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Last updated: July 21, 2026, 8:30 AM ET

Corporate Earnings Signal Resilience Amid Geopolitical Tensions

Several U.S. corporations boosted their after reporting robust second-quarter results. Northrop Grumman lifted its forecasts as its backlog continued to build, posting a profit of $1.09 billion on sales up 5% to $10.88 billion . General Motors also raised its full-year guidance, driven by strong customer demand and reporting net income of $1.31 billion, or $1.41 a share, on revenue of $48.03 billion. Similarly, 3M after its profit and revenue rose, citing strong momentum in the first half of the year . Hasbro also lifted its outlook, swinging to a profit and logging higher revenue in the second quarter, primarily due to the strength in its Wizards of the Coast and digital-gaming segments . In contrast, homebuilder D.R. Horton cut revenue for the fiscal year, as sluggish buyer demand and supply chain issues continued to weigh on sentiment .

Energy Markets Brace for Supply Disruptions Amid Middle East Hostilities

Escalating hostilities in the Middle East over oil supply security, according to the International Energy Agency, which is closely monitoring the situation . Kazakhstan is set to halt oil shipments to a Black Sea port following a series of tanker attacks that jeopardize its export capabilities. Brent crude futures settled higher in choppy trading as U.S.-Iran fighting intensified, even as mediators sought a ceasefire . Goldman Sachs warned that Brent could rally to over $120 a barrel by the fourth quarter if disruptions in the Strait of Hormuz persist, though this is not their base case scenario. Meanwhile, palm oil fell from a near one-month high as weakness in crude and vegetable oil markets dented the appeal of biofuels.

UK Market Sees Deal Activity and Policy Shifts

The UK stock market is experiencing a significant wave of takeovers, with the value of deals topping $60 billion after the latest acquisition . Mitie Group Plc became the latest London-listed company to agree to a takeover, with rival outsourcer OCS Group offering £3.1bn for the facilities management firm. In a move to avoid nationalization by the new government, Thames Water lenders are planning to offer a "golden share" to the. New Prime Minister Andy Burnham, including a cut in electricity taxes, though sterling turned lower against the euro as investors digested the policy announcements. UK government bonds saw modest movements as investors awaited further policy details from Burnham, with weak economic data tempering expectations for higher interest rates.

Global Markets Navigate AI Trade Volatility and Emerging Market Rallies

Emerging market stocks rebounded after three days of losses, buoyed by China's state-sponsored rescue program for its tech shares . Australia's stock market has emerged as an unlikely haven from the volatility driven by the artificial intelligence trade that has roiled. U.S. stock futures jumped as artificial-intelligence stocks rode a fresh wave of optimism, lifting indexes in Asia and Europe. Despite the AI trade's influence, South Korean investors to the lowest level in three months, as losses in memory-chip stocks halted the market's rally . In other market news, Japan's insurance firms in three years in June, indicating stabilizing demand from a key buyer .

Corporate Dealmaking and Debt Market Activity

Carlyle Group Inc. is reportedly in talks to hand over its sustainability consultancy, Anthesis Group, to its private credit lender, Bridgepoint Group Plc. Var Energi has agreed to a $1.3 billion deal to acquire Blue Nord, a move that will increase its exposure to European gas markets and expand access to key infrastructure. In the debt markets, Washington D.C. is preparing to borrow $1.2 billion this week at its annual municipal debt sale, tapping the market as its credit. Indonesia's sovereign wealth fund, Danantara, has mandated banks for a potential sale of long-dated dollar bonds, following its first. Millikin University is sweetening its upcoming bond deal by adding a student apartment complex to enhance investor protections.

Regulatory and Legal Developments

Germany's financial regulator has concluded a review into Zalando SE concerning a missing disclosure in its annual report without imposing a fine. Separately, a proposed merger of three crypto firms has been scrapped, with one leader stepping down and another consolidating power within the Tether-backed franchise. In the U.S., regulators and prosecutors are investigating Mark Walter's insurance empire.

Deal of the Day: Mitie Group Targeted for Takeover

Mitie Group Plc, a UK outsourcing company, has agreed to be acquired by facilities management group OCS in a deal valued at £3.1 billion ($4.2 57. The transaction makes Mitie the latest London-listed company to be snapped up in a wave of takeovers. Mitie shares gained 40% following the announcement of the deal.

Other Notable Market Movements

Gold prices as diplomatic efforts for a U.S.-Iran ceasefire paused oil's rally . The WSJ Dollar Index rose for three consecutive trading days, adding 0.08% to.17. Eurozone government bond yields edged higher as renewed Middle East hostilities reignited concerns over potential.