Commerzbank’s Marco Stoeckle argues that the AI trade is at a crossroads, with ‘Mag 7’ euphoria fading and hyperscalers facing cash flow and leverage concerns. In contrast, semiconductor and memory stocks, tracked by SOX and KOSPI, saw hyperbolic gains before sharp drawdowns.
Rabobank's Senior FX Strategist Jane Foley describes EUR/USD as wary after the July European Central Bank (ECB) meeting. Foley notes that the Euro (EUR) failed to gain support despite a hawkish ECB tone, while the Dollar benefits from safe haven demand and Federal Reserve (Fed) expectations.
According to preliminary data, the United Kingdom (UK) S&P Global Services Purchasing Managers’ Index (PMI) arrives above 50.0 in July, a figure that separates expansion from contraction, after declining in June. The Services PMI lands at 51.8.