Overnight Headlines 17th July 2026

Morning Pack

Friday 17 July 2026 · Market data captured around 05:40–05:49 GMT

Risk-off tone: Asian equities are sharply lower, led by Japan and technology shares, while US futures point to another weak opening. Oil is firmer as tensions around Iran and the Strait of Hormuz intensify. South Korea is closed for a public holiday, so no live KOSPI session is included.

Asia-Pacific Markets

Index	Level	Net	Change
Nikkei 225	63,223.40	−3,612.14	−5.40%
Shanghai Composite	3,818.594	−63.819	−1.64%
Shenzhen Component	13,953.256	−535.398	−3.70%
Hang Seng	24,514.29	−494.31	−1.98%
ASX 200	8,775.20	−65.50	−0.74%
Straits Times	5,505.87	−33.51	−0.60%
NZX 50	13,627.55	+12.77	+0.09%

Key Overnight Headlines

• US chip and memory stocks slide in fresh bout of Wall Street tumult — FT
• U.S. targets Iranian bridges in bid to choke off regime supply routes — WSJ
• US cyclospora outbreak tied to lettuce supplied to Taco Bell — WSJ
• Netflix shares slide on disappointing growth forecasts — FT
• Chinese AI start-up Moonshot launches a model challenging US leaders — FT
• The battle for Hormuz moves into a more dangerous phase — WSJ
• Fed officials continue to leave the door open to higher rates if inflation firms — Federal Reserve

US Markets

Thursday Cash Close

Index	Close	Net	Change
Dow Jones	52,552.97	−105.67	−0.20%
Nasdaq Composite	25,881.946	−387.281	−1.47%
S&P 500	7,533.77	−38.63	−0.51%
Russell 2000	2,974.567	−1.692	−0.06%
VIX	16.73	+1.06	+6.76%

US Futures

Contract	Last	Day move	Implied open
Dow futures	52,377.0	−409.00 (−0.77%)	−420.97 (−0.80%)
S&P futures	7,511.75	−66.00 (−0.87%)	−75.02 (−0.99%)
Nasdaq futures	28,794.0	−431.75 (−1.48%)	−436.77 (−1.49%)
Russell 2000 futures	2,966.6	−24.10 (−0.81%)	−31.97 (−1.07%)

US Treasury Yields

Maturity	Yield	Move
6-month	3.908%	+0.4 bp
1-year	3.983%	−0.3 bp
2-year	4.134%	−2.2 bp
3-year	4.181%	−2.2 bp
5-year	4.259%	−2.3 bp
7-year	4.392%	−2.2 bp
10-year	4.547%	−2.2 bp
20-year	5.078%	−1.9 bp
30-year	5.082%	−1.5 bp

FX

Pair	Price	Net	Change
USD/JPY	162.39	+0.01	+0.01%
EUR/USD	1.1436	−0.0005	−0.0437%
GBP/USD	1.3456	−0.0020	−0.1484%
EUR/GBP	0.8494	+0.0006	+0.07%
USD/CHF	0.8089	+0.0003	+0.0371%
AUD/USD	0.6978	−0.0018	−0.2573%
NZD/USD	0.5834	−0.0006	−0.1027%
USD/CAD	1.4036	−0.0005	−0.0356%

Commodities

Commodity	Price	Net	Change
WTI crude (Aug)	$79.91	+$0.96	+1.22%
Brent crude (Sep)	$85.10	+$0.87	+1.03%
Natural gas (Aug)	$2.866	+$0.008	+0.28%
RBOB gasoline (Aug)	$3.3181	+$0.0334	+1.02%
Heating oil (Aug)	$4.0884	+$0.0577	+1.43%
Gold	$3,984.50	+$5.66	+0.14%

Economic Calendar — GMT

Time	Event	Forecast	Previous
09:00	Eurozone Core CPI YoY (Jun)	2.4%	2.6%
09:00	Eurozone CPI YoY (Jun)	2.8%	3.2%
09:00	Eurozone CPI MoM (Jun)	−0.1%	0.1%
12:30	US Building Permits (Jun, prelim.)	1.400M	1.410M
12:30	US Export Price Index MoM (Jun)	−0.4%	1.3%
12:30	US Housing Starts (Jun)	1.310M	1.177M
12:30	US Housing Starts MoM (Jun)	—	−15.4%
12:30	US Import Price Index MoM (Jun)	−0.7%	1.9%
13:15	US Industrial Production MoM (Jun)	0.2%	0.1%
13:15	US Industrial Production YoY (Jun)	—	1.67%
14:00	Michigan 1-Year Inflation Expectations (Jul, prelim.)	—	4.6%
14:00	Michigan 5-Year Inflation Expectations (Jul, prelim.)	—	3.3%
14:00	Michigan Consumer Expectations (Jul, prelim.)	51.7	50.7
14:00	Michigan Consumer Sentiment (Jul, prelim.)	51.0	49.8
14:45	Atlanta Fed GDPNow (Q2)	—	—
17:00	Baker Hughes Oil Rig Count	—	—
17:00	Baker Hughes Total Rig Count	—	—

Times shown in GMT. Blank fields indicate no forecast or previous value was visible in the supplied calendar.

Market Commentary

The global equity sell-off is being driven by a renewed reassessment of crowded AI and semiconductor positions. Japan is bearing the brunt of the move, with the Nikkei down more than 5%, while Nasdaq futures are pointing to another decline of roughly 1.5% at the open.

The cross-asset signal is not a pure recession trade. Treasury yields are lower, particularly from two to ten years, but oil is rising on renewed threats to energy flows through the Strait of Hormuz. That combination leaves the market caught between weaker risk appetite and renewed inflation risk.

Today’s key macro focus is the US housing and industrial-production data, followed by the University of Michigan survey. The inflation-expectations components may attract particular attention after several Fed officials indicated that policy could still need to move higher if inflation pressures persist.