Market Wrap: European software stocks keep indices near record highs. Dollar gives up this week's gains (14.08.2026)

📊 Indices and Companies

• The broad European market is trading without a clear direction today—strong gains in select industrial and IT giants are offset by minor pullbacks across the rest of the market.

• Stoxx 50 futures (EU50) are trading flat. Germany's DAX is performing best (DE40: +0.3%), supported by gains in SAP shares, while Switzerland's SMI is lagging (SUI20: -0.6%), sensitive to profit-taking in the pharmaceutical sector.

• European IT stocks are gaining significantly on Friday (SAP: +4.3%, Nemetschek: +8.8%, TeamViewer: +6.0%), driven by Reuters reports of Silver Lake's acquisition talks with Workday and easing investor concerns regarding tech-sector debt refinancing.

• Workday shares jumped nearly 18% (the strongest intraday gain since 2012) following reports of a potential buyout. The news also lifted other peers in the sector, including Salesforce, HubSpot, and Wix.com.

Source: XTB Research

🌍 Economy and Geopolitics

• According to Eurostat's flash estimate, seasonally adjusted GDP grew by 0.4% QoQ in the euro area (+1.0% YoY) and by 0.5% QoQ across the EU (+1.2% YoY) in Q2, picking up momentum after a weak Q1. Employment across both regions expanded by a modest 0.1% QoQ (+0.5% YoY).

• French CPI inflation rose to 2.1% YoY in July 2026 (up from 1.8% in June), rebounding by 0.6% MoM. Price growth was driven by services (transportation, accommodation) and energy (+2.3% MoM), while gains were tempered by summer sales on manufactured goods (-2.0% MoM).

• German wholesale prices rose by 5.3% YoY (+0.2% MoM) in July 2026. The primary drivers were geopolitical tensions surrounding Iran and the expiration of temporary fuel tax cuts (petroleum products: +24.1% YoY). Non-ferrous metals also surged (+27.8% YoY), whereas price declines were recorded in live animals (-18.5%) and dairy.

• Data from Kpler indicates that 13 confirmed crossings were recorded through the Strait of Hormuz on August 13 (+44% DoD), with 9 vessels utilizing routes mapped out by Iran. Increased traffic was also noted in the Bab al-Mandab Strait (29 crossings) and the Red Sea (18 ships entered, 11 exited).

💱 Currencies, Commodities, and Energy

• The US Dollar Index (USDIDX) is slipping 0.3% today following yesterday's attempted breakout to a 2-week high. The New Zealand Dollar is rebounding most strongly (NZDUSD: +0.8%), recovering from yesterday's sell-off triggered by a drop in inflation expectations. EURUSD adds 0.35%, rising to 1.1570.

• Precious metals are rebounding slightly following yesterday's correction. Gold gains 0.3% to $4,362 per ounce, while silver adds 0.8% to reach $64.95 per ounce.

• Brent crude futures (OIL) have erased early-session gains and are trading flat near $87 per barrel. Meanwhile, gains persist in natural gas futures (NATGAS: +0.2%, NATGAS.EU: +0.5%).