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July 21 – Nuveen Global Investment Strategist Laura Cooper stated in a report that the European Central Bank (ECB) is likely to keep interest rates unchanged at its meeting this week after the June rate hike, but will maintain a tighter tone. Cooper said the ECB would remain open to further tightening if renewed tensions drive up energy prices. She said inflation is more moderate than feared, with little sign of renewed acceleration in the Purchasing Managers' Index (PMI) pricing sub-index, while producer price data confirms that upstream cost pressures are easing. “These factors provide a reason to hold rates steady this month,” she said. The complexity lies in renewed disruptions to commodity supplies, which could reignite energy price pressures at a time when the ECB is gaining confidence in the path of declining inflation.

According to the Joint Oil Data Institute (JODI), Saudi Arabia's domestic refineries increased crude oil processing by 175,000 barrels per day in May, reaching 2.386 million barrels per day.

According to the Joint Oil Data Institute (JODI), Saudi Arabia's crude oil inventories increased by 2.827 million barrels in May, reaching 142.794 million barrels.

According to the Joint Oil Data Institute (JODI), Saudi Arabia's direct crude oil burning increased by 107,000 barrels per day in May, reaching 647,000 barrels per day.

According to the Joint Oil Database (JODI), Saudi Arabia's petroleum product exports increased by 74,000 barrels per day in May, reaching 1.083 million barrels per day.

According to the Joint Oil Database (JODI), Saudi Arabia's demand for petroleum products rose by 90,000 barrels per day in May, reaching 2.667 million barrels per day.

According to the Joint Oil Data Institute (JODI), Saudi Arabia's crude oil exports fell by 552,000 barrels per day in May, to 3.434 million barrels per day.

Morgan Stanley lowered its price target for Salesforce (CRM.N) from $287 to $185.

Morgan Stanley lowered its price target for Microsoft (MSFT.O) from $650 to $600.

On July 21, Fatih Birol, Executive Director of the International Energy Agency (IEA), issued a statement saying that the recent escalation of hostile actions against energy infrastructure in and around the Strait of Hormuz has exacerbated concerns about global energy supply security and increased market uncertainty. The Bab el-Mandeb Strait, a crucial passage around the Strait of Hormuz, faces further threats, exacerbating these concerns. However, he also pointed out that the crude oil market is currently supported by several buffering factors. Gulf oil-producing countries such as Saudi Arabia and the UAE are maintaining supplies through alternative shipping routes, and some crude oil can still be exported through the Strait of Hormuz. The IEA estimates that while Gulf crude oil exports are lower than the highs at the end of June, they are still significantly higher than the levels from March to mid-June. Furthermore, increased exports from oil-producing countries such as the United States, Brazil, Venezuela, and Kazakhstan have partially offset supply losses in the Gulf region. China's reduction of nearly 50% in crude oil imports has also played a role in stabilizing the market. The IEA stated that since announcing the release of 400 million barrels of oil reserves on March 11, member countries have released approximately 290 million barrels into the market, and the continued release of emergency reserves is providing support.

International Energy Agency (IEA): IEA member countries continue to release emergency reserves, providing significant relief to the market.

The International Energy Agency (IEA) says growing concerns are stemming from the increasing threat posed by the Bab el-Mandeb Strait, a vital passage around the Strait of Hormuz.

India's diesel exports fell 40.4% year-on-year in June to 1.3 million tons.

Mizuho Bank raised its target price for UnitedHealth Group (UNH.N) from $470 to $493.

Bank of America Global Research: Adds Micron Technology (MU.O) to its "US 1 List" of preferred US stocks.

International Energy Agency (IEA): Escalating tensions in the Middle East exacerbate concerns about oil supplies.

General Motors (GM.N) expects its full-year automotive division to generate adjusted free cash flow of $9.5 billion to $11.5 billion, up from its previous estimate of $9 billion to $11 billion.

General Motors (GM.N): Full-year capital expenditures are expected to be between $10 billion and $12 billion.

On July 21, 2026, Wang Yi, member of the Political Bureau of the CPC Central Committee and Foreign Minister, met in Beijing with a cross-party delegation of parliamentarians led by McAleester, Chairman of the European Parliament's Committee on Foreign Affairs. Wang Yi emphasized that history and reality have proven that China and the EU are partners, not adversaries. China and the EU have deeply intertwined interests and share similar positions on many major issues, including upholding multilateralism, supporting the United Nations, and safeguarding free trade. Both sides should adhere to the partnership framework, examine and address specific issues arising in the development of bilateral relations within this framework, avoid politicizing economic and trade issues and overemphasizing security in exchanges, and promote a dynamic balance in China-EU trade from a long-term perspective, thus driving the long-term stable development of China-EU relations. China is willing to strengthen coordination and cooperation with the EU in global affairs, promote an equitable and orderly multipolar world and inclusive economic globalization, and make positive contributions to world peace, stability, and prosperity.