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: 31st August 2026

The Week in Numbers

Equity Markets

Equity Indices	Value	Weekly Change	YTD Change
S&P 500	7,711.76	+0.96%	+12.65%
NASDAQ	26,402.42	+1.89%	+13.60%
EuroStoxx50	6,485.67	+0.64%	+11.99%
EuroStoxx600	655.16	+0.31%	+10.63%
FTSE 100	10,824.26	+0.07%	+8.99%
ISEQ	14,208.23	+0.24%	+8.47%

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	4.73	+0.64%	+12.75%
US 2YR	4.36	+2.88%	+25.47%
German 10YR	3.29	+1.31%	+13.22%
UK 10YR	5.07	+0.47%	+11.82%
Irish 10YR	3.43	+0.45%	11.84%

Foreign Exchange Currency Movements

FX	Value	Weekly Change	YTD Change
EUR/USD	1.156	-0.78%	-1.39%
EUR/GBP	0.855	-0.04%	-1.84%
GBP/USD	1.353	-0.72%	+0.44%

Key Events

01/09/2026 – EU Inflation Data
04/09/2026 – US Non-Farm Payrolls

Market Insight: NVIDIA Confirms AI Demand Remains Strong

In our latest Seaspray Private financial data insight, we highlight NVIDIA’s latest earnings report which provides one of the clearest indicators yet that global investment in artificial intelligence infrastructure continues to accelerate. The semiconductor giant delivered another strong quarter, exceeding market expectations and reinforcing confidence in the long-term growth outlook for AI-related technologies. Strong demand for data centre computing, advanced AI chips, and next-generation memory solutions highlights the scale of ongoing investment by hyperscalers and enterprise customers.

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 US and Canada ratcheted up trade tensions last week, with the US imposing 50% tariffs on Canadian cars and automotive parts after negotiations between the two countries collapsed. This prompted Canadian authorities to impose tariffs of up to 50% on $20bn worth of US imports, including products such as steel, dairy products and agricultural equipment. The implementation of these tariffs came in the same week as the release of Personal Consumption Expenditures (PCE) inflation data. PCE inflation is the Federal Reserve’s preferred measure of inflation. The PCE price index rose 0.2% month on month in July, above market estimates of 0.1% and reversing the 0.1% decline recorded in June. More importantly, on an annual basis, PCE inflation remained at 3.7%, above estimates of 3.6%. These inflation figures are becoming increasingly important to the Trump administration, with the mid-term elections in November now on the horizon. The economic outlook, on which President Trump campaigned heavily, appears increasingly tenuous for many American consumers.

Europe & UK

In Europe, Germany is now on track to deliver its strongest economic growth since 2022, despite persistent macroeconomic headwinds. The German economy expanded by 0.3% between April and June this year, in line with estimates. Alongside this, business optimism, as measured by the Ifo Business Climate Index, rose to a one-year high. These positive indicators come despite German businesses facing higher inflation and interest rates, elevated oil prices and historically low water levels on the River Rhine, a key thoroughfare for the transportation of goods within the country. Overall, the IMF estimates that Germany’s economy will expand by 1.2% this year, ahead of its previous estimate of 0.7%.

In the UK, Eli Lilly last week launched Foundayo, its weight-management and type 2 diabetes pill, making the UK the first European country to gain access to an oral form of the company’s weight-loss drugs. The launch also marks the opening of a new battleground in the weight-loss drug market, with Novo Nordisk’s Wegovy pill already available in the UK.

Ireland

In another positive sign of Ireland’s shifting energy balance, the latest data from the CSO shows that, in 2025, half of Ireland’s grid-scale electricity was generated from renewable energy sources. While gas remained the largest source of electricity generation, accounting for 47% of the total, wind energy ranked second at 40%, an increase of 3% compared with 2024. Most notable, however, was the continued growth of solar energy, which has expanded rapidly in recent years. In 2025, solar generation increased by 51% compared with 2024. June 2025 also marked a historic turning point for Ireland’s energy sector, as the country ceased using coal for electricity generation.

