Global Markets Sunday News
SpaceX is taking the bull by the horns
It was a volatile week for the U.S. markets—not least due to Donald Trump’s repeated about-faces on the Iran issue. Despite brisk trading activity, Wall Street closed virtually unchanged overall. European stock markets, on the other hand, saw significant gains. As expected, the ECB raised its key interest rate for the first time in nearly three years, and the hope for a de-escalation in the Middle East that emerged on Friday was also met with a positive response from the markets.
Highs & Lows of the Week
Tops Europa
Banca Monte dei Paschi di Siena +19,8 %:The major Italian bank headquartered in Siena benefited from Intesa Sanpaolo’s launch of a public tender offer and exchange offer. With this move, Intesa Sanpaolo aims to consolidate its leading position in the Italian banking sector. As Intesa’s largest shareholder, the Compagnia di San Paolo announced its intention to support the deal, thereby bolstering the project’s credibility in the eyes of the markets.
Puuilo +20,4 %: After the Finnish discount retailer reported solid results, its stock price rose. In the first quarter of 2026, revenue rose by over 13% compared to the previous year, and the gross margin also improved thanks to the performance of the company’s private labels. In its full-year forecast, the company is sticking to a net revenue target of between EUR 425 million and EUR 455 million. As a result, the market became even more confident in Puuilo’s growth trajectory.
Tate & Lyle +14,98 %: After the British food ingredients manufacturer accepted the takeover offer from its U.S. competitor Ingredion, the stock rose. Under the terms of the deal, the company is valued at £2.7 billion, with a purchase price of 595 pence per share. The merger would create a global heavyweight in the food ingredients sector.
Hugo Boss +10,46 %: Shares in the German apparel group rose sharply after the British Frasers Group announced a public takeover bid. However, analysts at Mwb described the offer as opportunistic and not particularly attractive. The share price jumped above the offered purchase price, suggesting that the market is anticipating an upward revision of the bid.
Flops Europe
Exail Technologies -23,67 %: After differences emerged between the French technology group—which focuses on navigation systems and robotics applications—and its financing partner ICG regarding the company’s valuation as part of a refinancing process, Exail saw its stock price plummet. Exail estimates the cost of the exit at approximately €710 million, while ICG, on the other hand, estimates a value of nearly €1.1 billion.
Halma plc -16,42 %: Despite financial results that were deemed solid, the British group—which specializes in safety, health, and environmental technology—saw its stock plummet after the market reacted negatively to forecasts of slowing growth for the full year.
SAP SE -13,14 %: The leading German provider of enterprise software is being hampered by Goldman Sachs’ downward revision of its margin forecast. Analysts expect higher hardware costs in the second half of the year. In addition, the company is suffering from the impact of Oracle’s financial results on the entire industry: The U.S. competitor has unveiled an AI investment plan for 2027 that significantly exceeds expectations, reigniting fears regarding the profitability of the entire software sector.
Soitec -6,34 %: The French manufacturer of semiconductor materials saw its stock price plummet after Jefferies downgraded its rating to “Underperform.” Analysts do not expect any significant revenue growth in the photonics segment before 2030, and a supply surplus is likely to persist in the RF-SOI materials market through 2028.
Tops USA
KLA Corporation +31,94 %: The U.S. specialist in process control for the semiconductor industry benefited from a wave of analysts raising their price targets. Buoyed by the rally in the AI sector, the stock is favored by Cantor Fitzgerald (price target $2,500, overweight), Barclays ($2,250, overweight), and UBS ($2,180). Added to this was the 1-for-10 stock split completed on June 12, which further enhanced the stock’s appeal.
Applied Materials +25,22 %: The U.S. manufacturer of semiconductor equipment saw its stock rise following the opening of its new facility in Singapore. The $500 million investment is intended to enable the company to keep pace with the AI boom. The capacity expansion is taking place against a backdrop of favorable market conditions, which are also being bolstered by the prospect of geopolitical détente in the Middle East.
Flops USA
Super Micro -26,85 %: The high-performance server manufacturer was hit by the downturn in the technology and semiconductor sectors, which was exacerbated midweek by the resurgence of geopolitical tensions between Washington and Tehran. Meanwhile, the company has set the price for its capital increase, which could total up to $7 billion. A move that will inevitably dilute the value of the shares held by existing shareholders.
Adobe -18,86 %: Despite better-than-expected quarterly results and an upwardly revised annual revenue target of $26.5–26.6 billion, the creative software developer’s stock lost ground. Investors reacted negatively to the CFO’s resignation—which the market viewed as a rather troubling sign regarding the company’s leadership.
