Latest market news
Independent UK financial coverage with full source attribution.
US-Saudi 123 nuclear cooperation deal signed, opens conditional enrichment path
The US and Saudi Arabia signed a 123 nuclear cooperation agreement on July 22, opening a potential path for uranium enrichment in the kingdom, though Trump later said the deal bars enrichment entirely.
White House alleges Moonshot AI accessed Nvidia GB300 chips via Thailand
A White House official on 23 July 2026 alleged Moonshot AI obtained Nvidia GB300 chips via Thailand, circumventing U.S. export controls, and separately accused the firm of distilling technology from Anthropic for its Kimi K3 model. No formal regulatory determination had been published.
Trump signals imminent Iran strike; crude rises to $91, NASDAQ falls 364 points
Crude oil rose $2.60 to $86.94 on 22 July 2026 following Trump statements on Iran, before trading near $91 on 23 July; the NASDAQ fell 364 points in premarket trading on 23 July as tensions escalated. Iran rejected a US-backed ceasefire proposal, leaving negotiations stalled ahead of the 26–27 July weekend.
US-Iran ceasefire ends; WTI crude and gold linked to supply-disruption risk
A US-Iran ceasefire declared approximately 10 days prior ended following President Trump's announcement, according to CNBC and Finnhub reporting. WTI crude, USO, gold, and the VIX were mentioned in the context of Iranian supply-disruption and geopolitical risk.
Houthis declare maritime blockade on Saudi Arabia
Yemen's Iran-backed Houthis announced an immediate maritime embargo on Saudi Arabia on 20 July 2026, threatening Red Sea oil exports and the Bab al-Mandeb strait.
Sinaloa Cartel co-founder El Mayo jailed for life, forfeits $15bn
Ismael 'El Mayo' Zambada Garcia, 76, was sentenced to life in prison and ordered to forfeit $15 billion by a US federal judge in Brooklyn on 20 July 2026.
US strikes Iranian targets ninth consecutive night; Hormuz transit affected
US forces conducted a ninth consecutive night of air strikes on Iranian targets on 20 July 2026, with CENTCOM citing threats to Strait of Hormuz maritime transit, through which roughly one-fifth of global oil and gas passes.
Andy Burnham appointed UK Prime Minister; gilts extend losses
Andy Burnham was appointed UK Prime Minister on 20 July 2026, with John Healey named Chancellor of the Exchequer. UK government gilts extended losses and GBPUSD was reported as directly affected following fiscal rule flexibility signals from the new administration.
US imposes 50% tariffs on select Canadian goods under Section 338
President Trump signed three proclamations on July 20, 2026 imposing 50% tariffs on Canadian wine, dairy, hockey equipment and cement, taking effect in 30 days.
US announces 50% tariffs on Canadian goods; Canadian dollar weakens
The White House announced 50% tariffs on most Canadian goods on 21 July 2026, covering automotive, alcohol, dairy, and other products, including some previously under USMCA protection. The Canadian dollar weakened following the announcement.
US military completes seventh consecutive night of strikes on Iran
The US military struck Iran on 18 July 2026, its seventh consecutive night of operations. The sixth night on 16 July targeted bridges, railways, and airport facilities; Iran retaliated across the Persian Gulf. Gold rose during the escalation per prior reporting.
Nikkei falls 4.25%, oil rises to $81 as Middle East strikes hit markets
The Nikkei fell 4.25% and Nasdaq futures declined 1% on 17 July 2026; oil rose a further 2.6% to approximately $81 per barrel in European trading following Middle East strikes, while the Indian rupee approached record lows before Reserve Bank of India intervention.
UK nationalises British Steel Scunthorpe site; China expresses strong dissatisfaction
The UK government took British Steel's Scunthorpe steelworks into public ownership on 16 July 2026 under the Steel Industry (Nationalisation) Act, expropriating the facility from Jingye. China's Ministry of Commerce issued a formal dissatisfaction statement on 17 July 2026.
Shabana Mahmood appointed UK Chancellor under new PM Andy Burnham
GBPUSD, UK gilts, and the FTSE 100 recorded positive moves following the announced appointment of Shabana Mahmood as Chancellor of the Exchequer under incoming Prime Minister Andy Burnham, who replaced Keir Starmer as UK government leader on 15 July 2026.
Trump proposed then reversed 20% Hormuz transit fee on 14 July
President Trump announced and then withdrew a proposed 20% fee on cargo transiting the Strait of Hormuz on 14 July 2026, citing trade and investment deals as an alternative; Hapag-Lloyd publicly criticised the proposal.
UK Covid inquiry: £10bn wasted on PPE, VIP lane criticised
The UK Covid-19 Inquiry found nearly £10bn of the £14.9bn spent on pandemic PPE was wasted, condemning the government's 'VIP lane' contracting process.
UK proscribes Iran's IRGC as terrorist organisation
Britain designated the Islamic Revolutionary Guard Corps a terrorist organisation on 13 July 2026, making membership or public support a criminal offence carrying up to life imprisonment.
US strikes 90 Iranian military sites; S&P 500 futures rose 0.2%
US forces struck ~90 Iranian military sites around the Strait of Hormuz on 10 July 2026, following strikes on 8–9 July. Iran retaliated against US facilities in Bahrain, Kuwait, and Qatar; S&P 500 futures rose 0.2% at 7:43 a.m. ET on 9 July.
Ukrainian drones struck Russian fuel tankers and trucks; Brent and WTI linked
Ukrainian drone attacks on Russian fuel infrastructure included strikes on two tankers in Taganrog Bay and 360 reported truck attacks in one week; Russia announced domestic energy sales bans and increased fuel imports amid a reported nationwide petrol shortage.
Trump ends Iran ceasefire; WTI and Brent surge 8% amid Hormuz closure threat
WTI and Brent crude rose approximately 8% after Trump declared the Iran ceasefire over at the NATO Summit in Ankara and revoked Iranian oil sanctions waivers; U.S. equity futures in SPY and QQQ fell, bond yields spiked, and the VIX rose.