InvestMacro

On Thursday, US indices showed mixed dynamics, reflecting a deep split between the overheated technology sector and the “traditional” economy. By the end of the day, the Dow Jones Index (US30) rose by 1.14%. The S&P 500 Index (US500) closed at its opening price. The Technology‑heavy NASDAQ Index (US100) closed lower by 0.80%. Semiconductor manufacturers (Micron, Applied Materials, AMD, SanDisk, Marvell) continued a second wave of sell‑offs amid doubts about the sustainability of AI‑company valuations, while the Dow Jones Index updated its historical high. The key driver of Dow’s growth was US employment data, which came in weaker than expected. This cooled market fears regarding immediate Fed tightening and offset negative sentiment.

European indices closed in the green on Thursday. By the end of the day, Germany’s DAX (DE40) rose by 2.16%, France’s CAC 40 (FR40) closed up 1.65%, Spain’s IBEX 35 (ES35) gained 1.37%, and the UK’s FTSE 100 (UK100) finished the trading session higher by 1.67%. On Thursday, the DAX 40 Index showed impressive growth, updating its historical high. The main driver of optimism was a large reform package from Friedrich Merz’s government, including tax relief for households and housing‑sector initiatives, which, combined with weakening hawkish expectations for Fed and ECB policy, created a favorable investment environment.

The US natural gas prices fell below 3.2 dollars per MMBtu amid oversupply and bearish dynamics in related energy markets. According to the EIA report, weekly storage injections reached 87 billion cubic feet, exceeding expectations and keeping inventories 6.2% above historical averages. Fundamental pressure is complemented by high production activity: output in the continental states remains near a record 110 billion cubic feet per day, while LNG export capacity is steadily loaded at 17.3 billion cubic feet per day.

Oil prices (WTI) fell by 2% to around 67 dollars per barrel, reaching pre‑war levels amid a sharp increase in shipments through the Strait of Hormuz, which exceeded 10 million barrels per day. The market is reacting to the recovery of export flows from the UAE and active releases of oil from reserves, which, along with one‑off sales by Saudi Arabia, form a persistent oversupply. Meanwhile, US domestic oil inventories have reached their lowest level since March 2025, reflecting the consequences of a twelve‑week period of continuous declines.

On Thursday, Japan’s Nikkei 225 (JP225) fell by 2.47%, China’s FTSE China A50 closed lower by 3.11%, Hong Kong’s Hang Seng (HK50) rose by 0.76%, and Australia’s ASX 200 (AU200) closed higher yesterday by 0.02%. Market optimism was driven by improved global risk sentiment after weak US labor‑market data, which reduced fears of further Fed rate hikes. Additional support for risk appetite came from falling oil prices amid normalization of shipping through the Strait of Hormuz, which eased inflationary pressure and created a favorable backdrop for a wide range of assets.

The Australian dollar is strengthening for the second session in a row, approaching 0.690 USD and ending the week in the green. Growth is supported by the hawkish interpretation of the minutes from the June meeting of the Reserve Bank of Australia: analysts at CBA and ANZ highlighted the regulator’s concern about excessive demand and capacity constraints, which signals persistent inflation risks despite market skepticism regarding further rate hikes.

The New Zealand dollar recovered to 0.570, breaking a prolonged downward trend and showing its first weekly gain in three weeks. The main catalyst for optimism was the weakening of the US dollar caused by disappointing US labor‑market data, which forced investors to revise expectations regarding aggressive Fed rate hikes. Positive dynamics for the kiwi are also supported by market anticipation of the Reserve Bank of New Zealand’s decision at the upcoming meeting. Despite expert discussions about the appropriateness of a pause in tightening due to falling global energy prices, market pricing reflects a roughly 78% probability of a rate hike.

By the end of the day, the Dow Jones Index (US30) fell by 0.03%. The S&P 500 Index (US500) declined by 0.22%. The Technology‑heavy NASDAQ Index (US100) closed lower by 1.54%. Investors began to doubt the justification for high investments in AI, which led to a collapse in Micron Technology shares by -10.6%, AMD fell by -6.9%, and Intel by -9%. Meanwhile, the Dow Jones remained almost unchanged, as companies from “non‑tech” sectors limited the overall market decline.

Speaking at the ECB forum in Sintra, Fed Chair Kevin Warsh reaffirmed the regulator’s commitment to achieving the 2% inflation target despite the recent stabilization of price pressures. The head of the regulator emphasized the preservation of the Fed’s institutional independence and announced the final abandonment of the “forward guidance” practice, shifting to a fully data‑dependent decision‑making model. Considering that at the June meeting the Fed adopted a hawkish stance with an emphasis on potential rate hikes before the end of the year, the abandonment of preliminary guidance increases volatility in expectations and underscores the institution’s determination to maintain restrictive conditions until the downward inflation trend becomes sustainable.

