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T. ROWE PRICE GLOBAL EQUITIES

Weekly Market Recap

14 July, 2025


Our Global Investment Solutions team produce a weekly market recap which aims to summarise the previous week’s major events and developments that may impact markets. They try to include points that may aid you in your decision making or conversations with clients. This is supplemented by a market data sheet, offering a summary of financial market performance. Last week’s summary is below. 

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Economic and political backdrop


On a seasonally adjusted basis, UK gross domestic product (GDP) shrank unexpectedly by 0.1% in May, after contracting 0.3% in April. Declining production and construction output drove this weakness. Analysts polled by FactSet had expected growth to rebound by 0.1%. Over the rolling three-month period, GDP expanded by 0.5% sequentially, coming off a 0.7% increase in the three months through April.

The Halifax building society said house prices stagnated in May, after falling 0.3% in April, when a tax break for first-time buyers expired. Year over year, house prices rose 2.5% versus 2.6% in the prior month. Halifax said transactions had picked up, with more buyers returning to the market. According to press reports, the UK’s finance minister, Rachel Reeves, is planning to launch a permanent mortgage guarantee scheme to help first-time buyers.

Markets


Last week, the MSCI All Country World Index (MSCI ACWI) lost -0.3% (11.0% YTD).

The US S&P 500 Index edged down -0.3% (7.2% YTD). Tariff news dominated the headlines, but market reaction was muted compared with previous tariff announcements. Growth stocks modestly outperformed value stocks, and small-cap stocks slightly underperformed large-cap stocks. The Russell 1000 Growth Index returned -0.2% (6.9% YTD), the Russell 1000 Value Index -0.6% (7.1% YTD), and the Russell 2000 Index -0.6% (0.9% YTD). The technology-heavy Nasdaq Composite slipped -0.1% (7.0% YTD), holding up best among the major US stock indices.

Investors have begun to follow airline earnings announcements as something of a bellwether of consumer strength. Delta Air Lines provided a supportive full-year 2025 earnings outlook—after withdrawing its guidance in the wake of the early-April tariff announcements—and said that travellers were returning to the skies. The supportive outlook from Delta lifted shares of US airlines broadly. In single-stock news, NVIDIA hit the $4 trillion market capitalisation threshold for the first time, helping put the “mega” in the so-called Magnificent Seven group of mega-cap stocks.

In Europe, the MSCI Europe ex UK Index ended the week 1.1% higher (10.8% YTD) amid hopes for more trade deals between the US and other countries. However, the market turned lower at the end of the week, curbing gains, after President Trump said he would send a letter notifying the EU of higher tariffs on its goods. Most major stock indexes advanced. Germany’s DAX Index climbed 2.0% (21.8% YTD), France’s CAC 40 Index gained 1.7% (9.2% YTD), and Italy’s FTSE MIB Index added 1.2% (21.2% YTD). Switzerland’s SMI Index retreated -0.3% (6.2% YTD). The euro weakened against the US dollar, closing the week at USD 1.17 for EUR, down from 1.18.

The FTSE 100 Index in the UK rose 1.3% (11.7% YTD), hitting a record high during the week, and the FTSE 250 Index was up 0.3% (6.9% YTD). The British pound weakened against the US dollar, closing the week at USD 1.35 for GBP, down from 1.37.Japan’s stock markets were mixed over the week. The TOPIX Index shed -0.2% (2.1% YTD), but the TOPIX Small Index added 1.8% (8.4% YTD).

In Australia, the S&P/ASX 200 Index lost -0.3% (7.5% YTD) due to the surprise RBA hold and further tariff announcements from President Trump. Australian government bond yields shifted higher, with the curve largely unchanged. As a result, the Australian dollar strengthened against the US dollar by 0.5%.

In Canada, the S&P/TSX Composite was flat (11.0% YTD).

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Yoram Lustig, CFA
Head of Multi-Asset Solutions,
EMEA and LATAM

Yoram Lustig

Michael Walsh, FIA, CFA
Solutions Strategist

Michael Walsh

Eva Wu, CFA
Solutions Strategist

Eva Wu

Matt Bance, CFA,
Solutions Strategist

Matt Bance
202507 - 4659146

Notes

All data and index returns cited herein are the property of their respective owners, and provided to T. Rowe Price under license via data sources including Bloomberg Finance L.P., FactSet & RIMES, MSCI, FTSE and S&P. All rights reserved. T. Rowe Price seeks to cite data from sources it deems to be accurate, but it cannot guarantee the accuracy of any data cited herein. Neither T. Rowe Price, nor any of its third-party data vendors make any express or implied warranties or representations and shall have no liability whatsoever with respect to any data and index returns contained herein. The data and index returns cited herein may not be further redistributed or used as the basis for other indices, as a benchmark or as the basis for any other financial product.

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