Early Morning Reid: June and Q2 2026 Performance Review

Q2 2026 was defined by geopolitical relief in the US-Iran conflict, which led to a collapse in oil prices and a surge in equity performance, notably in the semiconductor sector. Simultaneously, resilient economic data drove major central banks to adopt more hawkish policy stances.

Key Takeaways

• 1.Geopolitical developments concerning the US-Iran conflict drove major swings in oil prices and market sentiment throughout Q2 2026.
• 2.Equity markets saw strong performance, particularly in semiconductors and tech, as stagflation fears faded following the oil price decline.
• 3.Central banks, including the Fed, ECB, and BoJ, turned increasingly hawkish during Q2 amidst resilient global economic data and inflationary pressure.

Table of Contents

• June and Q2 2026 Performance Review
• Quarter in Review - The high-level macro overview
• Which assets saw the biggest gains in Q2?
• Which assets saw the biggest losses in Q2?
• Appendix 1

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