News & Views

US technology shares led markets higher last week, while UK equities slipped as energy costs and inflation remained in focus. Record diesel prices added to pressure on households and businesses, while rising US inflation expectations highlighted concerns over the outlook for interest rates. This week, attention turns to US jobs data and Eurozone inflation for further insight into the balance between growth and price pressures.

Technology shares led a mixed week for markets, while UK inflation edged higher and oil prices eased. This week’s review explores the latest market moves, political developments in Germany and Greenland, and questions over the ECB’s future leadership, alongside progress on corporate climate commitments and the economic releases to watch.

UK equities outperformed as US technology shares fell, while higher inflation, rising commodity prices and geopolitical tensions shaped the week’s market outlook.

July saw market leadership broaden beyond technology, with UK equities, commodity-linked markets and selected emerging markets delivering strong returns. However, renewed energy-driven inflation pressures kept central banks cautious, while a sharp correction in semiconductor and AI-related stocks weighed on technology-focused markets. Against this mixed backdrop, the Balanced portfolio benchmark returned -0.45% during the month.

Global equity markets moved higher this week, led by strong gains across US technology stocks. Elsewhere, rising Eurozone inflation strengthened the case for further interest-rate increases, commodities remained volatile, and geopolitical tensions continued to affect energy markets. We also examine the outlook for ECB leadership, climate-related risks to UK food production and the key economic releases ahead.

UK equities proved resilient over the week, while US markets moved lower as technology stocks led the decline. Renewed fighting between the United States and Iran drove oil prices sharply higher and revived inflation concerns, while UK politics entered a new chapter with Andy Burnham preparing to take office. Looking ahead, markets will focus on UK inflation data and the ECB’s latest interest-rate decision.

Global markets moved higher in April as improving sentiment around the Middle East and continued strength in technology and semiconductor sectors supported equity returns. However, inflation reaccelerated across major economies due to rising energy prices, prompting central banks to maintain a cautious “higher for longer” stance on interest rates. While growth-oriented equity markets performed strongly, bond markets came under pressure as rising yields weighed on fixed income

Markets delivered another constructive week overall, with technology stocks continuing to lead gains as investor sentiment improved across US equities. Political developments in the UK, inflation concerns across Europe, and ongoing geopolitical tensions surrounding Iran and the Strait of Hormuz remained key drivers for markets, while central banks continued to signal a cautious approach toward interest rates amid persistent inflationary pressures.

Global markets continued to show resilience over the past week, with equities moving higher and investor sentiment improving despite ongoing geopolitical tensions and persistent inflation pressures. Strength in US markets, particularly within technology, helped drive gains, while commodities remained elevated amid supply concerns. At the same time, central banks maintained a cautious stance, reinforcing expectations that interest rates may stay higher for longer as policymake