-
After yesterday’s lack of Wall Street session, U.S. index futures are slipping amid renewed uncertainty and legal turmoil surrounding Donald Trump’s tariffs (US100: -0.35%, US500: -0.3%, US30: -0.2%, US2000: -0.2%). Pessimism is also visible ahead of the European open (EU50: -0.3%).
-
According to U.S. Treasury Secretary Scott Bessent, reciprocal tariffs will be upheld by the Supreme Court, after a federal appeals court reaffirmed an earlier ruling that the tariffs were imposed illegally and abused presidential emergency powers. Bessent stressed that fentanyl and ballooning trade deficits are truly national threats that must be addressed.
-
Sentiment in Asia-Pacific is mixed. CHN.cash and HK.cash trade higher (+0.4% and +0.1% respectively), though Chinese semiconductor producers saw significant corrections on profit-taking (e.g. Hua Hong Semiconductor: -10%). JP225 and AU200.cash are down 0.25%. India’s Nifty 50 rises 0.4% despite Trump’s harsher rhetoric on trade with India.
-
New Zealand’s exports rose 9.9% y/y in June 2025, while imports grew 3.2% y/y. On a quarterly basis, exports fell for the first time since December 2024 (-3.7%).
-
Australia unexpectedly reduced its current account deficit in Q2 (-13.7bn AUD vs forecast -15.9bn, prior -14.7bn).
-
“Inflation in Japan is gradually accelerating toward 2% and will likely converge with the Bank of Japan’s current target,” said BOJ Governor Ryozo Himino. According to Himino, the baseline scenario assumes further rate hikes in response to economic activity, with tariffs having less of a negative impact, which further supports monetary tightening.
-
The dollar is rebounding against most currencies after broad weakness yesterday (USDIDX: +0.2%). The weakest currency is the Japanese yen (USDJPY: +0.5%), while the Canadian dollar (USDCAD: +0.05%) and the euro (EURUSD: -0.14% to 1.1694) show the most resilience.
-
Brent and WTI crude oil rise about 0.6%, extending yesterday’s gains on generally weaker dollar and supply concerns from Russia. NATGAS, meanwhile, continues to correct downward by nearly 1%.
-
Gold adds another 0.5%, testing a fresh record high ($3,496/oz). Silver (+0.1%), platinum (+0.8%), and palladium (+0.8%) are also climbing.
The content of this report has been created by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, (KRS number 0000217580) and supervised by Polish Supervision Authority ( No. DDM-M-4021-57-1/2005). This material is a marketing communication within the meaning of Art. 24 (3) of Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (MiFID II). Marketing communication is not an investment recommendation or information recommending or suggesting an investment strategy within the meaning of Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (market abuse regulation) and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC and Commission Delegated Regulation (EU) 2016/958 of 9 March 2016 supplementing Regulation (EU) No 596/2014 of the European Parliament and of the Council with regard to regulatory technical standards for the technical arrangements for objective presentation of investment recommendations or other information recommending or suggesting an investment strategy and for disclosure of particular interests or indications of conflicts of interest or any other advice, including in the area of investment advisory, within the meaning of the Trading in Financial Instruments Act of 29 July 2005 (i.e. Journal of Laws 2019, item 875, as amended). The marketing communication is prepared with the highest diligence, objectivity, presents the facts known to the author on the date of preparation and is devoid of any evaluation elements. The marketing communication is prepared without considering the client’s needs, his individual financial situation and does not present any investment strategy in any way. The marketing communication does not constitute an offer of sale, offering, subscription, invitation to purchase, advertisement or promotion of any financial instruments. XTB S.A. is not liable for any client’s actions or omissions, in particular for the acquisition or disposal of financial instruments, undertaken on the basis of the information contained in this marketing communication. In the event that the marketing communication contains any information about any results regarding the financial instruments indicated therein, these do not constitute any guarantee or forecast regarding the future results.