Morning Pack — Wednesday 8 July 2026
Market tone: Risk is defensive as US/Iran tensions dominate. Oil has jumped, Treasury yields are higher across the curve, and Asia is mixed with Hong Kong sharply higher but Japan, Korea and Australia weaker.
Asia-Pacific
| Index | Price | Net | % |
|---|
| Nikkei 225 | 67,739.34 | -517.62 | -0.76% |
| Shanghai | 4,000.286 | +10.051 | +0.25% |
| Shenzhen | 15,143.098 | -82.016 | -0.54% |
| Hang Seng | 24,122.77 | +625.88 | +2.66% |
| ASX 200 | 8,755.20 | -48.70 | -0.55% |
| KOSPI | 7,296.63 | -359.68 | -4.70% |
| STI | 5,389.71 | +47.47 | +0.89% |
| NZX 50 | 13,665.18 | -97.61 | -0.71% |
Headlines
US Futures
| Market | Price | Net | % | Implied Open |
|---|
| Dow futures | 53,138.0 | -59.00 | -0.11% | -12.15 / -0.02% |
| S&P futures | 7,548.75 | -2.50 | -0.03% | -6.10 / -0.08% |
| Nasdaq futures | 29,393.0 | +1.50 | +0.01% | +14.98 / +0.05% |
| Russell 2000 futures | 2,997.3 | -1.50 | -0.05% | -11.19 / -0.37% |
US Cash Close
| Index | Close | Net | % |
|---|
| Dow | 52,925.15 | -130.76 | -0.25% |
| Nasdaq | 25,818.69 | -302.47 | -1.16% |
| S&P 500 | 7,503.85 | -33.58 | -0.45% |
| Russell 2000 | 2,982.488 | -27.053 | -0.90% |
| VIX | 16.13 | +0.56 | +3.60% |
Bonds
| Bond | Yield | Move |
|---|
| US 2Y | 4.181% | +1.9 bps |
| US 5Y | 4.281% | +2.3 bps |
| US 7Y | 4.411% | +2.5 bps |
| US 10Y | 4.553% | +2.4 bps |
| US 20Y | 5.067% | +2.4 bps |
| US 30Y | 5.065% | +2.2 bps |
FX
| Pair | Price | Net | % |
|---|
| USD/JPY | 162.29 | +0.20 | +0.12% |
| EUR/USD | 1.1416 | +0.0005 | +0.0438% |
| GBP/USD | 1.3354 | +0.0002 | +0.01% |
| EUR/GBP | 0.8546 | +0.0005 | +0.06% |
| USD/CNY | 6.7965 | +0.0031 | +0.05% |
| USD/CAD | 1.4186 | -0.0013 | -0.0916% |
Commodities
| Commodity | Price | Net | % |
|---|
| WTI crude | 72.77 | +2.33 | +3.31% |
| Brent crude | 76.59 | +2.43 | +3.28% |
| Natural gas | 3.281 | +0.016 | +0.49% |
| RBOB gasoline | 3.0024 | +0.0485 | +1.64% |
| Heating oil | 3.3709 | +0.0692 | +2.10% |
| Gold | 4,128.06 | +22.56 | +0.55% |
Economic Calendar — GMT
| Time | Currency | Event | Forecast | Previous |
|---|
| 09:30 | EUR | German 10-Year Bund Auction | - | 2.960% |
| 11:30 | EUR | German Buba President Nagel Speaks | - | - |
| 14:30 | USD | Crude Oil Inventories | -1.900M | -3.775M |
| 14:30 | USD | Cushing Crude Oil Inventories | - | 0.709M |
| 15:30 | USD | Atlanta Fed GDPNow Q2 | 1.2% | 1.2% |
| 16:40 | EUR | ECB’s Schnabel Speaks | - | - |
| 17:00 | USD | 10-Year Note Auction | - | 4.538% |
| 18:00 | USD | FOMC Meeting Minutes | - | - |
| 19:00 | USD | Consumer Credit | 16.90B | 20.73B |
Commentary: The main story is oil and geopolitics. US strikes on Iran and renewed Hormuz risk have pushed crude sharply higher, lifting inflation and growth concerns at the same time. That is showing up in higher Treasury yields, a higher VIX, and weaker US cash-market closes. Asia is not uniformly weak, with Hong Kong a standout gainer, but Korea remains under heavy pressure and Japan is also lower as JGB stress stays in focus.
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