Global equities recovered modestly in the week ended 28 August, with U.S. technology stocks are leading as NVIDIA’s strong quarterly results and upbeat forward guidance revived optimism around AI investment, while investors remained focused on inflation and the Federal Reserve’s policy outlook.
Outside the U.S., market performance was mixed. Australia’s RBA minutes showed that the Board considered both raising the cash rate and leaving it unchanged before unanimously deciding to hold the cash rate at 4.35%, while European markets continued to weigh growth and inflation signals against expectations for monetary-policy changes.
Commodity markets were more volatile. Brent crude eased as developments around the Strait of Hormuz raised hopes of improved supply conditions, while gold remained sensitive to movements in U.S. yields, the dollar and expectations for monetary policy. Reuters also noted that gold had remained a strong performer through August despite short-term volatility.
Overall, the week was characterised less by a broad risk-on move than by a renewed rotation towards AI-related technology alongside persistent uncertainty over inflation, interest rates and geopolitical risks.
Market Snapshot
Weekly performance across major global indices (week ending 28th Aug 2026)
| Index | Friday’s Closing Price | WeeklyChange(%) | Direction | |
| DJIA | 53,559.99 | +0.53 | ▲ | |
| S&P500 | 7,711.76 | +0.49 | ▲ | |
| NASDAQComposite | 26,402.42 | +0.85 | ▲ | |
| FTSE100(UK) | 10,824.26 | +0.07 | ▲ | |
| CAC40(France) | 8,401.18 | -0.98 | ▼ | |
| STOXXEurope600 | 655.16 | +0.15 | ▲ | |
| Nikkei225(Japan) | 66,405.56 | +0.59 | ▲ | |
| CSI300(China) | 4,609.18 | -0.21 | ▼ | |
| HangSeng(HongKong) | 25,584.79 | -0.86 | ▼ | |
| BrentCrude | 88.10 | -6.66 | ▼ | |
| Gold | 4,529.90 | -2.03 | ▼ |
Foreign Exchange
(For the week ending 28th Aug 2026)
| Pair | Friday’s Closing Price | Week’sChange |
| EUR/USD | 1.1586 | -0.81 |
| USD/JPY | 160.08 | +0.71 |
| GBP/USD | 1.3538 | -0.79 |
| USD/CHF | 0.8096 | +1.04 |
| AUD/USD | 0.7164 | -0.10 |
U.S. Markets Overview:
Technology earnings were the dominant catalyst for U.S. equities during the latter part of the week. NVIDIA’s quarterly results and forward outlook reinforced expectations for continued demand related to AI infrastructure and compute capacity. The positive technology signal helped the NASDAQ Composite outperform the broader market, while the S&P 500 and Dow also posted modest gains.
However, the earnings-driven rebound took place against a still uncertain monetary-policy backdrop. Inflation data and Federal Reserve communication remained important for determining whether the improvement in risk appetite could be sustained.
European Markets:
European equities finished mixed. The STOXX Europe 600 rose 0.15% and the FTSE 100 was essentially unchanged at +0.07%, while the CAC 40 fell 0.98%. Germany’s final second-quarter GDP reading and the Ifo business climate index, both released on 25 August, together with French preliminary CPI on 28 August, kept attention on the pace of the region’s recovery and the inflation trajectory heading into the autumn.
AsianMarkets
Japan: Japanese equities edged higher, with the Nikkei 225 rising 0.59% over the week to close at 66,405.56, supported by the improvement in global technology sentiment. The yen weakened further, with USD/JPY closing above 160.
China: Chinese markets were softer. The CSI 300 fell 0.21% to close at 4,609.18, while the Hang Seng Index declined 0.86% to close at 25,584.79, giving back part of the prior week’s advance.
Commodities
Oil (Brent Crude Futures): Brent crude futures (BZ=F) settled at USD 88.10 a barrel, down 6.66% from the previous Friday, fully reversing the prior week’s gain as supply concerns eased.
Gold (U.S. Gold Futures): U.S. gold futures (GC=F) settled at USD 4,529.90 per ounce, down 2.03% from the previous Friday, as improved risk appetite reduced safe-haven demand.
WeekAhead
Points of focus flowing from the week’s developments:
- AI capital expenditure cycle: NVIDIA’s Data Center result and demand outlook set a high bar for the sector. Markets will watch whether the read-through supports the broader semiconductor and hyperscaler complex or proves narrowly concentrated.
- U.S. monetary policy: With the July FOMC minutes still fresh, upcoming Fed commentary and inflation prints remain the key determinant of whether the equity recovery extends.
- Australian rate path: Following the RBA minutes and July CPI, attention turns to the next RBA meeting and further inflation data for confirmation of the repricing seen last week.
- European growth and inflation: German GDP and Ifo, alongside French preliminary CPI, will be tested against the euro-area aggregate release and ECB commentary.
- Commodities: The sharp reversal in Brent and gold raises the question of whether last week’s rally was positioning-driven. Supply signals and dollar direction will be the near-term drivers.
- Foreign exchange: USD/JPY back above 160 keeps intervention risk in focus, while broad dollar strength weighed on EUR, GBP and CHF crosses.
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