What a week for markets! Geopolitical tensions looked to be easing, oil prices were falling before rebounding early Friday. The Fed’s new leadership has been granted an unexpected reprieve. Meanwhile, the blockbuster SpaceX IPO is sending ripples across the tech sector. We also take a look at the World Cup jersey showdown and reveal how a clever ETF combination can help you realign your portfolio with the global market landscape.
Note: The data refers to the ratio of purchases and sales of the 100 most traded stocks in the Scalable broker between 12/06/2026 and 19/06/2026.
In the spotlight: McDonald’s
Many investors appear to see the recent pullback as a classic buy-the-dip opportunity.
Here’s a lesser-known fact: no other company in the United States has created more franchise millionaires than McDonald’s.
The secret lies in the company’s brilliantly simple business model. At its core, McDonald’s is less a burger chain than one of the world’s most successful real estate and licensing businesses. The company owns or controls many of the locations its franchisees operate from and generates a steady stream of rental and royalty income. Burgers may be what customers see but property and licensing are what have made McDonald’s such an enduring business success.
A Pivotal Week with a Happy Ending?
Investors have just endured two exceptionally turbulent weeks packed with market-moving events. But this week seems to be whispering a different message to markets: take a breath. A brief respite before the next storm inevitably arrives. Monetary policy, for example, remains far from settled.
The Fed’s Trial by Fire:
On June 16 and 17, newly appointed Fed Chair Kevin Warsh presided over his very first FOMC meeting. With inflation remaining stubbornly elevated in May, many investors had already begun pricing in a decidedly hawkish stance—or even the possibility of additional rate hikes later in 2026. Instead, nothing happened. Interest rates stayed exactly where they are. At least until the next meeting, Warsh has granted markets a temporary reprieve. That said, his remarks left little doubt that inflation and interest rates remain firmly at the top of his agenda.
The Oil Reversal:
The agreement between the United States and Iran has dramatically eased geopolitical tensions in the Middle East. The Strait of Hormuz has reopened, and oil prices had been falling for most of the week. They rebounded early Friday. The relief rests on shaky foundations. Key questions remain unresolved, including the future of Iran’s nuclear program and the conditions required for a lasting reopening of the strategically vital shipping route.
SpaceX Buys Cursor:
Fresh off its blockbuster IPO, SpaceX continued to rally in the stock market—and Elon Musk is already putting the company’s richly valued shares to work as acquisition currency. In a $60 billion deal, SpaceX is acquiring coding platform Cursor as part of a major push to expand its AI capabilities.
Apple Plans a Price Shock:
Anyone waiting for the next iPhone may need to dig deeper into their pockets. Surging memory-chip costs are reportedly prompting Apple’s CEO to consider significant price increases, the WSJ reported. According to tech analysts, the next-generation device could carry a price tag more than 20% higher than the current iPhone 17.
Takeaway
The enormous SpaceX IPO had recently drained substantial liquidity from the broader market, creating a technical headwind for equities. With that pressure now fading, the underlying bullish trend remains intact. Inflation is still running above the Fed’s 2% target, but for now, Chair Warsh appears willing to give markets some breathing room before taking the next step on interest rates.
Capital flows where it is treated well. And Europe must compete for every investment dollar on the global stage.
Jenny Johnson, CEO of Franklin Templeton, speaking on the Handelsblatt Invest Podcast
Who Will Win the Match on the Stock Market?
The Top Kit Suppliers at the World Cup
All three sporting-goods giants have a major presence at the World Cup through their national team sponsorships. And before Nike takes over in 2027, Germany’s national team will wear adidas one last time on football’s biggest stage.
But visibility on the pitch does not automatically translate into gains on the stock market. Since the end of the pandemic boom in 2021, share prices across the sector have broadly trended lower. The World Cup offers a fresh opportunity—but investors will be watching closely to separate the winners from the rest.
That sets the stage for the historic sibling rivalry from Herzogenaurach the legendary feud between brothers Adolf (“Adi”) and Rudolf (“Rudi”) Dassler to collide with the struggling American champion.
adidas: Leading the Pack
adidas currently has the strongest operational momentum. The German company tops the World Cup rankings with 14 sponsored teams and recently impressed investors with strong quarterly results, driven by global demand for its lifestyle and retro-inspired footwear lines. Sporting success has also helped reinforce the brand, including a marathon world record in London. The stock has stabilized this year and remains modestly positive year-to-date.
PUMA: The Dark Horse
Meanwhile, the descendants of brother Rudi are turning PUMA into a surprise contender.
Management has openly framed 2026 as a transition year, with the company aggressively focused on efficiency improvements. Investors have welcomed the substantial reduction of excess inventory as a healthy cleanup operation. Adding to the intrigue is the arrival of a new major shareholder: Chinese sportswear giant Anta Sports.
Nike: The Wounded Champion
The picture looks very different at Nike.
Despite outfitting 12 World Cup teams, the stock remains trapped in a pronounced downtrend. Sharp revenue declines in the crucial Chinese market-most recently reaching as much as 20% and weakness in its direct-to-consumer business continue to weigh heavily on profitability.
For now, even the future German national team partnership has done little to change the market's perception.
Key Takeaway
The number of jerseys on the pitch does not necessarily correlate with stock market returns.The World Cup is an enormous marketing stage, but the real work that drives shareholder returns happens far away from the floodlights.
The Haystack, Reimagined
“Don’t look for the needle in the haystack-buy the whole haystack instead,” Vanguard founder Jack Bogle once advised.
The FTSE All-World is exactly that haystack of global capital markets: 4,258 stocks from 48 countries spanning every sector imaginable, from automobiles to cement. Constituents are weighted by market capitalization which is why US companies now account for more than 60% of the index.
That is a sizeable concentration, even if the SpaceX IPO has once again reinforced the narrative of American exceptionalism in spectacular fashion. Yet great companies can also be found beyond US borders, often at more attractive valuations.
Investors looking to increase their exposure to the rest of the world can turn to the Xtrackers FTSE All-World ex US ETF. On its own, a world index without the United States is somewhat like Hamlet without the prince. But as a complement to a global equity portfolio, it offers a practical way to make the haystack a little more balanced.
Another way to reduce Wall Street’s dominance is to weight markets by the size of their economies rather than their stock market values. Amundi’s FTSE All World GDP-Weighted ETF now offers exactly that approach.
Measured by GDP, the United States accounts for just over 30% of global economic output. China, by comparison, represents almost 18%, yet makes up less than 3% of the traditional FTSE All-World Index. Germany also receives a significantly larger allocation under the GDP-weighted methodology, with a weighting of 4.5%—almost three times its share in the conventional benchmark.
That said, the real pace-setters of global equity markets remain the mega-caps.
“Big is beautiful” is the guiding principle behind the iShares Dow Jones Global Titans 50 ETF. The fund takes a radically concentrated approach, investing exclusively in the world’s 50 largest listed companies. Thirty-five of them are based in the United States. Alphabet, Apple, Nvidia, Microsoft, and Amazon alone account for nearly 40% of the portfolio, while the fund’s nine European constituents led by ASML and HSBC contribute less than one-tenth combined.
ETFs mentioned:
Editorial deadline: Friday, 7 a.m.
Sources: Scalable and dpa-AFX