European indices closed mixed on Wednesday. By the end of the day, Germany’s DAX (DE40) rose by 0.18%, France’s CAC 40 (FR40) closed down 0.79%, Spain’s IBEX 35 (ES35) declined by 0.34%, and the UK’s FTSE 100 (UK100) finished the trading session lower by 0.18%. Preliminary data for June 2026 indicated a significant slowdown in Eurozone inflation to 2.8% from 3.2% in May, which was noticeably below market expectations of 3.0%. This is the lowest reading since February, achieved thanks to a substantial decline in energy price growth to 8.7%, as well as cooling inflationary pressure in services to 3.2% and food to 1.6%. The core Index, excluding volatile energy and food components, also fell to 2.4%, indicating a gradual weakening of overall price pressure. Positive dynamics were observed in almost all major economies of the bloc, with indicators in Germany, France, and Italy declining significantly, while Spain maintained inflation at 3.6%.

On Wednesday, crude oil prices fell below the psychological mark of 68 dollars per barrel, updating to a four‑month low amid signs of de‑escalation in the Strait of Hormuz. The resumption of shipping and constructive indirect negotiations between the US and Iran in Qatar reduced the geopolitical premium in energy prices, triggering a wave of selling in the markets. Pressure on prices is also being exerted by the fundamental factor of oversupply. Despite Tehran maintaining claims to administrative control over the strait, the partial restoration of tanker flows has significantly eased market participants’ concerns about the stability of global supplies, forcing investors to revise their positions toward a bearish scenario.

On Wednesday, Japan’s Nikkei 225 (JP225) rose by 0.59%, China’s FTSE China A50 closed lower by 1.15%, Hong Kong’s Hang Seng (HK50) did not trade yesterday, and Australia’s ASX 200 (AU200) closed lower yesterday by 0.64%.

The Australian dollar continues to consolidate near a three‑month low below 0.690 USD under pressure from weak macroeconomic data and revised market expectations for monetary policy. The unexpected trade deficit for May of 3.02 billion Australian dollars, the worst figure since late 2015, resulted from a decline in export shipments alongside a record high in imports, which significantly worsened investor sentiment. As a result, markets sharply reduced the probability of an August rate hike by the Reserve Bank of Australia to 15%, with every second market participant now expecting the tightening cycle to end.

By the end of the day, the Dow Jones Index (US30) rose by 0.26%. The S&P 500 Index (US500) gained 0.79%. The Technology‑heavy NASDAQ Index (US100) closed higher by 1.52%. The main driver of growth was the technology sector, where investors ignored concerns about AI‑company valuations in favor of strong expectations from semiconductor manufacturers: AMD shares jumped by 7.7%, Intel rose by 6%, and Nvidia added 2.6%. Additional support for the market came from the stabilization of oil prices at pre‑conflict levels, which reduced inflationary pressure and eased fears of aggressive Fed rate hikes.

European indices closed in the green on Tuesday. By the end of the day, Germany’s DAX (DE40) rose by 1.50%, France’s CAC 40 (FR40) closed up 0.44%, Spain’s IBEX 35 (ES35) gained 0.44%, and the UK’s FTSE 100 (UK100) finished the trading session higher by 0.12%. On Tuesday, European stock markets ended trading with solid gains thanks to easing inflationary pressure, which strengthened expectations of a softer monetary policy and lower borrowing costs for businesses. Weaker‑than‑expected inflation readings in Germany, France, and Italy reinforced investors’ belief that the price growth, which accelerated due to the Middle Eastern conflict, is beginning to stabilize. Against this backdrop, market participants revised expectations for ECB rates, reducing the likelihood of further tightening this year. This supported the bond market and improved credit activity predictions. The banking sector reacted with gains: shares of UniCredit, BNP Paribas, and ING rose by about 2%. Significant growth was also seen in technology and industrial companies – Siemens and Siemens Energy shares rose after positive prognosis for the development of the data‑center market, while ASML shares jumped 7% following renewed interest in semiconductor manufacturers.

The rise of silver to the level of 60 dollars per ounce after falling to seven‑month lows shows that the market has begun reacting more strongly to fundamental industrial demand rather than solely to interest‑rate factors. Unlike gold, silver remains both a safe‑haven metal and an industrial raw material, so its dynamics often differ during technological cycles. Support for prices is currently provided by renewed interest in the semiconductor sector, data‑processing centers, and the expansion of computing infrastructure – areas where silver is used due to its high electrical conductivity.

