Three forces shaped global markets last week.

Geopolitics.
Monetary policy.
Artificial intelligence.

Oil prices moved back above USD 100 per barrel as tensions in the Middle East continued to influence market sentiment and reinforce inflation concerns.

At the same time, recent data from the US economy suggested a more complex path ahead for the Federal Reserve, with markets now pricing a slower and more cautious cycle of interest rate cuts.

Beyond macro developments, the corporate landscape continues to highlight the scale of capital being deployed into artificial intelligence. Major technology companies are expanding investments in cloud infrastructure, data centers and computing capacity, reinforcing AI as a central pillar of the next phase of global economic transformation.

In today’s market environment, geopolitics, monetary policy and technological infrastructure are no longer separate themes. They are increasingly interconnected forces shaping global capital allocation.

Read the full analysis.