Daily News 21th July 26
Daily News
Asia Mixed as Oil Rallies on US-Iran Escalation; S&P 500 Slips as Apple Drags; Gold Holds Above $4,000 Near Nine-Month Low; Crude Eases Toward $82 on Ceasefire Hopes
21 July 2026
Today in Brief
Asia-Pacific markets were mixed on Tuesday, with Japan's Nikkei 225 adding 1.63% and the Topix rising 1.8%, while South Korea's Kospi advanced 2% even as the Kosdaq dropped 2.15%; Australia's S&P/ASX 200 fell 0.35%, mainland China's CSI 300 slipped 0.18% and Hong Kong's Hang Seng was down 0.18% in early trade. U.S. equities closed slightly lower on Monday as energy costs climbed — the S&P 500 fell 0.19% to 7,443.28, the Nasdaq Composite eased 0.05% to 25,508.07 and the Dow shed 307.16 points, or 0.59%, to 51,839.26, dragged by a more than 2% decline in Apple. In commodities, gold strengthened back above $4,000 an ounce but stayed near its weakest level in nine months as investors weighed energy-driven inflation and the prospect of higher rates, while crude slipped toward $82 a barrel on Tuesday after Monday's close of $83.23 for U.S. futures and $89.22 for Brent, easing from five-week highs on hopes that peace negotiations could resume.
In other news: vessel traffic through the Strait of Hormuz collapsed to just 53 transits in the week to July 20, down 66% from 157, as shipowners avoided the corridor; Washington imposed additional 50% tariffs on Canadian motor vehicles, alcohol and dairy under Section 338 of the Tariff Act of 1930; Yemen's Houthi militants declared an immediate maritime embargo against Saudi Arabia, threatening Red Sea energy flows; Andy Burnham became the U.K.'s seventh prime minister in a decade and pledged a new economic model; AMD prepared to ship its Helios rack-scale AI system with Microsoft as its newest customer, lifting AMD shares more than 4%; Boeing CEO Kelly Ortberg said the plane maker needs a couple more years to repair its finances before launching a new jet; a federal judge ordered Paramount Skydance to pause its $110 billion Warner Bros. Discovery acquisition through August 3; and Lockheed Martin unveiled a lower-cost Patriot interceptor as air defence demand surges.
Asia-Pacific markets trade mixed Tuesday as oil climbs on renewed US-Iran tensions
Asia-Pacific markets were mixed. Japan's Nikkei 225 added 1.63%, while the Topix rose 1.8%. South Korea's Kospi advanced 2% while the Kosdaq declined 2.15%. Australia's benchmark S&P/ASX 200 was down 0.35%. Mainland China's CSI 300 was down 0.18%, while Hong Kong's Hang Seng index declined 0.18% in the first hour of trading. Oil prices rose on Monday after President Donald Trump said in a Truth Social post that Tehran will pay for the deaths of three U.S. service members. U.S. crude futures closed up 0.9% at $83.23 a barrel, while international Brent settled 1.3% higher at $89.22.
S&P 500 closes slightly lower on Monday, weighed down by rising oil prices
The S&P 500 fell on Monday as oil prices advanced in response to the latest bout of military exchanges between the U.S. and Iran. The broad market index dropped 0.19% to close at 7,443.28, while the Nasdaq Composite lost 0.05% and ended at 25,508.07. The Dow Jones Industrial Average fell 307.16 points, or 0.59%, to 51,839.26. A more than 2% decline in Apple shares pulled the 30-stock index lower. The U.S. completed its ninth consecutive day of strikes on Iran overnight, but investor sentiment improved by midmorning in London after Iranian Foreign Ministry spokesman Esmail Baghaei lifted hopes for a diplomatic settlement.
Gold strengthened above $4,000 an ounce on Tuesday but held near a nine-month low
Gold strengthened above $4,000 an ounce on Tuesday, but remained close to its lowest level in nine months as the ongoing conflict between the US and Iran kept investors focused on the risks of energy-driven inflation and the prospect of higher interest rates. US attacks on Iran entered a tenth consecutive day, with President Donald Trump warning that Iran would be held responsible for the deaths of three US service members. Iran-backed Houthi militants also announced a maritime embargo against Saudi Arabia, raising concerns over energy shipments through the Red Sea. Meanwhile, Iran said mediators had put forward proposals aimed at easing tensions with the US following several days of fighting, while reports pointed to a possible 10-day ceasefire.
Crude oil slipped toward $82 per barrel on Tuesday, easing slightly from five-week highs
Crude oil slipped toward $82 per barrel on Tuesday, easing slightly from five-week highs as hopes grew that peace negotiations between the US and Iran could resume after several days of escalating attacks. Mediators worked on Monday to encourage both sides to agree to a new ceasefire, while reports pointed to a possible 10-day truce. Still, oil prices have rallied sharply this month as US attacks on Iran continued for a tenth consecutive day, while Tehran carried on with retaliatory strikes against neighbouring countries. Tensions intensified after President Donald Trump warned that Tehran would be held responsible for the deaths of three US service members.