On Tuesday, oil prices remained around 70.2 dollars per barrel, while in the second quarter the market recorded a decline of roughly 30%, marking the sharpest quarterly drop since 2020. Pressure on prices intensified due to increased supply linked to rising shipping activity through the Strait of Hormuz after progress in peace negotiations, which allowed previously restricted volumes from the Persian Gulf to be released. Additional influence came from US sanctions exemptions for Iran, which added new oil volumes to the market amid already high supply, including shipments bypassing restrictions.

Natural gas prices in the US rose by more than 3%, approaching 3.30 dollars per MMBtu. The main growth factors were increased supply to LNG export terminals and expectations of record electricity consumption. Additional support for the market comes from a massive heat wave: high temperatures are forcing households to use cooling systems more actively, and in some regions, including New York, outlooks point to levels close to historical highs. Given projections of persistent extreme heat until mid‑July, increased load on gas‑fired power plants is expected, which provide about 40% of the country’s electricity generation.

On Tuesday, Japan’s Nikkei 225 (JP225) rose by 0.86%, China’s FTSE China A50 closed higher by 0.97%, Hong Kong’s Hang Seng (HK50) fell by 0.63%, and Australia’s ASX 200 (AU200) closed higher yesterday by 0.51%.

On Monday, the offshore yuan weakened to around 6.79 per dollar, breaking a two‑day rise amid growing investor concerns about China’s economic outlook. Negative sentiment was reinforced by the results of a private business‑activity survey, according to which the manufacturing PMI fell to a three‑month low (51.7 versus 51.8 in May). These data contrasted with official statistics published on June 30, which showed an increase in the manufacturing PMI, but markets focused on more alarming assessments from Goldman Sachs analysts: experts noted weak consumer confidence, a prolonged real‑estate crisis, and persistent pressure on the labor market. Pressure on the currency intensified despite the People’s Bank of China setting the daily midpoint at 6.8067 per dollar, the strongest fixing in three years.

The New Zealand dollar fell to 0.566 USD, consolidating near seven‑month lows amid continued strengthening of the US dollar. Investors remain cautious, assessing the monetary policy outlook of the Reserve Bank of New Zealand ahead of next week’s meeting. Analysts’ opinions on further rate hikes remain mixed: on the one hand, the market is pricing in the possibility of tightening; on the other hand, the recent decline in global oil prices reduces the need for aggressive measures.

The US stock markets on Monday showed confident growth, breaking a five‑day losing streak and recovering part of their positions after recent volatility. Investors expressed optimism amid signs of de‑escalation in geopolitical tensions between the US and Iran, as well as a reassessment of the prospects for the technology sector. By the end of the day, the Dow Jones Index (US30) rose by 0.59%. The S&P 500 Index (US500) gained 1.18%. The Technology‑heavy NASDAQ Index (US100) closed higher by 2.25%.

The leaders of growth were companies from the communication and high‑tech sectors, including Tesla, which demonstrated a significant rally, while the materials sector came under pressure despite continued activity in the energy segment. A notable event of the day was the inclusion of Alphabet in the Dow Jones Index, where it replaced telecommunications giant Verizon. Against this backdrop, Alphabet shares showed a noticeable increase.

European indices closed lower on Monday. By the end of the day, Germany’s DAX (DE40) fell by 0.18%, France’s CAC 40 (FR40) closed down by 0.21%, Spain’s IBEX 35 (ES35) declined by 0.20%, and the UK’s FTSE 100 (UK100) finished the trading session down by 0.23%. European indices have been showing negative dynamics for the second session in a row due to persistent uncertainty surrounding the conflict in the Middle East. Despite agreements between the US and Iran on a temporary halt to exchanges of strikes in the Strait of Hormuz area, investors remain cautious ahead of new inflation data and the upcoming European Central Bank forum in Sintra, where key speeches by the heads of the Fed and ECB may clarify the future outlook for monetary policy.

Oil prices on Monday corrected upward, rising above 70 dollars per barrel after falling to a four‑month low. Despite attempts to normalize shipping through the Strait of Hormuz, tanker traffic volumes remain limited, as recent weekend attacks have significantly undermined market participants’ confidence in the safety of this strategic route. Diplomatic efforts aimed at de‑escalating the conflict remain in focus: the US and Iran agreed to suspend military operations ahead of peace talks in Doha scheduled for Tuesday.

On Monday, Japan’s Nikkei 225 (JP225) rose by 0.15%, China’s FTSE China A50 closed higher by 1.43%, Hong Kong’s Hang Seng (HK50) gained 1.57%, and Australia’s ASX 200 (AU200) closed higher yesterday by 0.68%.

