Among the non-primary sectors, construction remained the key growth engine, expanding 8.9%. It was followed by commerce, which advanced 7.3%, and electricity and water, up 5.6%. Services as a whole increased 4.7%.

By contrast, several primary activities posted declines. Manufacturing output fell 5.0%, while mining and hydrocarbons contracted 0.9%. Agriculture and livestock decreased 2.0%, reversing the 1.5% expansion recorded in Q1. Fishing registered the sharpest drop, plunging 48.9% after a 6.4% decline in the previous quarter.

On a quarterly basis, overall GDP growth slowed from 3.6% in Q1 to 2.6% in Q2.

Bond yields declined amid expectations of a tighter presidential race and a broadly weaker US dollar. In the banking sector, Itaú rose 2.9%, Bradesco gained 3.1%, Itaúsa advanced 2.5%, and B3 surged 5.2%. Utilities also traded higher, with Axia up 1.4% and Sabesp adding 1.9%. In the commodities space, Vale climbed 1.4% as iron ore prices firmed, while CSN Mineração jumped 4.8%, CSN surged 7.6%, and Usiminas rallied 7.9%. Embraer (-1%) and Petrobras (-0.1%) were among the few decliners.

His remarks offered some relief after US Treasury Secretary Scott Bessent vowed to impose the toughest sanctions yet on Tehran and to step up economic pressure on the Iranian regime. Against this backdrop of mixed signals, oil prices still advanced more than 5% for a second consecutive week.

Separately, the US military said it has helped tankers move more than 660 million barrels of crude through the Strait of Hormuz since early May, indicating that substantial volumes are still flowing through this critical energy chokepoint despite the conflict and elevated geopolitical risks.

Mega-cap technology names outperformed, with Alphabet up 1.1%, Microsoft advancing 0.4%, and Meta gaining 0.8%. Semiconductor stocks were mixed: Nvidia slipped 1%, Micron declined 0.8%, and Intel fell 2.2%. Walmart dropped more than 10% for the week after a rare earnings miss pressured its guidance and heightened worries about the health of the US consumer.

By region, sales in the City of Buenos Aires rose 18.5% year on year to ARS 193.6 billion, and those in the 24 districts of Greater Buenos Aires increased 8.3% to ARS 224.1 billion. In the Pampeana Region, sales climbed 13.2% to ARS 145.8 billion, while Cuyo recorded an 18.3% increase to ARS 49.1 billion. The Northern Region and Patagonia also posted gains, with sales up 11.0% and 17.2%, respectively.

While the NZD is still under pressure in speculative markets, the smaller short position suggests some investors may be scaling back expectations for further weakness or locking in profits after earlier declines. The shift in positioning will be closely watched for signs of a possible reassessment of New Zealand dollar prospects in the weeks ahead.

The increase in net long BRL positions suggests that traders and institutional investors have slightly strengthened their bullish stance on the Brazilian currency. While the move is incremental, it indicates continuing confidence in the real’s outlook, with more market participants betting on appreciation rather than depreciation.

The shift reflects a further build-up in short positions against the Australian dollar in the futures market, signaling that speculative participants remain cautious on the currency’s near-term prospects. The widening net short stance suggests that traders are either hedging against potential downside in the AUD or positioning for continued weakness relative to major counterparts.

The shift indicates that while traders remain net short on the Swiss currency, bearish sentiment has eased compared with the prior period. A smaller negative balance suggests some short-covering or a modest increase in long positions, hinting that speculative investors may be reassessing downside expectations for the franc.

While the Mexican currency remains in net long territory, the reduction in positions suggests a degree of caution is emerging in the market. Traders may be locking in profits or reassessing risk exposure after an extended period of positive positioning in the peso. The move could signal a more measured outlook on Mexico’s currency performance in the near term, even as overall sentiment remains broadly supportive.

While positions remain net short, the shift suggests some market participants are beginning to reassess the downside potential in wheat prices. A smaller net short position can indicate short-covering activity or a more cautious stance among traders who had been betting on further declines.

The move in speculative positioning will be closely watched by market observers, as changes in futures sentiment often precede adjustments in broader price expectations for the U.S. wheat market.

The 31.1K-contract increase in net long positions suggests that traders are positioning for potentially higher prices or improved fundamentals in the U.S. soybean complex. While the CFTC data does not explain the drivers behind the move, the shift in speculative stance points to growing confidence among market participants and could add momentum to price action in the weeks ahead.

