QORE Global

26/10/2026

26 October : Weekly Market View by QORE Finance

By Clive Ponsonby, Head of FX, QORE Finance

Equities and Geopolitics
Equities were under pressure again last week as the rotation out of Tech/AI and into blue chips continues, with Meta results leading to another sell-off. French bond spreads over Germany widened out again, it seemed to be more about position liquidation than any fresh macro news although the budget stalemate continues for now and protests are still a concern.

In the Middle East there have been more Houthi and Iranian attacks on oil tankers and infrastructure, Qatari intermediaries are in Tehran to try and smooth things over but there are no visible signs of progress and as we approach the mid-terms it seems more likely we will just wait until those are over for the next stage of the conflict.

In Brazil Lula won the presidential run-off slightly unexpectedly, although as we pointed out last week the polls were within the margin of error. USD/BRL is opening the week 10% higher with local equities also expected to sell off around 20%.

The Alberta independence referendum was soundly defeated which lifted Cad back to the 1.40 level and with a hike likely this week from the BoC and no change from the Fed, interest rate differentials have been narrowing.

Anthropic just announced their IPO which will happen mid November, we get some big results from tech firms as well as several central bank meetings, making this an eventful week ahead.

FX Markets
The Euro was the weakest major currency last week as French bond spreads widened further, and have doubled in little over a month. The dollar lost its shine also as commodity currencies (Nok, Aud, Cad) and safe havens (Chf, Joy) traded well. UK headline and core inflation data were hotter than expected but a hike from the BoE next week was already the most likely outcome so this was just cemented by the latest data. The budget could be a bigger driver for the currency with the reaction in Gilts being closely watched.

Canada has been more interesting as a hike this Wednesday has gone from less than 20% chance to over 80% in a couple of weeks, which has boosted the Loonie back to key levels. Chinese GDP was above expectations and the Yuan continues to strengthen, albeit at a slow and heavily managed pace.

Commodities and Crypto
Oil prices made fresh highs last week as the situation in the Middle East escalated again and refining capacity is still the bottleneck and Oil transit costs get more and more expensive. There is little reason to think things will get meaningfully better until we get beyond the mid-terms and the US’ next move is clear.

Gold and Silver were under pressure in a week where other safe havens traded well, even with yields lower: the market is caught long and liquidating positions at the moment and that is a drag on precious metals for now.

Crypto was trading badly having failed to hold on to gains but it was more a case of consolidation and it is following other risk assets for now.

Week ahead
Central bank meetings this week will be the main highlight, although the big three (the Fed, ECB and BOJ) are all expected to leave rates on hold, rather than hike at consecutive meetings, but the market is pricing a hike for all three in December.

We also get the Bank of Canada and Reserve Bank of NZ which are both expected to hike rates. On the data front we get US Q3 GDP which is expected to print above 3% and Tokyo CPI also running hot. Key Earnings this week are GOOG and MSFT on Wednesday and AMZN, INTL and SNDK on Thursday.

Finally the UK budget on Wednesday will be the main event for Sterling, but the announcements are likely to play second fiddle to the OBR forecasts which dictate how the fiscal picture is expected to evolve and heavily influences government spending.

Should you have FX requirements or any questions, please contact us at:

[email protected] / [email protected]

Or via the contact form on our website www.qore.finance

20/10/2026

Your business grows. You open a company here, buy something there, move to another country. Nobody sits down to update the paperwork.

Then one day a bank asks a simple question: who really owns this, and where did the money come from? And the answer isn’t easy to give.

Our Head of Legal, Compliance & Fiduciary Services, Kyrylo Bavykin, wrote about how this happens and how to fix it early, while it’s still easy.

Swipe through the slides for the short version. The full article is at the link in our bio.

20/10/2026

Your business grows. You open a company here, buy something there, move to another country. Nobody sits down to update the paperwork.

Then one day a bank asks a simple question, like who really owns this and where did the money come from, and the answer isn’t easy to give.

Our Head of Legal, Compliance & Fiduciary Services, Kyrylo Bavykin, wrote about how this happens and how to fix it early, while it’s still easy.