Oracle Corporation -13,83 %: The enterprise software giant is struggling. Along with its quarterly results, Oracle announced planned investments that were significantly higher than expected. Analysts at UBS see this as the main reason for the downward revision. Even a $395.8 million contract with the U.S. government secured this week was not enough to reassure investors.
Raw materials
Energy
Crude oil prices fell by approximately 10% over the course of the week (-9.40% for August Brent and -9.70% for July WTI) and reached their lowest level in nearly two months. This was driven by mounting signs of a potential agreement between the U.S. and Iran. The deal involves a 60-day extension of the ceasefire and the reopening of the Strait of Hormuz, a vital waterway for nearly 20% of global oil shipments. U.S. President Donald Trump called off the announced attacks on Iran, thereby easing concerns about a military escalation. However, the agreement still needs to be finalized and signed, particularly by Donald Trump. Tehran indicated that no final decision has been made yet. The reopening of the Strait of Hormuz would immediately ease market pressure, as the transit of oil tankers through the Persian Gulf would once again be possible. However, production will only resume gradually.
Metals
Gold suffered a sharp setback, with its price coming very close to the symbolic $4,000 mark. By the end of the week, however, the price recovered thanks to hopes of a ceasefire agreement between the U.S. and Iran, which would pave the way for a drop in oil prices. At $4,220 per ounce, the price of gold fell by more than 2% over the past week. The prospect of rising inflation against the backdrop of persistently high energy prices means that the ECB and the US Federal Reserve are expected to maintain their elevated interest rates. For gold, which yields no return, this remains an unfavorable scenario, although central bank purchases and ETF capital flows are providing some support. The price of copper continued to fall, reaching $13,380 per ton on the LME—its lowest level in three weeks. This is due to significant tensions in the Middle East and the risk of a global economic slowdown, which is fueling concerns about copper demand. LME inventories continue to dwindle: a sure sign of a supply shortage.
Agricultural commodities
The price of soybeans in Chicago slipped to 1,110 cents per bushel. This was triggered by heavy rainfall in the U.S. Midwest, which is having a positive effect on crop growth, as well as the falling price of crude oil and its impact on soybean oil used in biodiesel. The corn price remained fairly stable at 410 cents, even though production forecasts are looking up. The U.S. Department of Agriculture (USDA) has revised its harvest forecasts for Argentina and Brazil upward. No news on wheat, whose price is trading around 582 cents per bushel.
Macroeconomics
Market sentiment
Amid a flood of sometimes contradictory information that offers little insight into the actual situation, financial markets are struggling to stay afloat. On the macroeconomic front, inflation in the U.S. has risen to over 4%, its highest level since April 2023. This is fueling fears of a 25-basis-point hike in key interest rates by the end of the year. The ECB has moved quickly and has already raised its key refinancing rates by a quarter of a percentage point. On the geopolitical front, Donald Trump continues to create uncertainty with his Iran policy. As is so often the case, threats are followed by new deadlines, as an agreement is reportedly within reach. The market wants to believe it, but only a signature would free global stock markets from the sword of Damocles hanging over them. Regardless, SpaceX took off after its IPO in New York. So the narrative is obviously still fully intact here as well.
Cryptocurrencies
After four consecutive weeks of a price drop from $83,000 to $63,000, Bitcoin traded sideways this week. Bitcoin spot ETFs also took a significant hit. The exchange-traded products recorded net outflows of a whopping $5.8 billion. As a result, total assets under management fell to $79.5 billion, the lowest level since late 2024. At the time of BTC’s all-time high of $126,500 in late 2025, the total volume had still stood at around $150 billion. In general, cryptocurrencies are currently suffering from growing investor demand for anything even remotely related to artificial intelligence. As long as BTC & Co. do not generate their own positive momentum or Elon Musk does not announce the use of BTC to pay for SpaceX rockets and satellites, investor interest in the cryptosphere is likely to remain limited. The total market capitalization of the crypto market fell to around $2.150 trillion, its lowest level since October 2024.
Outlook
Volatility has returned to the United States, and the chip sector there has been through all the ups and downs. Nevertheless, the week ended on a better note than it began—capped off by SpaceX’s initial public offering (IPO). This IPO will go down in history as the largest of all time, both in terms of capital raised and market capitalization achieved.
Next week, numerous central bank decisions are on the agenda. Without wishing to offend the monetary authorities of England, Brazil, Japan, Australia, or Switzerland, the U.S. Federal Reserve is likely to be in the spotlight. Not only because it is at a turning point regarding inflation, but also because the new Fed Chair, Kevin Warsh, will make his first public appearance—during the always delicate task of the press conference following the interest rate decision.
S&P 500 Heatmap
S&P 500 performance in 2025
U.S. bond yield
2-year US bond yield
10-year US bond yield
Correlation between the price of gold and the US dollar
