The conflict between the US and Iran will remain in the spotlight as signs that talks could restart weighed against repeated strikes and naval blockades against vessels crossing maritime chokepoints, lifting energy prices and global inflation. Earnings by major companies should also dictate equity movements, including Apple, Microsoft, Amazon, Meta, and Samsung. Meanwhile, the Federal Reserve will set its July policy decision. This coincides with Q2 GDP data and the income and outlays report. Other US data includes CB consumer confidence, the trade balance, and employment costs. Similarly, the Bank of England will set its Bank Rate and the Eurozone is set to release GDP and inflation data. A busy week in Asia will be headlined by the Bank of Japan rate decision, while statistical authorities share industrial production, retail sales, and unemployment. The Chinese Communist Party will host its July Politburo meeting as a mid-year checkup. China will also post PMIs.

Week Ahead - Jul 27th

US gasoline futures fell below $3.45 per gallon, after reaching over a two-month high of $3.50 on July 23rd, as optimism over possible US-Iran peace talks pressured crude oil prices. Reports over Pakistan's attempt to revive negotiations between Washington and Tehran, following diplomatic efforts led by China, raised hopes of easing geopolitical tensions, although US President Donald Trump warned of interference. Meanwhile, Ukraine shifted its attacks from major Russian oil refineries to maritime targets, although fuel supply concerns persisted after earlier strikes damaged 24 of Russia's 34 largest refineries. Still, geopolitical risks remained elevated, with US-Iran strikes nearing deep into a second week of attacks. US missile strikes struck across Iran while President Donald Trump threatened "major military punishment" against Tehran and its Houthi allies as the conflict expanded across a second key maritime chokepoint.

US Gasoline Slips from Two-Month High

European stocks closed higher on Friday, trimming losses from the previous session amid strong earning results. The Euro STOXX 50 gained 1.1% to close at 6,281 and the STOXX Europe 600 rose 0.8% to 644.5. SAP surged nearly 9% after reporting a strong cloud backlog in its results release. Also, Wolters Kluwer gained 5% after surpassing recurring revenue expectations. Heavyweight banks also closed sharply higher, recovering partially from a volatile, earnings-heavy week with Santander adding 3.2%, while BBVA, Intesa Sanpaolo, and BNP Paribas adding more than 2%. Oil and product prices halted their rally from this week but energy inflation risks remained high, limiting any breathing room for sovereign bonds. On top of that, natural gas prices rose to their highest since December 2022.

European Stocks Enjoy Respite

The FTSE MIB Index gained 486 points or 0.95 percent on Friday to close at 51802 points. Gains were led by Bper Banca (2.75%), Brunello Cucinelli (2.54%) and Intesa Sanpaolo (2.27%). Biggest losers were Poste Italiane (-3.32%), Telecom Italia (-2.26%) and STMicroelectronics (-1.96%).

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市場快訊

Week Ahead - Jul 27th

US Gasoline Slips from Two-Month High

European Stocks Enjoy Respite

The FTSE MIB Index Closes 0.95% Higher