Asian Currencies Stay Rangebound as Middle East Tensions, Weak China GDP Weigh on Sentiment 
China Q2 2026 GDP Misses Forecast as Weak Domestic Demand Offsets Export Strength 
Oil Prices Rise as U.S. Strikes on Iran Raise Strait of Hormuz Supply Fears 
UBS Boosts China Tech Bets, Adds Kuaishou and Meituan to Focus List 
Port of Los Angeles Posts Record June Cargo Volume as Importers Rush Ahead of U.S. Tariffs 
Asian Currencies Hold Steady as Middle East Tensions Offset Weaker US Dollar 
Gold Price Holds Near $4,000 as Middle East Tensions and Fed Rate Hike Bets Grow 
South Korea Raises Interest Rates to 2.75% as Inflation and Weak Won Drive Tightening 
Oil Prices Surge as U.S.-Iran Conflict Escalates and Strait of Hormuz Risks Grow 
Asian Stocks Rally as Cooling U.S. Inflation Boosts Fed Rate Cut Hopes 
IEA Warns China Rare Earth Export Curbs Could Threaten $6.5 Trillion in Global Production 
Gold Prices Slip as Oil Rally Fuels Inflation Fears, Strengthens Dollar 
Australian Business Conditions Hold Steady as Easing Cost Pressures Face New Oil Price Risks 
US Stock Futures Hold Steady as Soft Inflation Data Eases Fed Rate Hike Fears 
Asian Stocks Slide as Chip Selloff Deepens Ahead of TSMC Earnings 
US Inflation Expected to Ease in June, but Fed Rate Hike Risks Persist Amid Middle East Tensions 
Dollar Holds Steady Ahead of U.S. CPI as Oil Surge, Middle East Tensions Keep Markets on Edge 
Oil prices slipped nearly 1% on Monday as crude exports resumed from Iraq’s Kurdistan region and expectations grew that OPEC+ will increase production in November, adding pressure to global supply dynamics.
Brent crude futures fell 63 cents, or 0.90%, to $69.50 a barrel by 0023 GMT, retreating after hitting the highest level since July 31 on Friday. U.S. West Texas Intermediate (WTI) crude dropped 65 cents, or 0.99%, to $65.07, giving back most of last week’s rally.
Analysts noted that concerns over rising supply continue to weigh on the market, even as near-term fundamentals remain tight. Michael McCarthy, CEO of investor platform Moomoo Australia and New Zealand, said ongoing fears of production increases are limiting price gains.
Over the weekend, crude oil began flowing again through a pipeline from northern Iraq’s semi-autonomous Kurdistan region to Turkey’s Ceyhan port. This marks the first shipment in two and a half years, following an interim deal between Iraq’s federal government, the Kurdistan Regional Government (KRG), and foreign producers. Initial exports are expected at 180,000–190,000 barrels per day, with volumes potentially rising to 230,000 bpd. The United States had urged for the restart, which brings additional barrels into the global market.
At the same time, OPEC and its allies, collectively known as OPEC+, are preparing to approve another production hike of at least 137,000 bpd at their upcoming meeting, according to sources. Rising oil prices are motivating the group to boost output and capture market share. However, OPEC+ has been underproducing, pumping nearly 500,000 bpd below its targets, which has so far prevented fears of oversupply from materializing.
Last week, Brent and WTI posted their strongest gains since June, rising over 4%, fueled by Ukrainian drone strikes on Russian energy facilities that curbed fuel exports. Meanwhile, Russia escalated attacks on Kyiv and other regions, further fueling geopolitical risks that keep oil markets volatile.
