Public Markets 24 Hours

Last updated: July 7, 2026, 8:30 PM ET

Energy Markets

Oil futures surged over 3% in early Asian trade as renewed fears of supply disruptions in the Middle East intensified. The U.S. military carried out new strikes against Iran, hours after the Treasury revoked a waiver allowing global sales of Iranian oil revoking oil sales. This action sent crude prices higher, with Exxon Mobil reporting a $3.7 billion profit surge in its second quarter, largely attributed to the war-driven oil rally. BP Plc also boosted jet fuel production by 30% in its European refineries during the conflict, helping to avoid shortages in the region BP boosted output. Iraq has moved to increase output at three southern fields to full capacity Iraq boosts output, while Germany's oil stockpiling agency is refilling strategic reserves of diesel, potentially adding pressure to a tight fuel market Germany refills reserves. Global gas demand is projected for its first annual drop since 2022, attributed to higher prices stemming from the Iran war gas demand to drop.

Global Equities and IPOs

Asian stocks were poised to drop for a second day as a selloff in chipmakers rippled across markets Asian stocks poised to drop. U.S. technology shares declined following disappointing earnings from Samsung Electronics, sparking concerns about the sustainability of the artificial intelligence rally Samsung earnings disappoint. Software stocks experienced a significant decline, with investors worried about AI-related risks software stocks crushed. However, SpaceX shares received bullish calls despite an initial stumble below its opening price on its Nasdaq-100 debut SpaceX shares stumble. The rocket maker's valuation is seen by some analysts soaring above $10 trillion SpaceX valuation soaring. In other IPO news, Foundation Healthcare Holdings Ltd. is set for its Singapore debut after the year's largest offering outside real estate investment trusts Foundation Healthcare IPO. Chinese autonomous-driving firm Momenta Global Ltd. also commenced trading in Hong Kong after raising HK$5.9 billion ($752 in its IPO Momenta Global IPO. Apple supplier Luxshare Precision Industry Co. priced its Hong Kong listing at the top of its range, raising HK$24.3 billion ($3.1 Luxshare prices listing.

Market Reclassifications and Investor Sentiment

S&P Dow Jones Indices has listed Indonesia for potential market reclassification, citing possible special treatment for its securities if circumstances worsen Indonesia market reclassification. In fixed income, Treasury yields rose as U.S.-Iran tensions increased following the revocation of Iran's oil sales license Treasury yields rise. Options traders are increasing bets that the broader market is overestimating the Federal Reserve's rate hike trajectory this year traders hedge hawkish Fed. Gold held its decline, with renewed strikes on Iran clouding the outlook for interest-rate hikes gold holds decline. However, some analysts see upside to gold prices through the second half of 2026, despite a recent wave of profit-taking that ended a three-year bull run gold bull market ended. Hedge funds are reporting their strongest first-half results since 2021, shaking off a difficult March hedge funds report strong half.

Corporate Dealmaking and Strategy

Sumitomo Mitsui Trust Bank is taking a 15% stake in New Zealand-based Morrison as part of a strategic partnership to offer Japanese customers new investment opportunities Sumitomo Mitsui partnership. Coty is transferring its Gucci Beauty license back to Kering ahead of schedule for $400 million, with Kering planning to license the brand to L’Oréal in 2027 Coty transfers Gucci license. German online car-parts retailer Autodoc Holding SE is raising €530 million ($606 in debt financing to buy back a minority stake from Apollo Global Management Autodoc debt financing. The Abu Dhabi royal family firm will invest $1.13 billion in liquefied natural gas company Mid Ocean Energy LLC Abu Dhabi invests in LNG. In a move to boost metals output, the Canadian government is contributing C$400 million ($282 to Teck Resources Ltd.’s refinery plans Canada supports Teck Resources.

Regulatory and Legal Developments

A federal judge rejected a Justice Department effort to obtain information on election workers in Fulton County, Georgia, related to the 2020 vote judge rejects DOJ subpoena. The White House is reportedly pressuring top U.S. grocers, including Walmart and Kroger, on beef prices, with an Agriculture Department official speaking to them last week White House pressures grocers. Oklahoma’s attorney general sued Allstate Corp., alleging the insurer schemed to underpay homeowners' claims for wind and hailstorm damage Allstate sued Oklahoma. The Federal Reserve has proposed changes to anti-money laundering requirements for banks, aiming to address core financial risks Fed proposes AML changes.

Industry and Sector Insights

Nokia shares have surged approximately 90% this year as the company pivots to become a significant infrastructure supplier for the AI data center boom Nokia supplies AI data centers. German industrial production grew for a second month, indicating Europe's largest economy is recovering from the effects of the Iran war, driven by the auto sector German industry grows. Nestlé is considering tweaking some food recipes to appeal to consumers experiencing changes in taste associated with weight-loss drugs like GLP-1 Nestlé tweaks recipes. Wild coffee market swings are ushering in a new era of volatility for the commodity coffee market volatility.

Geopolitical Tensions and International Relations

The U.S. revoked Iran's license to sell oil in response to Iranian attacks on ships in the Strait of Hormuz US revokes Iran oil license. This action has been met with criticism, with some political figures calling for an end to unconditional U.S. support of Israel Rahm Emanuel criticizes Netanyahu. In other international news, China has purchased more soybeans from the U.S., signaling a ramp-up in agricultural trade between the two nations China buys US soybeans. The Trump administration is expected to signal to Turkey that it is ready to restore access to F-35 jets, a ban that was imposed amid concerns about Russia learning stealth technology Trump signals F-35 reversal.

Other Notable Developments

Marine Le Pen announced her candidacy for the French presidency after a court lifted a ban on her eligibility for elected office, following a conviction for embezzlement Le Pen to run for president. In the U.S. Senate race in Maine, Democrats are exploring potential alternatives to Senator Graham Platner following a rape allegation, with Bernie Sanders being one of the last prominent allies to call for his withdrawal Platner faces calls to withdraw.