Morning Pack
Tuesday 2 June 2026
Asia Markets
| Market | Level | Day Change |
|---|
| Hang Seng | 25,768.87 | +1.46% |
| Shenzhen | 15,487.63 | +0.96% |
| Straits Times | 5,060.70 | +0.45% |
| Shanghai Composite | 4,056.24 | -0.04% |
| ASX 200 | 8,701.50 | -0.32% |
| NZX 50 | 13,170.71 | -0.56% |
| Nikkei 225 | 66,256.68 | -1.01% |
| KOSPI | 8,640.63 | -1.68% |
Key Headlines
- Alphabet plans to raise $80bn from stock sales to fund AI buildout
- Tencent moves closer to launching AI agent for China's most-used app
- HPE shares soar 37% on booming demand for AI infrastructure
- Greek tanker operator Dynacom readies vessels for possible Hormuz reopening
- US in talks to expand nuclear weapons deployments in Europe
- Trump administration proposes 25% tariff on Brazilian goods
Market Comment
Overnight trading delivered a mixed picture across Asia, with Chinese and Hong Kong equities outperforming while Japan and Korea lagged. The Hang Seng gained 1.46% and Shenzhen rose 0.96%, helped by continued enthusiasm surrounding artificial intelligence investment following reports that Tencent is moving closer to launching an AI agent within WeChat.
Japan was the notable underperformer, with the Nikkei falling 1.01%, although bond markets rallied strongly after a well-received government auction. Japan's 10-year yield fell 10bp to 2.58%, helping pull global sovereign yields lower. US Treasury yields also moved lower across the curve, with the 10-year Treasury down 4.3bp to 4.43%.
US equities closed higher on Monday, led by the Nasdaq (+0.42%), but futures have softened ahead of the European open with all major contracts down around 0.3%. Brent crude has eased back below $95/bbl while gold continues to push higher, gaining almost 0.7%.
The main focus today will be Eurozone inflation data at 09:00 GMT, followed by Governor Bailey and US JOLTS job openings at 14:00 GMT.
US Futures
| Future | Level | Change | Implied Open |
|---|
| Dow | 50,938.0 | -0.38% | -0.37% |
| S&P 500 | 7,591.75 | -0.28% | -0.24% |
| Nasdaq | 30,463.75 | -0.34% | -0.32% |
| Russell 2000 | 2,900.7 | -0.31% | -0.41% |
US Close
| Index | Close | Change |
|---|
| Dow Jones | 51,078.88 | +0.09% |
| S&P 500 | 7,599.96 | +0.26% |
| Nasdaq Composite | 27,086.81 | +0.42% |
| Russell 2000 | 2,905.76 | -0.47% |
| VIX | 16.05 | +4.77% |
Bonds
| Bond | Yield | Move |
|---|
| US 2Y | 4.022% | -2.9bp |
| US 5Y | 4.146% | -4.2bp |
| US 10Y | 4.434% | -4.3bp |
| US 30Y | 4.954% | -3.7bp |
| Japan 10Y | 2.580% | -10.0bp |
Commodities
| Commodity | Price | Change |
|---|
| WTI Crude | 91.31 | -0.92% |
| Brent Crude | 94.24 | -0.78% |
| Natural Gas | 3.173 | -0.19% |
| Gold | 4,517.78 | +0.69% |
FX
| Pair | Level | Change |
|---|
| EUR/USD | 1.1637 | +0.06% |
| GBP/USD | 1.3460 | +0.07% |
| USD/JPY | 159.72 | +0.04% |
| EUR/GBP | 0.8640 | -0.03% |
| USD/CAD | 1.3842 | +0.04% |
| USD/CNH | 6.7618 | -0.05% |
Economic Calendar (GMT)
| Time | Event | Forecast | Previous |
|---|
| 09:00 | Eurozone Core CPI YoY (May) | 2.4% | 2.2% |
| 09:00 | Eurozone CPI YoY (May) | 3.2% | 3.0% |
| 09:00 | Eurozone CPI MoM (May) | - | 1.0% |
| 14:00 | BoE Governor Bailey Speaks | - | - |
| 14:00 | US JOLTS Job Openings (Apr) | 6.860m | 6.866m |
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