The latest Market Talks covering FX and Fixed Income. Published exclusively on Dow Jones Newswires throughout the day.

1224 ET - Starting in November, food-delivery startup Wonder plans to offer tools for people to build their own fast-casual restaurants based on an AI prompt, CEO Marc Lore says during an appearance on CNBC. "Think Shopify on the front end, but we do the entire back end as well," he says, noting Wonder will source the ingredients, cook the food and deliver it. "There's nothing to do other than to basically market your restaurant," he says. Lore says the offering will be just one aspect of Wonder's business, but it could potentially grow into a big piece. "I think millions of people could potentially own their own restaurants in five or 10 years," he says. Last week Wonder announced it raised $650 million in a Series D financing round at a $9 billion pre-money valuation. (kelly.cloonan@wsj.com)

1037 ET - President Trump's tariff threat against Canada -- 50% on an array of goods, effective Aug. 19 -- was to be expected at this stage of trade talks between Washington and Ottawa, says Royce Mendes, head of macro strategy at Desjardins Capital Markets. "If anything, they're somewhat less aggressive than feared," he says. Talks between the U.S. and Canada to resolve trade tensions have largely stalled, while negotiations between Washington and Mexico are at an advance stage. Mendes says the new 50% tariff fits Trump's style of leveraging access to the US market to force countries to make concessions. He adds Desjardins' outlook had already incorporated a degree of trade uncertainty, and he expects Canadian bond yields, stock prices and CAD to weaken over the next few months due to elevated trade tensions. (paul.vieira@wsj.com; @paulvieira)

1016 ET - President Trump is threatening to impose a 50% tariff starting on Aug. 19 on roughly $20 billion in Canadian exports, citing Canada's discriminatory treatment of U.S.-made automobiles, dairy product and alcohol. The Washington-based Distilled Spirits Council offers a lukewarm response to the tariff news. "We appreciate the administration's recognition of the significant damage" done to U.S. distillers, says council CEO, Chris Swonger. Nearly all Canadian provinces have banned the sale of U.S. spirits and wines at their government-run liquor outlets. "We had hoped, however, this issue could be resolved without further escalation," Swonger says, warning the 50% tariff could trigger new retaliation from Ottawa that threatens to further harm America's hospitality sector. (paul.vieira@wsj.com; @paulvieira)

1012 ET - Attention is turning to how new U.K. Prime Minister Andy Burnham will fund an expanding policy agenda, Sandra Horsfield and Ellie Henderson at Investec say in a note. Burnham's priorities also include greater devolution, ending rough sleeping, reforming social care, raising defense spending and easing living costs. To fund this, he could look to exploit the flexibility of fiscal rules by classifying more spending as investment, the analysts say. But if this proves insufficient, tax rises might follow. Options could include changes to capital gains tax, wealth taxes, thresholds and exemptions. "Press reports have suggested this could be coupled, ambitiously, with a Spending Review too, to reshape public finances more substantially." (don.forbes@wsj.com)

1011 ET - The streak of bitcoin outflows has given way to a different streak of money coming back to bitcoin ETFs, with CoinGlass reporting its fifth consecutive net gain on those ETFs as of yesterday. The amounts coming in for bitcoin ETFs have also picked up, with $226.8 million entering into bitcoin yesterday. CoinGlass says that inflows have totaled $727 million over the course of those five days. Prior to this, bitcoin had weeks of outflows, with fund managers selling their positions amid speculation of impending rate hikes from the USDA. Bitcoin is up 2.1% to $66,713. (kirk.maltais@wsj.com)

1008 ET - BMO Capital Markets economist Robert Kavcic estimates that President Trump's proposed new 50% levy on some Canadian goods to address discriminatory treatment of U.S.-made autos, alcohol and dairy products likely lifts the average effective tariff on Canadian exports to America to around 7.5%, from its current 5% level. On aggregate, Kavcic says that sounds digestible, although warns "some specific businesses and sectors industries would be hit extremely hard." He adds the latest Trump threat, which could be enacted on Aug. 19, is likely to weigh on business confidence, and serves as a reminder "that uncertainty on the trade front has not gone away." He says deteriorating trade ties between Ottawa and Washington "could even open the door" to fresh rate cuts. (paul.vieira@wsj.com)

