Public Markets 8 Hours

Last updated: July 22, 2026, 2:30 AM ET

Energy and Commodities Surge on Geopolitical Tensions

Oil futures climbed higher amid growing concerns over supply disruptions in the Middle East, with one analyst warning that crude could jump to $120 per barrel if the Strait of. Equinor’s second-quarter adjusted operating income driven by higher oil and gas prices. In metals, copper as traders awaited potential tariff announcements, while gold extended its gains supported by dip-buyers despite escalating Middle East tensions. Wheat prices also rose for a second session due to escalating Black Sea tensions and worsening crop prospects, with a European heatwave estimated to have wiped €2 billion from the value of grain crops.

Treasuries and Currencies Navigate Uncertainty

U.S. Treasury yields as investors balanced rising oil prices against hopes for a de-escalation in U.S.-Iran hostilities. Japan’s 40-year government bond auction saw its strongest demand since March 2025, attracting investors with higher yields. However, the Japanese yen for the first time in almost 40 years, further testing authorities' resolve to intervene, with Tokyo vowing "bold" action. The Indian rupee has from its June high as rising crude prices counter potential dollar inflows, while the Philippine peso due to pressure from higher oil prices. The Singapore dollar consolidated, likely remaining subdued ahead of the Monetary Authority of Singapore’s policy decision next week.

Corporate Earnings and Deals Show Mixed Fortunes

Santander’s net profit was down 36% compared to the prior quarter, attributed to restructuring charges from recent deals. Rare earths giant Lynas Rare Earths Ltd. shares dropped five-month after reporting quarterly sales that missed analysts’ expectations. In technology, French AI start-up Mistral is reportedly in fundraising talks with Samsung, aiming for a valuation of €20 billion. Nike is cutting ties with online distributors in China as part of a sales overhaul in a market where it has struggled.

Market Watchdogs and Regulatory Shifts

South Africa’s finance chief is reportedly preparing to oust the chairman of the Public Investment Corp. board amid corruption concerns. Grant Thornton is as it aims to re-enter the market for large UK audits after previously retreating. The U.S. has collected about $13 billion of Venezuela’s oil money, with diverging accounts on where the funds are going. The accounting firm also faces competition from private capital, which is missing out as an IPO and deal boom lifts Wall.

Private Capital and Market Trends

Private capital is increasingly finding assets stuck in "zombie funds" at a record high, as fund managers struggle to sell remaining assets. This marks a reversal from recent years when the sector was seen as more resilient. Meanwhile, investors are being warned that big rises in Japanese government debt yields could become the next "widow-maker trade," with many wary of the fiscal outlook. In an unusual trend, South Korea’s deep-pocketed retail investors are flocking to leveraged instruments that have inflicted severe losses in the past, raising concerns about abrupt unwinding of wagers.

Global Economic and Political Currents

The European Union faces a standoff over Russian oil versus. The value of China's yuan has become a flashpoint in trade relations with the EU, with many believing the currency is undervalued. The U.S. administration is planning to impose 100% tariffs on generic drugs in 2028, aiming to push companies towards manufacturing medications domestically. General Motors is pivoting towards big trucks and a push into the defense industry under a potential second Trump term, boosting revenue after a fraught relationship during his first term.