-duration bonds and other investment products linked to the growth of AI. Capital expenditure by major technology firms in the AI sector is expected to reach $730bn in 2026, highlighting the significant level of investment already committed to the technology.

Europe & UK

In Europe, Revolut was awarded a full banking licence in France, a pivotal step for the fintech that will accelerate its expansion across the European continent. The approval will also provide greater oversight of the bank’s operations by French regulators, with Revolut having 7mn customers in France, its largest customer base in Continental Europe. This is the third major banking licence secured by Revolut in 2026, following approvals in the UK and Australia. Overall, the bank now has 75mn customers and aims to reach 100mn by mid 2027.

In the UK, July’s heatwave and the World Cup contributed to increased consumer spending, particularly on clothing and in pubs. The British Retail Consortium reported that pub transactions increased by 10% in July, while food sales rose by 3.8%. Overall, consumer spending increased by 2% in July, up from 1.9% in June.

Ireland

Annual inflation stood at 3.4% in July, unchanged from the rate recorded in June but remaining elevated above the European Central Bank’s 2% target. July’s inflation figure was characterised by a significant annual increase in the cost of education services (+8.9%), reflecting higher third-level education costs following measures introduced in the most recent Budget. In terms of monthly price movements, Recreation, Sport and Culture prices rose by 2.7%, primarily due to higher costs associated with package holidays.

Asia-Pacific

The first regular container shipping service across the Arctic was launched last week, with a Chinese container ship beginning its voyage from Ningbo in China to Felixstowe in the UK. While container voyages through the Arctic have taken place before, this will be the first regular service to navigate what has been dubbed the “Ice Silk Road”, a reference to the original Silk Road trading corridor that once linked Europe and Asia through Persia. The attraction of using the Arctic route is twofold. Firstly, the corridor could potentially halve the typical voyage time between China and Europe, from around 40 days to approximately 20 days, depending on prevailing ice conditions in the Arctic. Secondly, with geopolitical tensions affecting the crucial Bab al-Mandab Strait, which connects Asia with the Red Sea and Suez Canal, shipping companies are increasingly exploring alternative routes that bypass the region. However, concerns have been raised about the environmental impact of increased shipping in the region, particularly as peak winter sea ice declined by 5.8% between 2024 and 2025.

ASSET CLASS REVIEW

Equities

In the United States, market sentiment was predominantly driven by US inflation data and the ongoing situation in the Middle East. Markets were subdued on Monday and Tuesday as investors awaited the latest inflation data that would provide further insight into the direction of the US economy and whether the current interest rate outlook remained viable. The July inflation rate came in at 3.4%, marginally lower than the June rate and in line with estimates. In the Middle East, concerns persisted as rhetoric from the White House continued to send mixed signals. Early in the week, President Trump struck an amicable tone; however, this was short-lived, with tensions rising again by midweek. Reports of strikes on ships on Wednesday led to a further deterioration in talks, with Iran signalling that the Strait of Hormuz would remain closed unless Washington accepted its conditions. In a further sign of positive market sentiment, JP Morgan last week raised its year-end 2026 target for the S&P 500 to 8,000, up from its previous estimate of 7,800. The increase was attributed to the strong corporate earnings season, alongside growing optimism that AI investment by hyperscalers will translate into faster revenue growth at these companies. This implies a gain of just 3.7% from the previous Monday’s close; however, with the index already up 13% YTD, despite global headwinds and concerns that the market may be approaching a peak, further gains would represent another strong year for US equities. For the week, the S&P 500 and NASDAQ closed 0.39% and 0.13% higher, respectively.

In Europe, markets traded slightly higher last week as investors focused on US CPI data and developments in the Middle East. However, the time of year and lack of major earnings announcements meant market movements were largely muted. European technology companies received support on Wednesday following positive earnings from CoreWeave, with ASML rising nearly 2% on the day. In a positive development for the clean energy sector, Vestas, one of Europe’s largest wind turbine manufacturers, reported strong Q2 earnings, raised its profit guidance for 2026 and announced a €400mn share buyback. The company’s total order backlog now stands at €36bn, equivalent to 32.5 gigawatts of capacity. For the week, the Eurostoxx 50 closed +0.11% higher, while the STOXX600 closed -0.47% lower.

In the United Kingdom, the FTSE 100 continued to trade within a narrow range, having spent the 10 sessions to last Wednesday moving no more than 0.5% in either direction. Muted trading activity reflected the summer holiday period and broader market sentiment, with investors continuing to await greater clarity on developments in the Middle East. The FTSE 100 closed -1.36% lower for the week.

Bonds

In the US, the 10-year Treasury yield initially climbed above 4.73% last week before declining towards 4.69%, after July CPI data came in below the June reading and in line with estimates. The yield initially rose amid uncertainty in the Middle East and higher oil prices; however, the inflation print eased concerns over the inflation outlook and prompted traders to pare back expectations for future interest rate increases. A rate hike is still expected, although the timing is now more uncertain, as the July inflation reading reduced pressure on the FOMC to tighten monetary policy in the near term. In the UK, the 10-year Gilt yield broadly tracked movements in the US, staying above 5% for much of the week.

Commodities

Oil prices climbed once again last week. Brent prices rose on the back of increasingly hawkish rhetoric from both the US and Iran regarding the ongoing conflict. In the wider market, the International Energy Agency last week estimated that the global oil market could face a supply shortfall of 1.8mn barrels per day during Q3, twice its previous forecast. Meanwhile, the US continued efforts to rebuild its reserves, with inventories rising by 17.4mn barrels last week, the largest increase since 2023. In metals, gold prices were supported by softer US inflation data, which eased concerns over the interest rate outlook and increased expectations that the Federal Reserve could adopt a more dovish stance.

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