July 2026

• Global markets delivered positive performance in July 2026 as easing monetary policy, resilient economic growth and continued investment in artificial intelligence infrastructure supported investor confidence.
• Technology and semiconductor companies remained the primary drivers of equity market gains across developed markets.
• Inflation remained broadly contained, allowing major central banks to maintain supportive monetary policies.
• Bond yields remained stable as investors balanced improving economic conditions with expectations for gradual policy normalisation.
• Chinese economic activity continued improving following sustained fiscal support and strengthening domestic demand.
• Commodity prices delivered mixed performance amid stable global demand and ongoing geopolitical developments.

Asia (ex. Japan)

Asian markets outside Japan advanced during July as sustained semiconductor demand and continued investment in artificial intelligence infrastructure supported regional technology sectors.

Chinese equities benefited from improving domestic economic activity and continued government stimulus measures, while Taiwan and South Korea remained among the strongest performers due to robust chip exports and technology investment.

Europe

European equities delivered positive returns during July as accommodative financial conditions and improving business confidence supported investor sentiment across a broad range of sectors.

Consumer spending continued strengthening as lower borrowing costs filtered through the economy, while industrial activity showed gradual improvement across several major European economies.

United States

U.S. equities reached fresh record highs during July as strong corporate earnings and continued artificial intelligence-related investment supported technology, communications and industrial sectors.

Market participation broadened beyond the largest technology companies as lower financing costs supported financial institutions, healthcare providers and consumer-focused businesses.

United Kingdom

UK equities advanced during July as easing inflation, improving consumer confidence and supportive monetary conditions strengthened domestic market sentiment.

Financial, property and consumer discretionary sectors benefited from lower borrowing costs, while business investment continued recovering steadily.

Japan

Japanese equities remained among the strongest-performing developed markets during July as exporters, industrial firms and technology companies benefited from resilient international demand and improving corporate profitability.

Investors continued monitoring the Bank of Japan's gradual policy normalisation, although monetary conditions remained broadly supportive for equity markets.

Emerging Markets

Emerging markets delivered positive performance during July as favourable global liquidity conditions and stable economic growth across developed economies encouraged continued capital inflows.

Technology-oriented Asian markets remained leaders, while commodity-exporting economies benefited from resilient infrastructure investment and improving industrial demand.

Commodities

Commodity prices delivered mixed performance during July as steady global demand balanced periodic supply disruptions and geopolitical uncertainty. Oil prices traded within a relatively narrow range as production discipline offset modest increases in supply.

Industrial metals remained well supported by continued investment in renewable energy, infrastructure and artificial intelligence-related projects, while gold continued attracting demand from central banks and long-term investors seeking portfolio diversification.