[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"article\u002Fmarket-update-july-2026":3},{"fullWidthTemplates":4,"headers":457,"footers":651},[5],{"url":6,"name":7,"hideBreadcrumbs":8,"pageMetadata":9,"excludeSitemap":12,"contentSections":13,"footerDisclaimers":408,"theme":8,"invertBreadcrumbsColour":8,"breadcrumbParent":8,"id":456,"adminTitle":7,"showChatbot":8},"article\u002Fmarket-update-july-2026","Market Update - July 2026",null,{"name":10,"property":8,"image":8,"content":11,"description":8},"Market update July 2026 | Investment insights from Generate","Read Generate’s July 2026 market update, with insights into global markets, key events and what they could mean for your KiwiSaver and Managed Funds.",false,[14],{"__typename":15,"id":16,"name":17,"headingText":7,"subheadingText":18,"thumbnail":19,"articleCategories":25,"author":31,"date":33,"articleContent":34},"Article","cmsdrlgrln44u072yskbmpfe7","Article - Market Update - July 2026 ","",{"url":20,"altText":8,"size":21,"fileName":22,"title":23,"mimeType":24,"imageQuality":8},"https:\u002F\u002Fap-southeast-2.graphassets.com\u002FAKCbhBjCsTzKiieKkNfvxz\u002FkFCPjEtqT4KtP1x3mIIm",100616,"Market Update.png","Market update","image\u002Fpng",[26],{"name":27,"headingText":28,"template":29},"Article Category -  Market insights","Market insights",{"url":30},"news-and-guides\u002Finvesting-news-and-insights",[32],"Greg Smith, Investment Specialist","2026-08-07",{"raw":35,"references":407},{"children":36},[37,41,50,53,58,61,64,68,71,75,78,82,85,88,93,132,135,139,142,146,149,153,156,160,163,167,170,174,177,180,183,187,190,194,197,201,204,208,211,214,218,221,225,228,232,235,239,242,246,249,252,256,259,263,266,270,273,277,280,284,287,290,293,297,300,304,307,311,314,318,321,325,328,332,335,339,342,345,349,352,356,359,363,366,369,373,376,380,383,387,390,394,397,401,404],{"type":38,"children":39},"paragraph",[40],{"text":18},{"src":42,"type":43,"title":44,"width":45,"handle":46,"height":47,"children":48,"mimeType":24},"https:\u002F\u002Fap-southeast-2.graphassets.com\u002FAKCbhBjCsTzKiieKkNfvxz\u002FVd906k1WRpCiXfkItBUB","image","Market Update Banner (900 x 250 mm) (1).png",3402,"Vd906k1WRpCiXfkItBUB",945,[49],{"text":18},{"type":38,"children":51},[52],{"text":18},{"type":54,"children":55},"heading-three",[56],{"text":57},"Global markets",{"type":38,"children":59},[60],{"text":18},{"type":38,"children":62},[63],{"text":18},{"type":38,"children":65},[66],{"text":67},"Global equity markets delivered a mixed but constructive month in July as investors became increasingly selective about where they were willing to allocate capital. While the global economy continued to demonstrate remarkable resilience, market leadership shifted away from simply rewarding artificial intelligence investment and toward businesses able to demonstrate those investments were translating into tangible revenue and earnings growth. Flash Purchasing Managers' Indices improved across most major economies during the month, with activity strengthening in the United States, Europe, Japan and Australia despite elevated interest rates, geopolitical tensions and ongoing trade uncertainty. This reinforced the view that global growth remains more resilient than many had expected. The MSCI World Index rose 0.5%. ",{"type":38,"children":69},[70],{"text":18},{"type":38,"children":72},[73],{"text":74},"Artificial intelligence remained one of the dominant investment themes, with demand for cloud infrastructure, computing power and semiconductors continuing to exceed expectations. However, investors became far more discerning as valuations rose, rewarding companies delivering strong earnings while becoming less patient with businesses requiring substantial investment today in exchange for uncertain future returns. This marks a healthy evolution in markets, where company fundamentals and earnings delivery are once again becoming more important than future potential alone.",{"type":38,"children":76},[77],{"text":18},{"type":38,"children":79},[80],{"text":81},"Inflation also remained a key market consideration. Energy prices were volatile throughout the month as developments in the Middle East periodically pushed oil prices higher. While economic activity has remained solid, the risk of higher energy costs feeding into broader inflation has kept central banks cautious, given the uncertainty around the US\u002FIran conflict, and subsequently contributed to ongoing uncertainty around the future path of interest rates.",{"type":38,"children":83},[84],{"text":18},{"type":38,"children":86},[87],{"text":18},{"type":38,"children":89},[90],{"bold":91,"text":92},true,"READ MORE",{"type":94,"children":95},"bulleted-list",[96,110,121],{"type":97,"children":98},"list-item",[99],{"type":100,"children":101},"list-item-child",[102,103,109],{"text":18},{"href":104,"type":105,"title":106,"children":107,"openInNewTab":91},"https:\u002F\u002Fwww.generatewealth.co.nz\u002Farticle\u002Finvesting-101-what-is-a-rally\u002F","link","What