Overview

• Second-quarter earnings season kicks off as 189 European and 135 US firms, including LVMH, BNP Paribas, Alphabet and Tesla, prepare to report this week
• Paris’s CAC 40 opened down 0.34% on July 22 and the euro’s rise to $1.18 has heightened export worries even as Wall Street reaches fresh records
• Sanofi agreed to acquire UK biotech Vicebio for over $1 billion and Longchamp signed a perfume licensing deal with Interparfums to hedge tariff exposure
• AstraZeneca announced a $50 billion US investment drive to insulate its operations from looming Trump administration duties
• Safe-haven demand pushed French 10-year yields to 3.29% and German to 2.61% ahead of Thursday’s ECB decision and Fed Chair Jerome Powell’s speech