Markets ended the week on a cautious note, driven by a deterioration in investor sentiment towards the Middle East conflict and a selloff in tech stocks. Brent oil prices rose nearly 5% to close above $88 per barrel, and TTF gas surged towards €60 as the U.S. and Iran stepped up attacks across the Gulf.
Stock markets posted losses across advanced and emerging economies. The decline was more pronounced in the U.S. than Europe, as markets continued to suffer a pullback in stocks associated with the AI boom. Longer-dated sovereign yields were little changed in both the U.S. and the euro area, and the EUR/USD exchange rate closed largely flat.
This week the focus will be on the ECB's monetary policy meeting (Wednesday 23; rates should remain unchanged), as well as the release of July's flash PMIs in Europe and the U.S. (Friday 24). The ECB will also release its Q2 2026 / Q3 2026 Bank Lending Survey (Tuesday 21).
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