Market Summary
US Futures Slip Ahead of Big Tech Earnings: U.S. equity index futures edged lower as investors turned cautious ahead of earnings from Alphabet and Tesla, due after the U.S. market close. Nasdaq 100 futures have fallen 0.5%, while S&P 500 futures slipped 0.1%, as markets awaited further guidance on AI-related spending. Technology stocks across South Korea, Japan and Taiwan also lost momentum as the Asian session progressed, reflecting a more cautious tone across the sector.
Oil and Gold Climb on Middle East Tensions: Brent crude rose 1.20% this morning to $92.10 per barrel after U.S. President Donald Trump played down the prospect of immediate talks with Iran, keeping geopolitical tensions elevated. Gold extended its recent rally, rising 1.27% to $4,128.6 per ounce, supported by safe-haven demand and dip buying. Higher oil prices have also renewed inflation concerns, contributing to U.S. Treasury yields reaching their highest levels in two months.
Sterling Remains Under Pressure After CPI and Political Reshuffle: UK June core CPI eased to 2.6%, slightly above expectations of 2.5%, adding to signs that inflation is continuing to moderate. Sterling remained subdued at 1.3387 following the recent government reshuffle, while markets continued to assess the implications for UK fiscal and monetary policy. Meanwhile, USD/JPY remained elevated around 163.08, reflecting ongoing dollar strength.
Economic Calendar
- UK CPI
- UK RPI
- U.S. MBA Mortgage Applications
- Russia Industrial Production
- South Africa CPI
Key Market Moves Today
- S&P 500 Futures: -0.12% (7,537)
- U.S. 10-Year Yield: +0.01 bps (4.63%)
- Brent Crude: +1.20% ($92.10)
- Bitcoin: -0.10% ($66,318)
- Spot Gold: +1.27% ($4,128.6)
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