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#GLOBALMARKETS WEEKLY WRAP-UP Hand-curated selection of the best charts & news flow JULY 25, 2026

Hyperscaler CDS hit record wides Record wides in hyperscaler CDS, with Oracle and SpaceX doing the heavy lifting. What changed on Friday: the contagion reached the untouchables — Alphabet and Amazon gapped wider too.

#GLOBALMARKETS WEEKLY WRAP-UP Hand-curated selection of the best charts & news flow JULY 25, 2026

Tehran, tech, & tariffs trigger market turmoil U.S. equities ended mostly lower, pressured by doubts over the payoff from heavy AI capex and a sharp jump in oil prices. The Nasdaq lagged (-2.13%) while the Dow, S&P 500, and Russell 2000 fell more modestly. Corproate earnings dominated a thin macro week, with 86 S&P 500 names reporting. Alphabet and Tesla both sold off on elevated capex and softer cash flow — reinforcing the broader unease about big tech's AI spending. On the geopolitical side, stalled ceasefire efforts in the Middle East sent brent oil to $100. Energy shares benefited; travel and consumer names suffered. The spike in oil prices revived inflation concerns, pushing Treasury yields up and nudging market pricing toward a possible Fed hike. On the US Macro front, US PMI services activity accelerated while the manufacturing PMI edged down to a four- month low of 53.8. The report also pointed to intensifying price and supply pressures. Meanwhile, jobless claims hit lowest level since 1969 as new home sales remain sluggish. On the international side, the STOXX Europe 600 Index ended the week up 0.46% in local currency terms as ECB kept interest rates on hold but left door open for future tightening. On Monday, Andy Burnham became the UK’s 7th British prime minister since 2016. Japan’s stock markets advanced over the week as the yen weakened despite renewed intervention warnings. The dollar rallied to its best week in over month, back up towards post- Warsh highs. Gold broke back (and held) above $4000.