15/06/2026
Global markets bounced back strongly this week, driven by hopes of an Iran-Hormuz peace deal and the strong debut of SpaceX. With major central bank meetings ahead, including Kevin Warsh’s first Fed meeting, investors are watching closely for the next market moves.
Read latest Weekly Market View by QORE Finance for insights into the key themes shaping markets.
08 June – 15 June Weekly Market View
by Clive Ponsonby , Head of FX, QORE Finance
Equities and Geopolitics
Last week that was dominated by the SpaceX IPO, the World Cup and a Prospective peace deal for Iran and the Hormuz strait, as well as an ECB rate hike. Firstly the peace deal, we have had several false dawns and there is some skepticism as this is really just another ceasefire while they negotiate on the seemingly irreconcilable points, and Israel may not agree to stick to this agreement that has been imposed upon them which could stop this before we even get to the next stage.
We are getting different messages from each side on what is in the agreement with both sides claiming a win, but some of the claims also contradict each other, so what will actually be signed?
With the G7 meeting in France at the start of the week and any deal supposedly being signed in Geneva on Friday, we could see all sorts of headlines moving markets.
Equities remain in bullish mode, buoyed by both the first day 20% pop in SpaceX as well as the Iran deal emerging over the weekend - with US futures rallying around 3% to within 1% of the all-time highs set at the start of June.
This is in stark contrast to the sentiment at the start of last week where the market was in the midst of a 5-10% correction with tech stocks hurting the most, but that was been shrugged off with another announcement that the Iran war is basically over.
The sentiment is still so positive that there is no point trying to be contrarian in the short term, no matter what your long term views are.
FX Markets
The ECB hiked as widely expected, with the Fed due this week where we expect no change and it will be all about the Kevin Warsh show.
The BoE may be more interesting with hawkish dissent possible after UK inflation data on Wednesday, and the bank of Japan widely expected to hike rates - the question will be whether the accompany that with action in FX markets.
US CPI was an eye watering 4.2%, but core CPI actually came in below expectations moderating any big market impact, PPI data though at 6.5% headline and 5.4% core was a worry.
Indonesia hiked rates in an emergency meeting as EM central banks try to shore up weakening currencies, but the oil price is still the key driver.
Commodities and Crypto
Oil is still the main focus with current prices down 5% as we open the new week after a 5% drop last week as a deal seems to be forming, we have been here before and so Friday is the key date where something actually might be signed.
Gold had a bad week as we set new lows for 2026 just above $4k but have subsequently bounced with risk sentiment, Silver didn't quite make a fresh low but came close as positioning is much cleaner there before following gold back higher.
Crypto consolidated last week after the Strategy driven sell-off but is also bouncing as hopes of a deal give all asset prices a lift, whether the scars of recent weeks will heal lead to meaningful inflows is an open question.
Week ahead
Kevin Warsh's first Fed meeting and press conference on Wednesday will be a huge event the market looking to how he sets the tone, especially given the inflation print above 4% we have just seen; he is likely to downplay recent data given the potential for the energy price component to start to reduce, and the expectation is for a few months on hold with one possible hike later on.
We have the BoJ and RBA on Tuesday morning with the former expected to hike and latter no change, followed by the Riksbank, Norges bank and SNB. Elsewhere the BoE on Thursday will be interesting after CPI on Wednesday - the market is pricing in two hikes here but not this week, but nothing is set in stone - there is also employment data and the by-election on Thursday with Andy Burnham expected to win and go on to challenge for leadership becoming the next UK Prime Minister.
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