Please see below the daily update article from Brooks Macdonald, received this morning – 11/08/2026:
What has happened?
Markets struggled to build on last week’s gains as higher oil prices weighed on risk appetite and pushed bond yields higher. The S&P 500 (-0.06%) and NASDAQ (-0.32%) both edged lower, although strength in energy stocks (+4.63%) helped limit broader declines. Semiconductor shares led the weakness, with the Philadelphia Semiconductor Index falling -2.94% after its strong rebound last week. Intel (-4.06%) announced plans for a $15bn share offering, while Nvidia (-2.86%) unveiled a partnership with several investment firms aimed at mobilising up to $500bn of financing for customers deploying its technology. In Europe, the STOXX 600 (+0.03%) closed at a record high for a sixth straight gain, while the FTSE 100 (-0.35%) underperformed.
Rising oil prices test market optimism
There was no breakthrough in efforts to reopen the Strait of Hormuz, with US-Iran rhetoric continuing to harden and reducing hopes of a near-term resolution. Brent crude rose almost 5% to $87.72/bbl, its fourth consecutive gain. The rise in oil prices reignited inflation concerns and prompted markets to modestly increase expectations for further rate hikes in both the US and Europe. That backdrop weighed on government bonds, with the US 10-year Treasury yield rising to 4.71% and European sovereign yields also moving closer to their late-July highs. Investors remain alert to the risk that sustained energy price pressures could complicate the inflation outlook and slow progress towards central bank targets.
What does Brooks Macdonald think?
Risk sentiment has remained surprisingly resilient so far this month. For the past two years, early August has often been associated with bouts of market volatility, but this year equities have continued to trade near record highs despite rising oil prices and renewed geopolitical uncertainty. Strong corporate earnings and continued enthusiasm around artificial intelligence have helped support markets, although the situation in Iran remains an important risk. For now, investors appear willing to look through the uncertainty, but further deterioration could quickly bring inflation concerns and energy prices back into sharper focus.
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Cherise Lancaster
11/08/2026