Markets Brace for CPI, Warsh Hearing & Bank Earnings | Bloomberg Brief 07/14/2026

Summary

Markets brace for US CPI data and Fed Chair Kevin Warsh's testimony, with oil surging after Trump reinstates a naval blockade of Iranian ships and imposes cargo tolls. SK Hynix experienced extreme volatility post-ADR debut, while five of the six largest US banks report earnings before the open. UBS economist Abigail Watt previews the inflation and Fed outlook, and HSBC's Saul Martinez gives a bullish preview of bank earnings, highlighting Goldman Sachs and upgrading Wells Fargo to top pick.

• Brent crude approaches $87 as US reimposes Iranian ship blockade and a 20% cargo fee, escalating Strait of Hormuz tensions.
• Traders increase bets on a July Fed rate hike ahead of CPI data and Chair Warsh's congressional testimony.
• SK Hynix shares whipsawed with a 16% intraday swing, driven by leveraged ETFs and ADR mechanics rather than fundamentals.
• Five large US banks report earnings today; Goldman Sachs expected to show record equity trading revenue.
• HSBC upgrades Wells Fargo to top pick citing improving net interest income trajectory, buybacks, and discounted valuation.
• Apple slips after KeyBanc downgrade on weaker US iPhone demand; Micron, Nvidia, and Intel rebound on AI sentiment.
• China's exports hit a record $412 billion, boosted 27% by global AI demand.
• Japan considers adding government bonds to its tax-free investment program to attract domestic capital.