Public Markets 8 Hours

Last updated: July 24, 2026, 2:30 AM ET

Oil Surge Fuels Inflation Fears, Rattles Global Markets

Brent crude oil for the first time in two months, sparking concerns of a renewed inflationary spiral and prompting a global bond sell-off. The benchmark’s rise, driven by ongoing conflict in the Middle East and China’s rush to secure Russian oil supplies which were already down on worries about rising borrowing costs and the technology sector. Global bonds were pummeled by the resurgence in energy prices, catching investors off guard and testing the resolve of central banks. Wheat futures also amid escalating geopolitical tensions and worsening weather in key producing regions, further stoking supply concerns.

US Tariffs and Trade Tensions Escalate

The U.S. administration imposed new of approximately 10% on over 80 countries, linked to imports of goods produced with forced labor. This move replaces an earlier 10% tariff that expired, continuing a complex strategy in the ongoing trade war. Singapore’s top diplomat pushed back against the U.S. levies, stating there was no economic justification and seeking to avoid becoming "collateral damage." Meanwhile, South Korean companies are making a significant US investment push to bolster tech capabilities and sidestep potential U.S. tariffs.

AI Drives Tech Sector and Investment Trends

Recent earnings reports from major tech companies demonstrate that AI is a fast-scaling business, defying earlier skepticism. This has led to a surge in investment, with companies like Intel posting their fastest growth in 15 years, fueled by demand from AI data centers. Intel’s revenue in the second quarter. However, concerns about runaway AI spending have also in market value from the Magnificent Seven stocks. Stripe is reportedly in talks to acquire AI model marketplace Open Router for potentially around $10 billion, a significant increase from its last valuation of $1.3 billion.

Emerging Markets Navigate Economic Headwinds

Malaysia raised $1.5 in its first dollar bond sale in five years to help fund a rising fuel subsidy bill. In India, despite student protests highlighting economic failings, markets have shrugged off the unrest for now. Manipal Health Enterprises is seeking to raise up to $960 million in an initial public offering, continuing a trend of sizable share sales in the country. China’s central bank to its economy in five months via its medium-term lending facility to support growth. Chinese buyers are also earlier than usual due to Middle East risks.

London and Asian Markets React to Corporate and Economic News

Dangote Cement Plc for its cement unit listing, citing faster share sales. In Asia, South Korean stocks on overnight losses in U.S. peers and rising Middle East tensions. Chinese daily stock turnover has shrunk to its lowest level in over three months, as investors shy away from the technology sector. The yen is on track for its biggest weekly loss since May, with intervention warnings failing to deter bets on further weakness.

Other Notable Developments

The U.S. dollar index remains in a solid uptrend, according to chart analysis. Gold declined stronger and prospects of a Federal Reserve rate hike. Base metals fluctuated as the threat of Middle East conflict escalation. In the UK, pub stocks slumped this week as a brutal heat wave and higher costs offset any sales boost from football fans. Investors are still showing demand for "impact" funds, defying expectations of an ESG backlash.