In the UK, Chancellor John Healey has confirmed that the government’s first Budget will take place on 28 October, giving expatriates with UK pensions, investments or property a clearer timetable to watch.

We also look at the latest Big Tech earnings, including Microsoft, Amazon and Meta, and what they reveal about whether heavy investment in artificial intelligence is beginning to produce sufficient commercial returns.

Elsewhere, US economic growth has slowed, although underlying private demand remains relatively resilient, while inflation is still running above the Federal Reserve’s target.

Finally, we revisit the Middle East, where oil prices and shipping risks remain volatile as markets react to conflicting signals around diplomacy and the Strait of Hormuz.

This episode is based on our Weekly Market Update email, originally researched on Monday 3 August and updated on Tuesday 4 August 2026 at approximately 10:00 a.m. UK time. Market conditions, political announcements and geopolitical developments may have changed since that point.

In this Weekly Market Update, we separate political headlines from financial reality and examine the developments most relevant to expatriates, retirees and internationally mobile families.

Topics include the UK’s new government and the approaching Inheritance Tax changes affecting pensions, continued disruption around the Strait of Hormuz, interest rates and currency movements, Belgium’s new Capital Gains Tax rules, QROPS risks for US-connected pension holders, and the changing role of bonds, cash and private credit in retirement portfolios.

Information and market data were correct as of 27 July 2026 and may have changed since recording.

The episode covers the orderly UK leadership transition following Sir Keir Starmer’s resignation, the market impact of easing geopolitical tensions and lower energy prices, and the continued volatility following the historic SpaceX IPO.

We also look at several important planning issues for internationally mobile families, including UK pension changes for British expatriates in the United States, the approaching year-11 challenge for Portugal’s Non-Habitual Resident regime, and Malta’s increasingly attractive tax framework for retirees and globally mobile professionals.

The key message this week is simple: for expatriates, successful wealth management is not about reacting to every headline, but about understanding the direction of travel and planning before deadlines force decisions.

We discuss why markets now expect both the Federal Reserve and the Bank of England to hold rates steady, and how this "higher for longer" outlook is already pushing up UK fixed-rate mortgages.

Key topics covered in this episode:

• Global Inflation & Rates: How energy-driven inflation risks are forcing central banks to rethink their easing policies.

• UK Mortgage Market: The practical consequences for households and property investors facing refinancing pressures this year.

• UK Spring Statement: An analysis of fiscal drag from frozen tax thresholds, plus what changes to capital taxation, pensions, and inheritance mean for expats with UK-linked wealth.

• US Expat Tax Updates: Navigating new tax allowances for Americans abroad amidst a landscape of increasing compliance and regulatory scrutiny.

What began as a geopolitical shock is now fundamentally altering borrowing costs and financial planning assumptions. Tune in to understand why proactive, long-term wealth strategy is more critical than ever.