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Last updated: July 29, 2026, 5:30 AM ET

Middle East Tensions Fuel Oil Rally and Market Jitters

Global oil prices surged higher as renewed fighting in the Middle East raised concerns about energy flow from the region. U.S. stock futures edged higher, though chip stocks extended losses. Glencore’s trading profits doubled to $3.3 billion in the first half, benefiting from the turmoil. Eni also after higher oil and gas prices boosted earnings. Meanwhile, Eurozone bond yields rose tracking Treasury yields amid the oil price jump. The UAE, however with LNG exports despite regional tensions. Philippine banks have as inflation surges on war.

Corporate Earnings Drive European Markets, While Tech Faces Headwinds

European indexes opened higher as strong earnings results and investor rotation into defensive sectors lifted the Stoxx. Shares in Gucci owner Kering surged 11% after its flagship label beat sales expectations. Remy Cointreau reported robust cognac sales, with its high-end brands up 7.7% organically in its fiscal first quarter. BASF’s profit soared on the sale of its coatings division and higher prices. Porsche confirmed guidance as turnaround efforts begin to pay off, with first-half profitability rising. However, chip stocks continued their losses, with SK Hynix reporting record net profit but. This disappointment in SK Hynix’s earnings and triggered collateral calls for some hedge funds.

Automakers and Banks Report Strong Results Amid Restructuring Efforts

BMW is offering voluntary severance packages to thousands of German workers as the carmaker. Deutsche Bank plans a fresh $569 million buyback after its pretax profit increased 11%. UBS and Deutsche Bank joined rivals in a trading-led profit surge, posting strong second-quarter results as reported by the Financial Times. Standard Chartered reported a $1.71 billion second-quarter net profit, beating expectations, and announced a $1.0 billion share buyback as detailed by the Wall Street Journal. UBS plans a $3 billion buyback after its investment bank and wealth units lifted profit. Ford Motor lifted guidance on a forecast of higher U.S. automobile pricing, expecting auto prices to rise around 0.5%. UPS also lifted its outlook as restructuring efforts are paying off.

Asia Markets Navigate Turmoil, With South Korea Holding Emergency Meeting

South Korea will hold an emergency meeting to discuss the market situation after a stocks rout that has off investors’ holdings. Korean stocks tumbled for a second day, sparking trading suspensions as chip-makers extended losses following disappointment about SK Hynix’s earnings according to Bloomberg. The Nifty IT Index’s correlation with the Philadelphia Semiconductor Index has fallen to its lowest level since 2018, as Indian IT stocks. Hong Kong financial stocks are poised for their biggest monthly advance in nearly two years, with investors piling into banks and insurers as enthusiasm for technology shares fades. Gold imports into Hong Kong surged to the most since late-2014 in June, driven by preparations for the city’s clearing system and solid demand from mainland China as reported by Bloomberg.

Luxury Goods and Consumer Staples Show Resilience Amid Economic Crosscurrents

Hermès sales rose, with demand in Europe, the U.S., and Japan helping to offset the impact of regional tensions as noted by the Financial Times. The fashion house’s revenue was 6.7% higher compared to the same period a year earlier, excluding currency movements according to the Wall Street Journal. Food maker Danone’s sales rose, with a boost from Asia volumes, as Japan drove demand for its brands as reported by the Wall Street Journal. Lysol maker Reckitt issued a new $664 million share buyback after reporting 4.7% like-for-like net revenue, bolstered by growth in emerging markets according to the Wall Street Journal. Unilever India received rating upgrades after its earnings triggered the worst selloff in more than six years on Tuesday as reported by Bloomberg.

Deals and Acquisitions Signal Strategic Shifts in Asset Management and Infrastructure

Azimut Holding SpA agreed to buy Turkey’s Yapi Kredi Portfoy Yonetimi AS, in a deal that will make the Italian asset and wealth manager the largest private portfolio manager in the country as detailed by Bloomberg. France’s infrastructure investor Meridiam SAS is among those weighing a bid for Istanbul’s two iconic Bosporus bridges according to people familiar with the matter. CVC Capital Partners Plc is considering a sale of its Chinese retail pharmacy chain Xi’an Yikang Pharmaceutical Co. according to people familiar with the matter. S&P Global Ratings acquired a majority stake in Nigeria-based Agusto & Co. to expand its coverage in Africa, which is seen as underserved by global ratings companies as reported by Bloomberg.

Other Market Developments and Corporate News

Valterra Platinum Ltd. hiked its interim dividend almost 29-fold as the payout. St James’s Place inflows dropped as U.K. pensions tax changes loom, with withdrawals at the wealth manager increasing as people take money from their pension pots according to the Financial Times. The dollar edged lower, with potential for further declines if the Fed’s policy decision prompts markets to trim expectations for interest-rate rises later this year as noted by the Wall Street Journal. Gold wavered ahead of a finely balanced interest-rate decision by the U.S. Federal Reserve, while fighting escalated in the Middle East as reported by Bloomberg. Gold prices were pressured by a hawkish monetary policy backdrop ahead of the Federal Reserve’s interest-rate decision.