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: 20th July 2026

The Week in Numbers

Equity Markets

Equity Indices	Value	Weekly Change	YTD Change
S&P 500	7,457.69	-1.19%	+8.94%
NASDAQ	25,520.24	-2.03%	+9.80%
EuroStoxx50	6,230.87	-0.46%	+7.59%
EuroStoxx600	641.53	+0.08%	+8.33%
FTSE 100	10,600.37	+0.86%	+6.74%
ISEQ	13,565.74	-1.72%	+3.56%

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	4.54	-1.62%	+8.44%
US 2YR	4.18	-2.27%	+20.37%
German 10YR	3.14	+2.04%	+8.07%
UK 10YR	4.97	-1.10%	+9.50%
Irish 10YR	3.30	+0.65%	+7.62%

Foreign Exchange Currency Movements

FX	Value	Weekly Change	YTD Change
EUR/USD	1.143	+0.30%	-2.61%
EUR/GBP	0.850	-0.08%	-2.47%
GBP/USD	1.345	+0.48%	-0.14%

Key Events

22/07/2026 – UK Inflation Data
23/07/2026 – ECB Interest Rate Decision

Ireland’s Equity Market: A Story Beyond the Headline Index

In our most recent Seaspray Private financial data insight we focus on Ireland’s equity market and examine the recent performance, composition and key drivers of the ISEQ Overall Index. Despite underperforming major US and European indices in 2026, the Irish market has delivered impressive long-term returns, outperforming both the Euro Stoxx 50 and FTSE 100 over the past five years. We explore how a small number of heavily weighted companies, particularly Ryanair and the Irish banking sector, continue to exert a significant influence on overall index performance

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 inflation data for June was released last week, with the annual rate slowing to 3.5%, down significantly from 4.2% in May. The easing in inflation was largely driven by a sharp moderation in energy price increases, particularly for gasoline and fuel oil. Gasoline prices rose 26% year-on-year in June, compared with 40.5% in May, while fuel oil prices increased 42%, down from 58% the previous month. The significance of this slowdown prompted markets to reassess the outlook for US interest rates over the near term. Futures markets now anticipate a 25 basis point rate increase in December, rather than in October as had been expected following several consecutive months of elevated inflation readings. The softer inflation print also eases pressure on the Federal Reserve. Under Chair Kevin Warsh, the Fed has adopted an increasingly hawkish stance while providing relatively limited forward guidance on the future path of interest rates. With inflation now showing clearer signs of moderation, markets are likely to place less emphasis on the Fed’s policy statement than they would have, had inflation remained elevated.

Europe & UK

In Europe, ASML reported strong second-quarter earnings last week, providing yet another indication that demand for AI infrastructure continues to accelerate. The company reported revenues of €9.33bn, comfortably ahead of consensus estimates of €8.8bn, while also raising its 2026 revenue guidance to between €43bn and €45bn, an increase of approximately 16% from its previous forecast. As the world’s only manufacturer of extreme ultraviolet lithography (EUV) machines, which are used to produce the world’s most advanced semiconductors, ASML’s performance is widely regarded as a barometer for the broader semiconductor industry.

In the UK, a rare London listing appears to be on the horizon, with Airtel Africa preparing to float its mobile money business, Airtel Money. The listing could value the business at approximately £7.5bn, with the IPO expected to raise more than £1.5bn.

Ireland

Inward investment in Ireland received a significant boost last week, as computer chip maker Intel announced a €5bn infrastructure investment programme at Leixlip plant. This investment will see the upgrading of existing plants already on site in Leixlip, creating hundreds of permanent jobs upon completion, alongside thousands of construction jobs during the development phase. This is significant as it will mean some of Intel’s most cutting-edge semiconductors and Central Processing Units (CPUs) will be manufactured in Ireland.

