Morning Pack
Tuesday 21 July 2026 · Market snapshots captured around 06:38–06:48 UK time
Overnight theme: Asian equities rebounded sharply, led by Japan, Korea and mainland China. US futures are higher as traders refocus on earnings, while geopolitical and tariff risks remain elevated.
Asia-Pacific
| Index | Level | Net | Change |
|---|
| Nikkei 225 | 65,850.93 | +1,709.81 | +2.67% |
| Shanghai Composite | 3,831.218 | +34.937 | +0.92% |
| Shenzhen Component | 14,100.514 | +490.282 | +3.60% |
| Hang Seng | 25,121.27 | -21.78 | -0.09% |
| ASX 200 | 8,777.80 | -13.50 | -0.15% |
| KOSPI | 6,747.66 | +231.39 | +3.55% |
| Straits Times | 5,533.76 | +34.81 | +0.63% |
| NZX 50 | 13,656.03 | -40.00 | -0.29% |
Top Headlines
- US to hit Canada with 50% tariffs on a wide range of goods — FT
- US stock futures climb as traders turn toward earnings amid Middle East tensions — CNBC
- Stocks rise as chipmakers extend their rebound while oil eases — Bloomberg
- US–Iran strikes extend into a tenth day as mediators propose a truce — FT/Bloomberg
- China weighs tighter export controls on AI models and chips — FT
- London Stock Exchange plans round-the-clock trading next year — FT
- UK government to remove VAT from electricity bills from 1 October — LiveSquawk
- Israel believes Iran moved nuclear centrifuges into Pickaxe Mountain — WSJ
United States — Previous Close
| Index | Close | Net | Change |
|---|
| Dow Jones | 51,839.26 | -307.16 | -0.59% |
| Nasdaq Composite | 25,508.072 | -12.172 | -0.05% |
| S&P 500 | 7,443.28 | -14.41 | -0.19% |
| Russell 2000 | 2,942.429 | -19.788 | -0.67% |
| VIX | 18.65 | -0.12 | -0.64% |
US Futures
| Contract | Last | Day change | Implied open |
|---|
| Dow Futures | 52,239.0 | +166.00 (+0.32%) | +154.74 (+0.30%) |
| S&P Futures | 7,517.0 | +32.75 (+0.44%) | +21.72 (+0.29%) |
| Nasdaq Futures | 29,068.25 | +289.50 (+1.01%) | +264.01 (+0.92%) |
| Russell 2000 Futures | 2,972.5 | +17.30 (+0.59%) | +7.07 (+0.24%) |
US Treasuries
| Maturity | Yield | Move |
|---|
| 6-month | 3.960% | -0.8 bp |
| 1-year | 4.033% | +0.2 bp |
| 2-year | 4.202% | -1.3 bp |
| 3-year | 4.243% | -1.3 bp |
| 5-year | 4.314% | -1.6 bp |
| 7-year | 4.445% | -1.2 bp |
| 10-year | 4.588% | -1.0 bp |
| 20-year | 5.116% | -0.6 bp |
| 30-year | 5.111% | -0.7 bp |
FX
| Pair | Price | Net | Change |
|---|
| USD/JPY | 162.46 | -0.03 | -0.0185% |
| EUR/USD | 1.1419 | +0.0005 | +0.0438% |
| GBP/USD | 1.3441 | +0.0013 | +0.10% |
| EUR/GBP | 0.8492 | -0.0004 | -0.0471% |
| USD/CHF | 0.8099 | +0.0001 | +0.0123% |
| USD/CAD | 1.4067 | -0.0002 | -0.0142% |
| USD/CNY | 6.7653 | -0.0015 | -0.0222% |
Commodities
| Commodity | Price | Net | Change |
|---|
| WTI Crude (Aug) | $82.84 | -$0.39 | -0.47% |
| Brent Crude (Sep) | $88.63 | -$0.59 | -0.66% |
| Natural Gas (Aug) | $2.865 | +$0.005 | +0.17% |
| RBOB Gasoline (Aug) | $3.3863 | -$0.0027 | -0.08% |
| Heating Oil (Aug) | $4.1025 | -$0.0165 | -0.40% |
| Gold | $4,067.597 | +$58.38 | +1.46% |
Economic Calendar — GMT
| Time | Event | Forecast | Previous |
|---|
| 06:00 | UK Average Earnings Index + Bonus (May) | 4.5% | 4.4% |
| 06:00 | UK Claimant Count Change (Jun) | 29.4K | 31.2K |
| 06:00 | UK Employment Change 3M/3M (May) | 85K | 100K |
| 06:00 | UK Unemployment Rate (May) | 4.9% | 4.9% |
| 09:00 | German ZEW Current Conditions (Jul) | -77.8 | -81.0 |
| 09:00 | German ZEW Economic Sentiment (Jul) | 15.1 | 10.5 |
| 09:00 | Eurozone ZEW Economic Sentiment (Jul) | 11.2 | 9.5 |
| 11:30 | Bundesbank President Nagel speaks | — | — |
| 12:15 | US ADP Weekly Employment Change | — | 19.80K |
| 16:30 | Bundesbank President Nagel speaks | — | — |
| 20:30 | API Weekly Crude Oil Stocks | -1.500M | -0.056M |
Market Commentary
Risk appetite has improved, but the rebound is uneven. Japan, Korea and mainland China are sharply higher, helped by renewed buying in technology and semiconductor shares. Hong Kong and Australia are slightly softer.
US futures favour growth stocks. Nasdaq futures are outperforming, suggesting investors are returning to large-cap technology as attention shifts toward earnings.
Bonds are firmer. Treasury yields are lower across most of the curve, with the 2-year down 1.3 bp and the 10-year down 1.0 bp.
Oil is off its highs while gold is strong. Brent is below $89 after trading above $90, but gold is up 1.46%, showing continued demand for geopolitical protection.
Today’s focus: UK labour-market data, German ZEW surveys, Bundesbank President Nagel, and API crude inventories.
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