Daily Update — July 24, 2025
Tariff Impacts on Construction; Managed Security Services; and Bringing Clarity to Private Markets
Today is Thursday, July 24, 2025, and here’s your curated selection of Essential Intelligence on global markets from S&P Global. Subscribe to be notified of each new Daily Update.
Global Trade
US tariffs: Impact on the US construction industry
The US construction market is expected to be the most affected by tariff policies, leading to a slowdown throughout the latter half of 2025 and into 2026. The uncertainty surrounding these policies is anticipated to influence prices, demand and supplies of relevant imported building materials.
Fluctuating tariff policies, for steel and aluminum in particular, are leading to delayed investment decisions by businesses. In recent months, several multibillion-dollar projects have announced delays or cancellations because of tariffs and the uncertainty surrounding federal funding. S&P Global Market Intelligence expects more projects to follow this trend.
Cyber Risk
Listen: Managed Security Services
Effective security management has always been complex. AI has expanded the threat landscape and widened the gap between defenders and attackers. S&P Global Market Intelligence research directors Scott Crawford and Greg Zwakman returned to the “Next In Tech” podcast to discuss the managed security services market with host Eric Hanselman. Security services have been available to enterprises since the early days of IT, but the need for more depth and breadth in security operations has changed market dynamics and how enterprise security is approached.
Part of this shift is driven by the scope and scale of security operations. Expanded vulnerabilities due to more devices, more software-as-a-service applications and hybrid infrastructure pose a significant challenge for security. Integrated security operations patterns, such as managed detection and response, can provide more comprehensive services that target improved security outcomes, rather than just operational support.
Private Markets
Unlocking Deeper Insights in Private Markets
Meet the Cambridge Associates Private Markets Benchmark Calculator, a new tool designed to help investors make more informed decisions and bring greater clarity and deeper insights to private markets.
Private market investing is complex, especially when it comes to benchmarking performance. S&P Dow Jones Indices has partnered with investment manager Cambridge Associates to develop a tool that provides insight into over 10,000 private market funds sorted by asset class, industry and geography.
In case you missed it
- Indian rebar prices hit a record low on July 22 since Platts launched its assessment in February 2022. This decline is due to sustained weakness in demand and a seasonal slowdown.
- The UK sanctioned a Lukoil-linked trading house in the United Arab Emirates and 135 oil tankers. The sanctions are part of the UK’s latest efforts to reduce Russia's ability to finance its war with Ukraine.
- The growth of short-haul air traffic in Europe, a key demand outlet for jet fuel, is likely to be constrained for the rest of the decade due to delivery challenges faced by Boeing and Airbus.
Upcoming events
- Reshaping the Future of Fixed Income Markets with Investor Access | July 29 (Webinar)
- Navigating the Equity Capital Markets: Insights and Trends for H1 2025 | July 31 (Webinar)
- Look Forward: The Future of Capital Markets | Webinar Replay