If you own a business that works across borders, it’s worth ten minutes of your time.

Read the full article: https://www.qore.global/insights/when-chaos-costs-more-than-structure-why-international-businesses-turn-to-a-fiduciary-approach

23/09/2026

A new chapter for QORE Global 🇬🇧🌎

We’re pleased to announce an exciting milestone for QORE Finance, part of the QORE Global group.

QORE Finance has relocated its Head Office from Manchester to the City of London, with its new home on Ludgate Hill.

In addition, QORE Finance has opened a new Regional Office in Guildford, Surrey, further strengthening its presence across the UK.

These new locations will bring QORE Finance closer to its growing client base and key partners, while providing access to a wider pool of talent as the business continues to grow.

Two new locations. Continued growth. One global vision: www.qore.finance

21/09/2026

21 September: Weekly Market View by QORE Finance

by Clive Ponsonby , Head of FX, QORE Finance

Equities and Geopolitics
Last week was dominated by central banks which largely delivered expected outcomes, although differing rhetoric and vote splits drove price action. Equity markets, already on the back foot after the AI slowdown news, reacted badly to the hawkish Fed but then closed the week exceptionally strong and that sentiment remains buoyant as we start a new week.

Focus this week shifts to politics with the Trump-Xi summit on Thursday where AI and access to rare earths expected to dominate the agenda. Trump is also scheduled to meet Gulf leaders on the side lines of the UN General Assembly with hopes of de-escalation building and even a possible meeting with Iranian officials.

Elsewhere we saw Ukraine launch attacks on Moscow just as Russia was going to the polls, and the Houthis attack Saudi capital Riyadh.

FX Markets
Global bond markets remained under pressure last week as the oil price stayed high and the hawkish Fed and strong demand shown from US retail sales data reinforced that inflation isn't going away.

The first Fed hike since 2023 was unanimous, and the dot plot projections showed 16 of 18 officials expecting at least one more increase this year. In sharp contrast a dovish split vote in Japan sent the currency reeling lower even though BoJ's Ueda tried to talk hawkish and signalled another rise in December, the dissenting votes make this less certain, so a 90% priced-in hike later this year became more like 50%.

The Yen sold off sharply as a result, especially against the Dollar which was the strongest currency of the week due to their diverging central bank policies.

The BoE held rates as expected but a hike is still priced in later in 2026, they did, however, end long dated Gilt sales which eased pressure on the UK yield curve. UK data pointed to high inflation and weak growth which will be a headache for new PM Burnham and the chancellor's first budget later this year.

Usd/Cny dipped below 6.70 despite somewhat weak Chinese data, but with a heavily controlled currency, this is seen as a signal from the leadership ahead of the meeting with Trump.

Commodities and Crypto
The oil price stayed relatively high all week but failed to go much higher than the levels seen around the previous weekend, despite of more tough talk and action from both Iran and the Houthis in Yemen.

There is hope for diplomatic progress, and that optimism is keeping a lid on prices for now, as well as the slightly warmer winter anticipated in Europe due to El Nino.

Gold and Silver markets consolidated this week which was mildly positive given the moves higher in yields. Crypto prices moved sharply higher on Friday with BTC testing the recent highs around $81-82k and ETH accelerating higher after finding the required escape velocity to break free from the $2350-2550 zone that had held it captive for a while.

Week ahead
We have some second tier central banks meeting this week, Norway may hike rates to 4.5%, but the market is split over this outcome, similarly the Mexican central bank might hike this week but the Swedish Riksbank and Swiss National bank are widely expected to leave rates on hold at 1.75% and 0% respectively.

We also get various PMI surveys and the German IFO business survey. Most focus will be on talks with the Trump-Xi summit at the end of the week key for many markets along with the meeting with Gulf states; we also have ECB chief Lagarde speaking later on Monday.

Should you have FX requirements or any questions, please contact us at:

[email protected] / [email protected]

Or via the contact form on our website www.qore.finance

09/09/2026

Money doesn't need drama.

