Momentum Chart of the Week – 27 July 2026
Surging oil prices and renewed US tariffs revived global inflation concerns, pushing bond yields higher and reducing expectations for easier monetary policy. Download PDF
Surging oil prices and renewed US tariffs revived global inflation concerns, pushing bond yields higher and reducing expectations for easier monetary policy. Download PDF
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The week was dominated by macroeconomic fundamentals, with markets focusing on the Federal Reserve's June meeting minutes, which reinforced expectations of higher US interest rates for longer. Investors grew more confident that global growth was slowing gradually rather than weakening sharply, supporting equity markets despite higher bond yields. Download PDF
June delivered mixed returns for global equities as market leadership broadened beyond the mega-cap technology sector. Global markets weakened overall as a sharp pullback in large technology stocks offset gains in cyclical and value-oriented areas of the market. Europe outperformed, US small-cap and equal-weight indices advanced, while Asia-Pacific markets lagged.
The week was dominated by macroeconomic fundamentals, with markets focusing on the Federal Reserve's June meeting minutes, which reinforced expectations of higher US interest rates for longer. Investors grew more confident that global growth was slowing gradually rather than weakening sharply, supporting equity markets despite higher bond yields. Download PDF
Global investors became more optimistic following energy-market stabilisation, but geopolitical and climate-related risks remain elevated. The major concern for investors shifted to growth: weaker US employment data, soft consumer conditions in the UK, and uneven global demand raised questions about the strength of the second-half recovery. Download PDF
The dominant global financial theme was the tension between growth ambitions and fiscal constraints. Markets focused on AI-driven investment, government spending priorities, trade and industrial policy, and central-bank outlooks, while political developments in the UK, US, Europe, and China increasingly influenced. Download PDF
The dominant global market driver was the sharp reversal in energy prices following Middle East de-escalation, improving risk sentiment while leaving long-term geopolitical uncertainty unresolved. Download PDF
Despite severe geopolitical conflicts in Ukraine and the Middle East, alongside viral outbreaks, global equity markets defied the "sell in May" adage to hit new record highs in May 2026, driven by an insatiable appetite for semiconductor stocks and fervor surrounding upcoming tech IPOs like SpaceX and OpenAI. This powerful