The Australian dollar updated a three‑month low, falling below 0.687 USD under pressure from the global strengthening of the US dollar. Despite the published RBA minutes, where the regulator confirmed its readiness for further rate hikes due to inflation risks in the Middle East, the market reacted skeptically. Lower energy prices led to a revision of the probability of policy tightening in Australia to 40%, and investors began pricing in a possible rate cut in mid‑2027.

The offshore yuan weakened to around 6.79 per dollar, ending a two‑month period of growth. The main pressure on the currency came from the strengthening of the US dollar, supported by expectations of prolonged high interest rates from the Fed and demand for a “safe-haven” due to geopolitical tensions. The People’s Bank of China also contributed to this trend by setting daily fixings below market expectations, signaling the authorities’ readiness for gradual yuan depreciation.

China’s economic indicators showed moderate positive dynamics: the manufacturing PMI in June rose to 50.3 (compared to 50.0 in May), and the non‑manufacturing PMI increased to 50.2. Steady demand for high‑tech exports helped the economy adapt to logistical disruptions caused by the Middle Eastern conflict.

By the end of the day, the Dow Jones Index (US30) fell by 0.08% (weekly +0.62%). The S&P 500 Index (US500) declined by 3.47% (weekly -1.95%). The technology‑heavy Nasdaq (US100) closed lower by 1.09% (weekly -4.62%). The global economic environment remains heavily influenced by US–Iran negotiations, with the recent increase in energy shipments through the Strait of Hormuz having pushed commodity prices lower, easing concerns about inflation and further Federal Reserve tightening. However, new reports of US strikes near the Strait of Hormuz radically change market dynamics and threaten the fragile ceasefire, potentially restoring a high geopolitical risk premium across global markets.

This week, investor attention will be focused on US labor‑market data, including nonfarm payrolls, unemployment figures, and wage dynamics, as well as manufacturing activity and consumer confidence indicators. These releases will coincide with upcoming speeches by Federal Reserve and Bank of Canada officials at the ECB Forum.

European indices closed lower on Friday. By the end of the day, Germany’s DAX (DE40) fell by 1.29% (weekly -1.46%), France’s CAC 40 (FR40) declined by 0.55% (weekly -0.58%), Spain’s IBEX 35 (ES35) dropped by 0.45% (weekly +0.32%), and the UK’s FTSE 100 (UK100) ended the session down 0.21% (weekly +1.39%). The key event for European markets this week will be the release of fresh inflation data for the eurozone and major regional economies, where a slight slowdown in headline inflation is expected due to cheaper energy, while core inflation remains persistently high. Parallel to this, investor attention is focused on the ECB Forum in Sintra, where leaders of major global central banks will discuss monetary policy prospects. Combined with unemployment statistics for the eurozone, Germany, Italy, and Spain, these discussions will help assess the economy’s resilience to current financial conditions.

On Friday, the Swiss franc (CHF) posted a local rebound against the US dollar, recovering after a recent decline driven by lower inflation expectations and weakening dollar momentum. Nevertheless, the currency remains under pressure due to geopolitical factors: potential de‑escalation in the Middle East could weaken the franc’s status as a safe‑haven asset, while the Swiss National Bank’s (SNB) current monetary stance – maintaining a zero policy rate despite raising inflation expectations – adds further challenges for the currency.

On Monday, crude oil prices (WTI) showed moderate recovery, rising to around $70 per barrel after a recent drop to four‑month lows triggered by escalating US–Iran tensions near the Strait of Hormuz. Despite a series of reciprocal strikes affecting commercial vessels in the Persian Gulf, both sides expressed readiness to pause active hostilities ahead of peace talks scheduled for this week in Doha. Although shipping activity temporarily increased amid hopes for compliance with ceasefire terms, many vessels remain blocked in the region, continuing to affect the stability of energy supplies and price dynamics.

Platinum prices (XPT) fell to $1,600 per ounce, approaching yearly lows amid a broad decline in precious metals triggered by renewed geopolitical tensions in the Middle East. The resurgence of clashes near the Strait of Hormuz erased recent progress in negotiations, causing a sharp spike in oil prices and intensifying inflation concerns. Meanwhile, the persistent strength of the US dollar further limited demand for the metal among holders of other currencies.

