A PMI level above 50 indicates expansion, and July’s uptick suggests that Irish service providers saw improving business conditions compared with the previous month. The increase from June’s reading points to firmer momentum in the sector as the summer progressed.

The July data underline the resilience of Ireland’s services economy during mid-2026, as businesses continue to report growth rather than contraction. While no further breakdown was provided, the overall improvement in the PMI highlights gradually stronger demand and continued confidence within the sector.

The shift from substantial net buying to sizeable net selling underscores a notable change in sentiment toward Japan’s equity market. While the prior figure of 912.4B suggested robust foreign interest, the latest negative balance indicates that international investors have recently been net sellers of Japanese shares, reducing their exposure rather than adding to it.

This turnaround in flows may have implications for liquidity and valuation in Japan’s stock market, as foreign investors often play a significant role in driving trading volumes and price movements. Market participants will be watching upcoming data closely to see whether this marks the beginning of a sustained pullback or a short-term adjustment in positioning.

The foreign bonds buying indicator moved from a previous reading of -810.1 billion to 477.9 billion, signaling a strong turnaround in cross-border capital flows. The earlier negative figure indicated substantial net selling of foreign bonds by Japanese investors, while the latest positive reading reflects renewed demand for overseas fixed-income assets.

This marked shift suggests changing portfolio preferences among Japanese institutions and investors, with potential implications for global bond markets and currency dynamics as Japan re-engages more actively in foreign debt securities.

Traders are also closely watching SpaceX, with insider lock-up restrictions set to expire today. The change will allow major shareholders to sell part of their stakes in Elon Musk’s rocket company. On Wednesday, SpaceX shares tumbled nearly 14% after the company reported a sharp increase in capital expenditures, stoking concerns about heavy artificial intelligence–related spending.

In contrast, Nvidia rose 3.4% after Musk said during SpaceX’s earnings call that the company would rely exclusively on Nvidia chips for its AI infrastructure. Those gains helped drive the Dow to another record high, even as the S&P 500 and Nasdaq Composite came under pressure, weighed down by weakness across the broader technology sector.

The primary income account surplus rose to USD 3.27 billion in June from USD 2.17 billion in May, reflecting higher equity income. At the same time, the secondary income deficit narrowed to USD 0.14 billion from USD 0.33 billion, largely due to reduced secondary income payments.

By contrast, the services account deficit widened slightly to USD 1.29 billion in June from USD 1.09 billion in May, as larger shortfalls were recorded in other business services and manufacturing services.

For the first half of 2026 as a whole, the current account surplus expanded sharply to USD 191.01 billion, compared with USD 47.87 billion in the same period of 2025.

The increase of more than $11 billion suggests stronger net foreign earnings compared with the previous month, potentially reflecting firmer export performance, improved services income, or changes in primary income flows. While detailed component data were not provided, the overall advance in the surplus underscores South Korea’s ongoing position as a major net creditor in global trade and finance.

The June result, coming on the heels of an already substantial surplus in May, may help reinforce confidence in the country’s external stability and could influence expectations around currency dynamics and monetary policy, as market participants assess whether the stronger current account balance will prove persistent in the coming months.

The downside was partly limited by further weakness in oil prices, amid optimism over progress in US–Iran peace talks. Softer energy costs helped ease inflation concerns and, in turn, tempered expectations of future interest rate hikes. Sentiment was also underpinned by a strong overnight performance on Wall Street, driven by robust corporate earnings and solid macroeconomic releases.

Sector-wise, healthcare, consumer staples, and utilities were the main drags on the benchmark. Early notable losers included Fisher & Paykel (−3.4%), Fletcher Building (−2.9%), Mercury NZ (−1.2%), and ANZ Group (−0.8%).

On the domestic front, the bank observed that economic activity continues to slow gradually but remains resilient, underpinned by a robust labor market. While headline inflation has eased, it is still above the official target range. Core inflation has decelerated to slightly below the upper limit of the target band.

Inflation expectations, however, remain elevated. According to the Focus survey, inflation is projected at 5.0% for 2026 and 4.2% for 2027. The Copom reiterated that inflation risks are tilted to the upside and emphasized that future policy decisions will be guided by incoming economic data, with the aim of ensuring that inflation converges toward the target.

