Executive Summary
Global equity markets posted another positive week for the period ending 19 June 2026, though the path was far from smooth. A hawkish Federal Reserve meeting on Wednesday triggered a sharp mid-week sell-off before a decisive rebound on Thursday, driven by easing geopolitical tensions that sent Brent crude down 8.57% for the week and lifted sentiment across Asian markets in particular. The S&P 500 gained 0.93% for its 11th winning week in 12, the Nasdaq advanced 2.43% and Japan’s Nikkei 225 surged 7.92% to close above 70,000 for the first time since 1989.
Note: U.S. markets were closed Friday 19 June for the Juneteenth national holiday. All U.S. index prices in this report reflect Thursday 18 June closing levels.
Market Snapshot
Weekly performance across major global indices (week ending 19 Jun 2026):
| Index | Friday’s Closing Price | Weekly Change (%) | Direction |
| DJIA | 51,564.70 | 0.71 | ▲ |
| S&P 500 | 7,500.58 | 0.93 | ▲ |
| NASDAQ Composite | 26,517.93 | 2.43 | ▲ |
| FTSE 100 (UK) | 10,363.27 | -1.04 | ▼ |
| CAC 40 (France) | 8,421.14 | 0.84 | ▲ |
| STOXX Europe 600 | 635.61 | 0.38 | ▲ |
| Nikkei 225 (Japan) | 71,250.06 | 7.92 | ▲ |
| CSI 300 (China) | 4,941.60 | 3.44 | ▲ |
| Hang Seng (Hong Kong) | 23,924.81 | -3.21 | ▼ |
| Brent Crude | 79.85 | -8.57 | ▼ |
| Gold | 4,224.10 | 0.22 | ▲ |
Foreign Exchange
(For the week ending 19 Jun 2026)
| Pair | Friday’s Close | Week’s Change |
| EUR/USD | 1.1459 | -0.01086 (-0.94%) |
| USD/JPY | 161.289 | 0.989 (0.62%) |
| GBP/USD | 1.3202 | -0.0212 (-1.58%) |
| USD/CHF | 0.8049 | 0.0098 (1.23%) |
| AUD/USD | 0.7013 | -0.0035 (-0.5%) |
U.S. Markets Overview
Equities
U.S. equity markets posted their 11th winning week in 12, recovering from a sharp Wednesday sell-off to close higher. The Nasdaq led with a 2.43% weekly advance, with chip names driving gains: Intel surged 10.6% after President Trump announced the company would partner with Apple to design and manufacture semiconductors in the United States. The S&P 500 gained 0.93% and the DJIA added 0.71%. The SpaceX IPO, which launched the prior week, remained in focus with shares rising more than 19% earlier in the week before pulling back on Thursday.
Federal Reserve
The Federal Reserve held the federal funds rate unchanged at 3.50-3.75% on Wednesday. The accompanying projections and Chair Kevin Warsh’s press conference were interpreted as hawkish: nine of 18 officials now expect at least one rate hike in 2026.
Fixed Income
Treasury markets were volatile. Short-end yields rose sharply on Wednesday, with the 2-year yield approaching 4.18%, a 2026 high, on the hawkish Fed signals. Longer-dated Treasuries performed better, with the 10-year yield at 4.45% and the 30-year falling to 4.9%, a three-month low, reflecting the market’s view that moderating energy costs could ease inflation through the second half of the year.
European Markets
European equity performance was mixed for the week. France’s CAC 40 gained 0.84% and the STOXX Europe 600 edged 0.38% higher, while the UK’s FTSE 100 underperformed, falling 1.04%. The FTSE’s decline was largely a currency story: GBP/USD fell 1.58% as the post-Fed dollar surge weighed on pound-denominated returns rather than reflecting underlying equity weakness.
The ECB raised its benchmark interest rate by 25 basis points, its first hike of 2026, citing persistent inflation driven by elevated energy costs. Policymakers lifted their inflation forecast and trimmed their growth projection. European leaders broadly welcomed the improved geopolitical outlook, with particular focus on potential energy cost relief for the region’s import-dependent economies.
Asian Markets
Japan
Japan was the global standout of the week. The Nikkei 225 surged 7.92% to close at 71,250.06, crossing 70,000 intraday for the first time since 1989. The advance was driven by three converging tailwinds: a sharp fall in energy costs that is particularly significant for Japan as a major net energy importer, a global rally in AI and semiconductor stocks, and strong export data.
The Bank of Japan raised its benchmark rate to 1.0%, the highest since 1995, citing yen weakness and building price pressures. The decision was absorbed well by equity markets. USD/JPY continued to push higher despite the hike, settling around 161.29 on Thursday, reflecting persistent dollar demand.
China
The CSI 300 rose 3.44%, supported by optimism around falling energy costs and a series of measures announced by People’s Bank of China Governor Pan Gongsheng, including steps to support the offshore use of the renminbi. Hong Kong’s Hang Seng fell 3.21%, weighed down by continued weakness in the property sector: property investment fell 16.2% year over year in the first five months of 2026 and national home prices declined again in May.
Commodities
Oil
Brent crude fell 8.57% for the week to close at $79.85/barrel on Thursday, its lowest level since early March and the largest weekly decline in 2026. The move was driven by easing Middle East tensions that raised expectations of improved shipping flows through key energy corridors.
Gold
Gold edged 0.22% higher for the week to $4,224.10 per ounce. Safe-haven demand moderated on improved geopolitical sentiment but did not collapse, reflecting investor caution about the durability of the situation.
Week Ahead
The key domestic data release in the week of 22-26 June is U.S. PCE inflation for May on Friday, the Fed’s preferred inflation measure and the most important input for assessing whether rate hikes are likely. Flash PMI data across the U.S., eurozone and UK will provide an early read on June business conditions. BoJ commentary will be watched for further guidance following this week’s rate hike to 1%. Oil prices remain the key variable with the broadest market implications. .
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