1004 ET - Just over one-third of U.S. house hunters say a "clean" home--one with high-end filtration systems for air, water, etc.--is one of the most important features in the next place they live, Redfin says. That makes it the most common priority for prospective homebuyers, along with security systems. Views come in third, followed by smart-home technology. Backup power generation--such as solar panels or generators--rounds out the top five. Climate resilient upgrades or features are also fairly important to prospective buyers, with one in seven ranking it as one of their top considerations. Features that take health and climate risks into account are ranked higher than luxurious upgrades like home theaters, outdoor kitchens or tennis courts. (chris.wack@wsj.com)

0959 ET - The fear that has dominated cryptocurrency trading is starting to break, according to data from CoinMarketCap. It's Fear and Greed index has risen to a reading of 40-out of-100, a 'neutral' rating up from ratings in 'fear' territory seen since May. While this a hopeful sign for investors, analysts warn that other signs of continued weakness in the market remain. One is that bitcoin dominance of the entire cryptocurrency space remains high at around 60%, according to CoinMarketCap data -- with investors unwilling to risk money on more-volatile altcoin options. "This rotation underscores a definitive de-risking phase across the digital asset landscape," says analysts with Bitfinex in a note. Other major cryptocurrencies follow bitcoin higher, with ethereum up 1.2%, XRP up 2.2%, and solana climbing 0.5%. (kirk.maltais@wsj.com)

0950 ET - Bitcoin gains 1.7% to $66,443, the highest prices have gotten for the token since June 2. Bitcoin has posted gains for the last three weeks. Today's uptick moves the resistance level for bitcoin up to $68,000, says analysts with Bitfinex in a note. "The market's next direction will likely be decided near the US$68,000 level, where a concentration of breakeven sellers is expected to provide the first major challenge to the rally," says Bitfinex. The firm pegs the short-term holder cost basis of bitcoin around $68,000, meaning that holders that want to exit the coin without stomaching a loss may take the opportunity of a price around that level to do so. (kirk.maltais@wsj.com)

0945 ET - Sterling could fall further in coming months if fiscal concerns rise, Rabobank's Jane Foley says in a note. The market is bracing for further policy announcements after the newly formed government under U.K. Prime Minister Andy Burnham announced plans to remove VAT from electricity bills, she says. "This suggests that funding issues will remain at the fore of the market's mind and hints that Burnham's honeymoon may be short-lived." Another headwind facing sterling is that U.K. interest rate rise expectations look overdone, she says. The euro rises 0.4% to 0.8531 pounds and sterling falls 0.4% to $1.3374. Rabobank expects the euro to rise to 0.8650 pounds and sterling to fall to $1.32 within three months.(renae.dyer@wsj.com)

0923 ET - Investors in U.K. government bonds, or gilts, are watching for any possible shift in the government commitment to fiscal discipline as new spending plans are announced, Nomura research analysts say in a note. New Prime Minister Andy Burnham pledged to maintain the current fiscal rules but said he would use any "flexibility" within the rules. The government has announced a plan to remove value added tax on energy bills, which would by funded by cancelling the Digital ID scheme. Ten-year gilt yields hit a one-week of 5.044% earlier in the session and last trade at 5.035%, Tradeweb data show. (miriam.mukuru@wsj.com)

0903 ET - Bitcoin rallies to a five-week high as U.S. stock futures rise, with the tech-heavy Nasdaq leading gains ahead of earnings from major tech companies. Bitcoin is also supported by renewed institutional demand, with spot bitcoin exchange-traded funds recording two consecutive weeks of net inflows, Trade Nation's David Morrison says in a note. Bitcoin rises to a high of $66,602, LSEG data show. The next big upside target is $70,000, while chart support stands at $65,000, Morrison says. (renae.dyer@wsj.com)

(END) Dow Jones Newswires

July 21, 2026 12:25 ET (16:25 GMT)

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