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Last updated: July 9, 2026, 8:30 AM ET

Middle East Tensions Dominate Markets

US military strikes against Iran for a second day, with Brent crude gaining 8% on Wednesday and futures pulling further from pre-war levels. This escalation has shattered the oil market's calm, with Goldman Sachs warning that a recovery in Middle Eastern oil supplies could be delayed if shipping in the Strait of Hormuz is disrupted. European natural gas prices edged lower despite the flare-up as traders assessed the supply picture. Investors are watching these developments closely, though Barclays suggests stocks can look past the volatility, citing earnings growth as the primary driver. Fuel prices, particularly for refined products like gasoline and diesel, are proving "sticky," indicating that inflation risks persist. Pakistan is urgently seeking an LNG cargo due to supply disruptions from the conflict.

Tech Trade Unravels, AI Spending Steady

The dominant tech trade of buying chip stocks and selling software is showing signs of unraveling. Emerging-market stocks extended their week's declines as risk appetite fluctuated, with investors monitoring US-Iran tensions, oil prices, and AI developments. However, BlackRock's Larry Fink sees AI capital expenditures remaining stable for two to three years, suggesting the investment theme will persist even as tech giants face cash flow pressures. SK Hynix's US listing is significantly oversubscribed, indicating strong investor interest in the memory chipmaker's offering. Taiwan's central bank chief has cautioned investors against borrowing to buy the island's surging tech stocks. China's largest solar manufacturer is shifting from silver to copper in its solar cells due to.

Corporate Dealmaking and Sector Movements

Hugo Boss urged shareholders to reject Frasers Group's €2.7 billion ($2.2 takeover bid, deeming it inadequate and failing to reflect the German fashion company's potential, 44. Barclays is preparing to sell $875 million in debt to finance the takeover of UK aerospace. Prologis is pushing for talks on its £16.9 billion ($20.5 bid for Segro, while the UK property group believes the offer undervalues its business. In the US, TPG and Blackstone are seeking over $4 billion for a Hologic unit to pay down debt and return capital to investors. Luxury car firm DuPont Registry Group has selected banks for a US initial public offering. Accor SA is lining up banks for a potential US IPO of Ennismore Lifestyle Group. Aston Martin noteholders have signed a cooperation pact.

Economic Indicators and Policy Watch

Serbia maintained its record-tying 22nd month of unchanged borrowing costs, though government plans for pre-election cash handouts could add to inflation pressures. German exports unexpectedly rose in May, marking a fourth consecutive month of growth driven by a rebound in US sales. France plans a €2 billion ($2.3 investment to reduce dependence on fertilizer imports, aiming to shield farmers from supply disruptions. The UK grid operator issued another warning regarding tight electricity supplies due to a heatwave straining power systems. Investors suggest the UK may need to rethink its plan for long-dated debt issuance amid political uncertainty. Minutes from the Federal Reserve's latest meeting showed unease about inflation, which is at a three-year high. Other Notable Market Developments

Nigerian equities have surpassed South Korea's Kospi to deliver the highest dollar-based returns this year, as weakening sentiment on AI stocks impacts the Asian nation's performance. Gold traded flat amid renewed Middle East fighting and the release of Federal Reserve minutes. The Taiwan dollar fell to a 14-month low against the strengthening dollar and. HSBC maintains an underweight position in US Treasurys, prioritizing equities and high-yield credit. Jupiter Asset Management has eliminated its US Treasury holdings in a key bond fund, opting for European government notes and adding to its emerging-market exposure. Deutsche Bank's private arm will consider buying emerging Asia bonds if oil prices remain below $70, potentially easing inflation and yields. Malaysia still owes $2.18 billion in.