Public Markets 8 Hours

Last updated: July 22, 2026, 5:30 AM ET

Energy Prices Surge on Geopolitical Tensions

Oil prices climbed sharply with Brent crude topping $94 a barrel, fueled by escalating Middle East tensions and commentary from former President Trump minimizing prospects of immediate talks with Iran. Goldman Sachs warned that Brent crude could jump to $120 if the Strait of Hormuz remains disrupted. The conflict has also Squeezed supply per barrel. Equinor saw its adjusted operating income in the second quarter, driven by higher oil and gas prices. European gas also experienced a significant boost, with investment funds the most since the start of the Iran war, signaling strong conviction in further price increases.

Tech Sector Awaits Key Earnings Amid AI Spending Boom

Investors are keenly awaiting Alphabet Inc.'s earnings report, with expectations that the company's cloud-computing business will amidst soaring artificial intelligence spending. However, the broader rally in tech stocks has lost steam ahead of key big tech earnings, contributing to a fall in U.S. stock futures. European equities also opened lower as the technology stock rally faltered. Meanwhile, publishers like Reddit and Politico are reassessing their relationship with Google, as AI tools increasingly supplant traditional search methods, prompting them to consider cutting ties. French AI startup Mistral is reportedly in fundraising talks with Samsung as the sector develops.

Global Currencies Under Pressure Amid Inflation and Rate Bets

The yen continued its slide, falling under ¥163 to the dollar for the first time in nearly 40 years, prompting Tokyo to vow "bold" action to address the currency’s decline. The weakness of the yen has become a significant concern for Japanese policymakers, driving up import prices and household living costs as the currency weakens. The Indian rupee has also faced pressure, falling about 2% from its June high, as rising crude prices and expectations of U.S. interest rate hikes. The Philippine central bank intervened in the foreign exchange market as the peso hit a record low, joining India in defending currencies impacted by surging oil prices. Sterling faced potential volatility due to fiscal policy uncertainty, though it. Eurozone government bond yields as oil prices increased, while lower-than-expected U.K. inflation data had minimal immediate impact.

Deals and Corporate Performance

Airbus shares after the company announced its aim to significantly boost midterm profitability, anticipating sustained strong demand. TPG Angelo Gordon Inc. is planning to sell a Tokyo hotel property to Japan Hotel REIT Investment Co. for $860 million, capitalizing on a tourism boom that is boosting valuations. Maharashtra State Electricity Distribution Co. has shortlisted six investment banks for a potential $1 billion initial public offering in India as it seeks capital. Steelmaker SSAB's second-quarter earnings stemming from the Iran war, aided by higher prices and shipments. However, Fresnillo's gold and silver production, though the miner maintained its full-year guidance.

Commodities and Market Risks

Gold futures on fresh buying interest as investors weighed Middle East risks and awaited the Federal Reserve's meeting. Copper prices wavered near $14,000 as traders watched for potential tariff announcements from the White House regarding the metal. Wheat prices, while corn reached a two-month high amid escalating tensions and worsening crop prospects. Rare Earths giant Lynas saw its shares after reporting quarterly sales that missed analysts' expectations.