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Deutsche Bank

July 13, 2026

Early Morning Reid

Daily UpdateCommoditiesEquitiesRates Govt BondsEnergyFinancials

The report highlights heightened geopolitical tension between the US and Iran as the primary driver of market volatility and oil price increases. It also previews a busy week of macroeconomic data, including US CPI/PPI and central bank commentary.

Key Takeaways

  • 1.The US–Iran conflict has intensified, significantly impacting oil prices (Brent up 4.12%) and causing broad market volatility.
  • 2.Key market events this week include US CPI and PPI data, Fed Chair Warsh's testimony, and the start of Q2 US earnings season.

Table of Contents

  • Macro Strategy
  • Key Economic Data
  • Topical Deutsche Bank publications
  • Appendix 1

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Authors

Jim ReidHenry AllenPeter Sidorov

Securities

S&P 500Brent Oil

Themes

Geopolitical conflictInflationary pressures

Regions

GlobalAsia PacificEuropeUnited StatesIranChina