is a market rally?",[108],{"text":106},{"text":18},{"type":97,"children":111},[112],{"type":100,"children":113},[114,115,120],{"text":18},{"href":116,"type":105,"title":117,"children":118,"openInNewTab":91},"https:\u002F\u002Fwww.generatewealth.co.nz\u002Farticle-when-markets-are-volatile-dont-miss-the-best-days\u002F","When markets are volatile, don't miss the best days",[119],{"text":117},{"text":18},{"type":97,"children":122},[123],{"type":100,"children":124},[125,126,131],{"text":18},{"href":127,"type":105,"title":128,"children":129,"openInNewTab":91},"https:\u002F\u002Fwww.generatewealth.co.nz\u002Fmanaged-funds\u002Fjoin\u002F","Open a Managed Fund",[130],{"text":128},{"text":18},{"type":38,"children":133},[134],{"text":18},{"type":54,"children":136},[137],{"text":138},"United States markets",{"type":38,"children":140},[141],{"text":18},{"type":38,"children":143},[144],{"text":145},"US equities delivered mixed returns during July. The S&P 500 eased 0.1% while the Nasdaq declined 3.2%, although both indices remain up around 9% year-to-date. In contrast, more traditional sectors generally outperformed as investors rotated toward companies offering stronger near-term earnings visibility and more attractive valuations. The Dow Jones Industrial Average rose 0.3%.",{"type":38,"children":147},[148],{"text":18},{"type":38,"children":150},[151],{"text":152},"The US economy continued to display remarkable resilience. Economic growth expanded at an annualised rate of 1.5% during the second quarter, while July business surveys pointed to improving momentum, with PMI data reaching an eight-month high. Consumer confidence also improved through much of the month as petrol prices eased from earlier peaks, helping support household spending and broader economic activity.",{"type":38,"children":154},[155],{"text":18},{"type":38,"children":157},[158],{"text":159},"The housing market also surprised positively. Housing starts rose 19% during June, largely driven by a sharp increase in multifamily construction activity, highlighting that residential investment remains more resilient than many expected despite elevated mortgage rates. However, building permits declined during the month, suggesting developers remain cautious about the longer-term outlook and future supply.",{"type":38,"children":161},[162],{"text":18},{"type":38,"children":164},[165],{"text":166},"Inflation remains the key challenge facing policymakers. While consumer price pressures eased from the highs seen earlier in the year, inflation remains above the Federal Reserve's target. The central bank's preferred inflation measure, core Personal Consumption Expenditures, remained elevated at around 3.3%, reinforcing concerns that inflation is proving more persistent than expected. The Federal Reserve left interest rates unchanged at 3.5%–3.75% at the end of the month, although several policymakers dissented in favour of further tightening, highlighting concern that inflation risks have not fully disappeared. Rising Treasury yields through the month reflected this uncertainty.",{"type":38,"children":168},[169],{"text":18},{"type":38,"children":171},[172],{"text":173},"July's earnings season reinforced the market's evolving attitude towards artificial intelligence. Microsoft and Amazon emerged as standout performers, delivering strong cloud-computing growth and demonstrating that AI-related investment is already contributing meaningfully to revenue growth and customer demand. Several other technology companies, however, delivered solid results only to see their share prices decline, reflecting how elevated investor expectations have become after an exceptional rally. With valuations across parts of the technology sector leaving less room for disappointment, the market is increasingly distinguishing between AI potential and AI profitability.",{"type":38,"children":175},[176],{"text":18},{"type":38,"children":178},[179],{"text":18},{"type":38,"children":181},[182],{"text":18},{"type":54,"children":184},[185],{"text":186},"European markets",{"type":38,"children":188},[189],{"text":18},{"type":38,"children":191},[192],{"text":193},"European markets delivered another positive month. The STOXX50 rose 0.5%, while the FTSE100 gained 3.5%, driven by the mining, financial and defence sectors. Improving economic data helped support investor sentiment, with business surveys reaching their strongest levels in several months and economic growth remaining positive despite elevated borrowing costs and ongoing geopolitical uncertainty. In the UK the appointment of a new Prime Minister was also welcomed by markets, with investors looking for greater policy stability and measures aimed at supporting