📈 Equities & Market Overview
-
Wall Street Rebounds: US stock futures bounced back strongly, propelled by blockbuster earnings from Microsoft and Lam Research, combined with a less hawkish stance from the Federal Reserve. S&P 500 futures (US500) gained 1.6%, while Dow Jones futures (US30) added 1.1%. Attention shifts to earnings from Amazon, Apple, and Chevron after the market close.
-
Tech & AI Surge: Nasdaq 100 futures (US100) surged 3.4% as capital rotated heavily out of value and defensive names (Apple, Walmart, Chevron, PepsiCo) into tech and semiconductors (+5.5% sector gain). The AI trade was reignited by stellar results from Microsoft (+17%, driven by 43% Azure growth) and Lam Research (+30% revenue), lifting the broader SaaS and chipmaker ecosystem.
-
European Rally: European markets closed significantly higher across the board, led by Spain's IBEX 35 (SPA35: +2.0%), Italy's FTSE MIB (ITA40: +1.9%), Dutch AEX (+1.65%), Polish WIG20 (W20: +1.2%), German DAX (DE40: +1.1%), French CAC 40 (FRA40: +1.1%), and British FTSE 100 (UK100: +0.7%).
📊 Macroeconomic Highlights
-
US GDP: Q2 2026 GDP growth slowed to an annualized 1.5% (vs. 2.1% forecast and prior), weighed down by declining exports, government spending, and reduced business investment amid war-driven uncertainty.
-
US PCE: Personal consumption came in at 0.3% (vs. 0.4% expected). Core PCE inflation marginally missed monthly expectations at 0.1% MoM (vs. 0.2% expected; 3.3% YoY in line), signaling milder short-term price pressures.
-
Euro Area Unemployment: Eurozone unemployment held steady at 6.3% in June, matching May's reading.
🏦 Central Banks & FX
-
Bank of England (BoE): The BoE maintained its main interest rate at 3.75% in a tighter-than-expected 6–3 vote (Pill, Greene, and Mann voted for a 25 bps hike). Governor Bailey supported the pause, and slightly less hawkish messaging leaves a September rate hike uncertain. GBPUSD rose 0.8%.
-
Foreign Exchange (FX): The US Dollar extended its post-FOMC sell-off (USDIDX: -0.9%). The Japanese Yen outperformed all G10 peers amid suspected FX intervention by Japanese authorities (USDJPY: -2.7%, EURJPY: -2.1%). Risk currencies rallied (AUDUSD: +1.2%, NZDUSD: +1.6%), while EURUSD gained 0.6% to 1.1530.
🛢️ Commodities & Precious Metals
-
Energy: Crude oil prices pulled back, with Brent futures falling 1.1% to $87.20/bbl and WTI sliding 0.5% to $84.30/bbl. European natural gas futures dropped 4.0%, whereas NYMEX natural gas gained 0.9%.
-
Precious Metals: Gold and silver rebounded alongside a weaker dollar and lower rate expectations. Gold rose 1.0% to $4,105/oz, while Silver gained 2.05% to $58.84/oz.
Unexpected FX intervention? USDJPY plummets more than 2%! 🇯🇵
Nasdaq futures rally more than 3% 🚀
US OPEN: Nasdaq rebounds! Microsoft and Lam Research earnings revive AI trade!
Amazon Preview: AWS vs. $200 Billion in CapEx
The content of this report has been created by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, (KRS number 0000217580) and supervised by Polish Supervision Authority ( No. DDM-M-4021-57-1/2005). This material is a marketing communication within the meaning of Art. 24 (3) of Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (MiFID II). Marketing communication is not an investment recommendation or information recommending or suggesting an investment strategy within the meaning of Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (market abuse regulation) and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC and Commission Delegated Regulation (EU) 2016/958 of 9 March 2016 supplementing Regulation (EU) No 596/2014 of the European Parliament and of the Council with regard to regulatory technical standards for the technical arrangements for objective presentation of investment recommendations or other information recommending or suggesting an investment strategy and for disclosure of particular interests or indications of conflicts of interest or any other advice, including in the area of investment advisory, within the meaning of the Trading in Financial Instruments Act of 29 July 2005 (i.e. Journal of Laws 2019, item 875, as amended). The marketing communication is prepared with the highest diligence, objectivity, presents the facts known to the author on the date of preparation and is devoid of any evaluation elements. The marketing communication is prepared without considering the client’s needs, his individual financial situation and does not present any investment strategy in any way. The marketing communication does not constitute an offer of sale, offering, subscription, invitation to purchase, advertisement or promotion of any financial instruments. XTB S.A. is not liable for any client’s actions or omissions, in particular for the acquisition or disposal of financial instruments, undertaken on the basis of the information contained in this marketing communication. In the event that the marketing communication contains any information about any results regarding the financial instruments indicated therein, these do not constitute any guarantee or forecast regarding the future results.
