Daily Briefing — July 16, 2026 | Markets Hold Their Breath

In today's briefing: US stocks close higher on cooler inflation data, but Fed Chair Kevin Warsh pushes back hard against rate-cut optimism in his first congressional testimony. The semiconductor sector diverges sharply as TSMC reports record earnings — then gets sold on capex concerns. Asian markets show stark regional divergence: Korea and Japan tumble on chip weakness and rate hikes, while Hong Kong rallies on Chinese AI regulatory approvals. The UK prepares for a change of government as Andy Burnham is set to succeed Keir Starmer, inheriting a fragile recovery. Middle East tensions escalate with US strikes on Iran and Iranian retaliation against US facilities in the Gulf — oil prices climb for a fourth session. We cover the full sweep of global markets: the Fed's policy review, ECB hawkishness, BOE positioning, bond market moves, currency dynamics, the China growth slowdown, and the corporate stories driving the tape. A comprehensive briefing for professionals who need to understand what's moving markets and why.