economic growth.",{"type":38,"children":195},[196],{"text":18},{"type":38,"children":198},[199],{"text":200},"The European economy has continued to prove relatively resilient. Consumer spending has remained stable, manufacturing activity has shown encouraging signs of improvement, and labour markets have generally held up well. Lower energy prices during parts of the month were particularly beneficial for Europe given the region's reliance on imported energy, helping ease inflationary pressures and support household spending. While growth remains modest by historical standards, the region has thus far avoided the more pronounced slowdown many economists had anticipated earlier in the year.",{"type":38,"children":202},[203],{"text":18},{"type":38,"children":205},[206],{"text":207},"Inflation remains above target, however, and higher energy prices during parts of the month reinforced caution among policymakers. The European Central Bank left interest rates unchanged during July but maintained a balanced tone, acknowledging that inflation risks remain elevated and that renewed oil-price volatility could quickly complicate the outlook.",{"type":38,"children":209},[210],{"text":18},{"type":38,"children":212},[213],{"text":18},{"type":54,"children":215},[216],{"text":217},"Asian markets",{"type":38,"children":219},[220],{"text":18},{"type":38,"children":222},[223],{"text":224},"Asian markets delivered mixed performance during July. Japan was one of the weaker major markets, with the Nikkei falling 8.1% as investors took profits following a strong first half of the year and a stronger yen weighed on exporter sentiment. Meanwhile, Hong Kong's Hang Seng Index was among the strongest-performing global markets, rising 13.1%, while Mainland China's CSI300 declined 7.9%.",{"type":38,"children":226},[227],{"text":18},{"type":38,"children":229},[230],{"text":231},"China's economic recovery remained uneven. Gross domestic product expanded 4.3% during the June quarter, below official growth targets and highlighting the ongoing challenges facing the economy. Weakness in the property sector and subdued domestic demand continue to weigh on confidence and investment, particularly across more traditional industries.",{"type":38,"children":233},[234],{"text":18},{"type":38,"children":236},[237],{"text":238},"There were, however, several encouraging developments beneath the surface. Industrial production accelerated during June, retail sales improved, and exports remained relatively resilient, supported in part by continued global demand for technology products and AI-related hardware. These improvements helped offset some of the weakness evident elsewhere in the economy.",{"type":38,"children":240},[241],{"text":18},{"type":38,"children":243},[244],{"text":245},"Investors also became increasingly focused on the prospect of additional government support. Policymakers signalled a willingness to introduce further measures aimed at stabilising growth and restoring confidence, reinforcing expectations that additional stimulus could emerge during the second half of the year. Even so, investor sentiment towards mainland Chinese equities remained cautious given the ongoing uncertainty surrounding the property market and the strength of domestic demand.",{"type":38,"children":247},[248],{"text":18},{"type":38,"children":250},[251],{"text":18},{"type":54,"children":253},[254],{"text":255},"Australian markets",{"type":38,"children":257},[258],{"text":18},{"type":38,"children":260},[261],{"text":262},"Australian equities performed strongly during July, with the S&P\u002FASX200 rising 2.3%. Investor sentiment was supported by softer-than-expected inflation data and further evidence that the economy remains resilient despite higher interest rates.",{"type":38,"children":264},[265],{"text":18},{"type":38,"children":267},[268],{"text":269},"The Australian labour market once again exceeded expectations. Employment increased by more than 76,000 positions during June, while the unemployment rate remained steady at 4.4%. The strength of the labour market has been one of the biggest surprises of this tightening cycle, highlighting the economy's ability to absorb higher borrowing costs without a significant deterioration in employment conditions.",{"type":38,"children":271},[272],{"text":18},{"type":38,"children":274},[275],{"text":276},"Inflation data also provided encouragement. Annual inflation eased to 3.8%, while underlying measures moderated. The softer outcome reduced market expectations that the Reserve Bank of Australia would need to raise interest rates further in the near term. Consumer confidence stabilised as inflation concerns eased, while business conditions remained relatively healthy, supporting expectations that economic growth can continue without additional monetary