The flat reading suggests that traders and funds have maintained their stance in the silver market, with no net increase in bullish or bearish bets over the period. This stability in positioning may indicate a wait-and-see approach among market participants amid broader uncertainty over metals pricing and macroeconomic trends.

With speculative interest neither expanding nor contracting, the silver market’s next moves are likely to hinge on upcoming economic data releases, shifts in interest rate expectations, and developments in industrial demand, which together could prompt traders to reassess their exposure in the weeks ahead.

This reversal suggests that speculative participants, such as hedge funds and other leveraged players, have become more cautious or bearish on the near-term outlook for the S&P 500. While the data do not explain the reasons for the shift, the move from a positive to a negative net position highlights a clear change in positioning that investors may watch closely for clues about broader risk appetite in U.S. equities.

The widening net short position suggests that hedge funds and other speculative participants are positioning for continued weakness or heightened downside risk in natural gas prices. While the data do not reveal the underlying drivers, the shift from -197.1K to -203.5K underlines growing skepticism about near-term price strength and reflects a more cautious sentiment toward the U.S. natural gas outlook.

The shift suggests that traders who had been positioned aggressively against the tech-heavy index have been closing out short positions or adding longs, reducing the overall net short exposure. While the positioning remains in negative territory, the magnitude of the change indicates a significant easing of pessimism toward U.S. large-cap growth and technology names linked to the Nasdaq 100.

Market participants will now be watching to see whether this repositioning reflects a durable improvement in risk appetite for U.S. equities or a temporary adjustment following prior downside bets. The updated data could influence short-term trading strategies around Nasdaq 100 futures and related derivatives as investors reassess the balance of risks in the U.S. equity market.

The increase in net long positions suggests that traders and investors are becoming slightly more optimistic on gold’s near-term prospects. While the move is incremental rather than dramatic, the higher reading indicates a growing inclination to position for potential gains in the precious metal, often viewed as a hedge in periods of uncertainty or shifting monetary expectations. Market participants will be watching upcoming macroeconomic data and policy signals for clues on whether this bullish positioning in gold continues to build.

The expansion in speculative net longs suggests that market participants have grown more optimistic about the near-term outlook for crude oil prices. While the data do not reveal the underlying drivers, the shift in positioning points to heightened expectations for tighter supply, stronger demand, or both, as investors add to their exposure in the U.S. oil market.

The expansion in net long positions suggests traders are turning more optimistic on corn’s price outlook, possibly anticipating tighter supply-demand dynamics or improved demand prospects. While the figures alone do not reveal the underlying drivers, the jump of over 57K contracts in net speculative exposure highlights a clear shift toward a more positive sentiment in the U.S. corn futures market.

Figures released on 21 August 2026 show that net speculative positions in copper slipped to 79.7K contracts, down from 80.4K previously. While the move is modest, it signals a small pullback in bullish positioning after the prior reading.

The slight decline suggests some investors may be reassessing near-term prospects for the metal, even as speculative sentiment remains broadly positive with net longs still elevated on a historical basis. Market participants will be watching upcoming macro data and industrial demand indicators to gauge whether this softening continues or stabilizes in the weeks ahead.

The move suggests that some traders are scaling back their negative bets on aluminium, though positioning remains in net-short territory. The shift may reflect changing expectations around supply-demand dynamics, macroeconomic conditions, or broader commodity market trends, but the data primarily signals a tempering of pessimism rather than a full reversal in sentiment.

Market participants will be watching upcoming data releases and price action closely to see whether this narrowing of net short positions marks the early stages of a more sustained repositioning in aluminium futures or a temporary adjustment within a still-cautious outlook.

While the euro remains firmly in net short territory, the move suggests a modest shift in positioning rather than a decisive turn in market conviction. The marginal reduction in shorts could reflect profit-taking after prior euro weakness, or early positioning for a potential stabilization in Euro Zone conditions. Nonetheless, with net positions still close to -60K, speculative accounts continue to lean predominantly against the euro, signaling that confidence in the currency’s near-term prospects remains cautious.

This swing suggests a marked change in market expectations for the Japanese currency, with investors now positioning for potential yen weakness against major counterparts. The move into negative territory on such a scale underscores a broad reassessment of Japan’s macro outlook and interest-rate dynamics, as speculative money increasingly bets against the yen in global FX markets.

The shift indicates that while traders remain net short on the Canadian currency, some bearish positions have been unwound. This moderation in negative sentiment could reflect changing expectations around Canada’s economic outlook, interest rate trajectory, or broader risk appetite in global FX markets. Nonetheless, the still-sizeable net short position suggests that confidence in a stronger Canadian dollar remains cautious for now.