Morning Bid: Tariff Reprise - Markets Eye Middle East, Trade Wars, and UK Fiscal Moves
Reuters market analyst Mike Dolan's Morning Bid column covers key global market drivers on July 21, 2026. Global stocks rallied on a dip in Brent crude below $90 per barrel amid mediation efforts in the ongoing U.S.-Iran conflict, though the threat of Houthi disruption to Saudi shipping looms. Donald Trump announced 50% tariffs on $20 billion of Canadian imports, reopening regional trade tensions. In the UK, new Prime Minister Andy Burnham appointed former defence minister John Healey as Chancellor, sparking speculation that defence spending may be exempted from fiscal rules; a cut in electricity taxes funded by scrapping a digital ID program could ease inflation. Markets also await Alphabet's earnings, expected to show 21% revenue growth to $117 billion, with cloud revenue surging 64%.
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