The 25-basis-point reduction signals a measured shift by policymakers, who appear more comfortable easing borrowing costs while still maintaining a restrictive stance. At 14.00%, the benchmark rate remains elevated by global standards, underscoring that inflation risks and financial stability considerations likely remain in focus.

For investors, the move may support risk assets and provide some relief to credit markets and rate-sensitive sectors, while the still-high level of the policy rate continues to offer relatively attractive yields on Brazilian fixed-income instruments. Market participants will now look for further guidance on the pace and extent of any additional cuts in the coming meetings.

Financial stocks were mostly weaker, with Bradesco down 0.8% and BB Seguridade off 0.9%. In contrast, Itaú advanced 0.7% after reporting a 7.8% year-on-year increase in managerial recurring net income, in line with expectations. In the industrial and healthcare segments, Gerdau rose 1.7% after stronger-than-expected 2Q26 results, while RD Saúde led the gainers, jumping 5.9% following its earnings release. Petrobras declined 1.3%, tracking lower oil prices. After the close, Bradesco, Axia (0%), Auren (-1.1%), Brava (+2.6%), and Engie (-1%) are scheduled to report their results.

Mining stocks also rallied as gold prices jumped on optimism over a potential US–Iran peace deal, which eased some inflation concerns. Agnico Eagle rose 9.6%, Barrick added 7.2%, WPM climbed 7.2%, Kinross gained 8.6%, and Eldorado Gold advanced 12.8%, while other miners posted increases ranging from 1.2% to 10%.

In contrast, Thomson Reuters fell 10.2% despite beating second-quarter profit and revenue forecasts and raising its full-year revenue growth outlook. Manulife Financial (-0.9%) and Nutrien (-0.3%) edged lower ahead of their earnings releases.

Crude oil prices extended their decline after Iran announced it had reached an agreement with Oman on a proposed shipping route through the Strait of Hormuz. At the same time, US officials indicated progress in negotiations aimed at restoring trade flows through the region, easing worries about energy-driven inflation.

Credit-sensitive sectors, including major banks, outperformed. Arista Networks climbed 3.6% after reporting revenue ahead of expectations. Eli Lilly gained 4.9% after topping revenue estimates and raising its full-year guidance.

By contrast, the Nasdaq fell 0.8%. SpaceX dropped 13.6%, reversing the prior session’s gains, while AMD declined 7% despite doubling its data center revenue.

The shift from a negative to a positive balance suggests increased foreign exchange entering Brazil’s economy compared with the last reported period, when outflows exceeded inflows. While the underlying drivers are not detailed in the release, such a reversal typically reflects changes in trade balances, investment flows, or financial market dynamics.

Investors and policymakers are likely to watch upcoming FX flow data closely to assess whether this positive momentum can be sustained and what it may imply for the Brazilian real, external accounts, and broader financial conditions in the months ahead.

Siemens Energy closed virtually unchanged despite beating earnings forecasts, supported by record order intake driven largely by demand from data center power projects. SAP advanced more than 1%, mirroring positive momentum in US software names. In the healthcare space, Bayer and Argenx each rose more than 2%, delivering a strong session for pharmaceuticals.

On the downside, Infineon fell 5.7% after its outlook disappointed some investors, and DHL slipped 3.7% following the release of its results.

Outside the euro area, Novo Nordisk finished flat even after issuing upbeat guidance, as persistent concerns about the longer-term prospects of its obesity franchise continued to cap gains. In contrast, Glencore climbed 3.8% after presenting a robust outlook and announcing plans for a secondary listing on the ASX.

Corporate earnings were also in focus. Infineon Technologies was the weakest performer, sliding more than 5% after the company missed high margin expectations, despite reporting record revenue and lifting its full-year outlook. Deutsche Post fell 2.7% even though it beat earnings forecasts and announced an expansion of its share buyback program.

