Morning wrap (25.07.2025)

6:56 AM 25 July 2025

Wall Street closed with mixed results yesterday. The S&P 500 (+0.07%) and Nasdaq (+0.18%) reached new record highs at the close, while the DJIA (-0.7%) and Russell 2000 (-1.36%) retreated significantly. Futures on U.S. indices and the EU50 are currently trading in the green.
Trump met with Jerome Powell yesterday to discuss monetary policy and the ongoing renovation of the Federal Reserve building. The meeting went without major tensions, although Powell disagreed with the renovation cost figures Trump had shared with the press. The discussion on interest rates was reportedly productive.
On trade matters: Trump announced that Australia agreed to increase its imports of American beef. The President also commented that “Europe desperately wants a deal.” Meanwhile, U.S. Commerce Secretary Lutnick announced a meeting today with representatives from South Korea.
In the Asia-Pacific region, indices are breaking a nearly week-long winning streak. The Chinese HSCEI is down (-1.1%), Hong Kong’s Hang Seng (-0.9%), Japan’s Nikkei (-0.85%), India’s Nifty 50 (-0.8%), and Australia’s ASX 2000 (-0.5%). The exception is South Korea’s Kospi, which is up (+0.2%).
Core inflation in Tokyo unexpectedly fell to 2.9% (forecast: 3.1%, previous: 3.0%), but remains well above the Bank of Japan’s 2% target.
In the forex market: The U.S. dollar is strengthening against nearly all G10 currencies following the market-calming Trump-Powell meeting (USDIDX: +0.1%). The Australian dollar is losing the most (AUDUSD: -0.15%), followed by the Swiss franc (USDCHF: +0.15%). The Japanese yen is holding firm after the strong Tokyo inflation reading (USDJPY flat). EURUSD is also unchanged (1.175).
Precious metals continue their sell-off. Gold is down another 0.35% to $3,357 per ounce, silver is down 0.1% to $39.03 per ounce, and platinum is down 0.7% to $1,407 per ounce.
Brent and WTI crude oil are rebounding about 0.5%.
Declines are also dominating among major cryptocurrencies. Bitcoin is down 2.66% to $115,580, and Ethereum is down 2.8% to $3,630.

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Morning wrap (25.07.2025)

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