Global Markets React to Inflation, Growth and Strong Oil Gains (August 10 – 14, 2026, Recap)

Overview

Last week brought a busy mix of central bank decisions, inflation data, labor-market updates, retail sales, commodity moves and corporate earnings. The Reserve Bank of Australia held rates steady, while US inflation and producer-price data pointed to persistent but mixed price pressures. UK growth remained positive, though slower than earlier in the year. Markets reacted across major currency pairs, commodities and equities, while Barrick, Cisco and Applied Materials reported notable quarterly results and updated their outlooks.

Major Economic Indicators and Events in Review

Tuesday, August 11

07:30 am – Australia: Cash Rate (AUD)

The Reserve Bank of Australia’s Monetary Policy Board left the cash rate unchanged at 4.35 percent after three increases this year. Inflation remains too high, driven by capacity pressures and elevated energy costs linked to the Middle East conflict. Tighter financial conditions are slowing consumer spending, housing and labor demand, though business investment remains strong. With inflation expected to ease only gradually and risks tilted upward, the Board will monitor data and may raise rates further if necessary.

AUD/USD rose 0.11% on the day.

Wednesday, August 12

15:30 – USA: CPI m/m (USD)

US consumer inflation rose modestly in July, with the CPI increasing 0.1% after falling 0.4% in June. Annual inflation eased to 3.4% from 3.5%. Shelter costs accounted for most of the monthly increase, while food prices rose slightly and energy prices declined 1.5%. Core CPI, excluding food and energy, increased 0.2% monthly and 2.5% annually. Medical care, airline fares and recreation rose, while motor vehicle insurance costs declined.

EUR/USD fell 0.16% on the day.

17:30 – USA: Crude Oil Inventories (USD)

US crude oil inventories surged by 17.4 million barrels in the week ending August 7, reaching 424.4 million barrels, while total petroleum stocks rose 15.7 million barrels. Refineries operated at 96.2% capacity, processing 17.2 million barrels per day. Crude imports jumped to 7.3 million barrels daily. Gasoline and distillate inventories declined slightly, remaining below five-year averages. Meanwhile, four-week petroleum demand averaged 20.7 million barrels per day, down 2.1% year-on-year.

USD/CAD edged up 0.10% on the day.

Thursday, August 13

9:00 am- UK: GDP m/m (GBP)

The UK economy grew by 0.4% in the second quarter of 2026, slower than the 0.6% growth recorded in the first quarter. Services were the main driver, rising 0.5%, while construction grew 0.3% and production was unchanged. GDP per person also increased 0.4%. Household spending rose modestly, while business investment grew strongly by 1.7%. Government spending fell slightly. Exports and imports both increased 0.5%. Overall, the figures show that the UK economy continued to expand, but at a slower pace than earlier in the year, with services and investment providing most of the support.

GBP/USD fell 0.06% on the day.

15:30 – USA: PPI m/m (USD)

US producer prices were unchanged in July 2026 after falling 0.1% in June. Over the past year, prices increased 4.7%, showing continued inflation pressure. Service prices rose 0.2%, and construction prices jumped 2.2%, while goods prices fell 0.7%. The decline in goods was driven mainly by lower energy and food costs, including a 5.7% drop in gasoline prices. Energy prices fell 3.1%, and food prices slipped 0.9%. Meanwhile, prices excluding food, energy, and trade services rose 0.4% in July and 4.7% from a year earlier, suggesting underlying producer inflation remained relatively strong, despite falling prices for several major energy products.

EUR/USD edged 0.036% higher on the day.

15:30 – USA: Unemployment Claims (USD)

US initial jobless claims rose by 9,000 to 209,000 in the week ending August 8, while the four-week average remained unchanged at 199,000. Continuing unemployment claims fell by 22,000 to 1.777 million for the week ending August 1. The insured unemployment rate held steady at 1.2%. Overall, the figures point to a modest rise in new unemployment claims but a decline in the number of people continuing to receive benefits.

USD/JPY rose 0.048% on the day.

Friday, August 14,

15:30 – USA: Retail Sales m/m (USD)

US retail and food services sales fell 0.6% in July 2026 to $763.6 billion compared with the previous month. Despite the monthly decline, sales were 5.0% higher than in July 2025. Over the three-month period from May through July, total sales increased 6.3% from the same period a year earlier. June sales were unchanged from the previous estimate, showing a 0.2% monthly increase.

EUR/USD advanced 0.35% on the day.

Commodities

1. Crude Oil

1. Crude oil prices rose 6.90% over the past week

2. Brent Oil

1. Brent was up 7.82% compared to the previous week

3. Gold

1. The precious metal Gold (XAUUSD) concluded the week on Friday with 0.80% weekly gains

4. Silver

1. XAGUSD increased by 1.78% from last week

Stock Market

1. S&P 500 rose 0.38%

2. DJIA was down 0.57%

3. NASDAQ 100 increased by 1.14%

Top Gainers

1. XChange TEC.INC (XHG) 291.75%

2. Socket Mobile, Inc. (SCKT) 203.03%

3. CBL International Limited (BANL) 191.47%

Top Losers

1. Sionna Therapeutics, Inc (SION) -87.34%

2. Tenax Therapeutics, Inc. (TENX) -86.61%

3. Silexion Therapeutics Corp (SLXN) -77.53%

Company Earnings (August 10 – 14)

Monday, August 10: B (Barrick Mining Corporation)

Wednesday, August 12: CSCO (Cisco Systems, Inc.)

Thursday, August 13: AMAT (Applied Materials, Inc.)

Barrick reported another strong quarter, with gold production rising 11% to 796,000 ounces and quarterly net earnings increasing 50% to $1.22 billion. Operating cash flow also climbed 28% to $1.70 billion. The company reached a major agreement with Newmont to expand Nevada Gold Mines, including a $1.95 billion cash payment to Barrick. Full-year guidance remains unchanged, while capital spending was reduced. Barrick also increased shareholder returns through dividends and $1.2 billion in share buybacks.

B shares fell 5.16% over the past week.

Cisco posted record fiscal 2026 results, with fourth-quarter revenue rising 18% to $17.3 billion and full-year revenue reaching $63.3 billion. Demand was strong across AI infrastructure, networking, enterprises, government and cloud customers. Cisco expects AI-related growth to continue and forecasts fiscal 2027 revenue of $72.2 billion to $73.4 billion. However, profit margins face pressure from higher hardware and memory costs. The company also returned $3.2 billion to shareholders through dividends and share buybacks.

CSCO shares fell 8.03% during the past week.

Applied Materials raised its growth outlook as strong demand for AI infrastructure boosts its semiconductor equipment business. Fiscal third-quarter revenue reached a record $9.1 billion, while earnings and profit margins also hit new highs. Growth was especially strong in memory chips, advanced packaging and services. The company is expanding production capacity and hiring more workers to meet demand. However, hiring costs, product mix and higher taxes could limit profit-margin growth in the near term.

AMAT shares fell 5.93% over the past week.

Conclusion

Overall, the week reflected a mixed but resilient global economic picture. Inflation pressures remain an important concern, particularly in Australia and the United States, while economic growth continues at a moderate pace. Currency markets reacted modestly to major data releases, while commodities posted strong weekly gains, led by crude oil and Brent. Equity performance was mixed, with technology stocks providing support. Despite strong earnings from Barrick, Cisco and Applied Materials, their shares declined, showing that solid results do not always translate into immediate market gains.