Morning Pack — Wednesday 22 July 2026
Market levels captured around 06:32–06:45 UK time. Economic calendar shown in GMT.
Asia-Pacific
| Market | Level | Net change | % change |
|---|---|---|---|
| Nikkei 225 | 66,315.34 | +83.15 | +0.13% |
| Shanghai Composite | 3,861.661 | −2.707 | −0.07% |
| Shenzhen Component | 14,192.451 | −71.840 | −0.50% |
| Hang Seng | 24,877.50 | −254.79 | −1.01% |
| ASX 200 | 8,813.70 | +20.40 | +0.23% |
| KOSPI | 6,946.75 | +198.80 | +2.95% |
| Straits Times | 5,540.42 | +13.70 | +0.25% |
| NZX 50 | 13,763.18 | +107.15 | +0.79% |
Asia read-through: Japan edged higher despite a very weak yen and a larger-than-expected June trade deficit. Exports rose 19.3% year-on-year and imports 25.4%, while the deficit reached ¥406.9bn. Korea strongly outperformed; Hong Kong lagged.
Top Headlines
United States — Previous Cash Close
| Index | Close | Net change | % change |
|---|---|---|---|
| Dow Jones | 52,224.64 | +385.38 | +0.74% |
| Nasdaq Composite | 25,837.207 | +329.135 | +1.29% |
| S&P 500 | 7,509.20 | +65.92 | +0.89% |
| Russell 2000 | 2,987.395 | +44.966 | +1.53% |
| VIX | 17.05 | −1.60 | −8.58% |
US Futures
| Contract | Last | Day change | Implied open |
|---|---|---|---|
| Dow futures | 52,405.0 | −38.00 (−0.07%) | −59.64 (−0.11%) |
| S&P futures | 7,534.5 | −11.25 (−0.15%) | −26.70 (−0.35%) |
| Nasdaq futures | 29,164.5 | −151.50 (−0.52%) | −225.68 (−0.77%) |
| Russell 2000 futures | 2,991.1 | −5.90 (−0.20%) | −18.29 (−0.61%) |
US Treasuries
| Maturity | Yield | Change |
|---|---|---|
| 6-month | 3.989% | +0.3 bp |
| 1-year | 4.081% | +0.8 bp |
| 2-year | 4.253% | −0.8 bp |
| 3-year | 4.294% | −0.7 bp |
| 5-year | 4.364% | −0.5 bp |
| 7-year | 4.489% | −0.4 bp |
| 10-year | 4.626% | −0.2 bp |
| 20-year | 5.146% | +0.2 bp |
| 30-year | 5.135% | +0.4 bp |
FX
| Pair | Price | Net change | % change |
|---|---|---|---|
| USD/JPY | 163.13 | −0.03 | −0.0184% |
| EUR/USD | 1.1407 | +0.0010 | +0.0877% |
| GBP/USD | 1.3380 | +0.0009 | +0.07% |
| EUR/GBP | 0.8524 | +0.0006 | +0.07% |
| USD/CHF | 0.8126 | +0.0001 | +0.0123% |
| USD/CAD | 1.4104 | −0.0003 | −0.0213% |
| USD/CNY | 6.7736 | +0.0080 | +0.12% |
Commodities
| Commodity | Price | Net change | % change |
|---|---|---|---|
| WTI crude (Sep) | $85.36 | +$1.02 | +1.21% |
| Brent crude (Sep) | $92.20 | +$1.19 | +1.31% |
| Natural gas | $2.877 | +$0.012 | +0.42% |
| RBOB gasoline | $3.4269 | +$0.0210 | +0.62% |
| Heating oil | $4.1486 | +$0.0220 | +0.53% |
| Gold | $4,131.37 | +$53.88 | about +1.32% |
Economic Calendar — GMT
| Time | Country | Event | Forecast | Previous |
|---|---|---|---|---|
| 06:00 | UK | CPI YoY (Jun) | 2.7% | 2.8% |
| 06:00 | UK | CPI MoM (Jun) | 0.1% | 0.2% |
| 06:00 | UK | CPIH YoY | — | 3.0% |
| 06:00 | UK | PPI Input MoM (Jun) | −0.7% | 0.2% |
| 14:30 | US | Crude Oil Inventories | −2.000M | −1.692M |
| 14:30 | US | Cushing Crude Inventories | — | +0.430M |
| 17:00 | US | 20-Year Treasury Auction | — | 4.927% |
| After close | US | Alphabet and Tesla earnings | — | — |
| 19:00 | US | President Trump speaks | — | — |
Main event risk: UK inflation is the first major catalyst, followed by US energy inventories and then Alphabet and Tesla results after the bell.
Market Commentary
Wall Street’s Tuesday rebound was broad and led by technology, but the early futures tone is softer—especially in Nasdaq contracts—suggesting some profit-taking before two of the earnings season’s most closely watched reports. Asia is similarly split: Korea remains very strong, Japan is steady despite USD/JPY trading around 163, while Hong Kong and mainland Chinese equities are weaker.
Oil remains the key macro pressure point. Brent above $92 and WTI above $85 keep the inflation and central-bank risk premium alive, particularly for energy-importing economies such as Japan. The Treasury curve is mixed rather than delivering a clean risk-off signal: 2- to 10-year yields are slightly lower, while the ultra-long end is firmer.
For the UK, CPI will set the immediate direction for sterling, gilts and domestic rate expectations. Later, Alphabet and Tesla earnings could decide whether Tuesday’s chip-led rebound develops into a durable technology recovery or fades back into volatility.
Oil remains the key macro pressure point. Brent above $92 and WTI above $85 keep the inflation and central-bank risk premium alive, particularly for energy-importing economies such as Japan. The Treasury curve is mixed rather than delivering a clean risk-off signal: 2- to 10-year yields are slightly lower, while the ultra-long end is firmer.
For the UK, CPI will set the immediate direction for sterling, gilts and domestic rate expectations. Later, Alphabet and Tesla earnings could decide whether Tuesday’s chip-led rebound develops into a durable technology recovery or fades back into volatility.
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