On Friday, Japan’s Nikkei 225 (JP225) dropped by 4.15% (weekly -2.40%), China’s FTSE China A50 fell by 3.50% (weekly -4.69%), Hong Kong’s Hang Seng (HK50) declined by 1.76% (weekly -4.79%), while Australia’s ASX 200 (AU200) closed slightly higher at 0.18% (weekly -0.43%). Investor focus in the Asia‑Pacific region is directed toward China’s business activity indicators, where both manufacturing and services sectors are hovering near stagnation, as well as Japan’s Tankan survey, reflecting cautious business sentiment in Q2. Japan is expected to show positive dynamics in retail sales and industrial production amid extremely low unemployment, while Australia’s market will concentrate on central bank meeting minutes and updated trade data pointing to a widening surplus. Other regional economies also face a busy agenda: India is preparing to release its budget and industrial production reports, while South Korea, Vietnam, Indonesia, and the Philippines will publish key statistics on trade, inflation, and GDP.

The People’s Bank of China (PBoC) began the week with a large liquidity injection, providing 157.5 billion yuan through seven‑day reverse repo operations while keeping the key rate at its historic low of 1.4%, confirming the regulator’s commitment to supporting economic growth through accommodative monetary policy. Additionally, to more flexibly manage short‑term liquidity and stabilize interbank conditions, the PBoC deployed a new tool – an overnight reverse repo – injecting an additional 300 billion yuan into the system.

The Australian dollar (AUD) continues to lose ground, falling below the psychological level of 0.690 USD amid geopolitical instability in the Middle East, which undermines investor appetite for risk assets. Despite the temporary ceasefire agreement between the US and Iran and renewed negotiations regarding the Strait of Hormuz, energy prices remain elevated, intensifying concerns about global inflation.

On Wednesday, the US stock indices closed mixed as caution persisted in the technology sector. By the end of the day, the Dow Jones Index (US30) rose by 0.35%. The S&P 500 Index (US500) declined by 0.10%. The Technology Index NASDAQ (US100) closed lower by 0.43%. Investors attempted to assess whether real demand for AI infrastructure can justify the enormous capital expenditures of major IT giants. Traditional sectors of the economy, by contrast, received notable support. Easing inflation concerns due to the prospect of a rapid resumption of energy exports from the Middle East pushed US Treasury yields lower. As a result, the Dow Jones outperformed. The Index was also supported by expectations of a major reshuffling: on Monday, June 29, Alphabet (Google’s parent company) will officially replace Verizon in the Dow Jones Industrial Average, significantly increasing the weight of the technology and AI sectors in this historic benchmark.

The Canadian dollar (USD/CAD) posted a sharp decline, falling to a yearly low of 1.42 per US dollar. The main driver of the “loonie’s” weakness was the powerful global rally of the US dollar. Traders are aggressively pricing in a hawkish scenario in the United States after several FOMC members under Kevin Warsh signaled the need for more than one rate hike before the end of 2026. Unlike the Fed’s firm stance, the Bank of Canada (BoC) is taking a far more cautious and patient approach, depriving the national currency of monetary support.

At the end of June, the Mexican peso fell to 17.6 per US dollar, hitting its lowest level since early April. The main driver of the peso’s weakness was the sharp global strengthening of the US dollar against both developed and emerging‑market currencies. Meanwhile, domestic Mexican factors removed fundamental support for the peso. Fresh economic data showed that headline inflation in Mexico unexpectedly slowed to a ten‑month low of 3.55% in the first half of June, while core inflation also fell more than expected. This cooling of price growth, combined with a weakening national economy (GDP contracted by 0.6% in Q1), strengthened the case for further monetary easing by the Bank of Mexico, which has already cut its policy rate to 6.50%.

European indices traded without a unified direction yesterday. By the end of the day, Germany’s DAX (DE40) fell by 0.62%, France’s CAC 40 (FR40) rose by 0.54%, Spain’s IBEX 35 (ES35) declined by 0.45%, and the UK’s FTSE 100 (UK100) closed higher by 0.31%.

On Wednesday, silver prices (XAG/USD) plunged by roughly 5%, falling to $59 per ounce and hitting their lowest level since December of last year amid a broad strengthening of the US dollar. With inflation concerns easing and oil prices falling below $70, silver lost its key growth drivers. However, strong industrial demand from green energy and AI‑related infrastructure may prevent the metal from falling below the critical support zone of $55-56.

The US crude oil (WTI) prices fell below the psychological $70 per barrel mark during trading (with lows at $69.63), hitting their lowest levels since late February – the beginning of the conflict’s hot phase. The sharp decline (40% from wartime peaks) is driven by the rapid disappearance of the geopolitical risk premium. After the interim agreement between the US and Iran, shipowners began confidently restoring traffic through the Strait of Hormuz with transponders on, having received official safety guarantees from the UN’s International Maritime Organization (IMO). According to the IEA, exports from the UAE have already recovered to 85% of pre‑crisis levels, while total oil shipments from the Persian Gulf recently reached around 60 million barrels.

