Market Performance
| Market | Local | Euro |
|---|---|---|
| World | +2.1% | +1.7% |
| U.S. | +1.9% | +1.5% |
| Europe | +2.7% | +2.7% |
| Ireland | -0.3% | -0.3% |
| U.K. | +1.6% | +2.4% |
| Japan | +2.1% | +1.9% |
| Hong Kong | +1.8% | +1.4% |
| Corporate Bonds | 0.0% | 0.0% |
| Sovereign Bonds | -0.8% | -0.8% |
26 Jun – 3 Jul 2026
Source: Zurich Life
Mid-Year Scorecard
YTD in euro terms · 3 Jul 2026
Commodities
Fixed income & FX
What happened in markets this week?
US — AI confidence returns, but jobs disappoint
US equity markets gained ground over the shortened trading week, supported by renewed confidence that the long-term AI investment story remains intact despite recent bouts of profit-taking across the technology sector. However, attention then shifted to the latest labour market data. The US economy added just 57,000 jobs in June — well below expectations of approximately 115,000, making it the weakest monthly employment gain since February. Despite the softer hiring figures, the unemployment rate edged down to 4.2%, highlighting a labour market that is slowing but remains relatively resilient. The report reinforced expectations that the Federal Reserve will continue to tread cautiously on interest rates, with the benchmark 10-year Treasury yield rising from 4.37% to around 4.48% by Thursday as investors adjusted their outlook.
Europe — inflation cools, equities advance
European equities finished the week in positive territory, supported by easing inflationary pressures and lower energy prices. Oil markets continued to unwind the geopolitical risk premium that had built up during tensions in the Middle East, with WTI crude falling back below $69 per barrel — close to levels seen before the recent US–Iran conflict. The decline in energy prices helped improve confidence that the impact on economic growth and inflation may prove less severe than initially feared. This was reflected in the latest inflation data, with annual eurozone CPI slowing to 2.8% in June, down from 3.2% in May and below market expectations. Lower inflation across Germany, France and Italy reduced immediate pressure on the European Central Bank to tighten policy further.
Asia — Japan leads 2026 with a remarkable +21.2%
Asian markets delivered a mixed performance. In Japan, equities advanced even as investors took profits in technology and semiconductor stocks following a strong first half of the year. Japan is the standout performer of 2026, up 21.2% in euro terms year-to-date — driven by a combination of corporate governance reform, continued earnings growth, and the yen's relative weakness earlier in the year. The Bank of Japan's latest Tankan survey pointed to resilient business confidence, reinforcing expectations that the central bank will continue its gradual path towards monetary policy normalisation.
What does the mid-year picture mean for your pension?
After a volatile spell, markets have bounced back strongly. Global equities are now up 13% in euro terms year-to-date, meaning a well-diversified pension fund has recovered from last week's technology sell-off and then some. If you are in a balanced or growth-oriented fund, the first half of 2026 is likely to have been positive for your pension value.
However, there are two points worth keeping in mind as we enter the second half of the year. First, the US labour market is softening. If US growth slows meaningfully, it will have an impact on global equity markets — and on your pension fund. Second, gold has had its worst quarterly performance in 13 years. If you hold a fund with gold exposure, its contribution to your portfolio has fallen sharply. Neither of these is necessarily a reason to act, but they are worth being aware of.
The mid-year point is always a good time to review your pension — to check the fund is still appropriate for your age and risk appetite, and to ensure you are on track for the retirement income you want.
Mid-year is the perfect time for a pension check-up
Free, no-obligation review with a qualified advisor.
Get StartedImportant information: Source: Zurich Life Weekly Investment Review, 6 July 2026. Market data sourced from MSCI and ICE Data Indices LLC. This blog post summarises market commentary prepared by Zurich Life Assurance plc and is provided for information purposes only. It does not constitute financial advice.
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