JPMorgan Chase raised its price target for Marathon Petroleum (MRO.N) from $257 to $300.

Today, European container shipping index futures opened higher but then fell (rising over 3% to 4% in the morning before turning lower). This was mainly due to a short-term surge in sentiment driven by geopolitical conflicts, coupled with the reality of declining spot prices and weakening supply and demand. After a battle between bulls and bears, the bearish logic prevailed. This can be broken down into two parts: Geopolitical conflicts triggered a safe-haven premium recovery: Tensions in the Middle East escalated again over the weekend, with US military strikes against Iranian targets and renewed disputes over navigation in the Strait of Hormuz. The market briefly traded premiums related to escalating Red Sea/Middle East geopolitical risks and shipping disruptions, driving European container shipping prices higher, following geopolitically sensitive commodities such as crude oil and fuel oil. Some short sellers also took the opportunity to close their positions, pushing up the morning's gains. Spot price declines and off-season expectations overwhelmed short-term sentiment: Maersk's 30th-week Asia-Northern Europe FEU price dropped to $4800 (a decrease of approximately $700), and MSC and CMA CGM's previous FAK prices above $7000 also failed to materialize, breaking the logic for supporting prices and releasing panic selling pressure in the market. Meanwhile, European summer consumption slowed down, peak season demand was overdrawn in advance, and cargo volume is expected to decline in August. The "peak season turning into a downturn" is entering a verification period. In addition, global shipping capacity increased by about 5.4% year-on-year, new ships continued to be delivered, and some shipping companies tried to resume Suez Canal service to reduce detour costs. In the medium and long term, supply and demand have shifted from tight to loose, and the premium of far-month contracts has been squeezed out. The main futures contracts for container shipping to Europe (such as EC2608) are already deeply discounted from spot prices. The market has reflected the expectation of a decline in freight rates in August in advance, which has aggravated price volatility.

South Korea's KOSPI plunged intraday and briefly triggered a circuit breaker after falling over 8%; it closed July 13 down 670.00 points, or 8.96%, at 6,805.88. SK Hynix fell 15.3% and Samsung Electronics fell 10.7%. Japan's Nikkei 225 closed July 13 down 1,315.00 points, or 1.92%, at 67,242.73; Kioxia slid more than 10%.