Oil Prices Surge as U.S.-Iran Conflict Escalates and Strait of Hormuz Risks Grow 
China Trade Surplus Hits $125.6 Billion as June Exports, Imports Smash Forecasts 
Oil Prices Climb as Trump Escalates Iran Pressure, Strait of Hormuz Risks Grow 
Dollar Rises as Middle East Conflict Fuels Inflation and Rate Hike Fears 
Dollar Slides as Softer US Inflation Dims Fed Rate Hike Expectations 
South Korea’s KOSPI Triggers Trading Curb as AI Chip Stock Selloff Deepens 
South Korea’s KOSPI Enters Bear Market Despite Remaining 2026’s Best-Performing Major Stock Index 
China Q2 2026 GDP Misses Forecast as Weak Domestic Demand Offsets Export Strength 
US-Iran Strikes Escalate as Strait of Hormuz Crisis Pushes Oil Prices Higher 
Gold Prices Fall Amid Rate Jitters; Copper Steady as China Stimulus Eyed 
After two quarters of weakness, US durable goods orders are expected to show a bottoming in capex spending.
The manufacturing ISM rose modestly in May and the diffusion index for new orders has now posted two back-to-back increases. This is consistent with analysts' view that the capex cuts in the oil & gas sector should begin to subside and fully dissipate during the summer months.
Societe Generale projects a 0.8% m/m increase in total bookings in May and a 1.0% m/m rise in orders excluding transportation. The projections are consistent with the tentative signs of bottoming in the manufacturing sector observed in the survey data.
"The drag from the dollar is likely to be more persistent, but on balance we look for a reacceleration in equipment spending growth in the second half of the year to about 5.8%, up from a 1.7% average over the past two quarters", added Societe Generale.
