Wolf Money(world market review 20-26 July 2026)
Market Summary 20-26 Jul 2026
*USA*
+ US S&P Global Flash Composite PMI rose to 8-mth high of 53.6 in Jul vs 51.9 in Jun; services index increased to 53.6, manufacturing down to 4-mth low of 53.8
+ US Consumer Sentiment Index rose to 54.4 in Jul, 2nd straight mth increase after May’s record low
-US 1-year inflation outlook fell to 4.2% in Jul to 4-mth low
+ US weekly jobless claims plunged to lowest since 1969, sank by 22,000 to 187,000, vs consensus estimates of 215,000
-US 10-year Treasury note rose to >4.7% for the first time since Jan 2025
-US 30-year mortgage rate rose to 6.69% hitting 11-mth high
+ US sales of new single-family homes up 1.6% to annual rate of 628,000 units, median sales price dipped 3.3% MoM to US$398,300
-US imposed forced labour duties 10%-12.5% on 60 trading partners including EU, new tariffs cover 99.4% of US imports
-US plans to impose 50% tariff on Canadian imports starting in 30 days, accusing Ottawa of discriminating against US exports
-US plans to impose 100% (yr 1) and 200% (yr 2) tariff on generic drugs imported into the country beginning Aug 2028
-US investigates 3 Chinese battery-material makers over alleged patent violations
-FCC moved to restrict electronic products containing components from certain Chinese companies
-US reportedly advanced the “connected Vehicle Security Act of 2026”, tightens restrictions on Chinese connected vehicles n technology entering US market
± US, Mexico set more USMCA talks for Sept amid differences over autos content
+ Tesla reported total revenue of US$28.2bn for Q2, up 26% YoY
*COMMODITY*
-Brent oil prices hovered above US$100 pb while heading for their 4th week of gains
*CHINA*
+ China upcoming Politburo meetings expected to unveil more targeted stimulus measures to boost domestic consumption, support fixed-assets investment, stabilise economic growth
+ China State Council stressed maximising efficient use of fiscal funds and accelerating policy implementation to achieve its full-year growth target
+ China kept its key lending rates at record lows for 14th straight mth in Jul
+ China 3 major lenders issued country’s first loans pegged to key money-market rate, breaking years-long monopoly of national LPR in pricing credit
+ China-US seek input on proposed US$30bn reciprocal tariff reductions, push implementation: Ministry of Commerce
-China adds 14 EU entities to export control list, over Russia-related sanctions
-China FDI fell by 5% annually in H1, contracts least in 3 years
+ China Securities Regulatory Commission Chairman said would make every effort to maintain stable market operations
+ China 2 state-owned capital platforms disclosed combined equity purchases of nearly ¥60bn (US$8.9bn) to stabilise A-shares
+China’s total installed electricity generation capacity reached 4.44bn kilowatts by end Jun, up 10.8% YoY, topping the world: NEA
+ Vanke obtained new loan from Shenzhen Metro to fund upfront payments on extended onshore bonds
+ China’s upcoming 15th 5-year plan will pivot away from new transport projects to upgrade: Ministry of Transport
-China’s top market regulator fined Trip.com ¥5.179bn (US$767.86bn) and confiscated ¥1.658bn in illegal gains for abusing its dominance in online hotel booking market
+ China builds first shale oil demonstration zone, overcomes exploration hurdle
± China’s urban youth unemployment rate for aged 16-24 fell for 3rd consecutive mth to 14.9% in Jun, lowest level in a year
+ CXMT, domestic DRAM leader will officially list on SSE’s STAR Market, raising around ¥57.9bn (US$8.6bn), to become largest IPO in the board’s history, valuing at around ¥580bn
+ Shanghai-based humanoid robot developer AgiBot started the process for IPO in HK, the first among a wave of 30-50 Chinese embodied-AI startups to formally disclose listing plans
+ HKEX eases listing rules to attract innovative and opened confidential IPO filings to all applicants
+ SCB backed venture said to launch HK stablecoin this mth
