Daily Market Report – July 22, 2026

Markets

The international stock markets are showing a predominantly positive trend by midweek. The German benchmark index (DAX) continued its recovery path, gaining around 0.6%. Support came from an overall robust sentiment ahead of the key quarterly results of major US technology companies, as well as from the expectation that the European Central Bank will maintain its monetary policy course at its meeting this week.

Investors on the US exchanges remained cautious ahead of the release of results from Alphabet, Tesla, and IBM. The yields on ten-year US Treasury bonds (US10Y) moved little, while the oil price stabilized after the strong fluctuations of the past days. The geopolitical developments in the Middle East remain a risk factor but are currently overshadowed by the earnings season.

Companies & Earnings Season

The earnings season is gaining significant momentum. Already today, among others, Banco Santander, UniCredit, Iberdrola, AT&T, GE Vernova, Philip Morris, Deutsche Börse, and flatexDEGIRO presented their results or interim reports.

Particularly in focus for investors are the quarterly results of Alphabet, Tesla, IBM, and Texas Instruments expected after US market close. These reports are likely to provide important insights into the development of investments in artificial intelligence, cloud infrastructure, semiconductors, and enterprise software, thereby significantly influencing sentiment in the global stock markets.

In Europe, the significant price increase of Airbus also provided support for the DAX. The market rewarded the updated business outlook of the company, while cyclical industrial and technology stocks were also in demand.

Macroeconomics

According to the British Office for National Statistics (ONS), the development of consumer prices in the United Kingdom remained an important benchmark for the European bond markets. The inflation data is at the center of the assessment of the further monetary policy scope of the Bank of England.

According to the U.S. Energy Information Administration (EIA), the weekly crude oil inventories will be released today. The data is considered an important short-term indicator for supply and demand in the oil market and could influence the development of energy prices.

Investors are also focused on tomorrow's meeting of the European Central Bank (ECB) (https://www.ecb.europa.eu/). The market currently expects no change in the key interest rates.