Société Générale Morning Briefing: Macro Insights and Market Analysis - July 22, 2026

Key Takeaways

• 1.Bond yields are rising globally, driven by surging oil prices and geopolitical tensions involving the US and Iran.
• 2.Central banks face hawkish pressure; money markets are re-pricing additional rate hikes for the ECB and BoE.
• 3.USD/JPY has reached multi-decade highs, resisting official verbal interventions as yen bears maintain control.

Table of Contents

• OVERNIGHT NEWS
• CALENDAR
• MARKET REVIEW
• OUTLOOK
• TECHNICAL ANALYSIS

Report data

Back to pricing two hikes by ECB and BoE

Reports in this series

Morning Briefing is shown in chronological order through this edition, published on July 22, 2026.

Part of the Morning Briefing series — view all 19 editions

Looking for the latest edition? Morning Briefing 9 October 2026 (Oct 9, 2026)

1. Jul 9Morning Briefing - Back where we started
2. Jul 20Morning Briefing - Yields gap on $90 oil