Earnings season heats up with Swiss bank UBS beating on the top and bottom line, delivering its best second quarter in 9 years. CEO Sergio Ermotti tells CNBC the strong performance comes despite interest rate uncertainty. Santander also tops forecasts but second-quarter profit drops on restructuring costs relating to Banco Popular. In the U.S., technology stocks rally ahead of key reports from Facebook, Alphabet and Amazon. In the UK, foreign minister Jeremy Hunt calls for the formation of a European maritime mission to counter Iranian threats in the Gulf, but the focus is on the reaction from Downing Street, as Boris Johnson is expected to be named Conservative Party leader today.

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