Morning Pack — Tuesday 7 July 2026
Market tone: Asia is under pressure, led by heavy losses in Korea, Japan and China, as chip sentiment weakens and oil/geopolitical risk returns. US futures are mixed, with Nasdaq futures sharply lower after Monday’s strong cash close. The dollar is softer versus yen, while oil is firmer.
Asia-Pacific
| Index | Price | Net | % |
|---|
| Nikkei 225 | 68,412.79 | -1,324.90 | -1.90% |
| Shanghai | 3,999.03 | -42.208 | -1.04% |
| Shenzhen Comp | 15,259.195 | -157.609 | -1.02% |
| Hang Seng | 23,517.70 | -98.62 | -0.42% |
| ASX 200 | 8,799.50 | -31.50 | -0.36% |
| KOSPI | 7,453.24 | -598.09 | -7.43% |
| Straits Times | 5,291.12 | +31.31 | +0.60% |
| NZX 50 | 13,762.47 | -0.63 | -0.01% |
Headlines
US Futures
| Market | Price | Net | % | Implied Open |
|---|
| Dow futures | 53,394.0 | +22.00 | +0.04% | +103.09 / +0.19% |
| S&P futures | 7,569.0 | -22.50 | -0.30% | -20.43 / -0.27% |
| Nasdaq futures | 29,642.25 | -298.75 | -1.00% | -270.62 / -0.90% |
| Russell 2000 futures | 3,020.2 | -6.80 | -0.22% | -16.34 / -0.54% |
US Cash Close
| Index | Close | Net | % |
|---|
| Dow | 53,055.91 | +155.84 | +0.29% |
| Nasdaq | 26,121.16 | +288.488 | +1.12% |
| S&P 500 | 7,537.43 | +54.19 | +0.72% |
| Russell 2000 | 3,009.541 | +13.431 | +0.45% |
| VIX | 15.57 | -0.24 | -1.52% |
Bonds
| Bond | Yield | Move |
|---|
| US 2Y | 4.122% | -0.3 bps |
| US 5Y | 4.213% | +0.2 bps |
| US 7Y | 4.339% | +0.1 bps |
| US 10Y | 4.481% | +0.2 bps |
| US 20Y | 4.994% | +0.3 bps |
| US 30Y | 4.997% | +0.3 bps |
FX
| Pair | Price | Net | % |
|---|
| USD/JPY | 161.68 | -0.40 | -0.2468% |
| EUR/USD | 1.1437 | -0.0003 | -0.0262% |
| GBP/USD | 1.3391 | +0.0001 | +0.01% |
| EUR/GBP | 0.8539 | -0.0002 | -0.0234% |
| USD/CNY | 6.7931 | -0.0027 | -0.0397% |
| USD/CAD | 1.4214 | +0.0010 | +0.07% |
Commodities
| Commodity | Price | Net | % |
|---|
| WTI crude | 68.98 | +0.43 | +0.63% |
| Brent crude | 72.49 | +0.50 | +0.69% |
| Natural gas | 3.224 | -0.021 | -0.65% |
| RBOB gasoline | 3.0145 | +0.0112 | +0.37% |
| Heating oil | 3.3234 | +0.0250 | +0.76% |
| Uranium | 85.30 | UNCH | UNCH |
Economic Calendar — GMT
| Time | Currency | Event | Forecast | Previous |
|---|
| 06:00 | GBP | Halifax House Price Index YoY | - | 0.5% |
| 06:00 | EUR | German Industrial Production MoM | 0.1% | 0.4% |
| 09:00 | GBP | Mortgage Rate | - | 6.60% |
| 09:30 | GBP | BoE Financial Stability Report | - | - |
| 09:30 | GBP | BoE MPC Meeting Minutes | - | - |
| 10:30 | GBP | BoE Governor Bailey Speaks | - | - |
| 11:00 | USD | FOMC Member Bowman Speaks | - | - |
| 12:15 | USD | ADP Employment Change Weekly | - | 30.75K |
| 12:30 | USD | Exports | - | 327.10B |
| 12:30 | USD | Imports | - | 383.00B |
| 12:30 | USD | Trade Balance | -78.30B | -55.90B |
| 15:00 | USD | NY Fed 1-Year Consumer Inflation Expectations | - | 3.5% |
| 15:30 | USD | Atlanta Fed GDPNow Q2 | - | - |
| 16:00 | USD | EIA Short-Term Energy Outlook | - | - |
| 16:15 | GBP | BoE MPC Member Mann Speaks | - | - |
| 17:00 | USD | 3-Year Note Auction | - | 4.192% |
| 20:30 | USD | API Weekly Crude Oil Stock | - | -6.072M |
Commentary: The tone is materially weaker than yesterday’s US close. Monday’s Wall Street rally, led by Nasdaq strength, is being faded in futures as chip and AI-linked names come under renewed pressure. Asia is clearly risk-off, with Korea the major outlier after sharp semiconductor-related weakness. Oil is bid again on renewed Hormuz headlines, while Treasury yields are little changed and the dollar is mixed, softer versus yen but firmer versus CAD and MXN.
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