ICM Monthly Outlook - June 2026

As we move into the second half of the year, two themes continue to dominate market sentiment: artificial intelligence investment and developments in the Middle East. In this month's market review, we share our thoughts on resilient equity markets, the implications of a more hawkish U.S. Federal Reserve, and why the AI infrastructure race could mark a significant shift for the world's largest technology companies. He also explores the outlook for commodities, the normalisation of oil markets, and the growing impact of unprecedented AI-related capital expenditure.

For a comprehensive analysis of the current market dynamics and future outlook, read the full market review here.