Public Markets 3 Hours

Last updated: July 21, 2026, 11:30 PM ET

Middle East Tensions and Oil Market Volatility

Gold advanced in Asian trade supported by a pullback in global bond yields and a softer dollar amid. However, vowed attack, potentially escalating tensions and prompting Goldman Sachs to warn that oil could jump to $120 per barrel if the Strait of Hormuz remains disrupted. The Trump administration is also said to be reaching a broad nuclear deal with the Saudis, a plan drawing opposition from some U.S. lawmakers and Israeli officials who fear potential weapon development.

Asian Currencies Under Pressure Amid Rising Oil and Rate Bets

The Philippine peso as higher oil prices put pressure on the currency. Similarly, the Indian rupee has fallen about 2% from its June high, with bets on a rebound vanishing as soaring crude prices blunt inflows. Investors are increasingly viewing Japan's currency intervention strategy as a multifactor equation rather than a strict line in the sand. Meanwhile, Japanese stocks rose 1.3%, led by chip and metals sectors, following a recovery in U.S. technology stocks.

US Government Shutdown Looms, Tech and Pharma Face Tariffs

Republicans narrowly passed a stopgap spending bill to fund the government through Dec. 4, but with Democrats opposed, a broader battle looms. The Trump administration plans to impose 100% tariffs on generic drugs in 2028, a measure intended to push companies towards manufacturing medications in the U.S. as it seeks to boost supply chains. Google, once a lifeline for publishers, is now facing scrutiny as some news outlets consider cutting ties as AI tools supplant traditional searches weighing how to work with the tech company.

South Korean Markets and Investor Behavior

South Korean stocks jumped as brokers signaled an end to the unwinding of leveraged bets that had driven the benchmark down nearly 30% from its peak. This comes as deep-pocketed retail investors are flocking to a leveraged instrument that has inflicted severe losses in the past, raising concerns about abrupt unwinding of wagers.

Hong Kong IPO Market and Startup Wealth

Zhongji Innolight plans to seek up to $7 billion in Hong Kong's biggest listing this year, with the proceeds intended for research and development and expanding global production. Separately, over 1,000 Americans have amassed IRAs worth at least $25 million, with some insiders stashing huge sums in tax-subsidized retirement accounts, described as "yacht financing or dynasty building".

New York City Politics and MSG Entertainment Fines

Mayor Zohran Mamdani called Israeli Prime Minister Netanyahu a "war criminal," challenging the U.S. government to execute an international arrest warrant. Separately, the New York Liquor Authority withdrew charges against MSG Entertainment tied to facial recognition systems, issuing $30,000 in fines for an unrelated offense ending an inquiry.