Public Markets 24 Hours

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

Asia Markets and Listings

seeks $7.02 in Hong Kong, marking the city's largest listing this year and potentially the largest in seven years, with the Shenzhen-listed company aiming to raise up to HK$55 billion ($7 for its public offering. The yen per dollar, reaching a fresh four-decade low against the greenback, prompting increased scrutiny of Japanese authorities' willingness to intervene. Japanese insurers boosted purchases of super-long bonds in June, the most in three years, indicating stabilizing demand from a crucial investor base.

Middle East Tensions and Oil

Oil prices amid escalating concerns over supply disruptions in the Middle East, with Goldman Sachs warning that Brent crude could if the Strait of Hormuz remains disrupted. The US and Iran continued strikes, contributing to oil futures extending their rally for a third straight session. Saudi tankers reversed course following Houthi threats, adding another layer of risk to Red Sea shipping. The International Energy Agency warned of risks to energy supplies from an escalation of the Iran conflict, emphasizing there is "no room for complacency." Kazakhstan to a key Russian terminal after Ukrainian tanker attacks, potentially removing another 1 million barrels a day from the market.

US Economy and Corporate Earnings

raised outlook, now expecting fourth-quarter gross margins to be twice as high as previously guided, between 15% and 17%. Alaska Air of $76 million, primarily due to rising fuel costs associated with the Iran conflict, though it expects a recovery in the third quarter. Capital One Financial reported a profit, beating estimates as loan-loss provisions dropped. US stocks climbed broadly as chip shares staged a strong recovery, with investors positioning for a wave of significant technology earnings. U.S. Treasury yields as oil price surges stoked inflation concerns, potentially prompting the Federal Reserve to raise interest rates.

Global Markets and Deals

KKR's commercial is exploring strategic alternatives, including a potential merger or sale of the money-losing entity. Moody's Ratings, marking the third sovereign upgrade in under three months and validating President Javier Milei's economic reforms. Iberdrola SA agreed to acquire an 80% stake in Finland's primary electricity distribution network, Caruna Group, for €2 billion ($2.3 . Short sellers have against Hello Fresh SE's debut bond after a rocky start to its trading.

Regulatory and Antitrust Landscape

tapped critic of Big Tech to lead the Justice Department's antitrust division, with the appointee having authored a chapter calling for a significant shake-up of US competition enforcement. A judge, defining the market for movies too narrowly, according to an opinion piece. The US Treasury Department expressed concern over several high-profile tax strategies marketed on Wall Street, deeming them potentially "too good to be true." Lawmakers are seeking a probe into private-equity rollups of firetruck manufacturers, citing concerns over shortages and rising prices.

Other Notable Developments

Zelensky removed Ukraine's top general, Maj. Gen. Mykhailo Drapatyi, following protests and a clash with a defense minister over war strategy. The Pentagon estimates the Iran war has, with further requests for funding anticipated. France joined global to restrict social media access for children, enacting a law that bans access to some accounts for those under.