Daily Update — July 9, 2026
US Bank Stocks Surge; Data Center Power Shift; and US Targets African Minerals
Today is Thursday, July 9, 2026, 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.
Banking
US bank stocks enjoy banner month in June
The US banking sector experienced a broad-based market rally in June. The market cap-weighted S&P US BMI Banks index's total return for the month was 9.3%, compared to a 1% decline in the S&P 500. In an S&P Global Market Intelligence analysis of 203 banks, the group returned 8.6% on a median basis in June.
The June rally lifted sector valuations. The median price-to-adjusted tangible book value of the banks included in the analysis rose to 159.5% as of June 30 from 147.3% at May 29 and 140.0% as of Dec. 31, 2025. Just eight of the banks traded below 100% of their adjusted tangible book value, while 41 were above 200%.
Data Center
Listen: Necessity breeds invention: US data center developers embrace behind-the-meter power
The US data center complex is building against speed-to-power mandates that require developers to get projects online as quickly as possible. Delays plugging into grid-connected power are forcing projects to invest in behind-the-meter gas generation assets as they seek access to electricity.
In this episode of the “EnergyCents” podcast, S&P Global Energy expert Ben Levitt joined hosts Hill Vaden and Sam Humphreys to discuss how behind-the-meter power projects are reshaping investments in US electricity generation.
Metals & Mining
FACTBOX: US expands strategic push into Africa’s critical minerals sector
The US has significantly expanded its strategic engagement with Africa's critical minerals industry through diplomatic agreements, development finance, infrastructure support and private-sector partnerships. The strategy is aimed at strengthening and diversifying supply chains for minerals essential to batteries, renewable energy technologies and advanced manufacturing, all while reducing reliance on supply networks dominated by China.
In case you missed it
- A string of downward revisions to Germany's real GDP growth prospects highlights the economic pressures on the country's 16 federal states.
- Higher inflation and interest rates will be the longer-lasting effects of the war in the Middle East, even if the US-Iran memorandum of understanding remains effective.
- Brazilian soybeans remain more competitive for commercial buyers, as Chinese importers are still subject to an additional 10% tariff on US soybean imports.
Upcoming events
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- After conflict, before talks: Supply chain outlook for Q3 2026 and beyond | July 21 (Webinar)