Asia-Pacific

China released a series of economic data last week, with the country’s trade surplus widening to its second-highest monthly level on record. In June 2026, China reported a trade surplus of $125.6 billion, up from $113 billion a year earlier and ahead of economists’ expectations of $121 billion. The stronger-than-expected surplus was driven by record demand for semiconductors, as well as clean energy products such as batteries and solar panels. Exports reached an all-time high of $411.2 billion in June, while imports also hit a record $286 billion, highlighting the continued strength of global demand for Chinese manufactured goods. However, the week’s most significant economic release was GDP growth. China’s economy expanded by just 4.3% year-on-year, well below expectations and marking the slowest pace of annual growth since the 1990s, excluding the disrputon casued by Covid-19.

ASSET CLASS REVIEW

Equities

In the United States, last week’s key themes for equity markets were geopolitics, inflation and the start of the second-quarter earnings season. On the geopolitical front, renewed attacks by both the US and Iran over the past two weeks led to the resumption of a US blockade on ships transiting Iranian ports. The US also abandoned proposals to impose fees on vessels transiting the Strait of Hormuz, with President Trump instead announcing that Gulf states would increase investment in the United States. These heightened geopolitical tensions weighed on equity markets at the start of the week, with stocks declining on Monday before rebounding on Tuesday following the lower-than-expected US inflation print. Futures markets now expect the next 25 basis point interest rate increase to come in December rather than October. The other major driver of markets was the commencement of the second-quarter earnings season, led by the major US banks. JPMorgan Chase, Goldman Sachs and Citigroup all reported results, with each delivering better-than-expected earnings. For the week, the S&P 500 declined -1.19%, while the NASDAQ fell -2.03%.

In Europe, markets declined during the early part of last week as uncertainty in the Middle East clouded the macroeconomic outlook. Rising oil prices fuelled concerns that inflationary pressures could re-emerge, while the prospect of a return to all-out conflict between the US and Iran weighed on investor sentiment. However, the softer-than-expected US inflation data provided some relief, particularly for European financial stocks, which benefited from improving expectations around the global interest rate outlook. Markets also received a boost midweek from ASML, with the semiconductor equipment manufacturer posting strong second-quarter earnings. Luxury goods companies also performed well after Richemont reported stronger-than-expected quarterly sales, sending its shares 5% higher. Despite these gains, the Euro Stoxx 50 finished the week down -0.46%, while the STOXX Europe 600 closed 0.08% higher.

In the United Kingdom, the FTSE 100 traded within a relatively narrow range last week, with global macroeconomic developments remaining the dominant driver of performance. While heightened tensions in the Middle East weighed on broader market sentiment, they provided a boost to energy producers, with Shell and BP gaining between 2% and 4% on Monday as oil prices climbed. Financial stocks also advanced following the softer US inflation print, with financials leading the way on Tuesday. However, mining companies came under pressure on Wednesday after weaker-than-expected Chinese GDP data pointed to a softer economic outlook, raising concerns over weaker consumer demand and lower capital investment. Overall, the FTSE 100 finished the week 0.86% higher.

Bonds

In the US, the 10-year Treasury yield declined last week after weaker-than-expected inflation data reduced pressure on the Federal Reserve to raise interest rates in the near term and improved the longer-term outlook for monetary policy. In addition, producer price inflation released on Wednesday was also softer than expected, with prices weakening by 0.3% in June compared with expectations for no monthly change. In the UK, the 10-year Gilt yield moved back above 5% last week, as rising oil prices and uncertainty surrounding the appointment of the next Chancellor pushed borrowing costs higher.

Commodities

Oil prices rose by more than 15% last week as US-Iranian tensions continued to rise. Energy market analysts warned that any renewed disruption could be particularly significant, as much of the emergency stockpile released during the previous conflict in March has already been used to help avert a broader economic crisis. These reserves have yet to be fully replenished. According to the International Energy Agency, member countries now have only a limited number of weeks of emergency supply remaining, having already released approximately three-quarters of the planned 400 million barrels announced in March. In metals, gold prices fluctuated between $4,000 to $4,090 as tensions in the Middle East overshadowed the more encouraging US inflation and producer price data.

MORE INSIGHTS

Q2 Investment Review & Outlook

Data Insights

Making Waves Media Hub

Sponsorships & Events

Q2 Investment Review & Outlook

Data Insights

Making Waves Media Hub

Sponsorships & Events