Public Markets 3 Days

Last updated: July 23, 2026, 5:30 AM ET

Geopolitical Tensions Fuel Commodity Surges and Market Volatility

Oil futures as escalating tensions in the Gulf and attacks on ships in the Red Sea by Houthi rebels. Brent crude reached $98.70 following claims by Yemeni rebels of missile and drone attacks on two Saudi Arabian oil tankers, the Encelia and Layla. The chokepoints at Hormuz, Bab al-Mandeb, and the Black Sea collectively imperil roughly a quarter of the world’s oil supply, with the International Energy Agency. Goldman Sachs warned Brent crude could jump to $120 if the Strait of Hormuz remains disrupted. German bond yields as surging energy prices and inflation expectations fueled bets on interest-rate hikes ahead of the European Central Bank’s decision. Wheat prices in Paris, while corn extended its rally to the highest level in three years, driven by Black Sea tensions and concerns over crop conditions. Crop prices overall due to heat waves and attacks in the Black Sea.

Corporate Dealmaking and Sector Performance

Nestle waters unit to Platinum Equity for $3.4 billion in a joint-venture deal, a move that comes as the company shoulders hefty restructuring costs. Eni agreed to buy a European fuel service station business from Prax through its Enilive subsidiary. Dassault Aviation shares following strong first-half sales and earnings, despite booking sharply lower orders. Moncler shares due to a slowdown in sales growth, attributed to weaker tourism affecting European sales. Total Energies profits jump as war-induced price rises boosted earnings, enabling the company to cut its net debt by $3.3 billion to just shy of $20 billion. Repsol set out as earnings surged on higher crude prices, with its production broadly unaffected by the war as it has no Middle East assets.

Financial Sector and Investment Trends

BNP Paribas lifted its dividend as revenue and profit beat estimates, with net profit surging by a third year-on-year. The French bank's stock traders, contributing to better-than-expected second-quarter results. Julius Baer to a record high, driven by a 26% increase in operating income. Luxembourg is stepping up its push for retail bonds, following a successful sale of defense bonds with securities to fund affordable housing. Hong Kong and Malaysia, aiming to attract more international investment.

Technology and Automotive Sectors Navigating Challenges and Opportunities

Shares of SpaceX supplier STMicroelectronics despite raising its data-center revenue target for the second time this year. Nokia continues ride of AI and data-center spending, capitalizing on surging demand and longer-term orders due to supply constraints. Apple's product roadmap is at a pivotal moment, with recent product releases described as "meh" compared to past hype. Chinese carmakers in European monthly sales, solidifying their competitive position. XPeng is charting a course from EVs to robots and is rolling out more models overseas to escape reliance on the weaker China market. Tesla’s profits plunged as the automaker used discounts to boost sales, accelerating its pivot to AI and robots with capital expenditures more than doubling. Asian semiconductor stocks climbed as Alphabet Inc. plans to spend up to $200 billion on AI computing power.

Airline and Consumer Sector Performance

EasyJet profits in its fiscal third quarter, impacted by higher fuel costs and lower consumer demand due to the Middle East conflict. The airline’s profit fell by 70% driven by higher jet fuel costs and reduced consumer demand. Alaska Air of $76 million due to rising fuel costs, but expects a third-quarter recovery.

Economic Indicators and Central Bank Watch

The Philippine peso weakened to a record low, with President Ferdinand Marcos Jr. confident the central bank will act decisively. Australian employment surged in June, bolstering bets on another interest-rate increase. India's swap market is pricing in at least a 25-basis-point hike at its October meeting as pricey crude. China's sovereign bonds are rallying as economic weakness and sliding stocks. The euro amidst a lack of fresh catalysts for the dollar.

Energy Market Dynamics and Supply Chain Concerns

U.S. oil refineries are running at breakneck speeds due to wars choking fuel supplies, creating risks of outages. Russia forced import from India as Ukrainian strikes damage its refineries. Norsk Hydro ASA as Gulf flows deteriorate, warning of deepening deficits if constraints on shipments through the Strait of Hormuz continue. Shipowners are offering to entice crews to sail through the Strait of Hormuz.

Other Notable Market Movements

Dassault Systemes agreed to buy Aris Global for up to $2 billion to bolster its AI offering. Nestle selling half to Platinum Equity for $3.4 billion. Vitamin Well AB through a cross-currency loan to fund its acquisition of EMPWR Nutrition Group.

Global Economic Developments

Nigeria's biggest lender by market value, First Hold Co Plc this year after recapitalization strengthened its balance sheet. Brazil's government unveiled a relief package worth 18.5 billion reais ($3.7 in credit for exporters hit by new US tariffs. China is restricting real estate companies from using a popular offshore loan structure that has helped some weather the country’s property crisis according to people familiar with the matter.