Key Takeaways
- UK GDP grew by 0.4% in Q2 2026, meeting analyst expectations and driven by a 0.5% expansion in the services sector.
- Maersk (MAERSK-B) reported a massive Q2 earnings beat with revenue of $15.76 billion and raised its full-year EBITDA guidance to a range of $10.5 billion to $12.5 billion.
- Goldman Sachs noted that Japan possesses $1 trillion in reserves, providing "plenty of capacity" for further interventions to support the Yen.
- Antofagasta (ANTO) posted H1 2026 adjusted EPS of 85.9 cents, surpassing estimates of 78.5 cents, while maintaining its annual production targets.
- Sweden's inflation remained cool in July, with the CPIF (CPI with a fixed interest rate) coming in at 0.7% Y/Y, matching expectations.
UK Economic Growth and Trade Data
The United Kingdom’s economy showed resilience in the second quarter of 2026, with GDP expanding by 0.4%. According to the Office for National Statistics (ONS), the growth was primarily fueled by the services sector (+0.5%) and a recovery in construction (+0.3%), while industrial production remained flat.
Despite the growth, the UK's trade position weakened significantly in June. The visible trade balance widened to -£24.007 billion, far exceeding the estimated -£20.4 billion. However, total business investment provided a positive surprise, jumping 1.7% in Q2 against expectations of a slight contraction.
Corporate Earnings: Maersk and Antofagasta
Shipping giant Maersk (MAERSK-B) delivered a robust second-quarter performance, reporting EBITDA of $2.99 billion, well ahead of the $2.06 billion consensus. The company benefited from higher freight rates, with its loaded freight rate hitting $2,746 per FFE. Maersk remains optimistic about global trade, maintaining a forecast of 4% growth in global container volume.
In the mining sector, Antofagasta (ANTO) reported a strong first half of the year. While pre-tax profits of $2.00 billion were slightly below the $2.02 billion estimate, the company's earnings per share beat expectations. The copper miner confirmed it expects 2026 production to remain within the 625,000 to 655,000 tons range.
Asian Markets and Currency Interventions
In Japan, Goldman Sachs analysts highlighted that the government still has significant "firepower" to defend the Yen. With $1 trillion in foreign exchange reserves, the bank suggests Japan has ample capacity for further market interventions if currency volatility persists. Meanwhile, Uber (UBER) is expanding its footprint in the country through a robotaxi partnership involving Nissan (NSANY) and Hinomaru Kotsu.
Australian markets saw a slight retreat, with the S&P/ASX 200 slipping 0.2% to settle at 9,188.50. In the technology sector, China's Yangtze Memory Technologies (YMTC) is reportedly gaining significant ground. Data from Counterpoint Research shows YMTC moved into third place globally for chip shipments in Q2, overtaking Micron (MU) and Kioxia.
European Inflation Trends
Inflationary pressures across Europe appear to be stabilizing. Sweden's July CPIF matched estimates at 0.7% Y/Y, while the CPIF excluding energy stood at 0.6%. These figures suggest that the Swedish central bank may have room to maintain or adjust its current monetary policy stance.
In Switzerland, the Producer and Import Prices index fell 0.1% month-on-month in July. On an annual basis, Swiss producer prices are down 2.1%, indicating a continued deflationary trend in the industrial sector. Similarly, Norway reported a slight cooling in wage growth, with average monthly earnings rising 3.9% Y/Y in Q2, down from 4.3% in the previous quarter.
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.