U.S. stocks and bonds lost ground last week, with global stock markets all gaining ground. GOOG disappointed, which is hard to digest given their performance and outlook. Investors remained very concerned about A.I. investment needs, especially amongst the hyper-scalers. There are important central bank meetings and earnings this coming week.

Stocks and precious metals bounce around as more earnings come and go, the Fed holds rates steady as expected, and a new Fed chairman is nominated by Mr Trump.

The last two weeks were rather uneventful, so this is a quick summary of price performance in 2025, and a look ahead to 2026. Are we in a bubble and don't know it?

A.I. featured large again last week, mainly because it was the key talking point as five of the Mag 7 companies released earnings with mixed results. The FOMC decision also went as expected, although Mr Powell threw some caution into the wind. Global stock markets took it in stride, but the US Treasury market was less happy as yields rose across the curve. Gold was weaker again, and the US Dollar strengthened.

[GO STRAIGHT TO THE TABLES] We’re now into August, a normally lower-volume month, and often not the best month for equities. The table...