On the upside, Fresenius SE & Co. rose 4.9% to top the index after delivering better-than-expected second-quarter results and raising its full-year earnings guidance. Beiersdorf also gained 4.9%, despite a 3.5% decline in first-half sales driven by softness in the Nivea brand, as investors reacted positively to a €100 million investment plan aimed at revitalizing Nivea’s growth.

Treasury yields declined over the week as US officials signaled efforts to engage in dialogue with Iran aimed at restoring trade flows from the Middle East, helping to contain energy-related inflation pressures. Credit-sensitive sectors—including banks and AI-focused hyperscalers—traded broadly higher.

Arista Networks jumped 7% after reporting better-than-expected revenue. Eli Lilly surged 9%, leading the Dow, after beating revenue estimates and raising its full-year guidance.

By contrast, the Nasdaq edged lower. SpaceX fell 13%, erasing the previous session’s sharp gains as concerns about soaring AI-related capital spending outweighed its revenue beat. Investor sentiment was also pressured by the impending release of a large tranche of IPO shares held by primary buyers. AMD dropped 5% even as it doubled its datacenter revenues.

Corporate earnings also supported the index. Next jumped more than 5% after once again raising its full-year profit guidance. Glencore advanced over 3.5% after reporting an 86% year-on-year increase in adjusted profit and unveiling a special cash distribution of $0.085 per share alongside a $500 million share buyback. Coca-Cola HBC gained more than 4% after posting better-than-expected first-half sales and upgrading its full-year organic revenue growth outlook. Legal & General rose 0.7% after reporting results broadly in line with expectations, whereas HSBC fell more than 4% following its latest earnings release.

Consumer price inflation averaged 3% in the second quarter, up from the previous quarter and broadly in line with the central bank’s projections. The increase was mainly driven by higher transportation costs and rising prices for unprocessed food.

Economic growth continued to be underpinned by robust household consumption and solid business investment, while fiscal policy stayed on a consolidating trajectory. The Bank of Albania expects inflation to hover slightly above target in the near term before gradually converging back to target.

The central bank highlighted that elevated uncertainty stemming from the conflict in the Middle East remains a key risk, with the potential to push inflation higher and dampen economic activity. It reaffirmed that future policy decisions will be guided by the objective of preserving price stability.

Refinery crude runs declined by 183 thousand barrels per day.

Gasoline inventories fell by 1.643 million barrels to 209.7 million barrels, a larger draw than the anticipated 1.3 million-barrel decrease. Distillate stocks — which include diesel and heating oil — dropped by 3.473 million barrels to 107.2 million barrels, in contrast to expectations for a 0.2 million-barrel build.

Net US crude imports rose by 297 thousand barrels per day.

The shift from a positive 1.1% change to a -0.7% change suggests refiners scaled back activity after a prior uptick in operations. The figures reflect week-over-week changes in refinery utilization, indicating how current capacity use compares with the immediately preceding week rather than providing an absolute utilization level. Investors and energy market participants will be watching upcoming EIA reports to see whether this pullback is a brief adjustment or the start of a broader softening in refinery runs.

The reversal from a positive to a negative reading suggests that consumption, exports, or refinery output patterns have changed enough to pull stocks lower. While the absolute move is relatively small, the change in direction can be significant for market participants watching distillate fuel balances ahead of upcoming seasonal demand periods.

Traders, refiners, and end users are likely to monitor upcoming weekly data closely to determine whether this drawdown marks the start of a broader trend toward tighter heating oil supplies in the United States, or a temporary fluctuation within a still-balanced market.

The move from a positive to a negative reading suggests that gasoline production has not only slowed but contracted over the latest measurement period. While no additional context was provided on the drivers behind the shift, the downturn in output could have implications for domestic fuel supply dynamics and may draw attention from market participants tracking energy inventory and production trends in the United States.

The swing from a build to a sizable draw suggests stronger demand, tighter supply conditions, or a combination of both in key distillate products such as diesel and heating oil. For markets, the move into negative territory may be interpreted as a potentially supportive factor for refined product prices, especially if the trend of declining inventories persists in the coming weeks. Traders and analysts will be watching upcoming EIA reports closely to see whether this drawdown proves temporary or signals the beginning of a tighter distillate market heading into the next quarter.