Public Markets 3h Briefing
×Last updated: July 21, 2026, 5:30 AM ET
UK Politics and Markets React to New Government
New UK Prime Minister Andy Burnham the high cost of living, ordering a cut in taxes on electricity. Investors awaited fresh bloomberg.com from Burnham, while weak economic data dimmed bets on higher interest rates, leaving gilts steady. Thames Water lenders ft.com to the UK government, including a "golden share," to avoid nationalisation. John Healey has been named the new chancellor, overseeing fiscal and economic policy as the new PM nytimes.com settles into office.
Global Equities and AI Boost Sentiment
U.S. stock futures jumped higher as artificial-intelligence stocks rode a fresh wave of optimism, buoying indexes in Asia and Europe. Chip stocks were seen as leading the rally. However, HSBC Holdings Plc’s Max Kettner warns of a pullback in stocks before the U.S. midterms, citing stretched sentiment and a fading fiscal impulse. The London Stock Exchange announced it will bloomberg.com next year, aiming to compete with 24/7 crypto platforms.
Commodities and Currency Movements
Gold prices wsj.com as diplomatic efforts for a U.S.-Iran ceasefire paused oil’s rally. Oil prices, however, eased, with Brent back below $90 a barrel as mediators worked to push the U.S. and Iran into a new ceasefire despite fighting wsj.com. Renewed military hostilities in the Middle East raised the prospect wsj.com of oil supply disruptions, pushing eurozone bond yields higher. The euro was higher against the dollar, but ING suggested it could wsj.com if energy prices remain elevated. Pakistan and Bangladesh were forced to buy expensive LNG shipments due to the Middle East conflict straining finances bloomberg.com.
M&A and Debt Markets
Shares in Mitie Group soared 40% wsj.com after agreeing to a $4.2 billion takeover by OCS. Var Energi agreed to a $1.3 billion deal to buy Blue Nord, increasing its exposure to European gas markets and expanding access wsj.com. Indonesia has begun marketing its inaugural yuan-denominated bonds in China’s domestic debt market, as the Southeast Asian nation seeks to diversify funding sources amid volatility bloomberg.com. Julius Baer's net profits more than doubled to SFr673mn, showing rebound signs ft.com. Frasers Group’s stake in Hugo Boss now tops 30% as its offer to take full ownership nears its end wsj.com. Shares of SBI Funds Management jumped nearly 9% in India's largest listing so far this year ft.com.