On Wednesday, Japan’s Nikkei 225 (JP225) fell by 0.88%, China’s FTSE China A50 closed higher by 0.39%, Hong Kong’s Hang Seng (HK50) rose by 0.33%, and Australia’s ASX 200 (AU200) closed higher by 0.24%. The Hang Seng Index fell to 23,106, retracing the previous session’s gains and hitting its lowest level since June 2025. Investors chose to lock in profits and act cautiously ahead of Hong Kong’s fresh trade balance data, pushing the benchmark to two‑year lows. However, the decline was partially offset by a strong rally in the Asian tech sector.

On Thursday, the Australian dollar (AUD) broke key support and fell below 0.690 USD, settling near a three‑month low amid a powerful global rally of the US dollar. This aggressive decline in the “aussie” occurred despite strong domestic labor‑market data: in May, Australia created 40,300 new jobs after April’s drop of 40,600, while the unemployment rate predictably fell to 4.4%. Nevertheless, the positive employment report only intensified investor concerns about the Reserve Bank of Australia’s next steps, as a strong labor market combined with high core inflation gives the regulator room to continue its tightening cycle.

On Tuesday, the US stock indices closed sharply lower due to a large‑scale sell‑off in the technology sector. By the end of the day, the Dow Jones Index (US30) fell by 1.44%. The S&P 500 Index (US500) declined by 1.44%. The Technology Index NASDAQ (US100) closed down by 3.29% amid growing investor skepticism regarding the profitability of massive investments by major hyperscale companies into artificial intelligence infrastructure. An additional trigger for the decline in chipmakers was the decision by South Korea’s SK Hynix to partially redirect capacity from advanced AI‑chip production toward standard DRAM memory, signaling a potential cooling of demand. Against this backdrop, shares of AI‑race leaders posted sharp losses: Nvidia dropped 4.2%, Broadcom 3.1%, AMD 5.8%, Qualcomm 8%, while Micron and Sandisk plunged 13.2% and 11.2%, respectively. The market capitalization of Tesla and Oracle also fell by 5.8%.

Pressure on the stock market was further intensified by the bond market, where US Treasury yields remained at multi‑month highs, depriving traditional sectors of room for recovery. This occurred despite the continued decline in energy prices, as investors continue to price in the Fed’s hawkish dot‑plot projections.
In June 2026, the preliminary US Services PMI (S&P Global US Services PMI) showed moderate improvement, rising to 51.3 from May’s 50.7. Although the figure slightly exceeded market expectations (51.0) and marked the fastest expansion in the sector since February, the detailed report indicates persistent structural problems. The short‑term boost in business activity was largely driven by the FIFA World Cup, while underlying consumer and investment demand remained subdued due to high prices and the Fed’s tight interest‑rate policy.

European indices mostly declined yesterday. By the end of the day, Germany’s DAX (DE40) fell by 0.98%, France’s CAC 40 (FR40) closed down by 0.71%, Spain’s IBEX 35 (ES35) dropped by 0.34%, and the UK’s FTSE 100 (UK100) ended the session lower by 0.09%.

Global crude oil prices hit a three‑month low: US WTI fell to $73.1 per barrel (with intraday lows at $72.48), while European benchmark Brent corrected toward $77. The main driver of the decline was the 60‑day general sanctions waiver issued by the US Treasury. This step legally opened access for global refineries and buyers to Iranian crude and petroleum products, effectively removing the geopolitical risk premium and pushing prices down 40% from the conflict‑driven peak. The further trajectory of prices will depend directly on institutional factors. Given the Fed’s tight monetary stance under Kevin Warsh and weak global energy demand, full stabilization is possible only after the final signing of the agreement in Geneva, de‑escalation in Lebanon between Israel and Hezbollah, and complete de‑mining of the Strait of Hormuz, which has now restored shipping to 85% of pre‑crisis levels.

On Tuesday, Japan’s Nikkei 225 (JP225) fell by 3.55%, China’s FTSE China A50 closed down by 2.74%, Hong Kong’s Hang Seng (HK50) declined by 1.82%, and Australia’s ASX 200 (AU200) closed lower by 0.33%.

The Australian dollar stabilized around 0.691, holding near its lowest levels in eleven weeks. The newly released macroeconomic inflation report for May left investors with mixed impressions. On one hand, the annual headline inflation rate slowed more than expected – from 4.2% to 4.0% – hitting a three‑month low thanks to a significant drop in retail gasoline prices. On the other hand, core price pressure proved extremely persistent: the volatility‑adjusted Trimmed Mean CPI – the indicator used by the regulator – rose by 0.4% for the month and pushed annual core inflation higher, from 3.4% to 3.6%.

