Market Perspectives
U.S. equities finished the week mixed as renewed weakness in large-cap technology and artificial intelligence shares weighed heavily on broader market performance. The Nasdaq Composite led declines, falling 4.60%, while the S&P 500 lost 1.95%. The Dow Jones Industrial Average, by contrast, gained 0.60% as investors rotated into value stocks. Across the Atlantic, European equities proved relatively resilient. The pan-European STOXX Europe 600 edged 0.04% higher despite a late-week selloff in technology stocks. Germany's DAX fell 1.26%, France's CAC 40 declined 0.43% and Italy's FTSE MIB dropped 3.00%, while the UK's FTSE 100 outperformed with a gain of 1.40%. Asian markets were weaker across the board. Japan's Nikkei 225 fell 2.65%, while Hong Kong's Hang Seng Index tumbled 5.24% as weakness in China's large internet companies amplified the global retreat from technology shares. Looking ahead, investors will focus on the U.S.…
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BONDS & MACROECONOMICS
U.S. Treasuries rallied across most maturities as oil prices continued to decline and May's PCE inflation data broadly matched expectations, reinforcing the view that inflation remains under control. WTI crude fell 9.4% as traffic through the Strait of Hormuz steadily normalised.
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