Financial Markets Today: Quick Take – July 21, 2022 US equities were higher for the second consecutive day, but with the Fed still in a blackout period, the focus is squarely on Europe. Some concerns have been eased with Gas supply on Nort Stream 1 pipeline being restored, but plenty of risks ahead with the ECB meeting and Italian political saga unfolding in the day ahead. The Bank of Japan maintained its dovish policy, as expected. US 10-year Treasury yields jumped higher to 3.04% as Europe opened, but crude oil prices were lower amid weak demand concerns. On company earnings, hiring freezes appear to be broadening as cost pressures reign, and American Air (AAL), Travelers (TRV), Domino’s Pizza (DPZ) and Nucor (NUE) will be on tap today. Note: The Saxo Market Daily Podcast will return on Monday July 25 What is our trading focus? Nasdaq 100 (USNAS100.I) and SP 500 (US500.I) Cautious gains were in the US equity futures in the overnight session continued, after Tesla reporting a Q2 earnings beat. Still, risk sentiment remained fragile ahead of the European Central Bank lift-off likely in the day ahead, and the Italian political crisis likely to unfold further.