CHARTING NEWS
Morning Market Pack
Opening snapshot
Risk sentiment is sharply split. Korean and Japanese equities are under heavy pressure as the AI and memory-chip sell-off deepens, while Hong Kong and Australia remain positive. Oil has jumped after renewed U.S.-Iran hostilities and fresh tension around the Strait of Hormuz. U.S. equity futures are lower ahead of the Federal Reserve decision, with Nasdaq futures showing the largest decline.
Top headlines
- S&P 500 futures edge lower as oil climbs after Iran attack; South Korea stocks fall sharply (CNBC)
- SK Hynix shares fall as exponential earnings growth still misses expectations (CNBC)
- Oil jumps as U.S.-Iran strikes resume after a brief pause (CNBC)
- Ukraine adapts strikes on Russian energy industry to hit critical components (Financial Times)
- U.S. says it intercepted a surprise Iranian missile attack (Financial Times)
- Hedge funds face demands to stump up collateral as AI stocks tumble (Financial Times)
- Bank of England probes Asian equity risk at prime brokers (Financial Times)
- U.S. intercepts Iran attack on bases, puncturing days of calm (Bloomberg)
- SK Hynix profit disappoints as spending soars(Bloomberg)
- Asian stocks slump as chip rout deepens and oil gains (Bloomberg)
- Iran expected to receive Chinese shoulder-fired air-defence missile launchers (Reuters)
- Logitech beats forecasts after U.S. tariff refund(Reuters)
- Iran says no Oman deal would mean continuing its current path on the Strait of Hormuz(LiveSquawk)
- KOSPI plunges after trading resumes following circuit breakers (First Squawk)
Asia-Pacific
| Market | Level | Net | % |
|---|---|---|---|
| Nikkei 225 | 60,708.97 | -1,655.95 | -2.66% |
| Shanghai Composite | 3,793.181 | -20.134 | -0.53% |
| Shenzhen Component | 13,452.052 | -57.627 | -0.43% |
| Hang Seng | 25,657.66 | +346.81 | +1.37% |
| ASX 200 | 9,032.20 | +84.40 | +0.94% |
| KOSPI | 5,322.33 | -701.33 | -11.64% |
| Straits Times | 5,647.93 | +31.82 | +0.57% |
| NZX 50 | 13,972.15 | +110.22 | +0.80% |
U.S. previous close
| Index | Close | Net | % |
|---|---|---|---|
| Dow Jones | 52,747.32 | +537.24 | +1.03% |
| Nasdaq Composite | 24,876.912 | -55.169 | -0.22% |
| S&P 500 | 7,428.78 | +15.60 | +0.21% |
| Russell 2000 | 2,953.80 | +5.766 | +0.20% |
| VIX | 18.21 | -0.46 | -2.46% |
U.S. futures
| Contract | Last | Day net | Day % | Implied open | Implied % |
|---|---|---|---|---|---|
| Dow futures | 52,824.0 | -120.00 | -0.23% | -148.32 | -0.28% |
| S&P 500 futures | 7,441.75 | -23.50 | -0.31% | -38.03 | -0.51% |
| Nasdaq futures | 27,666.25 | -255.75 | -0.92% | -346.88 | -1.24% |
| Russell 2000 futures | 2,952.0 | -12.50 | -0.42% | -20.80 | -0.70% |
U.S. Treasuries
| Maturity | Yield | Move |
|---|---|---|
| 6M | 4.050% | +1.6 bp |
| 1Y | 4.095% | +1.3 bp |
| 2Y | 4.289% | +1.2 bp |
| 3Y | 4.316% | +1.3 bp |
| 5Y | 4.373% | +1.2 bp |
| 7Y | 4.487% | +0.7 bp |
| 10Y | 4.610% | +0.6 bp |
| 20Y | 5.117% | +0.3 bp |
| 30Y | 5.096% | 0.0 bp |
FX
| Pair | Price | Net | % |
|---|---|---|---|
| USD/JPY | 163.44 | -0.38 | -0.232% |
| AUD/USD | 0.6951 | -0.0022 | -0.3155% |
| NZD/USD | 0.5787 | +0.0001 | +0.0173% |
| EUR/JPY | 186.29 | -0.22 | -0.118% |
| USD/SGD | 1.2913 | -0.0010 | -0.0774% |
| USD/HKD | 7.8433 | +0.0026 | +0.0332% |
| USD/KRW | 1,444.40 | -8.29 | -0.5707% |
| USD/CNY | 6.7704 | -0.0006 | -0.0089% |
| EUR/USD | 1.1399 | +0.0014 | +0.123% |
| EUR/GBP | 0.8571 | +0.0007 | +0.08% |
| GBP/USD | 1.3296 | +0.0011 | +0.08% |
| USD/CHF | 0.8171 | -0.0018 | -0.2198% |
| USD/CAD | 1.4089 | -0.0017 | -0.1205% |
| USD/MXN | 17.433 | +0.011 | +0.06% |
Commodities
| Contract | Price | Net | % |
|---|---|---|---|
| WTI crude Sep-26 | $82.11 | +$2.85 | +3.60% |
| Brent crude Sep-26 | $87.23 | +$3.14 | +3.73% |
| Natural gas Aug-26 | $2.653 | -$0.009 | -0.34% |
| RBOB gasoline Aug-26 | $3.375 | +$0.0405 | +1.21% |
| Heating oil Aug-26 | $4.2473 | +$0.0964 | +2.32% |
| Gold | $4,042.97 | -$35.47 | -0.87% |
| Uranium Aug-26 | $86.30 | Unchanged | 0.00% |
| Lumber Sep-26 | $638.00 | Unchanged | 0.00% |
Economic calendar — GMT
| Time | CCY | Event | Actual | Forecast | Previous |
|---|---|---|---|---|---|
| 09:30 | EUR | German 10-Year Bund Auction | — | — | 3.090% |
| 14:30 | USD | Crude Oil Inventories | — | 0.700M | 2.010M |
| 14:30 | USD | Cushing Crude Oil Inventories | — | — | -0.674M |
| 18:00 | USD | FOMC Statement | — | — | — |
| 18:00 | USD | Federal Reserve Interest Rate Decision | — | 3.75% | 3.75% |
| 18:30 | USD | FOMC Press Conference | — | — | — |
Market commentary
Asia
The dominant move is the collapse in South Korean equities, with the KOSPI down more than 11% and chip names under intense pressure. The Nikkei is also sharply lower, while Hong Kong is outperforming. The split suggests the sell-off is concentrated in AI, semiconductors and memory rather than a uniform regional de-risking.
United States
U.S. futures point lower, led by the Nasdaq, after a mixed cash close. The renewed oil spike and deteriorating Asian technology tone are offsetting yesterday's gains in the Dow and S&P 500.
Rates and FX
Treasury yields are modestly higher across most maturities ahead of the Fed. The curve remains elevated, with the 10-year near 4.61% and the 30-year just above 5.09%. The dollar is mixed: firmer against the yen but softer against the euro and sterling.
Commodities
Oil is the clearest macro signal, with WTI and Brent up more than 3.5% after renewed hostilities. That revives inflation risk just hours before the Fed decision. Gold is softer despite the geopolitical backdrop, suggesting positioning and rate expectations are dominating safe-haven demand.
Today’s focus
The key event is the Federal Reserve decision at 18:00 GMT, followed by the press conference at 18:30. Before then, oil inventories and any new U.S.-Iran or Strait of Hormuz headlines could drive intraday volatility.
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