Markets advanced despite an increasingly complex macroeconomic backdrop.

Sticky U.S. inflation and slower economic growth kept the Federal Reserve outlook in focus, while resilient labor-market data continued to support confidence in the economy.

Technology was a key driver of the week. Strong AI-related demand reinforced the momentum behind infrastructure and semiconductor investment, helping the Nasdaq 100 gain 1.41%. At the same time, potential new tariffs emerged as an additional risk for the semiconductor and AI supply chains.

Against this backdrop, the S&P 500 gained 0.77%, the Euro Stoxx 600 rose 0.15%, and the Nikkei 225 advanced 1.34%.

In this edition of our Weekly Market Report, we examine how inflation, growth, labor-market resilience and the evolving AI investment cycle are shaping the outlook for global markets.