+ Taiwan exports surged 59.4% YoY to record high of US$95.3bn in Jun, vs 47.2% up in May
*EUROPE*
+ ECB left all 3 key interest rates on hold, leaves door open for future tightening
+ Eurozone S&P Global Flash Manufacturing PMI climbed to 52.0 in Jul vs 51.4 in Jun; services at 51.6 in Jul, vs 49.4 in Jun
+ Eurozone ZEW Indicator of Economic Sentiment rose by 13.9 pts to 23.4 in Jun, highest in 5 mths
+ EU passenger car registrations surged 13.6% YoY in Jun to 3-mth high of 1.15m units, the 5th straight mth of growth
-EU’s proposed cybersecurity act to replace Chinese equipment suppliers such as Huawei in critical sectors could cost up to €40bn
-EU fines Alibaba’s AliExpress €550m for failing to curb illegal goods
-Germany’s 10-year Bund yield climbed toward 3.2%, reaching highest level since May 2011
-Volkswagen scrapped its previous forecast for this year growth, announcement came with Q2 results showing 9.5% profit slump
+ Germany’s ZEW Indicator of Economic Sentiment rose 15.8 pts to 26.3 in Jul to 5-mth high
± UK Andy Burnham became the 7th PM since 2016, pledged to cut taxes on energy bills
+ UK S&P Global Services PMI rose to 51.8 in Jul, vs 48.8 in Jun
+ UK GfK Consumer Confidence Index rose to -17 in Jul from -23 in Jun, hit 6-mth high
-UK’s total order book balance remained at -45 in Jul, lowest level since Sept 2020
-Netherlands 10 Year Govt Bond Yield at 3.33%, hits 33-mth high
*ASIA*
-Japanese yen approached 164 against USD, weakening to 40-year low
+ Japan’s S&P Global Composite PMI Business Activity Index edged up to 53.1 in Jul, highest in 5 mths
+ Japan’s annual inflation rate at 1.7% YoY in Jun, highest in 6 mths; core inflation at 1.6% vs 1.4% in May
-Japan posted trade deficit of ¥406.9bn in Jun; exports surged 19.3% YoY to ¥10,929.0 in Jun, strongest growth since Nov 2022, imports surged 25.4% YoY to record ¥11,353,9Bn in Jun, strongest expansion since Nov 2022
+ Japan’s exports to China rose 14.3% YoY to JPY10.22 trillion in H1, imports from China up 15.7% to JPY14.87 trillion
± India Services PMI declined to 53.1 in Jul from 57.4 in previous mth, weakest since Feb 2022
+ South Korea’s economy expanded 0.6% QoQ in Q2, vs 1.8% growth in Q1, mainly driven by robust exports in IT products
-South Korea’s producer prices rose 8.6% YoY in Jun, strongest since Jul 2022
-Saudi redirects oil exports via the Suez Canal, extending shipping costs and transit times to 48 days
-Indonesia’s loan growth rose by 12.67% YoY in Jun, vs 11.51 increase in May, strongest pace since Apr 2024
± Bank Indonesia kept its key interest rate at 5.75%, vs market expectations of 25pbs hike
+ Indonesia to offer 3-yr and 5-year panda bonds, with combined initial issuance up to ¥7bn (US$1bn)
-Thailand’s exports grew 20.8% YoY to 3-mth high of US$34.7bn in Jun, Imports growth surged 50.3% to US$41.19bn to 5-year high; posted trade deficit of US$6.53bn vs surplus of US$1.06bn surplus a year ago
+ Thailand will revise and scale down US$30bn “land bridge” project, to pursue expansion of a port and related rail links instead
-Malaysia’s leading economic index dropped 0.5% MoM in May, vs revised 1.1% rise in Apr
+ Malaysia’s trade surplus widened to RM14.9bn; exports surged 45.4% YoY to RM177.9bn in Jun, strongest since 2022; imports surged 43.9% to new record of RM163bn
-Sg hits with US 12.5% tariffs, citing failure to ban imports produced with forced labour
-Sg annual inflation rate edged up to 1.9% in Jun, vs 1.8% in May, highest level since Sept 2024
+ Sg home prices rose 0.5% QoQ in Q2, vs 0.9% increase in Q1, cumulative gain in H1 at 1.4%, vs 1.8% last year
-Sg retail rents increased 0.6% in Q2, vs 0.6% decline in Q1
± GIC’s 20-year annualised real return falls to 3.4%, lowest in 6 years
+ Sg 10-year Govt Bond Yield increased to 2.43%, hit 13-mth high
+ HSBC sells Singapore Insurance unit to Allianz in S$2.7bn deal
+ Sg 1 in 4 cars registered in H1 were from EV company BYD
Contribution by Derek@valueinvestments chat group. Thank you.
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