On Monday, the US stock indices closed mixed amid a balance between sell‑offs in the technology sector and geopolitical optimism. By the end of the day, the Dow Jones Index (US30) rose by 0.29%. The S&P 500 Index (US500) fell by 0.37%. The Technology Index NASDAQ (US100) closed lower by 0.19%. The tech sector declined due to investor concerns over rising capital expenditures on artificial intelligence, which led to a drop in Alphabet shares by 5.2%, Palantir by 7%, Amazon by 4.4%, and Meta by 2.7%. Additional pressure on the market came from a 16.4% low plunge in SpaceX shares after the announcement of a debut $20 billion bond issuance, although the stock price still remains 40% above its recent June IPO level.

In May 2026, Canada’s annual inflation rate accelerated to 3.2% from April’s 2.8%, exceeding the analysts’ consensus expect of 3.0% and reaching its highest level since December 2023. The main driver of price growth was the energy sector: amid the Middle East conflict and the suspension of oil exports, gasoline prices surged by 33.2% year‑over‑year, while overall energy costs rose by 9.0%. Despite the jump in the headline figure, core inflationary pressure remains fully under the control of the Bank of Canada. The regulator’s key indicators – CPI‑trim and CPI‑median – remained stable at their target levels of 2.0% and 2.1%, respectively.

European indices mostly rose yesterday. By the end of the day, Germany’s DAX (DE40) increased by 0.62%, France’s CAC 40 (FR40) closed down by 0.25%, Spain’s IBEX 35 (ES35) gained 1.01%, and the UK’s FTSE 100 (UK100) ended the session higher by 0.72%. A powerful trigger for investor optimism was Iran’s statement about significant progress in negotiations with the United States and the signing of a memorandum of understanding on a permanent peace agreement, which sharply reduced the risk of oil supply disruptions and eased global inflation concerns. The banking sector became the locomotive of the market rally: shares of Santander, BBVA, and Nordea rose by about 2% due to falling Eurozone sovereign bond yields, which improved lending margin prospects. The technology sector saw another investment boom, with shares of chipmaker Infineon jumping 5%, supporting the broader trend of hyperscale companies attracting capital for artificial intelligence infrastructure.

On Monday, global crude oil prices (WTI) continued to fall, hitting their lowest level since early March – US WTI dropped below $74 per barrel. The main driver of the sell‑off was news that the US and Iran had agreed on a “roadmap” to reach a peace agreement within 60 days, supported by the US Treasury’s decision to temporarily allow the extraction, supply, and sale of Iranian oil. Expectations of a rapid increase in supply are confirmed by real‑time data: shipping volumes through the Strait of Hormuz have risen noticeably, and Iran has increased visible exports through this route to the highest level since the start of the conflict, while offering discounts on cargoes for China.

The US natural gas price (XNG) corrected downward to $3.23 per MMBtu after a local rally to two‑week highs. The main factor behind the decline was the continued comfortable surplus in the domestic market, supported by the fact that commercial gas inventories in underground storage remain 5.8% above the long‑term seasonal norm.

On Monday, palladium prices (XPD) held near $1,270 per ounce, trading close to their lowest levels since late September amid a decline in geopolitical risk premiums. Progress in US-Iran negotiations and preparations to lift the naval blockade in the Strait of Hormuz significantly eased investor fears about supply disruptions. An additional negative factor for palladium is the deterioration of its fundamental market conditions. After 14 years of persistent deficits, analysts now expect the platinum‑group metals market to shift into surplus in 2026 due to declining investment demand and reduced ETF activity. The situation is further aggravated by long‑term structural changes in China’s automotive sector, where the rapid growth of electric vehicle adoption is undermining palladium consumption, traditionally used in catalytic converters for internal combustion engines.

On Friday, Japan’s Nikkei 225 (JP225) rose by 1.55%, China’s FTSE China A50 closed higher by 2.04%, Hong Kong’s Hang Seng (HK50) fell by 0.65%, and Australia’s ASX 200 (AU200) closed lower by 0.14%.

