Morning Pack — 2 July 2026
Market tone: Asia is sharply weaker, led by a major South Korea chip rout, while US futures are mixed-to-slightly firmer outside Nasdaq. Treasuries are selling off modestly, oil is lower as Middle East risk premium fades, and the calendar is dominated by the 12:30 GMT US payrolls release.
Asia-Pacific Markets
| Market | Price | Net | % Change |
|---|
| Nikkei 225 | 69,255.29 | -1,219.67 | -1.73% |
| Shanghai | 4,075.311 | -37.134 | -0.90% |
| Shenzhen | 15,782.35 | -336.818 | -2.09% |
| Hang Seng | 23,154.41 | +273.39 | +1.19% |
| ASX 200 | 8,712.80 | -10.10 | -0.12% |
| KOSPI | 7,866.27 | -437.14 | -5.26% |
| Straits Times | 5,181.25 | +19.75 | +0.38% |
| NZX 50 | 13,553.13 | -57.37 | -0.42% |
Key Headlines
- Samsung Electronics, SK Hynix shares tumble over 7% as chip rout spreads from Wall Street
- OpenAI proposes handing Trump administration 5% stake
- Japan shifts to ambush intervention tactics against yen short sellers
- Gold rises on soft jobs data and weaker oil as focus shifts to US payrolls
- Oil falls as easing Middle East tensions hit Brent
- Bank of England to push ahead with plan to limit hedge fund leverage
- Michael Burry cites “beginning of the end” with new AI short bets
US Futures
| Future | Last | Day Change | Implied Open |
|---|
| Dow Futures | 52,670.00 | +2.00 (+0.00%) | +109.76 (+0.21%) |
| S&P Futures | 7,543.75 | +0.25 (+0.00%) | +9.52 (+0.13%) |
| Nasdaq Futures | 30,076.50 | -17.75 (-0.06%) | +62.37 (+0.21%) |
| Russell 2000 Futures | 3,030.10 | -5.00 (-0.16%) | -11.49 (-0.38%) |
US Cash Close
| Index | Close | Net | % Change |
|---|
| Dow Jones | 52,305.24 | -13.96 | -0.03% |
| Nasdaq Composite | 26,040.031 | -173.689 | -0.66% |
| S&P 500 | 7,483.23 | -16.13 | -0.22% |
| Russell 2000 | 3,012.59 | -11.777 | -0.39% |
| VIX | 16.59 | +0.14 | +0.85% |
US Treasuries
| Maturity | Yield | Change |
|---|
| 2-Year | 4.18% | +1.5 bps |
| 5-Year | 4.24% | +1.4 bps |
| 10-Year | 4.49% | +1.4 bps |
| 30-Year | 4.98% | +1.5 bps |
Commodities
| Commodity | Price | Net | % Change |
|---|
| WTI Crude | $67.90 | -0.68 | -0.99% |
| Brent Crude | $70.91 | -0.66 | -0.92% |
| Natural Gas | $3.197 | -0.023 | -0.71% |
| Gold | $4,057.92 | +0.7% | Higher |
| Silver | — | +0.8483 | +1.43% |
FX
| Pair | Price | Net | % Change |
|---|
| USD/JPY | 162.39 | -0.17 | -0.1046% |
| EUR/USD | 1.1387 | +0.0011 | +0.0967% |
| GBP/USD | 1.3285 | +0.0014 | +0.11% |
| EUR/GBP | 0.8567 | +0.0001 | +0.01% |
| USD/CHF | 0.8086 | -0.0007 | -0.0865% |
| USD/CNH | 6.7848 | -0.0094 | -0.1384% |
Economic Calendar — GMT
| Time | Currency | Event | Forecast | Previous |
|---|
| 09:00 | EUR | Unemployment Rate (May) | 6.3% | 6.3% |
| 10:00 | EUR | ECB’s Elderson Speaks | — | — |
| 12:30 | USD | Average Hourly Earnings MoM (Jun) | 0.3% | 0.3% |
| 12:30 | USD | Average Hourly Earnings YoY (Jun) | 3.5% | 3.4% |
| 12:30 | USD | Initial Jobless Claims | 219K | 215K |
| 12:30 | USD | Nonfarm Payrolls (Jun) | 114K | 172K |
| 12:30 | USD | Private Nonfarm Payrolls (Jun) | 115K | 120K |
| 12:30 | USD | Unemployment Rate (Jun) | 4.3% | 4.3% |
| 14:00 | USD | Factory Orders MoM (May) | -1.7% | 4.8% |
| 15:45 | GBP | BoE MPC Member Mann Speaks | — | — |
| 17:00 | USD | Baker Hughes Oil Rig Count | — | 440 |
| 17:00 | USD | Baker Hughes Total Rig Count | — | 573 |
| 20:30 | USD | Fed Balance Sheet | — | 6,736B |
Bottom line: The AI/chip complex is the pressure point again. Korea’s sell-off is severe, Nasdaq futures are lagging, and Burry/AI-related headlines reinforce valuation nerves. Payrolls at 12:30 GMT are the day’s key macro event: a soft print would likely support gold and duration, while a stronger number risks keeping yields firmer and extending pressure on growth/AI names.
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