Trump Questions USMCA Renewal as Trade Talks Continue 
US Stock Futures Recover as Iran Signals Progress in Peace Talks 
Asian Currencies Stabilize as Dollar Holds Near Two-Month High After Fed Hawkish Signal 
Asian Stocks Rally as Japan and South Korea Reach Record Highs on US-Iran Peace Deal 
Russia Stocks End Flat as MOEX Index Hits New 52-Week Low; Gold Falls and Oil Mixed 
Japan Inflation Stays Below BOJ Target Despite Rate Hike and Rising Energy Cost Risks 
Italy’s Economy Outpaces Eurozone Peers as Investment Spending Fuels Growth 
Europe EV Demand Surges as Fuel Prices Rise Amid Iran Conflict 
Asian Stocks Surge as Oil Prices Fall and Strong US Dollar Weighs on Markets 
Gold Prices Slide as Hawkish Fed and Strong Dollar Weigh on Bullion 
Canada, British Columbia Launch $5 Billion Infrastructure Partnership to Boost Housing, Transit, and Healthcare 
Fed Chair Kevin Warsh Signals Policy Overhaul as Hawkish Rate Outlook Rattles Markets 
Russian Stocks End Flat as MOEX Index Hits New 52-Week Low 
Dollar Hits One-Month High as Hawkish Fed Outlook Boosts Greenback 
Trump Says No Hormuz Strait Tolls During 60-Day Iran Ceasefire 
Japan Signals Readiness to Intervene as USD/JPY Nears 161 Amid Yen Weakness 
Asian shares and Wall Street futures rallied Thursday after a U.S. court blocked President Donald Trump’s proposed "Liberation Day" tariffs, boosting market sentiment and sending the dollar higher against safe haven currencies. The Court of International Trade in Manhattan ruled that Trump exceeded his constitutional authority by imposing broad tariffs on countries with trade surpluses against the U.S., sparking optimism among investors.
The White House quickly appealed the ruling, with potential escalation to the Supreme Court. Despite uncertainty, markets responded positively. Japan’s Nikkei jumped 1%, while South Korea’s Kospi rose 0.8%. MSCI’s Asia-Pacific index excluding Japan also edged higher as Chinese markets awaited opening.
S&P 500 futures climbed 1.5%, and Nasdaq futures gained 1.8%, supported by strong earnings from Nvidia (NASDAQ:NVDA). The chipmaker surpassed sales expectations and projected strong future revenues, pushing its shares up 4.4% in after-hours trading.
However, tension with China continued to mount. The Financial Times reported the U.S. ordered a halt to semiconductor design software sales to Chinese firms, while the New York Times noted Washington suspended sales of certain critical technologies, including jet engines and advanced chemicals.
The dollar surged, rising 0.8% against the Swiss franc to 0.336 and 0.6% against the yen to 145.76. The euro dipped 0.5% to $1.1230. Treasury yields rose, with the 10-year yield reaching 4.51%, as investors further pushed back expectations for a Federal Reserve rate cut. July odds fell to 22%, with September now at 60%.
Gold slipped 0.9% to $3,259 an ounce. Oil prices extended gains as OPEC+ maintained output levels and the U.S. restricted Chevron (NYSE:CVX) from exporting Venezuelan crude, lifting U.S. crude to $62.31 per barrel.
