Public Markets 3h Briefing
×Last updated: July 23, 2026, 5:30 AM ET
Energy Prices Surge Amid Middle East Tensions
Oil futures climbed to over $98 a barrel as escalating conflict in the Gulf intensified, with Houthi rebels claiming to have attacked two ships in the Red Sea and Iran reporting a vessel caught fire near the Strait of Hormuz nytimes.com. The attacks, which targeted two Saudi Arabian tankers, Encelia and Layla wsj.com. Global energy supplies face a stranglehold wsj.com as chokepoints like Hormuz, Bab al-Mandeb, and the Black Sea, collectively imperiling about a quarter of the world's oil, are threatened. Despite the tensions, two China-owned oil tankers remained on course bloomberg.com to exit the Red Sea.
Corporate Dealmaking and Financial Performance
Nestle agreed to sell half of its water unit wsj.com to Platinum Equity for $3.4 billion, a move that comes as the company navigates significant restructuring costs. In the aerospace sector, Dassault Aviation shares wsj.com following strong first-half sales and earnings, despite lower order bookings. Eni, through its Enilive subsidiary, announced a deal to acquire a European fuel service station business from Prax for an undisclosed sum. Meanwhile, TotalEnergies wsj.com from elevated oil and gas prices to cut its net debt by $3.3 billion, bringing it to just under $20 billion. Repsol also wsj.com as its earnings surged due to higher crude prices, noting its lack of Middle East assets has kept production unaffected.
Market Reactions and Economic Outlook
European stock indexes wsj.com, with consumer stocks giving back recent gains, as tech struggles persisted. Shares of STMicroelectronics wsj.com despite raising its AI data-center revenue target, while Moncler shares wsj.com due to weaker European tourism impacting sales. German bond yields bloomberg.com as surging energy prices and inflation expectations fueled bets on interest-rate hikes ahead of the European Central Bank's decision. Gold prices wsj.com as investors awaited the Federal Reserve meeting, with escalating Middle East tensions driving oil higher and raising inflation concerns. The euro, however, eased against a basket of currencies wsj.com with no fresh catalysts to strengthen the dollar.
Sector-Specific and Regional Developments
Luxembourg is stepping up its retail bond offerings bloomberg.com, following a successful sale of defense bonds with new securities aimed at funding affordable housing. In the Philippines, President Ferdinand Marcos Jr. is confident the central bank bloomberg.com on the weakening peso, which has hit record lows. Nigeria's biggest lender, First Hold Co Plc this year after a recapitalization bolstered its balance sheet. Easy Jet reported that its quarterly earnings ft.com, with profits dragged down by higher fuel prices and reduced consumer demand linked to the Middle East conflict. Macquarie has appointed Greg Ward to ft.com as CEO. China's XPeng is charting a course wsj.com from electric vehicles to robotics, according to its CEO. Nokia continues to wsj.com from AI and data-center customers.