In a new op-ed for QORE Global, founder Sergii Rabenko makes the case for fiduciary structures over tax-rate shopping. Why cross-border complexity is usually just poor paperwork, and why the real risk to family capital isn't taxes. It's inflation.

Read full op-ed: https://www.qore.global/insights/sergii-rabenko-on-why-capital-needs-structure-not-stress

08/09/2026

One of the companies within .global group got licensed as a Money Services Business in Canada - meaning we can now handle currency exchange and cross-border payments there too. It builds on our existing Payment Service Provider (PSP) license, adding another regulated market to our network.

For our clients, that means faster, clearer, more predictable international payments. www.qore.finance

08/09/2026

QORE Finance, part of the QORE Global Group, has been licensed as a Money Services Business (MSB) in Canada - covering FX dealing, remittance and payment services. It joins their existing Payment Service Provider (MSB) license, strengthening the group's regulated footprint.

A direct, licensed rail means clearer compliance and faster, more predictable cross-border payments for our clients.

QORE Finance keeps expanding.

One of the companies within the QORE Finance group has been licensed as a Money Services Business (MSB) in Canada, covering foreign exchange dealing, funds remittance and transmission, and payment services for invoices, goods and services. This license works alongside our existing Payment Service Provider (MSB) authorization, strengthening our regulated infrastructure across jurisdictions.

For our clients, a direct, licensed rail means clearer compliance and access to transparent cross-border payments. With QORE Finance, money moves faster and more predictably.

17/08/2026

The Dollar fell as US economic data came in weaker, while Gold stayed strong and the Yen remained under pressure.

Oil prices were steady, but new inflation, jobs and central bank data could bring more movement to the markets this week.

Read Clive Ponsonby’s latest Weekly Market View.

10 August – 17 August Weekly Market View

by Clive Ponsonby , Head of FX, QORE Finance

Equities and Geopolitics

The conflict in the Middle East has shifted to economic pressure with blockades and sanctions aiming to cut oil revenues from bolstering the Iranian regime. The MOU between the US and Iran expires today with little sign of renewal.

The overall stalemate with oil prices elevated but steady is leading to equities just grinding higher and making new highs in quiet summer markets bolstered by benign inflation data on top of soft (but not bad) job data which has quietened the hawks on the FOMC for the time being.

Expectations for Fed hikes have shifted in a few weeks from an odds-on hike in September and two by the end of 2026, to unlikely next month and only one by the end of the year and even that may evaporate with the Jackson Hole symposium later this month.

FX Markets

In the US CPI was in line with expectations, but a softer PPI and weak Retail sales (-0.6% vs +0.1% expected) and weak Michigan Sentiment left the Dollar was languishing this week as near-term hikes became less likely.

Central banks from Australia and Norway kept rates unchanged whilst both highlighted inflation pressures.

The market is testing the resolve of Japanese and US authorities after their joint effort to boost the Yen with intervention, as the currency slips towards the crucial 160 level with eyes moving towards a rate hike in September or October as the next leg to prop up the beleagured currency, having gone back above the 200 day moving average in both Usd/Jpy and Eur/Jpy last week.

Commodities and Crypto

The Oil price traded sideways last week as tensions remained but didn’t escalate and the shift towards economic pressure means less chances of a flare up, but a longer time before likely resolution to the conflict.

Gold continued to shine and remained near the $4,400 level bolstered by the weaker Dollar, with a breach of the $4,500 level key to any further gains with Silver largely following suit.

Crypto was fairly muted last week with ETF outflows which showed the recent inflows were a blip caused by people shifting to ‘safer’ ETFs from offline wallet storage after the Coldcard hack.

Week ahead

Canadian CPI on Monday is expected to show a rise closer to 3%, also the August 19th tariff deadline is approaching; an interim deal is expected, but it will be bad for the Cad if one is not reached.

We then get UK inflation data – expected to show a headline increase but a core decrease, backing up the purely energy led move whilst underlying price pressures are still subdued, we also get UK job data with the unemployment rate hovering near 5yr highs.

