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| This week's gainers and losers |
| Up: Reddit +17.74%: Shares jumped this week after unveiling new AI-driven advertising tools and receiving upbeat analyst commentary, boosting optimism about its efforts to better monetize its platform. Entain +12.75%: Ladbrokes' owner announced strong results and outlook for its BetMGM joint venture, thanks to momentum in its iGaming and online sports betting divisions. AMD +10.4%: The semiconductor manufacturer has unveiled its new MI350X chip. This graphics processor aims to revive the group's GPU division, which has been losing momentum in recent months. Marvell Technologies +9.41%: Bank of America has published an optimistic note on the US network chip manufacturer following its recent event enabling it to expand its chip range. It anticipates strong growth in the data center market between now and 2028, which supports the group's outlook. Warner Bros +5.38%: Creditors have approved the debt restructuring plan, a key step towards the strategic split of the media and entertainment group. Lennar -2.02%: The homebuilder reported quarterly results that exceeded expectations. However, high interest rates are weighing on business, and management believes that price cuts are the only way to maintain volumes. Visa / Mastercard -5.17%: New US legislation on stablecoins could reduce the role of traditional payment solutions in certain transactions. Conversely, exchange platforms such as Coinbase are benefiting from the news. |
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| Commodities |
Energy: Oil markets remain under pressure due to rising tensions between Tehran and Tel Aviv. Oil prices have therefore climbed, especially Brent, which is more sensitive to international tensions than WTI, the latter being more influenced by domestic market dynamics. In other words, the spread between Brent and WTI tends to widen when geopolitical tensions rise. Although the market remains tense, there are no signs of immediate disruptions to global oil supplies. The US has given itself two weeks to decide on possible involvement, which could open the door to new diplomatic talks. International discussions, particularly between Iran and European ministers, are paving the way for a possible peaceful resolution to the conflict. In the meantime, oil continues to flow, even Iranian oil. Investors consider the “nightmare” scenario of a closure of the Strait to remain unlikely in the short term. Against this backdrop, the latest reports from OPEC and the International Energy Agency suggest that global oil supplies remain sufficient to meet current demand. Of course, any further deterioration in security conditions in the Strait of Hormuz could quickly change this dynamic. The market remains on the lookout for signs of de-escalation or deterioration in the situation. Metals: It may seem counterintuitive: despite geopolitical tensions, gold lost ground this week. The precious metal even recorded five consecutive days of declines and is trading around $3,350. The rise of the dollar and, above all, the Federal Reserve's policy, which has tempered expectations of rate cuts, weighed on gold. Copper also fell in London. Poor data on property prices in China depressed prices. Copper is trading at $9,615 per tonne (cash price). Agricultural products: In Chicago, corn prices stabilized at 445 cents per bushel, while wheat jumped to 585 cents (September 2025 contract). This technical movement is linked to short position buying. From a fundamental perspective, pressure from European and Black Sea harvests could weigh on prices. |
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| Macroeconomics |
Macro: A busy week for central banks. Following the ECB, it was the turn of the Fed, the SNB and the BOE to engage in the perilous exercise of economic forecasting and monetary policy. While the UK opted for the status quo, Switzerland cut its rates to zero. This proves that it is possible to have both low rates and a strong currency, provided that other parameters are in place, such as political and fiscal stability, developed infrastructure, export pricing power, etc. In the US, things look more complicated for the Fed, which is still caught between high inflation, an (overly) resilient job market, and growing geopolitical uncertainties. The watchword is caution, even if two rate cuts by the end of the year are still the consensus view. Crypto: Bitcoin closed around $105,000 for the third consecutive week. Bitcoin Spot ETFs remain buoyant, with more than $1 billion in net inflows since Monday. More broadly, the leading cryptocurrencies by market capitalization remained stable this week. In the news, Coinbase is preparing a strategic shift: the platform wants to launch 24/7 trading of tokenized stocks. To secure legal backing for this project, it has requested a no-action letter from the SEC. The goal? To natively digitize financial securities (stocks, bonds, funds) to make them more accessible and less expensive. At the same time, Coinbase (again) and Gemini are in the process of obtaining their MiCA licenses via Luxembourg and Malta, which will open the doors to the entire European market. Europe is thus charting a course: attracting American crypto giants while maintaining a high level of investor protection in a market that is now worth $3.2 trillion. |
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| Things to read this week | ||||||
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*The weekly movements of indexes and stocks displayed on the dashboard are related to the period ranging from the open on Monday to the sending time of this newsletter on Friday. The weekly movements of commodities, precious metals and currencies displayed on the dashboard are related to a 7-day rolling period from Friday to Friday, until the sending time of this newsletter. These assets continue to quote on weekends. |
