Overnight Headlined 10th July 2026

Morning Pack — 10 July 2026

Markets, headlines and calendar | Times shown in GMT

Overnight headlines

1. Japan finance minister urges giant pension fund to invest more at home
   Japan / Markets
2. SK Hynix raises $26.5bn in US market debut
   Semiconductors
3. Iran hatched fresh plot to kill Trump, Israel told US
   Geopolitics
4. Fed officials flagged risks that would warrant higher rates
   Federal Reserve
5. Oracle downgraded to BBB-/A-3 on rising business risk and weaker cash flow
   Credit
6. US says Iran technical talks will continue despite recent strikes
   Geopolitics
7. Japan PPI rises 0.4% month-on-month and 7.1% year-on-year
   Macro

Key Japan story: Japan’s finance minister urged major pension funds, explicitly including the GPIF, to put more money into domestic assets. The signal helped lift the yen, lower Japanese bond yields and support Japanese equities. This matters because even a modest shift in the world’s largest pension fund could affect global bond flows and demand for overseas assets.

Asia-Pacific equities

Market	Price	Net	%
Nikkei 225	68,932.79	+1,188.94	+1.76%
Shanghai	4,067.071	+30.483	+0.76%
Shenzhen	15,493.28	+94.552	+0.61%
Hang Seng	24,476.69	+446.51	+1.86%
ASX 200	8,791.70	+29.20	+0.33%
KOSPI	7,663.68	+371.77	+5.10%
Straits Times	5,457.19	+23.31	+0.43%
NZX 50	13,785.67	+120.49	+0.88%

US futures

Contract	Last	Day change	Implied open
Dow futures	52,711.0	-50.00 (-0.09%)	-1.41 (0.00%)
S&P futures	7,577.5	-11.25 (-0.15%)	-16.14 (-0.21%)
Nasdaq futures	29,878.5	-58.50 (-0.20%)	-43.60 (-0.15%)
Russell 2000 futures	3,000.3	-8.10 (-0.27%)	-16.24 (-0.54%)

US cash close

Market	Price	Net	%
Dow Jones	52,487.41	+139.02	+0.27%
Nasdaq Composite	26,206.89	+336.238	+1.30%
S&P 500	7,543.64	+60.93	+0.81%
Russell 2000	2,992.541	+36.153	+1.22%
VIX	15.84	-1.06	-6.27%

US Treasury yields

Maturity	Yield	Yield change	Basis points
US 2-Year	4.166%	+0.004	+0.4 bp
US 5-Year	4.271%	+0.002	+0.2 bp
US 10-Year	4.541%	+0.002	+0.2 bp
US 30-Year	5.058%	+0.005	+0.5 bp

FX

Market	Price	Net	%
USD/JPY	161.50	-0.87	-0.54%
EUR/USD	1.1441	+0.0013	+0.11%
GBP/USD	1.3431	+0.0026	+0.19%
EUR/GBP	0.8518	-0.0004	-0.05%
USD/CNY	6.7787	-0.0134	-0.20%

Commodities

Market	Price	Net	%
WTI crude	$72.25	+$0.17	+0.24%
Brent crude	$76.48	+$0.18	+0.24%
Natural gas	$2.996	-$0.016	-0.53%
Gold	$4,113.84	-$11.06	-0.27%

Economic calendar — GMT

Time	Cur.	Event	Actual	Forecast	Previous
06:00	EUR	German CPI (MoM), Jun	—	-0.3%	-0.2%
06:00	EUR	German CPI (YoY), Jun	—	2.3%	2.6%
09:00	USD	IEA Monthly Report	—	—	—
16:00	USD	WASDE Report	—	—	—
17:00	USD	Baker Hughes Oil Rig Count	—	—	449
17:00	USD	Baker Hughes Total Rig Count	—	—	580
19:30	GBP	CFTC GBP speculative net positions	—	—	-102.1K
19:30	USD	CFTC crude oil speculative net positions	—	—	110.5K
19:30	USD	CFTC gold speculative net positions	—	—	194.0K
19:30	USD	CFTC Nasdaq 100 speculative net positions	—	—	-7.6K
19:30	USD	CFTC S&P 500 speculative net positions	—	—	-37.6K
19:30	EUR	CFTC EUR speculative net positions	—	—	1.1K

Market commentary

Asia: The regional tone was firmly positive, led by Korea and Japan. The KOSPI rose 5.10%, while the Nikkei gained 1.76%. Japan’s move was reinforced by the pension-reallocation story: a greater domestic allocation from Japanese institutions would be supportive for the yen and local assets, while potentially reducing marginal demand for overseas bonds.

US: Thursday’s cash session was strong, with the Nasdaq up 1.30% and the S&P 500 up 0.81%. Futures were modestly softer early Friday, suggesting some consolidation rather than a decisive reversal. The Fed minutes remain a restraint on risk appetite because officials discussed circumstances that could justify higher rates if inflation stays persistent.

Rates and FX: Treasury yields were little changed to slightly higher, with the 10-year at 4.541%. The yen strengthened materially, taking USD/JPY down to 161.50, after the Japanese government’s call for more domestic investment. Sterling also firmed against the dollar.

Commodities: Oil was only modestly higher despite continuing Iran-related risk. The muted move suggests traders are balancing geopolitical threats against ongoing diplomatic talks and the prospect of supply remaining available. Gold eased, indicating limited fresh demand for defensive positioning in early trade.

Today: The calendar is relatively light. German inflation is the main early data point, followed by the IEA report and the WASDE report. Positioning data later in the day may be more useful for assessing whether the recent moves in oil, gold and US equities are becoming crowded.

Market levels transcribed from the supplied screenshots. Prices may have moved since capture.