Dollar Holds Firm as U.S.-Iran Talks Ease Tensions, GBP/USD Slips Amid UK Political Uncertainty 
Oil Prices Drop as U.S.-Iran Talks Ease Supply Concerns 
Oil Prices Steady as U.S.-Iran Truce Uncertainty and Middle East Tensions Keep Markets on Edge 
100+ Global Companies Push Governments to Prioritize Electrification for Economic Growth 
Gold Price Rises as Investors Weigh U.S.-Iran Talks and Fed Policy Outlook 
New Zealand Fast-Tracks Gold Mining as Industry Revival Gains Momentum 
Oil Prices Fall as Iran Peace Talks Progress, Hormuz Reopens, and U.S. SPR Hits 1983 Low 
Wall Street Ends Mixed as Alphabet Slumps, Middle East Developments and Fed Outlook Weigh on Markets 
Russia Stocks End Flat as MOEX Index Hits New 52-Week Low; Gold Falls and Oil Mixed 
Japan, U.S. Discuss Yen Weakness as Currency Intervention Concerns Grow 
Yen Near 40-Year Low as USD/JPY Approaches Key 162 Level, Raising Intervention Concerns 
Asian Stocks Slip as Oil Rebounds Amid Fed Rate Hike Fears 
France Faces Long Road to Economic Rebalancing as Weak Demand and High Rates Weigh, Says Citi 
Japan Manufacturing Growth Accelerates in June as Orders Surge Despite Iran War Cost Pressures 
Yen Near 40-Year Lows Despite BOJ Rate Hike, Markets Brace for Possible Intervention 
Italy’s Economy Outpaces Eurozone Peers as Investment Spending Fuels Growth 
US Dollar Hits One-Year High as Hawkish Fed Outlook Overshadows Middle East Developments 
Japanese stocks remain under pressure as investors react to U.S. tariff risks, economic slowdown fears, and the Bank of Japan’s policy stance. The Nikkei 225, which had been fluctuating between 38,000 and 40,000 since late 2024, recently dropped below 38,000, raising concerns about further declines.
Citi analysts attribute this weakness to multiple factors, including disappointing U.S. economic data, uncertainty over President Donald Trump’s proposed tariffs, a strengthening yen, and corrections in high-tech stocks linked to U.S. markets. Trump’s tariff plans target key sectors like autos, semiconductors, and pharmaceuticals, while a report on reciprocal tariffs, expected in August, could bring further trade restrictions.
Despite these risks, Citi believes Japanese equities have already factored in much of the negative sentiment, with valuations trailing global peers. While short-term volatility is likely, the Nikkei 225 may find support around 35,500, with the TOPIX stabilizing near 2,550.
