Asian stocks fluctuated on Thursday ahead of earnings reports from major technology companies, as market anxiety lingered over the uncertain tenure of Federal Reserve Chief Jerome Powell.
Markets saw unexpected action yesterday after a CBS report claimed Trump planned to fire Powell, citing mismanagement of a multibillion-dollar project to renovate the Fed’s Washington headquarters.
Trump later clarified that he is "not planning on doing anything; change will be in the next 8 months," leading to a swift market reversal.
On tariffs, Trump reiterated that a 25% levy would apply to Japanese imports, stating he does not expect to reach a broader deal with Japan at the same meeting.
The Yen encountered fresh selling pressure amid headwinds from US trade tariffs, with USDJPY climbing to the mid-148 range.
Trump also said he would send letters to more than 150 countries notifying them of tariff rates, adding that levies could be set at 10% or 15%.
Australia’s Employment Change came in at 2K for June (vs. 20K expected), while the Unemployment Rate rose to 4.3%. The Australian dollar fell following the disappointing data, reinforcing expectations for RBA easing.
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Bitcoin fell 1.1% to $118,674.95
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Ether fell 0.2% to $3,373.78
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Spot gold fell 0.3% to $3,337.24
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Crude rose 0.5% to $66.70
US Core Retail Sales is the key data release for the day.
