- Goldman cuts yen forecast to 165, among most bearish on Wall Street
- ASB backs RBNZ hold in July
- Hong Kong pension fund to ease rules on gold ETF investment, source says
- Oil glut could weaken Iran’s Hormuz leverage as stocks slowly refill
- Australia TD-MI Inflation Gauge, June 2026: 32.9% y/y (vs. prior 4.4%)
- New Zealand data – ANZ commodity index rises as wool, aluminium lead year-on-year gains
- PBOC sets USD/ CNY reference rate for today at 6.8066 (vs. estimate at 6.7850)
- Wall Street splits on gold as forecasts range from $4,800 to $6,000
- NZIER shadow board split as RBNZ rate call turns line-ball for July
- ANZ expects RBNZ to hike OCR to 2.50% despite sharp oil price fall
- Samsung set for 18-fold profit jump as AI memory demand surges
- Indian equities emerge as AI-hedge haven as global tech rally wobbles
- Weekend – Anthropic’s plans to buy 1.4GW of Aussie data centre capacity, worth $US15 bn
- Yen intervention risk lingers as Japan eyes fragile calm into Monday
- Iran explores oil sales to Japan as buyers seek longer sanctions waiver
- Weekend – China’s Wang Yi seeks closer EU business ties ahead of summit
- US futures are open for the new week’s trade. Equities higher.
- Modi says India to keep expanding refining as West shuts capacity
- Weekend – Ships U-turn in Strait of Hormuz as Iran asserts control over route
- Weekend – TotalEnergies CEO says Gulf producers discounting crude to clear stockpiles
- Bank of Korea warns Samsung, SK Hynix leveraged ETFs risk volatility
- Weekend – ECB’s Moulin says bank in ‘good position’ as oil-driven inflation eases
- ICYMI – ECB’s Nagel says bank must stay vigilant but too early to call rate hikes
- Weekend – Iran to offer China special Hormuz fee terms, envoy says amid strait talks
- Weekend – Cargo ship attacked in Red Sea off Yemen as Houthi ceasefire holds shakily
- OPEC+ approves further output hike as Hormuz exports recover, oil falls
- RBNZ set to hike rates to 2.50% on July 8 as inflation persists, poll shows
- Monday open FX. Indicative rates 06 July 2026
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- Is Nike stock a buy or sell after its recent tricky earnings report on 30 June ’26?
Summary::
- OPEC+ confirmed a fifth straight monthly output increase, with Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman all participating; crude little changed on the news
- The US dollar firmed broadly, with USD/JPY back near 161.80 and the euro, sterling, Aussie and Kiwi all softer against the greenback
- Regional equities were mixed: the Kospi underperformed as chip stocks weighed, following a Bank of Korea warning over the weekend on single-stock leveraged ETFs tied to Samsung and SK Hynix
- Japan’s Nikkei slipped off its highs to trade lower on the session, while Hong Kong’s Hang Seng held up better and Shanghai hovered near flat
- US equity index futures gave up early gains through the session
OPEC+ added to global supply for a fifth consecutive month, with Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman all taking part in the latest increase. The confirmation did little to move crude prices, which traded largely unchanged on the session, suggesting the market had already priced in the widely flagged decision.
Currency markets saw the US dollar reassert itself, with USD/JPY tracking back toward 161.80 as the euro, sterling, Australian dollar and New Zealand dollar all lost ground against the greenback. The firmer dollar tone came against a backdrop of renewed scrutiny in South Korea, where the Kospi underperformed regional peers as chip stocks weighed following a weekend warning from the Bank of Korea. The central bank flagged that single-stock leveraged ETFs tied to Samsung Electronics and SK Hynix, which together account for 55.3% of the Kospi’s total market capitalisation and 63.5% of its trading value, could deepen market concentration and amplify volatility, with daily rebalancing mechanisms structurally magnifying price swings and threatening to widen retail investor losses in any downturn.
Elsewhere in the region, Japan’s Nikkei slipped off its earlier highs to trade lower on the day, while the Hang Seng in Hong Kong held up comparatively well and Shanghai’s benchmark straddled the neutral line. US equity index futures, which had been supported in early trade, gave back those gains as the session progressed.
Yen off to a shaky start to the week already.
This article was written by Eamonn Sheridan at investinglive.com.
