This global market overview and daily movers recap shows record equity closes. Delta and WK Kellogg shares surged. Bitcoin hit a new high. Cautious Fed commentary shaped investor sentiment.
United States
Markets & Sectors
U.S. equities closed higher across the board. The S&P 500 rose 0.3%, the Dow Jones Industrial Average gained 0.4%, and the Nasdaq ended up 0.1%, all notching fresh record highs. The rally was driven by strong airline earnings and a wave of M&A speculation.
- Delta Air Lines posted a 12% gain, reporting better-than-expected Q2 earnings and raising its full-year guidance. United Airlines and American Airlines surged over 14% as investors bet on sector-wide margin improvement due to falling fuel costs and steady demand.
- WK Kellogg Co spiked nearly 30% on rumors that Italian chocolate and snack maker Ferrero was exploring a takeover, underscoring renewed appetite for consolidation in consumer staples.
- Tech remained resilient despite profit-taking in megacaps after Nvidia briefly touched a $4 trillion valuation.
Fed Watch
The Fed’s latest meeting minutes showed members increasingly discussing downside risks from escalating trade tensions and their potential inflationary impacts. While no specific rate path was endorsed, members acknowledged the risk of “higher-for-longer” inflation, yet left the door open to a rate cut if economic slack increases or trade-related costs dampen demand.
JP Morgan CEO Jamie Dimon warned that markets are underestimating the probability of further Fed rate hikes, suggesting pricing reflects only a 20% chance whereas real risk is closer to 50%.
Data Watch
- Initial jobless claims dropped to 227,000, beating expectations and pointing to continued labor market strength.
- Treasury yields edged up across the curve, with the 10-year rising about 4bps to 4.34% as markets priced in stronger short-term activity and geopolitical risk.
Global Market Overview and Daily Movers: Europe
Markets & Macro
- The FTSE 100 climbed to a record high at 8,975. Resource-heavy names like Glencore (+39% YTD) and Anglo American rallied amid higher metal prices and supply concerns.
- Core European bourses (DAX, CAC 40) ended flat to slightly down as sentiment was weighed by trade retaliation fears. Investors are assessing the EU’s response to U.S. tariffs expected to take effect in August targeting EVs, metals, and certain agricultural goods.
UK Developments
- The British pound dipped marginally as political uncertainty around a looming cabinet reshuffle weighed on sentiment.
- Royal Mail announced the elimination of second-class Saturday mail delivery, and the UK government is investigating the cyber breach that compromised the National Health Service’s (NHS) payment system.
China and Japan Trade Developments
🇨🇳 China
- Market performance was mixed: CSI 300 rose 0.3%, while the Hang Seng advanced 0.6%, underpinned by gains in chipmakers and exporters expected to benefit from weakening yuan.
- Despite looming U.S. tariffs on EVs and solar panels, Beijing has not yet announced countermeasures, though officials warned of “consequences” if the new levies go into effect.
- The PBoC continued its targeted liquidity injections to support small banks and ease credit conditions.
🇯🇵 Japan
- The Nikkei 225 declined by 0.6%, dragged down by industrials and exporters amid a firmer yen and U.S. trade tensions.
- BoJ board members reiterated their cautious stance on tightening, citing fragile wage growth and slow inflation pass-through, though a modest upward revision to GDP forecasts was noted.
EMEA and Latin America Market Trends
Brazil
- Brazilian equities fell ~0.5%, with broad risk-off sentiment triggered by Donald Trump’s proposed 50% tariffs on key imports including soybeans and steel if elected.
- The Brazilian real strengthened slightly, but 10-year local yields surged 13bps to 13.89% amid concerns that rising global protectionism could derail Brazil’s export-led recovery.
South Africa
- The rand held steady around 18.00/USD. Mining stocks gained on higher spot gold and platinum prices.
- Inflation expectations are rising ahead of July’s CPI print, pressuring the SARB to consider tightening if the ZAR weakens further.
Commodities and Crypto Performance
Oil
- Brent fell 0.9% to $70.16, and WTI slipped below $68.50, as concerns over trade-related demand destruction resurfaced. The IEA warned of potential oversupply in H2 unless OPEC+ tightens further.
🪙 Cryptocurrencies
- Bitcoin continued its rally, hitting a fresh high near $118,000, fueled by sustained ETF inflows and safe-haven demand amid geopolitical uncertainty.
- Ethereum followed, gaining 3% to $6,260.
- Solana and XRP also outperformed, up 5%+ each.
Top Performing Assets (Daily):
- Delta Airlines +12%
- WK Kellogg +30%
- Bitcoin +4.6%
- Glencore +2.8%
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