US stocks were mixed on Tuesday as markets gauged energy prices and risks of a Federal Reserve rate hike this year. The S&P 500, Dow, and Nasdaq 100 were slightly higher, with the former testing a record high. Pakistani and Qatari authorities signaled some optimism on a US-Iran deal that could restore oil trade through the Persian Gulf. The move cut the rebound in wholesale fuel prices, initially prompted by President Trump hardening his rhetoric on Tehran. Yields softened and lent respite to banks, with JPMorgan and Goldman Sachs inching up. Nvidia jumped 1.5% after raising $500 billion with banks privately for the buildout of more AI infrastructure, raising the leverage in the sector. Contrarily, Intel extended its 4% slide yesterday with a 1.5% drop as it raised its expected stock sale by $5 billion to $20 billion. The US will release its CPI tomorrow inflation after multiple FOMC members signaled a possible hike next month. SCMI and CoreWeave will report results after the bell.

Crude oil fell below $82 per barrel on Tuesday after Pakistan signaled that the US and Iran could be close to an arrangement aimed at easing tensions and potentially reopening the Strait of Hormuz. Pakistan’s Defense Minister Khawaja Asif said recent developments suggested the sides were “close to some sort of arrangement” and that conditions were moving in favor of peace. Separately, talks between Iran and Oman over restoring maritime traffic through the strategic waterway were reportedly at an advanced stage, according to a Qatari Foreign Ministry spokesperson cited by Al Jazeera. The comments prompted oil prices to reverse earlier gains, highlighting the market’s sensitivity to conflicting signals over the negotiations. Prices had risen sharply after US President Donald Trump adopted a tougher stance toward Tehran, demanding reparations from Iran for deaths linked to attacks and domestic unrest.

Brazil's annual inflation rate eased to 4.44% in July 2026 from 4.64% in June, in line with forecasts and moving back within the central bank's target range of 1.50%-4.50%. Price growth slowed for food and beverages (3.40% vs. 3.82% in June), clothing (3.87% vs. 3.99%), transport (3.64% vs. 3.95%), health and personal care (6.16% vs. 6.21%), personal expenses (5.22% vs. 5.79%), and education (6.27% vs. 6.33%). The moderation in transport costs was partly driven by slower fuel inflation, which eased to 4.43% from 5.28%, as global oil prices retreated from recent highs amid hopes for a US-Iran peace deal and the normalization of Middle Eastern supply. On a monthly basis, consumer prices rose 0.1%, following a 0.2% increase in June, while inflation reached 3.44% year to date.

Aluminum futures in the UK rose to $3,380 per tonne in August, the highest in nearly two months, on declining supply from key producers. The Alunorte plant in Brazil, the world's largest alumina plant outside of China, was forced to cut operations to half capacity amid the lack of natural gas from its supplier. The developments deepened the detriment to Norsk Hydro, the main client for Alunorte. The firm had already declared two force majeures on aluminum sales after its joint Qatari venture Qatalum plant was forced to shut off production on natural gas shortages after Iran had damaged energy and metallurgy infrastructure in the Middle East. Supply from nations in the Persian Gulf has been hampered since the start of the US-Iran conflict in March, due to both direct destruction of plants and blockades on trade routs for exports. The region is responsible for around 10% of global production pre-war. Still, futures are below four-year peaks from this year on softening Chinese demand.

South Africa’s unemployment rate rose to 33.6% in second quarter of 2026 from 32.7% in the first quarter, the highest since the second quarter of 2022. The number of unemployed people increased 4.2% to 8.481 million, while employment edged down 0.1% to 16.739 million. The labor force grew 1.3% to 25.220 million, although the participation rate slipped to 59.6%. The potential labor force, comprising people available but not seeking work or seeking work but unavailable, fell by 280,000 to 4.571 million, while those outside the labor force for other reasons increased by 72,000 to 12.519 million. Labor underutilization worsened, with the combined unemployment and time-related underemployment rate rising to 36.6% from 35.9%. The combined rate of unemployment and the potential labor force edged up to 43.8% from 43.7%, while the broader measure of labor underutilization remained at 46.3%.

Italy's trade surplus narrowed to €4.23 billion in June 2026 from €5.38 billion in June 2025, missing market expectations of €4.74 billion. Imports surged 13.2% year-on-year to €55.5 billion, led by manufacturing (12.1%), with sharp gains in basic metals and fabricated products excluding machinery (+32.2%), transport equipment (10.1%), and chemicals (10.5%). Purchases rose most for non-EU countries (18.7%), while EU countries rose 9.1%, led by Germany (14.1%). Meanwhile, exports rose 9.8% to €59.8 billion, with growth across most sectors, led by coke and refined petroleum products (45.1%), base metals and fabricated metal products (25.8%), motor vehicles (17.0%) and transport equipment excluding motor vehicles (13.3%). Shipments rose most to Germany (22.9%), followed by the Netherlands (22.4%) and France (6.8%), while shipments to the UK fell 8.5%. For the first half of 2026, the trade surplus rose to €24.5 billion from €22.8 billion a year earlier.