Latest market news
Independent UK financial coverage with full source attribution.
Citigroup Q2 equities trading revenue hits $2.3bn, up 45% year-on-year
Citigroup reported Q2 equities trading revenue of $2.3 billion on 14 July 2026, 45% above the prior year and 11% above its previous quarterly segment record, with EPS of $3.15 exceeding analyst estimates. Goldman Sachs separately reported record quarterly stock-trading revenue of $7.42 billion in the same period.
US Treasury yields rose 14 July as Fed July hike expectations increased
US Treasury yields rose on 14 July 2026 as bond traders repriced the probability of a Federal Reserve rate hike at the July meeting, ahead of June inflation data and Congressional testimony from Fed Chair Kevin Warsh; the two-year and ten-year Treasury yields both moved higher.
Thames Water swings to profit but debt hits £19.77bn
Thames Water reported pre-tax profit of £226.4m for the year to March 2026, as net debt swelled to £19.77bn and the company warned its cash runway extends only to Q4 2026.
Fed Chair Warsh congressional testimony on inflation: 14 July 2026
Federal Reserve Chair Kevin Warsh testified before the House Financial Services Committee on 14 July 2026, stating that the Fed has zero tolerance for persistently elevated inflati
Dangote Refinery switches fuel pricing to US dollars, ending naira sales
Dangote Petroleum Refinery abandoned naira-denominated fuel pricing on 14 July 2026, setting gasoline at $0.779/litre, diesel at $1.087/litre, and jet fuel at $0.942/litre; the Nigerian naira and DANGOTE.LG were mentioned in connection with the development.
Ukraine strikes cut Russian refinery output to lowest since 2005
Russia's crude processing capacity fell to 3.91 million barrels per day by early July 2026, with 24 of 34 refineries affected and a 135-million-barrel crude backlog accumulating at sea; Russia imposed export bans on gasoline, jet fuel, and diesel, while domestic Russian fuel prices rose sharply.
JPMorgan posts record Q2 profit; JPM shares fell post-announcement
JPMorgan Chase reported its highest-ever quarterly profit on 14 July 2026, with equities trading revenue rising 86% year-over-year to $6.03 billion in Q2 2026; JPM shares declined following the announcement despite the earnings beat.
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.
South East Water ordered to pay £30.5m redress package
Ofwat has concluded three investigations into South East Water, ordering a £30.5m redress package and appointing an independent monitor to oversee the utility's turnaround.
US tariff refunds hit $81bn, widening deficit to $1.37trn
The US federal budget deficit widened to $1.37 trillion for the first nine months of fiscal 2026 after the government paid out $81 billion in tariff refunds following the Supreme Court's February ruling that IEEPA tariffs were unlawful.
Lucid Motors shares fell over 50% intraday on bankruptcy reports before partial recovery
LCID shares fell more than 50% intraday on 14 July 2026 following reports that Lucid Motors was exploring bankruptcy or going-private options; the stock partially recovered after the company issued a statement describing the reports as completely false.
US June CPI at 3.5%, below 3.8% consensus; rate futures repriced
US headline CPI for June 2026 came in at 3.5% year-over-year against a 3.8% consensus, with a month-over-month fall of 0.4%; fed funds futures moved to price 3.9 basis points of hikes at the July Fed meeting, down from 9.2 bps, and year-end rate expectations fell from 41 bps to 32.7 bps.
China June exports rose 27%; vehicle shipments hit monthly record
China's goods exports rose 27% year-on-year in June 2026, the fastest pace since 2021, with the trade balance reaching $125.8 billion against a $121 billion consensus; imports rose 36% year-on-year versus a 24% forecast, and vehicle exports exceeded 1 million units for the first time in a single month.
NVDA Q1 2026: filings, holdings, and macro context
13-state coalition sues to block $110bn Paramount-Warner Bros. Discovery merger
A coalition of 13 states filed an antitrust lawsuit on 13 July 2026 seeking to block the proposed $110 billion acquisition of Warner Bros. Discovery by Paramount Skydance; Paramount Global (PARA) and Warner Bros. Discovery (WBD) were named as parties to the challenged transaction.
Volkswagen CEO flags 50,000 more job cuts in staff memo
VW CEO Oliver Blume said up to 50,000 additional positions may need to go on top of an already-agreed 50,000 cuts, potentially totalling 100,000 reductions to close a 20% cost gap with rivals.
SK Hynix shares fell 15% in Seoul, worst drop in 18 years
SK Hynix domestic shares (000660.KS) fell 15% on 13 July 2026, their largest single-day decline in 18 years, reaching a record low on Korean exchanges. The SOX semiconductor index, Micron (MU), and the broader KOSPI also declined in the same session.
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.
Study estimates 2,700+ heat deaths in England and Wales in 2026
A rapid attribution study by Imperial College London, the Met Office and LSHTM estimates more than 2,700 heat-related deaths in England and Wales during May and June 2026 heatwaves, with 42% attributed to human-caused climate change.