Weekly Global Outlook
Week of July 20–24
Tariffs, corporate earnings, and monetary policy shaped market direction.
Markets navigated a week marked by new trade measures, geopolitical tensions, and mixed corporate earnings. While inflation continues to ease across several economies, uncertainty surrounding global trade and economic growth is keeping investors cautious.
United States
- Higher oil prices, new tariffs, and rising Treasury yields increased market caution. Earnings season continues with investors focused on artificial intelligence infrastructure spending.
Europe
- The European Central Bank kept interest rates unchanged while inflation continued to moderate. Business confidence improved, although signs of industrial weakness persist.
Japan
- Inflation reached its highest level since December, while the trade balance posted a deficit driven by higher energy imports and solid domestic demand.
China
- The People’s Bank of China kept its benchmark lending rates unchanged for the fourteenth consecutive month, prioritizing stability amid weakness in the property sector and ongoing geopolitical uncertainty.
Argentina
- The economy posted modest annual growth, supported by the mining sector, although monthly activity continued to reflect weakness in manufacturing and trade.
Brazil
- New U.S. tariffs increased uncertainty for Brazilian exports, while several industries are already anticipating negative employment effects.
Mexico
- Inflation continued to ease, while economic activity delivered mixed signals. The new U.S. tariff is expected to have a limited impact thanks to USMCA exemptions.
“Buying’s easier, selling’s hard — it’s hard to know when to get out.”
— Seth Klarman
Key Upcoming Events
- In the United States, the FED’s monetary policy decision will be released 07/29
- In the United States, Q2 GDP growth data will be released 07/30
Monitor:
Note: Returns as of 10 AM EST
