US Equities pushed to fresh records this week, supported by Q2 earnings and easing Middle East energy price pressures.
This week @ 15:30 pm Friday 14th August in London.
Markets:
- FTSE 100 fell 1.3% this week to 10,760.68, hit by weakness in mining and pharmaceutical stocks, with Antofagasta sliding after cutting its copper output forecast.
- S&P 500 rose 0.5% this week to 7,798.99, hitting a fresh record high on softer than expected US inflation data.
- Nasdaq Composite rose 0.5% this week to 26,831.40, also touching record levels on cooling inflation and continued AI earnings strength.
- Euro Stoxx 50 fell 0.3% this week to 5,510.64, as broader sentiment softened alongside UK mining weakness.
Bonds:
- UK 10-year gilt yields rose 8 basis points this week to 4.99%, as escalating Strait of Hormuz tensions pushed oil prices higher and revived inflation concerns.
- US 10-year Treasury yields were broadly flat this week at 4.65%, as early-week caution gave way to lower yields on soft US inflation data.
Commodities:
- Brent crude rose 3.9% this week to $86.77, as tanker attacks near the Strait of Hormuz reignited supply concerns.
- Gold rose 1.1% this week to $4,448.50, on continued safe-haven demand and lower US real yields.
- Copper was broadly flat this week at $6.59/lb, as supply concerns from Antofagasta’s output downgrade offset soft demand signals.
FX:
- GBP/USD rose 0.2% this week to 1.3524, as the dollar softened following cooler than expected US inflation data.
- GBP/EUR: sterling strengthened 0.3% against the euro this week to 1.1705, supported by the broader risk-on environment.
Macro:
- UK Q2 GDP rose 0.4% quarter-on-quarter (1.2% year-on-year), slower than Q1’s 0.6% pace but in line with forecasts. This feeds directly into the Bank of England’s next policy decision.
- US CPI (July) held at 3.4% annually, with the monthly rate at 0.1%. This is the Fed’s key policy gauge, and continued cooling supports a more patient rate path.
- US PPI data released Thursday showed prices broadly flat in July, reinforcing the disinflation narrative and supporting the rally in US equities.
Company news:
- Antofagasta reported a 27% rise in first-half earnings but cut its 2026 copper output forecast to 625,000-655,000 tonnes after severe weather disrupted its Los Pelambres mine.
- Aviva reported a 24% rise in first-half operating profit to £1.33 billion, ahead of expectations, on growth in general insurance and continued Direct Line integration.
What we will be keeping an eye on next week…
w/c 17th Aug 2026
- Wednesday 19th August: UK CPI (July). A key input for the Bank of England’s next policy move and a signal of whether disinflation continues.
- Friday 21st-Sunday 23rd August: Fed Jackson Hole symposium. Closely watched for signals on the path of US interest rates from Federal Reserve officials.
- Thursday 20th August: Walmart Q2 results. Offers a fresh read on the health of the US consumer.
Enjoy the weekend
Markets move constantly and the numbers in this update will change. This is a snapshot only, pulled together from a range of sources, and is meant as a quick guide rather than a precise record. It’s not investment advice and shouldn’t be used to make trading or investment decisions. If you need more accurate or specific data over a defined period, please get in touch with a member of the team who will be happy to help.
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