Later in the week we get to see the FOMC minutes with people unpicking the hawkish/dovish split within the committee and finally some European PMIs.

Should you have FX requirements or any questions, please contact us at:

[email protected] / [email protected]

Or via the contact form on our website www.qore.finance

03/08/2026

Markets had another volatile week as geopolitical headlines, central bank decisions, and mixed Big Tech earnings kept investors on their toes. Oil, currencies, and equities all saw sharp moves, with attention now turning to US jobs data and the next steps from central banks.

Read Clive Ponsonby latest Weekly Market View for a straightforward look at what's driving the markets this week.

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27 July – 03 August Weekly Market View

by Clive Ponsonby, Head of FX, QORE Finance

Equities and Geopolitics

Over the weekend Trump called off "massive" strikes on Iran and claimed fresh talks would begin on Monday in what seems like a re-run of the previous weekend's news, the result of which was oil dropping over 10% in the early part of the week only to go back up by Friday as the situation escalated again.

Iran is claiming there are no talks but oil is still down this morning, we will wait and see if the pattern repeats or this ceasefire can last beyond the initial announcement.

Equities had a pretty rough week after the optimism of Monday morning was erased as soon as US markets opened and AI stocks got hit hard as rotation out of the sector continued, we then saw the Kospi index fall over 20% from the close on Friday 24th to Wednesday 29th (and down 44% from the June highs) almost blowing up a prominent hedge fund in the process before things bounced back sharply on Friday.

We had a set of mixed results from big tech, as dispersion between similar stocks seems to be the theme of the year rather than everything moving together. MSFT and AMZN were the big winners of last week, META, AAPL were the losers, but for AAPL it was just after making all-time highs so the bar was high for it to go up further.

Overall earnings so far have been strong justifying the S&P remaining within 2% of the highs but concerns over AI and Semiconductor stocks have caused rotation out of certain sectors.

FX Markets

The Fed left rates unchanged and given a hike was a live possibility, 2yr yields were lower afterwards but the long end (10yr+) were much higher as confidence in the new Fed actually fighting inflation evaporated and Warsh's credibility took a big hit; the Dollar moved lower as a function of both short end yields and lack of confidence in the Fed in the biggest weekly drop since April.

The BoE was unchanged and although 3 voted for a hike, there is still a wait and see approach here and overall it was perceived as dovish and chances of a September hike have reduced; in stark contrast Euro yields edged higher after strong CPI which increased chances of a September hike in the Eurozone - Eur/Gbp was higher on the week and Eur/Usd even more so.

On Thursday and Friday (and again early Monday morning) we saw joint intervention to buy Yen from Japan and the US - coordinated action like this is very unusual and has led to a big market impact.

Previous rounds of intervention in the yen, which have been only by the Japanese, have had little lasting effect so the question is will this time be different?

The selling of US treasuries by the biggest foreign holder will exacerbate the troubles in the long end of the US yield curve. We have also seen currency intervention in Korea and India.

Commodities and Crypto

Oil continues to whipsaw on headlines but there is still a lack of tankers transiting the Strait of Hormuz and this is the key indicator. Gold and Silver continue to trade fairly weakly as yields stay firm and the lack of any safe haven bounce on tech stocks falling was notable, in fact arguably the relationship has flipped with margin calls in stocks being funded by selling precious metals so they go down in a market panic rather than up.

The Crypto world was rocked last week by the Coldcard Wallet Hack which drained wallets not even connected to the internet with over $88mio lost.

MSTR also sold more BTC last week, this reversed the recent upward trend in prices that had marked the first few weeks of July.

Week ahead

US employment data is the big event of the week on Friday with PMI and ISM data also out earlier in the week. For currencies the focus will be on any more Japanese intervention and how the market takes that. Iran headlines will also be closely watched.

There are some mid-tier earnings releases with the highlights being AMD, PLTR, UBER, DIS and SPCX - the latter will lead to a further tranche of shares that can be sold which may add selling pressure to the post IPO market yet again.

Should you have FX requirements or any questions, please contact us at:

[email protected] / [email protected]

Or via the contact form on our website www.qore.finance