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

Middle East Tensions Fuel Oil and Market Volatility

Global oil prices jumped sharply amid renewed Middle East hostilities, with U.S. forces intercepting Iranian ballistic missiles aimed at American troops in Jordan, significantly escalating regional tensions. This surge in oil prices contributed to a rise in Eurozone government bond yields, tracking higher Treasury yields. Glencore’s trading profits doubled to $3.3 billion in the first half, benefiting from the turmoil in the Middle East, with its marketing division reporting bumper earnings compared to the previous year when geopolitical uncertainties weighed. Eni also again after conflict-driven higher oil and gas prices boosted its second-quarter earnings.

European Earnings Drive Stock Market Gains Amid Tech Selloff

European indexes opened higher as strong earnings reports spurred gains, with the Europe-wide Stoxx 600 rising 0.3%. Shares in Kering, the owner of Gucci, surged 11% after its flagship label reported sales down 2% organically, beating analyst expectations. Remy Cointreau also showed optimism regarding its rebound plan, with sales of its high-end cognac brands up 7.7% organically in its fiscal first quarter. Lysol maker Reckitt issued a new $664 million share buyback after reporting 4.7% like-for-like net revenue growth, bolstered by. Hermès also of 6.7% excluding currency movements, with demand in Europe, the US, and Japan helping to offset the impact of the US-Iran conflict.

South Korean Markets Face Turmoil Despite Chip Giant's Strong Results

South Korea will hold an emergency market meeting to address a stock rout that has wiped billions off investor holdings. Despite SK Hynix, a leading memory chipmaker, reporting stratospheric sales and profits, it failed to calm skittish investors, with chip stocks extending losses ahead of the Federal Reserve decision. The tech rout continued as SK Hynix missed analyst expectations, though the company insisted the risk of memory oversupply remained limited.

Banks Announce Buybacks Amid Strong Earnings

Deutsche Bank plans a fresh $569 million buyback, adding to a recently completed 1 billion-euro program, after its pretax profit increased 11% year-on-year. UBS also announced plans for a $3 billion buyback, with at least $1 billion expected in the next three months, following strong profit results from its investment bank and. Standard Chartered reported a second-quarter net profit of $1.71 billion, beating expectations, and announced a $1 billion. UBS and Deutsche Bank joined Wall Street rivals in reporting a.

Corporate Cost-Cutting and M&A Activity

BMW is aiming to cut several thousand jobs in Germany through a voluntary severance program, as the automaker seeks to become leaner and better compete with Chinese rivals. In M&A, Azimut Holding SpA agreed to buy Turkey’s Yapi Kredi Portfoy Yonetimi AS, which will make the Italian asset and wealth manager the largest private portfolio manager in the country. France’s infrastructure investor Meridiam SAS is reportedly considering a bid for Istanbul’s. CVC Capital Partners Plc is also considering a sale of its Chinese retail pharmacy chain, Xi’an Yikang Pharmaceutical Co. .

Global Economic Outlook and Currency Movements

The dollar edged lower, with potential for further declines if the Federal Reserve's policy decision prompts markets to trim expectations for interest-rate rises later this year. India's government expects Parliament to pass a bill formalizing tax cuts for foreign investors in its sovereign debt, aiming to attract more foreign capital. Meanwhile, withdrawals at UK wealth manager St James’s Place increased as individuals accessed their pension pots ahead of a looming.