tightening.",{"type":38,"children":278},[279],{"text":18},{"type":38,"children":281},[282],{"text":283},"Overall, Australia continues to demonstrate that while growth has moderated, the economy remains resilient. Strong employment, easing inflation and stable business conditions have provided a constructive backdrop for investors, even as policymakers remain cautious about declaring victory over inflation.",{"type":38,"children":285},[286],{"text":18},{"type":38,"children":288},[289],{"text":18},{"type":38,"children":291},[292],{"text":18},{"type":54,"children":294},[295],{"text":296},"New Zealand markets",{"type":38,"children":298},[299],{"text":18},{"type":38,"children":301},[302],{"text":303},"The New Zealand market continued to perform well during July, with the NZX50 Gross Index rising 0.6% to surpass 14,000 points for the first time. The milestone came despite a mixed domestic economic backdrop and serves as a reminder that share markets typically look ahead, reflecting expectations for future economic conditions rather than current challenges.",{"type":38,"children":305},[306],{"text":18},{"type":38,"children":308},[309],{"text":310},"The economy continues to display a clear two-speed dynamic. Export-focused industries remain an important source of resilience, supported by strong global demand for agricultural products and a weaker New Zealand dollar, which has boosted offshore earnings. Manufacturing activity strengthened during the month, while tourism continued its recovery, with international visitor arrivals reaching around 93% of pre-pandemic levels.",{"type":38,"children":312},[313],{"text":18},{"type":38,"children":315},[316],{"text":317},"By contrast, domestically focused sectors continue to face more challenging conditions. Retail spending remains subdued, parts of the services sector are still under pressure, and households remain cautious despite improving confidence. The housing market has also yet to regain meaningful momentum, reflecting the ongoing impact of higher borrowing costs.",{"type":38,"children":319},[320],{"text":18},{"type":38,"children":322},[323],{"text":324},"Inflation accelerated during the June quarter, with annual consumer price inflation rising to 4.1%, its highest level in two years. While much of the increase reflected higher fuel prices earlier in the year, underlying inflation pressures also remained broader than expected. The result prompted the Reserve Bank of New Zealand to raise the Official Cash Rate, a move that many had viewed as unlikely only a few months earlier.",{"type":38,"children":326},[327],{"text":18},{"type":38,"children":329},[330],{"text":331},"Encouragingly, confidence indicators improved significantly during July. Consumer confidence rose to its highest level in five months, while business confidence strengthened sharply. Firms reported improving activity expectations, stronger export demand, rising employment intentions and increased investment plans, suggesting the economy may be displaying greater resilience than many had anticipated.",{"type":38,"children":333},[334],{"text":18},{"type":38,"children":336},[337],{"text":338},"Several corporates also reported improving trading conditions. Mainfreight delivered an encouraging trading update showing stronger customer activity, improving freight volumes and a sharp increase in profitability. As a business with significant exposure to global trade flows, Mainfreight's improving outlook also provides an encouraging read on broader economic conditions, both domestically and internationally.",{"type":38,"children":340},[341],{"text":18},{"type":38,"children":343},[344],{"text":18},{"type":54,"children":346},[347],{"text":348},"Portfolio positioning",{"type":38,"children":350},[351],{"text":18},{"type":38,"children":353},[354],{"text":355},"July reinforced the importance of maintaining a disciplined and selective investment approach. Artificial intelligence remains one of the most compelling long-term investment themes globally, and demand for cloud infrastructure, semiconductors and computing capacity continues to exceed supply. However, markets are increasingly rewarding companies delivering strong earnings while becoming less forgiving of those where expectations have run ahead of fundamentals.",{"type":38,"children":357},[358],{"text":18},{"type":38,"children":360},[361],{"text":362},"This environment continues to favour active management and careful stock selection. Rather than simply following market momentum, our investment team remains focused on identifying high-quality businesses with sustainable competitive advantages, attractive long-term growth prospects and sensible valuations. As market leadership broadens beyond the largest technology companies, we believe maintaining a diversified portfolio and remaining disciplined around valuation will become increasingly