Daily News 20th July 26
Daily News
Asia Rallies as Kospi Jumps Over 6%; Wall Street Snaps Losing Streak on Treasury Buyback Plan; Gold Holds Near $4,500; Crude Steady Above $84 as Trump Vows “Economic Warfare” on Iran
20 August 2026
Today in Brief
Asia-Pacific markets traded broadly higher, led by South Korea's Kospi, which advanced 6.19% while the small-cap Kosdaq added 2.16%; Japan's Nikkei 225 rose 0.89% and the Topix gained 0.78%, Australia's S&P/ASX 200 was 0.23% higher, Hong Kong's Hang Seng added 1.13%, and mainland China's CSI 300 rose 0.21%. The S&P 500 snapped a three-session losing streak on Wednesday, adding 0.21% to close at 7,707.98, while the Nasdaq Composite gained 0.16% to 26,331.09 and the Dow rose 119.65 points, or 0.22%, to 53,463.05, as Treasury yields pulled back after the government unveiled a plan to ease pressure from the recent bond market rout. Gold eased below $4,500 an ounce on Thursday but held most of the prior session's 4%-plus surge as yields retreated, while crude oil held above $84 per barrel, up more than 3% on the week, amid heightened Middle East uncertainty as the US and Iran remain at an impasse.
In other news: President Trump announced what he called an "economic warfare" campaign against Iran, threatening severe penalties on any nation helping Tehran evade sanctions; the Treasury Department said it will more than double its debt repurchase operations under Secretary Scott Bessent to steady the bond market; Japan's exports beat estimates in July, with semiconductor equipment shipments up 49.1% on AI-driven demand; Shanghai eased mortgage and housing subsidy policies to spur property demand; SK Hynix shares surged over 12% in Seoul after announcing a $28.7 billion stock buyback; Merck and Moderna's experimental cancer vaccine showed promise in a Phase 3 trial, sending Moderna shares soaring about 177%; Marvell gave Google the option to buy a $12.2 billion stake in a custom AI chip deal; and Estee Lauder forecast strong annual profit on resilient fragrance and skincare demand.
In Asia, Japan's Nikkei 225 added 0.89%, while the Topix rose 0.78%
In Asia, Japan's Nikkei 225 added 0.89%, while the Topix rose 0.78%. The Kospi advanced 6.19%, while the small-cap Kosdaq added 2.16%. Australia's benchmark S&P/ASX 200 was 0.23% higher. Hong Kong's Hang Seng index added 1.13%, while mainland China's CSI 300 rose 0.21%. The S&P 500 snapped a three-session losing streak on Wednesday, as yields on longer-dated U.S. Treasurys pulled back from multi-year highs after the government unveiled a plan to ease pressure from a recent bond market rout.
S&P 500 falls for a third day, as elevated global bond yields and oil prices weigh on market
The S&P 500 ended a three-day losing run on Wednesday as bond yields fell following the Treasury Department's announcement of an debt. The broad market index advanced 0.21% to close at 7,707.98, while the Nasdaq Composite gained 0.16% to 26,331.09. The 30-stock Dow Jones Industrial Average added 119.65 points, or 0.22%, and settled at 53,463.05. The rally lost ground as the session went on. Earlier in the day, the Dow climbed more than 360 points, or 0.7% at its high of the session. The S&P 500 was up 0.7% at its peak, while the Nasdaq was higher by 0.6%.
Gold eased below $4,500 an ounce on Thursday, but held most of the more than 4% surge in the previous session
Gold eased below $4,500 an ounce on Thursday, but held most of the more than 4% surge in the previous session as US Treasury yields retreated sharply after the government moved to rein-in long-term borrowing costs. The US Treasury Department announced it will more than double repurchases of 10-, 20- and 30-year debt in the next few months as the 30-year yield surged to its highest level since 2007 earlier this week. Lower borrowing costs reduce the opportunity cost for markets to hold precious metals, which carry no coupons, making them more attractive to investors. Meanwhile, minutes of the Federal Reserve's July meeting confirmed that some policymakers argued in favor of raising interest rates this year to prevent sharper inflationary pressure later on.
Crude oil held above $84 per barrel on Thursday after gaining more than 3% so far this week
Crude oil held above $84 per barrel on Thursday after gaining more than 3% so far this week, supported by heightened uncertainty in the Middle East as the US and Iran remain at an impasse. The two sides are also embroiled in a confrontation over the Strait of Hormuz, although President Donald Trump said oil continues to flow through the waterway while adding that he would be open to resuming talks with Tehran “at some point.” Meanwhile, the UAE announced a suspension of financial and economic transactions with Iran after accusing Tehran of launching ballistic missiles at its territory, adding to economic pressure on the Islamic Republic. Despite the elevated risks, Gulf producers have continued transporting significant volumes of crude through alternative routes and discreet shipments.
Trump announces ‘economic warfare’ on Iran, threatens ‘tremendous’ consequences for its backers
President Donald Trump said the U.S. will launch what he called the “most crushing economic operation ever taken against any country” against Iran, threatening severe financial penalties on any nation that helps Tehran evade sanctions. In a Truth Social post, Trump said that “this will be Economic Warfare and Isolation on an unprecedented scale.” “No one has given the Islamic Republic of Iran a greater opportunity to make a Deal than me,” and that “TRAGICALLY, for them, they have failed to take it,” the president said. Iran's navy, air force, and military production facilities have been destroyed and its currency rendered worthless, arguing the regime is “hanging by a thread,” Trump claimed.
