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Capital Ideas™ 
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World Markets Review
Tech surges as geopolitical tensions ease: Q2 roundup
July 8, 2026

 


Global equities rebounded sharply amid solid corporate earnings, strength in semiconductor stocks and easing geopolitical tensions. Emerging markets powered gains, particularly South Korea and Taiwan. Among developed markets, the U.S. delivered the highest returns, while Japan and Europe also advanced. Overall, the MSCI All Country World Index (ACWI) climbed 15%.


The information technology sector posted the strongest gains, as semiconductor and other AI-related companies benefited from expectations for continued spending on data centers and computing infrastructure. Nearly all sectors rose. Energy was a notable laggard, reversing its strong gains from the first quarter as oil prices retreated from multiyear highs.


Bond markets delivered modest gains as investors balanced resilient economic activity against persistent inflation pressures. The Federal Reserve held interest rates steady at its April and June meetings, but signaled rate hikes were possible later in the year. Meanwhile, the European Central Bank and Bank of Japan each raised policy rates by 25 basis points, citing elevated inflation risks.


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MSCI All Country World Index is a free-float-adjusted market-capitalization-weighted index that is designed to measure equity market results in the global developed and emerging markets, consisting of more than 40 developed- and emerging-market country indexes. When applicable, results through December 31, 2000, reflect dividends gross of withholding taxes, and dividends net of withholding taxes thereafter. This index is unmanaged, and its results include reinvested dividends and/or distributions but do not reflect the effect of sales charges, commissions, account fees, expenses or U.S. federal income taxes.

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