Market Commentary: Wednesday 16th July

US indices are down as CPI data indicates tariff costs are being passed on to consumers, lowering the likelihood of interest rate cuts.
The Hang Seng Index rose 0.7% this morning, reaching its highest level in four months.
In Japan, the Nikkei 225 Index rose 0.1%. Despite tariff concerns, Japan’s Reuters Tankan Index for manufacturers rose to +7 this month, marking the first improvement in three months.
The Australian dollar strengthened to around $0.653 today, breaking a three-day losing streak, ahead of Thursday’s labor market data announcement. The ASX 200 retreated from a record finish, falling nearly 1% due to sharp losses in gold stocks.
President Donald Trump said he is likely to impose tariffs on pharmaceuticals by the end of the month, with levies on semiconductors potentially following soon after.
Trump also predicted that he could strike “two or three” trade deals with countries, noting that an agreement with India is among the most likely before the August 1st implementation.

Market Moves:

• Bitcoin rose 1.2% to $117,875.09

• Ether rose 3.4% to $3,145.38

• Spot gold rose 0.4% to $3,337.51

• Crude rose 0.5% to $66.84

UK CPI came in stronger than expected, with YoY at 3.6% vs. 3.4% expected. GBP has rallied slightly on the news.
USD PPI is the main data release to watch today.

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