Morning wrap (07.01.2026)

US index futures are trading largely flat, reflecting investor caution ahead of today’s scheduled macro data (JOLTS job openings and the ISM services PMI). The biggest moves are in the Russell 2000, which has moved back above the psychological 2,600 level (US2000: +0.15%), and the Nasdaq 100, which is down 0.2%.

In a social media post, Donald Trump said Venezuela’s interim authorities will transfer 30–50 million barrels of sanctioned oil to the US, to be sold at market prices. The US president ordered Energy Secretary Chris Wright to implement the plan immediately. Oil is falling for a second consecutive day (Brent: -0.8%, WTI: -1.2%).

Asia-Pacific markets are correcting after a record start to the year driven by AI and technology stocks. The biggest declines are in China (CHN.cash: -1.25%) and Hong Kong (HK.cash: -1%), with milder losses in Japan (JP225: -0.3%) and Australia (AU200.cash: -0.3%).

Australia’s CPI inflation stood at 3.4% in November, down from 3.8% in October. Inflation pressures eased across goods and services, mainly due to slower rises in energy and travel prices. Housing, food and transport were the largest contributors. AUDUSD (+0.17%) continues to rise despite the softer-than-expected CPI, supported by sticky core inflation, readings above the RBA’s target, and the lower importance of monthly data versus quarterly figures.

Activity in Japan’s services sector increased in December, but the pace of expansion was the weakest since May. The services PMI fell more than expected to 51.6 from 53.2 in November (forecast: 52.5). New order growth softened despite improved export demand. Employment rose at the fastest pace since mid-2023, while costs and prices accelerated sharply. Business sentiment remained historically strong, boosting capex expectations and increasing pressure on the Bank of Japan, supporting the yen (USDJPY: -0.2%).

The dollar index has slipped back below its 30-day exponential moving average (USDIDX: -0.07%), although FX market volatility remains subdued. The AUD and JPY are outperforming other G10 currencies today on the back of macro data, while the New Zealand dollar is the weakest (NZDUSD: -0.1%, NZDJPY: -0.25%, AUDNZD: +0.25%). EURUSD is rebounding just 0.05% after yesterday’s drop to 1.169.

Precious metals are undergoing a deep correction after a recent rally. PLATINUM is down the most (-7.40%), GOLD is down 1.05% to USD 4,446 per ounce, and SILVER is down 3.5% to USD 78.34 per ounce.

Cryptocurrencies are showing moderate pessimism. Bitcoin is down 0.7% to USD 92,750, while Ethereum is down 0.85% to USD 3,252.