Key Takeaways
- Precious metals reached historic highs with spot Silver surging 3% to $63.32 per ounce and Gold climbing 1% to cross the $4,279 per ounce threshold.
- German industrial data remains fragile as June production grew only 0.2%, while the trade balance narrowed to €15.4B, missing market estimates of €17.2B.
- Porsche SE (PAH3) reported a massive H1 loss after tax of €2.22B, a sharp reversal from a €338M profit in the previous year, despite maintaining its full-year guidance.
- UK housing market momentum cooled in July, with the Halifax House Price Index showing 0.0% monthly growth and annual growth slowing to 0.1%.
- Norway's industrial sector showed extreme volatility, with total industrial production jumping 7.6% month-over-month, even as manufacturing output contracted by 1.0%.
Precious Metals Break New Ground
Safe-haven assets are seeing significant inflows as Spot Silver surged 3% to reach $63.32 per ounce in early Friday trading. This extension of gains comes alongside Spot Gold, which rose 1% to trade above the $4,279 per ounce mark. Investors appear to be hedging against global economic uncertainty and currency volatility, driving both metals to significant price levels.
The Swiss Franc showed signs of weakness against the US Dollar, as increased risk aversion favored the greenback. Market participants are closely monitoring these shifts in currency and commodity markets as traditional safe havens compete for dominance.
German Economy Faces Mixed Signals
Germany's industrial sector continues to struggle for momentum, with June Industrial Production rising just 0.2%, meeting analyst estimates but slowing significantly from the previous month's revised 0.7%. On a working-day adjusted basis, production fell 0.1% year-over-year, highlighting the persistent headwinds facing Europe’s largest economy.
The German trade balance also disappointed, narrowing to €15.4B against an expected €17.2B. While Exports rose 0.9%, a significant 4.4% surge in Imports—well above the 2.0% forecast—compressed the trade surplus. This surge in imports may suggest a slight recovery in domestic demand, though it weighs on the net trade contribution to GDP.
Corporate and Regional Highlights
Porsche SE (PAH3) released a challenging H1 2026 earnings report, posting a loss after tax of €2.22B. This compares to a profit of €338M in the same period last year. Despite the heavy loss, the company maintained its full-year profit guidance of €1.5B to €3.5B, suggesting an expected recovery in the second half of the year.
In the UK, the housing market showed signs of stagnation. The Halifax House Price Index remained flat at 0.0% for July, bringing the annual growth rate down to a marginal 0.1%. The data suggests that high borrowing costs continue to temper buyer enthusiasm despite a generally stable economic backdrop.
Scandinavian data revealed a tale of two sectors. Norway's total Industrial Production soared 7.6% in June, driven by energy sectors, while its Manufacturing output fell 1.0%. Meanwhile, Sweden reported a significant improvement in its fiscal position, with a July Budget Balance of -SEK 9.2B, a sharp narrowing from the previous -SEK 58.4B.
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications.