Talenta Gestion publishes July 2026 monthly market report on oil shock, rate outlook and semiconductor selloff
SPY•Equities diverged as Nasdaq fell on semiconductor weakness
Equities diverged: Eurostoxx 50 rose 0.47% and Spain’s IBEX 35 gained 1.6%, while Nasdaq fell 6.61% on a semiconductor slump.
Risk-off turn driven by oil shock and Middle East tensions
Talenta Gestion flagged a sharp risk-off turn, driven by the collapse of a provisional US-Iran deal and a near-blockade of the Strait of Hormuz.
Brent ended the month at USD 90.12 a barrel, up about 24% from June, after briefly topping USD 100 amid supply disruption fears.
Rates and Treasury markets sold off despite cooler inflation
Policy rates held, with the ECB at 2.25% and the Fed at 3.5%-3.75%, despite a more hawkish tone.
US Treasuries sold off, with the 10-year yield hitting 4.74% and the 30-year near 5.2%, even as US inflation cooled.