important.",{"type":38,"children":364},[365],{"text":18},{"type":38,"children":367},[368],{"text":18},{"type":54,"children":370},[371],{"text":372},"Looking ahead - market outlook",{"type":38,"children":374},[375],{"text":18},{"type":38,"children":377},[378],{"text":379},"Markets now appear to be entering the next phase of the cycle. Economic growth has remained more resilient than expected, but investors are becoming increasingly selective as valuations rise and central banks continue to balance inflation against growth.",{"type":38,"children":381},[382],{"text":18},{"type":38,"children":384},[385],{"text":386},"Developments in the Middle East will continue to be closely monitored, as any renewed disruption to energy markets could quickly change the outlook for inflation and global growth. In the United States, investors will continue to watch inflation, labour-market and growth data closely for further clues on the path of interest rates, while markets will also be focused on whether AI-related investment continues translating into sustainable revenue and earnings growth.",{"type":38,"children":388},[389],{"text":18},{"type":38,"children":391},[392],{"text":393},"China remains another important area to watch. Investors will be looking for further policy support aimed at strengthening domestic demand and stabilising the property sector, both of which will have important implications for regional growth and global commodity demand.",{"type":38,"children":395},[396],{"text":18},{"type":38,"children":398},[399],{"text":400},"The broader investment narrative remains intact. Economic growth across much of the world has proven more resilient than expected, while long-term trends such as artificial intelligence, digital infrastructure and rising computing demand continue to create significant opportunities. July demonstrated that markets are entering a more mature phase of the cycle, where execution, earnings delivery and valuation discipline matter more than promises alone. For long-term investors, this is likely to be a healthy development and reinforces the importance of maintaining a diversified portfolio, staying focused on fundamentals and taking a long-term approach to investing.",{"type":38,"children":402},[403],{"text":18},{"type":38,"children":405},[406],{"text":18,"underline":91},[],[409],{"symbol":8,"disclaimerTheme":8,"disclaimer":410},{"raw":411},{"children":412},[413],{"type":38,"children":414},[415,417,422,424,426,431,433,438,440,446,448,454],{"text":416,"italic":91},"No part of this article is intended as financial advice; it is intended as general information only. To see our Financial Advice Provider Disclosure Statement, please see ",{"href":418,"type":105,"children":419,"openInNewTab":91},"\u002Ffile\u002Fdoc\u002Fgenerate-fap-disclosure-statement",[420],{"text":421,"italic":91},"Generate FAP Disclosure Statement",{"text":423},". ",{"text":425,"italic":91},"For more information see the ",{"href":427,"type":105,"title":428,"children":429,"openInNewTab":91},"\u002Ffile\u002Fdoc\u002Fkiwisaver-pds","Generate KiwiSaver Scheme Product Disclosure Statement",[430],{"text":428,"italic":91},{"text":432,"italic":91}," or the  ",{"href":434,"type":105,"children":435,"openInNewTab":12},"\u002Ffile\u002Fdoc\u002Fmanaged-funds-pds\u002F",[436],{"text":437,"italic":91},"Generate Unit Trust Scheme (Managed Funds) Product Disclosure Statement",{"text":439,"italic":91}," or the fund updates for ",{"href":441,"type":105,"title":442,"children":443,"openInNewTab":91},"https:\u002F\u002Fwww.generatewealth.co.nz\u002Fkiwisaver\u002Ffund-updates\u002F","Fund updates for Generate KiwiSaver Scheme",[444],{"text":445,"italic":91},"KiwiSaver",{"text":447,"italic":91}," and for ",{"href":449,"type":105,"title":450,"children":451,"openInNewTab":91},"https:\u002F\u002Fwww.generatewealth.co.nz\u002Fmanaged-funds\u002Ffund-updates\u002F","Fund Updates for Generate Managed Funds",[452],{"text":453,"italic":91},"Managed Funds",{"text":455,"italic":91},". 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Past performance is not indicative of future performance.","cmsdrn9afmx660716deywe4p5",[458],{"internalName":459,"logo":460,"navigationItems":467,"headerButtons":640,"memberLoginUrl":648,"adviserLoginUrl":649,"joinGenerateKiwiSaverUrl":650,"joinGenerateManagedFundsUrl":566,"announcementBar":8,"searchUrl":8},"Level 0 - Global Header",{"url":461,"altText":462,"size":463,"fileName":464,"title":465,"mimeType":466,"imageQuality":8},"https:\u002F\u002Fap-southeast-2.graphassets.com\u002FAKCbhBjCsTzKiieKkNfvxz\u002Fc3DCsRYBQFyZRTm4CmX0","White version of Generate logo",15503,"white_no tagline.svg","Generate logo white","image\u002Fsvg+xml",[468,496,559,596,625,635],{"id":469,"title":470,"url":471,"icon":8,"childItems":472,"isMainPage":8},"clemb8tee1chw0b2wwcfit8yy","Why 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