Please see below the daily update article from Brooks Macdonald, received this morning – 24/06/2026
What has happened?
Markets saw a classic risk-off move yesterday, with equities slipping and bonds rallying. The main driver was a sharp selloff in tech. The Philadelphia Semiconductor Index dropped -7.87%, with names like Sandisk (-13.64%) and Micron (-13.18%) leading losses in the S&P 500, despite still being among the top performers year to date. The NASDAQ fell -2.21% and the S&P 500 declined -1.44%. What really stood out, though, was how concentrated the move was. It was the first time this year that the S&P 500 fell by more than 1% while most of its stocks actually rose. In Europe, the STOXX 600 lost -0.73%, its weakest session in three weeks, again led by tech. Meanwhile, Brent crude slipped -1.05% to a three-month low of $77/bbl.
UK data softens rate expectations and supports gilts
In the UK, gilts performed well after weaker-than-expected flash PMI data. The composite reading fell to 49.4 (versus 50.5 expected), staying in contraction. Alongside lower oil prices, this has strengthened the view that the Bank of England may not need to raise rates again this year. As a result, the 10-year gilt yield fell -5.4bps to 4.75%, a larger move than in other major European markets.
What does Brooks Macdonald think?
What is interesting is that the equity weakness came despite fairly encouraging macro data. June flash PMIs generally came in ahead of expectations, suggesting the global economy is holding up better than feared despite ongoing energy pressures. In the US, the composite PMI rose to 52.2 (versus 51.1 expected), its highest level in five months, while the Euro Area reading also edged higher to 49.5. Stepping back, yesterday’s move looks driven by a narrow group of recent market leaders. At the same the broader economic picture remains relatively stable, suggesting this was more a concentrated pullback than a shift in the overall macro backdrop.
Bloomberg as at 10/06/2026.
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Charlotte Clarke
24/06/2026