Latest Irish Life weekly markets update

Key talking points include:

• US markets surged around 4% for the week as de-escalating tensions in the Middle East, falling oil prices and easing trade tensions boosted investor sentiment. The S&P 500 on Friday eclipsed a record high that it had set four months earlier while the Nasdaq topped a record reached last December.
• The S&P 500 rallied by 3.4% (MTD 4.4%, YTD 4.9%) while the Euro Stoxx 600 was up 1.3% (MTD -0.9%, YTD 7.1%).
• The Middle East ceasefire has made regional tensions less front and centre. While developments will be closely watched for any flare up, economic data including ISM manufacturing survey (tomorrow) and June's employment report (Thursday) are set to be in focus this week. This, along with Chair Powell's comments tomorrow, should give more clarity of when the Fed is likely to lower rates.