01A&D / SIGNAL
MONETARY POLICY
The ECB enters a phase where waiting is also a decision
Inflation is near target, but wages, energy and currencies keep the risk distribution open.
ANALYSIS · 4 MIN
EUROPE / MADRIDTHURSDAY, 23 JUL 2026 · 08:47 CETDELAYED DATA
MARKET PULSE →
STOXX 600553.18+0.42%
S&P 5006,358.91−0.18%
EUR / USD1.1762+0.31%
BRENT$68.47−1.12%
BTC$118,804+1.84%
US 10Y4.39%+3 bp
THE OPEN 5-minute read
Europe opens with the price of money—not growth—setting the pace
Investors digest less uncomfortable inflation, more demanding technology earnings and a currency that is once again shaping corporate margins.
EUROPE RISK BAROMETER62 / 100
INTELLIGENCE DESK
What moves the day
02A&D / SIGNAL
TECHNOLOGY
The chip race moves to a new bottleneck
Advanced capacity is no longer the only constraint: memory, energy and cooling move to the centre of capex.
ANALYSIS · 4 MIN
03A&D / SIGNAL
CREDIT
European high yield holds, though selection matters more
Spreads look calm; sector dispersion tells a less comfortable story.
ANALYSIS · 4 MIN
TRACEABILITY, NOT NOISE
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