Written Commentary
ADM Appoints Jeff Rowe as EVP and COO
July 20, 2026
Persian Gulf and Ukraine conflicts and AI-related concerns remain the overarching factors on another modest day for data, events and earnings: UK labour and budget data, German ZEW, NZ CPI; ECB Lending survey, ASEAN meeting and expected Hungary rate cut.
- U.K.: labour data largely as expected; Burnham focus on positive messaging, surprise Chancellor pick a breath of fresh air, but funding plans for defence, cost of living and social care measures will be a litmus test, watch out for off-balance-sheet funding vehicles.
EVENTS PREVIEW
Markets remain hostage to news flow from the Persian Gulf and Ukraine conflicts, living in hope of a return to some form of non-gunboat diplomacy, but confronted by the reality of skirmishes and the threat of increased disruptions, such as the Yemen Houthi vow to impose a maritime blockade on the Red Sea.
The day’s macro schedule is again modest, with UK labour and PSNB budget data and NZ CPI to digest ahead of the ECB’s Q3 Bank Lending survey and Germany’s ZEW survey. There are the appointments to the newly formed UK government to digest, and a close eye will also be kept on the ASEAN foreign ministers’ meeting, which may or may not see a meeting on the sidelines of US’s Rubio and Russia’s Lavrov, even if this is highly unlikely to deliver anything concrete in terms of a path to actual negotiations to bring an end to the conflict in Ukraine.
Hungary’s road to rehabilitation after more than a decade of quasi-pariah status under Orban is expected to see MNB continuing a gradual easing of its policy rate with a further 25 bps rate cut to 5.75%.
There is a little more in the way of major corporate earnings via way of GM, Hasbro and Northrop Grumman amongst others, but likely to be treated as second tier relative to Alphabet, Intel and Tesla later in the week.
** U.K. – May/June labour market indicators / New Cabinet **
The latest labour market and PSNB data will largely go begging as markets weigh up new PM Burham’s cabinet appointment, with the primary surprise being the appointment of former Defence Minister Healey as finance minister, as well as the move to cut VAT on electricity bills as of 1 October. Markets will focus on how increases in defence spending, cost of living and social care measures are going to be funded, with a strong likelihood that the UK will take a leaf out of French and German measures to shift funding for some of these to ‘ off-budget’ balance sheet vehicles. In contrast to his predecessor, there is a concerted effort to convey positive, ‘front foot ‘forward’ messaging, but after the political instability of the past 10 years, actions will speak much louder than words.
The labour data were largely as expected, with Average Weekly Earnings, Vacancies and the Unemployment Rate steady, and HMRC Payrolls posting a marginal fall as expected, and overall confirming that labour demand remains weak. There was also some marginal relief in the PSNB Budget data with a lower than expected reading for June, and a £3.0 Bln downward revision to May, but the UK’s fiscal position remains poor, and will be the biggest constraint on the new government’s policy agenda.
To view the full report and to sign up for daily market commentary please email admisi@admisi.com
Disclaimer:
This material is provided for information purposes only and does not constitute investment advice, a recommendation, or an offer to buy or sell any financial instrument. The views expressed reflect market conditions and publicly available information as of the date of writing and may change without notice. No representation or warranty is made as to the accuracy or completeness of the information. Past performance is not indicative of future results. Readers should consider their own circumstances and, where appropriate, seek independent financial advice.
This material is provided for information purposes only and does not constitute investment advice, a recommendation, or an offer to buy or sell any financial instrument. The views expressed reflect market conditions and publicly available information as of the date of writing and may change without notice. No representation or warranty is made as to the accuracy or completeness of the information. Past performance is not indicative of future results. Readers should consider their own circumstances and, where appropriate, seek independent financial advice.
Risk Warning: Investments in Equities, Contracts for Difference (CFDs) in any instrument, Futures, Options, Derivatives and Foreign Exchange can fluctuate in value. Investors should therefore be aware that they may not realise the initial amount invested and may incur additional liabilities. These investments may be subject to above average financial risk of loss. Investors should consider their financial circumstances, investment experience and if it is appropriate to invest. If necessary, seek independent financial advice.
ADM Investor Services International Limited, registered in England No. 02547805, is authorised and regulated by the Financial Conduct Authority [FRN 148474] and is a member of the London Stock Exchange. Registered office: 3rd Floor, The Minster Building, 21 Mincing Lane, London EC3R 7AG.
A subsidiary of Archer Daniels Midland Company.
© 2026 ADM Investor Services International Limited.
Futures and options trading involve significant risk of loss and may not be suitable for everyone. Therefore, carefully consider whether such trading is suitable for you in light of your financial condition. The information and comments contained herein is provided by ADMIS and in no way should be construed to be information provided by ADM. The author of this report did not have a financial interest in any of the contracts discussed in this report at the time the report was prepared. The information provided is designed to assist in your analysis and evaluation of the futures and options markets. However, any decisions you may make to buy, sell or hold a futures or options position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to ADMIS. Copyright ADM Investor Services, Inc.