Treasury doubles debt buybacks as Bessent moves to steady bond market
The Treasury Department on Wednesday said it will more than double the size of its government debt repurchases, sending yields sharply lower at a time of substantial market stress. With fixed income markets under pressure and yields surging to levels not seen in nearly 20 years, the announcement targets the sensitive longer-duration part of the Treasury market. Under the accelerated buyback, Treasury, led by Secretary Scott Bessent, will target the 10- to 20-year and 20- to 30-year portion of the market, which has seen a buyers' strike since late June. The government will “at least double” the maximum size of its buyback operations, from $2 billion to “at least” $4 billion, according to an announcement from the department. Yields cratered following the announcement while stock market futures rose sharply.
Japan exports beat estimates in July as robust chip shipments power fifth straight month of gains
Semiconductor shipments continued to power Japan's exports in July, helping clock the fastest growth since October 2022, beating expectations. Exports growth accelerated for a fifth straight month, coming in at 23.2%. Economists polled by Reuters had estimated growth at 19.9%. Shipments of semiconductor equipment posted a massive 49.1% jump in value, reflecting continued demand, boosted by the artificial intelligence boom. In terms of destinations, shipments to China — Japan's largest trading partner — rose 25.8%, while exports to the U.S. climbed 22%. Despite seeing export values grow, the gains were mostly due to a weak yen and higher selling prices, with volumes only rising 5.2% in July. The benchmark Nikkei 225 gained 0.64% after the data release, while the yen weakened 0.11% against the dollar to trade at 158.35.
China's Shanghai eases housing policies to spur demand
China's commercial hub of Shanghai will ease some property policies from Friday, including mortgage, housing provident fund and purchase subsidy measures, in a bid to shore up demand, city authorities said on Thursday. For second homes bought outside the city's outer ring expressway, the minimum down payment for commercial mortgages will be cut to no less than 15% from 20% earlier, the authorities said in a notice. Temporary subsidies of up to 80,000 yuan ($12,000) are also on offer for those selling second-hand homes after buying new homes outside the expressway, they added.
SK Hynix shares surge over 12% in Seoul after announcing massive stock buyback
Shares of SK Hynix surged over 12% in Seoul on Thursday after the company announced a massive stock buyback. The company said it is accelerating its 40 trillion won ($28.7 billion) share repurchase and cancellation program, while pursuing a shareholder return expansion to over 50% of cumulative free cash flow generated between 2025 to 2027. “We believe the initiative is expected to serve as a meaningful floor for the share price, providing tangible downside support in the near term,” said Peter Lee, an analyst at Citi. The buyback also reflects SK Hynix's confidence in its mid- to long-term growth outlook despite current memory sector headwinds, Lee added.
Cancer vaccine from Moderna, Merck shows promise in late-stage trial; both stocks soar
An experimental personalized cancer vaccine from Merck and Moderna showed positive initial results in its first-ever late-stage trial, the companies announced Wednesday, bringing them one step closer to filing for approval of the treatment option. The mRNA-based shot in combination with Merck's immunotherapy Keytruda met key goals in the Phase 3 trial in more than 1,100 patients with higher-risk or advanced melanoma whose detectable cancer had been completely removed through surgery. Merck shares climbed more than 12% on Wednesday, while Moderna's stock soared about 177%. The size of those moves reflect the companies' relative size entering Wednesday: Merck's market cap was around $333 billion, while Moderna's sat near $25 billion.
Marvell gives Google option to buy $12.2 billion stake in custom AI chip deal
Marvell Technology will help develop Google's in-demand custom chips and has offered the search giant the right to buy a potential $12.2 billion stake, the latest deal in which Big Tech is investing in the suppliers powering its AI build-out. Shares of the chipmaker jumped nearly 8% as the deal marked a major vote of confidence from a top cloud-computing provider and could bring roughly $120 billion in revenue through fiscal 2033, if Google hits the targets its stake option depends on. Larger rival Broadcom, which had been Google's main custom chip partner so far, fell more than 5%, while shares in Google-parent Alphabet were little changed. Demand for in-house chips such as Google's tensor processing units (TPUs) has surged as companies seek cheaper alternatives to Nvidia's pricey graphics processors and technologies better suited for inference, the process of running trained AI models.
Estee Lauder bets on fragrances and skincare to deliver strong annual profit
Estee Lauder forecast annual profit above many Wall Street estimates on Wednesday, betting its CEO's turnaround strategy would deliver sustained demand for luxury fragrances and strong performance in major growth market China. Shares of the Clinique and M.A.C owner, whose merger talks with Jean Paul Gaultier-owner Puig collapsed in May, rose about 18% in early trading after it also exceeded quarterly results expectations. Resilient spending by affluent and younger customers has boosted demand for the cosmetics maker's luxury fragrances and skincare products, such as Le Labo and Balmain Beauty. The company wants the same momentum for its makeup and hair care categories, for which net sales were respectively flat and declining.
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