The Australian dollar fell below the psychological level of 0.70, hitting an eleven‑week low. The main factor behind the weakening of the “Aussie” was the powerful global rally of the US dollar, fueled by hawkish signals from the Federal Reserve and expectations of further rate hikes in the United States. Investors have taken a wait‑and‑see approach ahead of the release of critically important national macroeconomic data that will determine the next steps of the Reserve Bank of Australia (RBA). The May report is expected to show an acceleration in headline inflation to 4.4% (from 4.2%) and core inflation to 3.5% (from 3.4%), significantly exceeding the regulator’s 2-3% target range. Traders are also focused on labor market data: the consensus prediction expects a net job gain of 25,000 and a decline in unemployment to 4.4% after last month’s multi‑year high of 4.5%. Given that the RBA already raised the rate to 4.35% at its May meeting, strong macro data this week may force the regulator to proceed with new rounds of rate hikes in 2026, potentially triggering a sharp reversal and recovery in the AUD exchange rate.

By the end of the day, the Dow Jones Index (US30) rose by 0.14%. The S&P 500 Index (US500) gained 1.08%. The Technology Index NASDAQ (US100) closed higher by 1.91%. Investor sentiment was supported by the signing of an interim peace agreement between the United States and Iran, which opens shipping through the Strait of Hormuz and reduces volatility risks in the energy market. This optimism, combined with the rapid surge in the technology sector, outweighed market concerns about the Federal Reserve’s hawkish stance, as the Fed kept rates unchanged but hinted at the possibility of another hike this year.

The main growth driver in the tech segment was Intel, whose shares jumped 10.6% after President Trump announced that the company would manufacture chips for Apple inside the United States. This boosted the entire semiconductor sector: Nvidia rose by 2.8%, and Micron Technology by 8.5%. Airlines also showed notable gains, including American Airlines (+3.3%). Meanwhile, SpaceX shares fell by 3.5%, extending their decline for the second consecutive session after last week’s high‑profile IPO.

On Thursday, European stock indices showed mixed dynamics. By the end of the day, Germany’s DAX (DE40) rose by 0.37%, France’s CAC 40 (FR40) closed up by 0.44%, Spain’s IBEX 35 (ES35) fell by 0.09%, and the UK’s FTSE 100 (UK100) ended the session down by 1.04%. A positive factor for the market was the signing of a memorandum between US President Donald Trump and Iran, which suspends military actions for 60 days and opens the Strait of Hormuz. This lowered energy prices and eased investor concerns about further ECB tightening this year.

Norway’s central bank kept its policy rate unchanged at 4.25%, as expected, but indicated a high likelihood of further increases. Governor Ida Wolden Bache noted that rising business costs will continue to support strong price pressures, meaning the base rate may be raised at one of the upcoming meetings and could settle slightly above 4.5% by year‑end. Inflation in Norway has exceeded target levels for several years, while overall economic activity shows signs of weakening.

The Swiss National Bank kept its policy rate at 0%, emphasizing that the current monetary stance ensures price stability and supports economic growth. The regulator noted that medium‑term inflationary pressure has barely changed despite the recent spike in energy prices. According to the updated SNB expectation, inflation will slightly accelerate in the near term before returning to a downward trajectory in early 2027.

Crude oil prices (WTI) fell below 75 dollars per barrel, hitting their lowest level since early March, following the temporary peace agreement between the US and Iran. The deal aims to end the prolonged conflict that caused the largest supply disruption in history and has already led to the resumption of shipping through the Strait of Hormuz. Restoring this strategic route will allow Saudi Arabia, the UAE, and Iraq to return millions of barrels of previously halted production to the market. Since the April peak, oil prices have fallen by roughly 38%. Activity in Persian Gulf ports is picking up: Saudi tankers, as well as fuel and LNG carriers, have begun departing the region. However, global physical inventories of crude remain low.

The US natural gas prices (XNG) rose to 3.16 dollars per MMBtu after the EIA report showed that storage increased by 73 billion cubic feet in the week ending June 12 – slightly below the expected 75 billion. The current pace of inventory buildup slowed compared to the previous week (+108 bcf) and was weaker than the same period last year (+97 bcf), though it matched the five‑year average. As a result, total inventories reached 2.759 trillion cubic feet, 1% below last year’s level but 5.8% above the five‑year average.

On Thursday, Japan’s Nikkei 225 (JP225) rose sharply by 1.65%, China’s FTSE China A50 closed higher by 0.35%, Hong Kong’s Hang Seng (HK50) fell by 1.59%, and Australia’s ASX 200 (AU200) closed lower by 0.62%.

At its June 18, 2026 meeting, Bank Indonesia raised its key interest rate by 25 basis points to 5.75%, as expected. This move followed an unscheduled 25‑bp hike on June 9 and became the third tightening round in the past month, bringing the total increase since May to 100 basis points – the highest since April 2025. At the same time, the regulator raised the overnight deposit and lending facility rates to 4.75% and 6.50%, respectively. These decisive actions aim to protect the national currency, attract foreign capital, and contain inflationary pressures.