Asia-Pacific

Moonshot, one of China’s main rivals to leading US AI developers such as Anthropic and OpenAI, was reported to be in talks with major US technology companies over potential revenue-sharing agreements. These agreements would allow Microsoft, Amazon and Alphabet to host Moonshot’s Kimi K3 AI model. If the deals come to fruition, it would mark the first time a revenue-sharing agreement has been reached between a Chinese AI firm and a major US cloud provider. Despite ongoing national security concerns, the discussions highlight the growing interest in lower-cost AI models developed in China, particularly as AI inference costs in the US continue to rise.

ASSET CLASS REVIEW

Equities

In the United States, equity markets traded in a narrow range for much of the week as investors awaited NVIDIA’s earnings on Wednesday evening. The world’s largest company delivered another strong set of results, beating Wall Street estimates. NVIDIA reported quarterly revenue of $96.2bn, more than double the level recorded a year earlier, with $89bn generated by its data centre business. The company also guided for revenue of approximately $108bn in the current quarter. The $89bn in data centre revenue comprised $49bn from hyperscalers, supported by sustained demand for the company’s Blackwell chips, and $40bn from the faster-growing AI Clouds, Industrial & Enterprise (ACIE) segment. ACIE revenue increased by 25% sequentially and 138% year on year. The positive results sent NVIDIA shares 7% higher in post-market trading on Wednesday evening and contributed to a broader rally in technology stocks during Thursday’s session. Outside of NVIDIA’s earnings, markets were driven by developments in the Middle East, the ongoing trade dispute between the US and Canada, and movements in the bond market. There were no major developments between the US and Iran; however, Iran announced that it had agreed a revenue-sharing arrangement with Oman covering transit through the Strait. The announcement of tariffs on Canadian car exports, followed by retaliatory tariffs from Canada, once again raised inflation concerns. For the week, the S&P 500 and Nasdaq closed 0.96% and 1.89% higher, respectively.

In Europe, markets moved sideways for much of the week as investors awaited NVIDIA’s earnings on Wednesday. The positive results provided an uplift to certain AI and semiconductor-related companies, with ASML, SAP and STMicroelectronics all rising by between 1% and 4% on Thursday. However, these gains were overshadowed by broader uncertainty surrounding oil and natural gas prices and their potential impact on EU inflation as winter approaches. Natural gas prices in the EU reached their highest level in three years as a result of disruptions in the Middle East, while EU gas storage levels fell to their lowest for this time of year in six years. For the week, the Euro Stoxx 50 and STOXX Europe 600 closed 0.64% and 0.31% higher, respectively.

In the United Kingdom, the FTSE 100 traded higher during the early part of last week, bucking the trend of uncertainty seen in the US and Europe, partly due to its relatively limited exposure to major technology companies. Instead, rising oil and commodity prices supported companies in the energy and materials sectors. However, a reversal in oil prices on Thursday pulled the index lower, although the FTSE 100 still closed the week 0.24% higher.

Bonds

In the US, the 10-year Treasury yield ticked higher last week to 4.73%. Yields rose after Fed Chair Kevin Warsh stated that inflation had not slowed meaningfully in his Jackson Hole address. Along with this, PCE inflation data saw prices accelerate by 0.2% in July, ahead of expectations for a 0.1% increase. Investors also continued to assess the Treasury Department’s plan to double its buybacks of longer-term US securities, a proposal that has attracted significant criticism from several influential investors.

Commodities

Oil prices declined last week, with Brent falling by almost 7% over the week to $88 and US crude by approximately 5.6% to $83. Prices moved lower after new US sanctions on Iran’s trading partners were judged to be less disruptive to global supply than initially feared, while talks between Oman and Iran raised hopes that the Strait of Hormuz could reopen. Iran announced that it had agreed a revenue-sharing arrangement with Oman covering transit through the Strait, although it cautioned that the agreement would not guarantee an immediate reopening.

In metals, gold reached almost $4,700 an ounce on Tuesday, its highest level since May, before falling to $4,454 on Friday after Kevin Warsh’s hawkish address on inflation. The metal has rallied strongly in August, as US Treasury intervention in the bond market has raised concerns over the outlook for the US dollar. Gold remains on course for its strongest monthly performance since 1999.

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