Here's a quick overview of the main events of the day:
Thomson Reuters sold 51 percent of its Global Print division to KKR for $500 million.
JPMorgan Chase reported record revenues of $58 billion, with earnings significantly exceeding estimates.
Goldman Sachs surprised investors with an EPS of $20.98, while analysts expected $14.48.
IBM warned investors about weak results, causing the stock to drop by 18 percent.
Volkswagen is considering producing Chinese electric vehicles at its German plants in Zwickau and Emden.
Trump canceled a 20% tariff on transit through the Hormuz Strait, causing WTI crude to rise to $79.56.
A quiet but symbolic farewell to the print era came on Tuesday from media giant Thomson Reuters. The company signed an agreement to sell a 51 percent stake in its Global Print division to the investment firm KKR for approximately $500 million, creating a joint venture with an exclusive license to distribute legal and tax information in printed and e-book formats (the ProView platform), according to a company press release cited by Reuters. Thomson Reuters will retain a 49 percent stake, intellectual property rights, and full editorial control. The division generated $490 million in revenue in 2025—6 percent less than the previous year—as customers transition to digital platforms. The financial advisor for the transaction is the bank Centerview Partners; the deal is expected to close in the fourth quarter of 2026.
Tuesday was marked by the earnings season of the largest American banks. JPMorgan Chase announced an EPS of $6.14 per share, compared to analysts' estimates of $5.85, and revenues of $58.02 billion, significantly above the consensus of $50.19 billion—this is one of the biggest surprises in the bank's recent history, according to CNBC. An even more significant surprise came from Goldman Sachs with an EPS of $20.98 compared to the estimated $14.48; the driving force was M&A advisory and fees from IPOs, including the SpaceX floatation. Citigroup with an EPS of $3.15 (estimated at $2.74) and Wells Fargo with an EPS of $2.00 (estimated at $1.72) also exceeded expectations, although both stocks slightly declined. A completely different picture emerged from the warning issued by IBM: CEO Arvind Krishna announced in a letter to investors weak results—revenues of $17.2 billion, an infrastructure division down 7 percent—and the company's stock fell by 18 percent in pre-market trading.
From Wolfsburg comes cautious optimism regarding the largest automotive restructuring in modern history. The Volkswagen brand is considering producing electric vehicles originally developed for the Chinese market at its underutilized German plants—especially in Zwickau and Emden—thereby filling capacities that have been vacant, according to agencies. This solution could ease a bitter dispute with the trade union IG Metall, whose chairwoman Christiane Benner and employee representative Daniela Cavallo reject management's plans to close four plants and lay off up to 100,000 employees. CEO Oliver Blume previously suggested this option as an alternative to closing plants; VW shares, which are down more than 30 percent this year, remain under pressure after the supervisory board results on July 9th.
```The oil market experienced a sharp rise on Tuesday. Following an announcement by President Donald Trump on the social media platform Truth Social, stating that he was canceling the previously considered 20% transit fee through the Strait of Hormuz and replacing it with trade and investment agreements with countries in the Persian Gulf, the price of WTI jumped 1.82% to $79.56 per barrel, and Brent rose 1.98% to $84.95 per barrel. On Wednesday, Fed Chairman Kevin Warsh will begin his testimony before the U.S. Congress, with committee chairman French Hill suggesting that lawmakers will focus on price stability and inflation, which remains "significantly above" the 2% target.
Tradingeconomics.com