The Overnight News Roundup - July 18

Your Daily Edge: Overnight Headlines for Traders, Analysts, and Market Observers

Jul 18, 2025

PiQ and Zack Eiseman provide you with a consolidated roundup of the overnight news that matters most to markets.

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MACRO:

Fed's Waller said he continues to believe the Fed should cut interest rates at the end of this month amid mounting risks to the economy and the strong likelihood that tariff-induced inflation will not drive a persistent rise in price pressures. (RTRS)
Fed Chair Powell responded to a Trump administration official's demands for information about cost overruns for a renovation project at the central bank's Washington headquarters campus, saying the project was large in scope and involved a number of safety upgrades and hazardous materials removals. (RTRS)
Trump is expected to announce policy guidelines for AI that will call for easing regulation and expanding energy sources for data centers, while urging Congress to consider federal legislation to preempt state oversight of the emerging technology. (BBG)
Foreign investor holdings of Treasuries climbed in May, led by a surge in Canadian purchases, in a sign of resilient overseas demand for US government securities in the face of concerns over effects from Trump administration policies. (BBG)
The U.S. House of Representatives passed a bill to create a regulatory framework for stablecoins, sending the bill to President Donald Trump, who is expected to sign it into law. (RTRS)
A slight easing in Japan’s consumer inflation is welcome news for the central bank, but stubbornly high food prices will be of concern for policymakers whose hands remain tied by tariffs. (WSJ)
Japanese Finance Minister Katsunobu Kato called for vigilance against excessive foreign exchange volatility at the meeting of finance leaders from the G20. (RTRS)
A Japanese government official called on China to expand a program allowing certain mainland investors to put more money abroad, citing “strong enthusiasm” for Japanese stocks. (BBG)
China ramped up its short-term cash injection into the banking system to the highest since January this week as it sought to replenish funds drained by tax payments and heavy government debt issuance. (BBG)
China’s exports of rare-earth products jumped in June, pointing to a potential pickup in magnet supplies after government-imposed curbs that proved to be Beijing’s most powerful weapon in its trade war with the Trump administration. (BBG)
China’s spy agency has accused overseas intelligence agencies of stealing controlled rare earth materials, reiterating its intent to curb smuggling even as Beijing agrees to review applications to export the vital industrial resource after trade talks with the US. (BBG)
The European Central Bank can delay its final interest-rate cut until December without investors concluding in the meantime that easing is over, a Bloomberg survey of economists showed. (BBG)
Goldman Sachs no longer expects the BoE to lower rates at the September meeting vs prior forecast of a 25bps cut, while it now expects the BoE to deliver sequential cuts from November 2025 until reaching a 3% terminal rate in March 2026. (Newsquawk)
Britain's stock market finally appears to be reversing years of underperformance against the rest of Europe, as a UK/U.S. trade deal, lighter regulation and cheap stocks deliver juicy returns that are starting to attract foreign investors. (RTRS)
Canada's International Trade Minister said that there was interest from both sides to advance trade talks with South American bloc Mercosur, as Ottawa seeks new deals in a push to diversify from the U.S. (RTRS)
Moody’s Ratings upgraded Argentina’s credit ratings and upped its outlook, citing stabilizing and disinflationary macroeconomic reforms. (WSJ)
The Philippines hopes to secure a trade agreement with the US when President Ferdinand Marcos Jr. discusses a planned US tariff during his meeting with President Donald Trump in Washington, according to a Manila official. (BBG)

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GEOPOLITCAL:

The EU reached an agreement on an 18th sanctions package against Russia over its war in Ukraine, with a raft of measures aimed at dealing further blows to Russia's oil and energy industry. (RTRS)
Taiwan Vice President Hsiao Bi-khim said Taiwan does not seek conflict with China and will not provoke confrontation, but the country's "aggressive" military posturing was counter-productive. (RTRS)

EQUITIES:

Netflix raised its revenue and operating margin forecasts for the year, continuing a strong run that has propelled its shares to new highs. (WSJ)
Union Pacific is holding talks to acquire its smaller rival Norfolk Southern in a deal that could create the largest rail operator in the US, according to WSJ sources. (WSJ)
Boeing plans to sell up to 18 of its 787 Dreamliner jets to Gulf Air. (WSJ)
Sarepta Therapeutics Inc. said another patient has died from acute liver failure after receiving one of its gene therapies, putting additional pressure on the biotech company after the recent deaths of two teenage boys. (BBG)
Perplexity AI Inc., whose artificial intelligence-powered search engine competes with Google, has raised fresh capital in a deal that values the startup at $18 billion, according to Bloomberg sources. (BBG)
BP Plc agreed to sell its US onshore wind business to LS Power, as the company continues efforts to pivot back toward its core oil and gas business and reverse years of share underperformance. (BBG)
Reckitt Benckiser agreed to sell its essential home business to private equity investor Advent International in a deal that values the division at up to $4.8 billion. (WSJ)
Saab raised full-year sales guidance after it saw growth in all of its businesses during the second quarter, with particular strength in its unit that produces missile systems and ground combat weapons. (WSJ)
BHP Group flagged rising costs and delays at a giant potash project in Canada and said it may sell its Australian nickel operations, as it reported record annual iron ore and copper production. (WSJ)