Global Markets React to Key Economic Data, Political Statements, and Regulatory Decisions

U.S. natural gas futures saw a slight 1.0% climb today, despite the Energy Information Administration (EIA) reporting a storage increase that largely met market expectations. The EIA data for the week ended July 11th showed a +46 billion cubic feet (Bcf) change in storage, closely aligning with an estimated +45 Bcf and following the previous week's +53 Bcf increase. This modest rise suggests underlying demand or other market factors are supporting prices despite the inventory build.

Former President Donald Trump reiterated his call for the Federal Reserve to cut interest rates, stating "LOWER THE RATE!!!" in a post on Truth Social. This statement continues his pattern of publicly pressuring the central bank on monetary policy. Separately, WH Budget Director Vought indicated that another rescissions package is likely and accused the Fed of "being mismanaged for several years," also citing "cost overruns with Fed building."

The Food and Drug Administration (FDA) has officially authorized Juul vaporizer and refill cartridges to remain available in the United States. This significant regulatory decision provides crucial clarity for Juul, a prominent player in the e-cigarette market.

Concerns are emerging within the National Highway Traffic Safety Administration (NHTSA) as more than 25% of its staff are reportedly opting for early retirement. This substantial attrition rate, revealed in data provided to Congress, could potentially impact the agency's operational capacity and safety oversight functions.

On the international stage, a landmark agreement has been unveiled between the United Kingdom and Germany. UK Prime Minister Sir Keir Starmer and German Chancellor Friedrich Merz held a joint press conference to announce what they described as the largest treaty between their nations since the Second World War, signaling a deepening of strategic cooperation. Meanwhile, Iran has reportedly threatened to withdraw from the Nuclear Non-Proliferation Treaty if sanctions are reimposed, raising geopolitical tensions.

In corporate news, German food delivery platform Lieferando plans to lay off approximately 2,000 couriers in Germany by year-end, according to DPA. Additionally, the UK's Royal Mail postage system, operated by International Distributions Services (IDS), experienced nationwide outages, causing significant disruption for users. Meta Platforms (META) saw investors report that a lawsuit was resolved with company officials on the first day of the Delaware trial, though specific settlement details were not immediately known. Separately, Elon Musk has requested a delay in his response to the SEC lawsuit from July 18 to August 29.

Economic data released today showed the US NAHB Housing Market Index for July held steady at 33, meeting estimates and up slightly from the previous 32. US Business Inventories for May remained flat at 0.0% month-over-month, consistent with expectations. Finally, Japan and the EU are set to launch 2+2 economic talks, with discussions expected to include critical issues such as rare earths.