Ships shun Strait of Hormuz as renewed fighting strains key oil corridor
Vessel traffic through the Strait of Hormuz has slumped since U.S. President Donald Trump's blockade took effect last week, with shipowners increasingly avoiding one of the world's most important energy corridors as fighting between the U.S. and Iran intensifies. Crossings through the Strait have fallen sharply across multiple shipping datasets, as renewed U.S. strikes on Iran, Tehran's declaration of a blanket ban on maritime traffic and fresh attacks on commercial vessels have prompted operators to reassess the risks of entering the Gulf. Lloyd's List Intelligence recorded just 53 vessel transits in the week through July 20, down 66% from 157 the previous week. Tanker and gas carrier movements, which are the ships responsible for transporting most Gulf crude oil and liquefied natural gas, dropped to 30 crossings from 90.
Trump imposing 50% tariffs on certain Canadian goods over alleged trade discrimination
The U.S. is imposing additional 50% tariffs on a range of Canadian goods in response to alleged trade discrimination against multiple U.S. products and industries, senior Trump administration officials said Monday. President Donald Trump signed three proclamations Monday targeting different sets of Canadian imports with the steep tariffs in response to separate areas — motor vehicles, alcohol and dairy — where the U.S. says it has been treated unfairly, the officials said in a call with reporters. The tariffs, which fall under the rarely used Section 338 of the Tariff Act of 1930, are set to take effect 30 days after the signings, according to the officials. Each proclamation slaps tariffs on different Canadian products, "ranging from wine to hockey sticks to cement," an official on the call said.
Iran's Houthi allies declare maritime embargo against Saudi Arabia, escalating threat to oil market
Houthi militants in Yemen on Monday declared a maritime embargo against Saudi Arabia effective immediately, threatening to exacerbate the oil supply disruption triggered by Iran's attacks on tankers in the Strait of Hormuz. The Houthis have repeatedly threatened to close the Bab el-Mandeb Strait during the U.S.-Iran war. The strait is a choke point for commercial ship traffic that connects the Red Sea to the Gulf of Aden and global markets. The militants, in a statement carried by state news, accused the Saudis of laying an "aggressive siege" against them. Tensions escalated last week after they claimed that Riyadh had bombed Sanaa International Airport.
UK's Andy Burnham becomes PM as Trump slams Britain as 'Poverty Stricken Disaster'
Andy Burnham became the U.K.'s seventh prime minister in a decade on Monday, with investors and market watchers already questioning his policy agenda. King Charles III formally asked Burnham to form a government at Buckingham Palace earlier on Monday, which Burnham confirmed he has accepted. "We will make this moment a circuit breaker for Britain, bringing forward a new political model and a new economic model," Burnham said in his first speech as premier on Monday. "[We will] build a new economy where we put life's essentials back under stronger public control to make them affordable again, reindustrializing Britain using public procurement to back British industry," he added.
AMD launches Helios, its first rack AI system to rival Nvidia, adding Microsoft as newest buyer
After a decade-long comeback, chip giant Advanced Micro Devices is preparing to ship its first rack-scale system for artificial intelligence, called Helios, to a growing list of customers that now includes Microsoft. It's the first rival to Nvidia's wildly popular Grace Blackwell and Vera Rubin systems, and is aiming to give the world's most valuable chipmaker its first real competition in years. Microsoft announced Monday it will use the Helios system in its data centers, joining Meta, OpenAI, Oracle and others in a race to grab as much compute as possible. AMD will begin shipping to customers, including Microsoft, later this year. Shares of AMD climbed more than 4% on Monday. Microsoft stock climbed more than 1%. Details about financial terms or the amount of compute capacity weren't disclosed.
Boeing CEO says company still needs 'a couple more years' to repair finances before new jet
Boeing CEO Kelly Ortberg told CNBC on Monday that the plane maker will need "a couple more years" to repair its finances before launching a new commercial jet, signaling that the company is focused more on stabilizing its existing business rather than rushing to develop a successor to its bestselling 737 MAX. Boeing must clear three hurdles before committing to a new aircraft program, Ortberg told CNBC's Phil LeBeau at the Farnborough International Airshow in the U.K. "First of all, we have to be ready, and part of that is getting our financial house in order, and we're working on that," Ortberg said. "It's going to take a couple more years to get where we want to be."
Paramount Skydance ordered to pause Warner Bros acquisition through August 3
Paramount Skydance must pause its $110 billion acquisition of Warner Bros. Discovery through August 3, a federal judge ruled on Monday after a California-led coalition of states argued the merger would irreparably harm competition. U.S. District Judge Araceli Martínez-Olguín in Oakland handed an early win to the group of states including New York, Colorado and Massachusetts, saying they had made a "strong showing" that the deal would unlawfully decrease competition. Warner Bros. Discovery shares were down as much as 4% on Monday afternoon. "Today's decision is an important victory for all those who would be hurt by this merger, and I look forward to continuing to fight this case," said New York Attorney General Letitia James. The judge will hold a hearing on August 3 on whether the deal should be delayed throughout the course of the lawsuit, which could take months to reach a final ruling.
Lockheed to make cheaper Patriot interceptors as air defense demand soars
Lockheed Martin announced a lower-cost Patriot interceptor on Monday as U.S. and European governments seek more affordable ways to counter the mass missile and drone attacks that have become a defining feature of the wars in Ukraine and the Middle East. Lockheed said its new PAC-3 Adapted Capability Effector, or ACE, missile would cost less than half as much as its PAC-3 MSE interceptors, which cost roughly $4 million per missile, according to U.S. Army budget documents. The company said initial production could start in 2028, having earlier said it would take 36 months, adding that it plans to develop and manufacture the weapon with U.S. and European industry partners.
