BAIRD initiates coverage of IBM (IBM.N) with a MAINTAIN rating and $230 PT.

At the midday close, China’s main futures contracts were mostly higher: Shanghai crude oil (SC) rose over 5%, low-sulfur fuel oil (LU) and fuel oil near 5%, palladium up over 4%, Shanghai silver almost 4%, platinum over 3% and p-xylene nearly 3%. Lagging contracts included soybean oil, live hogs, caustic soda, manganese-silicon and iron ore, each down more than 1%, while Shanghai lead slipped about 1%.

A股創新藥板塊走強，藥康生物漲超13%，萊美藥業漲超8%，益諾思、哈三聯、博瑞醫藥、華蘭股份、衆生藥業等個股跟漲。消息面上，美國總統特朗普當地時間7月21日在社交媒體發文表示，自2026年8月1日起，所有進口到美國的仿製藥將在未來兩年內繼續適用零關稅。兩年期滿後，相關產品將被徵收100%的關稅，期限爲一年；此後，關稅將進一步提高至200%。