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Last updated: July 24, 2026, 5:30 AM ET

Oil Prices Surge, Impacting Global Markets

Oil futures for the first time since May, propelled by escalating geopolitical tensions in the Middle East and fears of further supply disruptions. Brent crude as the conflict with Iran dragged on, while US crude from Asian and European buyers seeking alternatives to Middle East shipments. This spike in energy prices threatened a prolonged surge in inflation and prompted a global bond sell-off, with bond yields hitting their highest levels of President Trump's second term. Markets experienced a broad sell-off, with US stocks slumping on Thursday and Asian markets following suit. Despite the ongoing conflict, some traders anticipating efforts to ease tensions.

Corporate Earnings and Dealmaking in Focus

German software giant SAP after reporting strong quarterly revenue figures that reassured investors about its cloud business resilience, though it due to slowing growth. Volkswagen, however amid weak sales in China, adding pressure on its chief executive. In the real estate sector, Argan and WDP agreed to, signaling continued consolidation. Zara billionaire Amancio Ortega for approximately €800 million, marking his largest European transaction. Meanwhile, Victoria Plc reported a wider annual loss of £326 million, largely due to its recent debt refinancing.

Economic Shifts and Regulatory Developments

Mauritius's position as a low-tax gateway for cross-border capital is being tested by a raft of new corporate taxes, according to Moody's Ratings, which could erode bank profitability. In South Africa, the Public Investment Corporation, the country's largest fund manager following the suspension of its CEO and the resignation of its chairman. Wise's bid for a US bank license was, with regulators citing concerns over anti-money laundering checks. Chinese banks are beginning to in pricing new credit, a move towards a new mechanism that could better reflect market supply and demand. Malaysia raised $1.5, its first sale in five years, to bolster funding amid rising fuel subsidy costs.

Market Movements and Investor Sentiment

Gold prices as higher real yields and prospects of Fed tightening weighed on the metal's appeal, though longer-term outlooks remained strong with gold futures declining 2.4% to $4,046.50 a troy ounce. Singapore's sovereign wealth fund GIC plans to over the next three years, tripling its allocation. US stocks found some respite as Brent crude eased below $100 a barrel, and bond yields halted their ascent. European equity indexes after sharp selling in the previous session, with software stocks showing a rebound. South Korean stocks on Middle East tensions and an upcoming Chinese IPO. Chinese daily stock turnover shrank to its lowest level in over three months, as investors cooled on the technology sector.

Geopolitical Tensions and Sector-Specific Trends

UK pub stocks slumped this week as a heat wave offset sales boosts from the World Cup and higher costs. Wheat extended July as escalating geopolitical tensions and worsening weather in key producing regions stoked supply concerns. US weapons makers' sales are soaring due to the Iran war, which has boosted their order backlog as the Pentagon pushes for increased production. Intel posted its fastest growth in 15 years, with revenue jumping 25% in the second quarter, fueled by demand from AI data centers as sales were boosted. STMicroelectronics, however, with its third-quarter sales forecast missing analyst expectations.