Asian Stocks Slide as Chip Selloff Deepens Ahead of TSMC Earnings 
U.S. Imposes 25% Tariff on Select Brazilian Imports After Section 301 Trade Investigation 
Gold Price Holds Near Record High as Cooling U.S. Inflation Offsets Fed Caution 
Dollar Slides as Softer US Inflation Dims Fed Rate Hike Expectations 
US Stock Futures Hold Steady as Soft Inflation Data Eases Fed Rate Hike Fears 
Oil Prices Climb as Trump Escalates Iran Pressure, Strait of Hormuz Risks Grow 
China Q2 2026 GDP Misses Forecast as Weak Domestic Demand Offsets Export Strength 
Asian Stocks Rise as Softer U.S. Inflation Boosts Sentiment Despite Middle East Tensions 
China Home Prices Fall Again in June Despite Slower Pace of Decline 
Asian Stocks Slide as Nikkei Leads Losses on Tech Selloff and Rising U.S.-Iran Tensions 
Japanese Yen Holds Steady as Intervention Hopes Grow Ahead of U.S. CPI Data 
Gold Prices Head for Biggest Weekly Loss Since June as Fed Rate Outlook Weighs 
Asian Currencies Stay Rangebound as Middle East Tensions, Weak China GDP Weigh on Sentiment 
Japan Core Inflation Seen Rising in June, Strengthening BOJ Rate Hike Outlook 
Port of Los Angeles Posts Record June Cargo Volume as Importers Rush Ahead of U.S. Tariffs 
IEA Warns China Rare Earth Export Curbs Could Threaten $6.5 Trillion in Global Production 
U.S. stocks closed lower Friday, with the S&P 500 and NASDAQ pulling back from record highs, after President Donald Trump unveiled a 35% tariff on Canadian goods starting August 1. The move triggered renewed fears of a global trade war, weighing on investor sentiment.
The S&P 500 fell 0.4%, the Dow Jones Industrial Average dropped 279 points (0.6%), and the NASDAQ Composite declined 0.2% by market close.
Trump said the steep tariff targets both illegal fentanyl imports through Canada and what he called Ottawa’s “unfair” trade practices, including excessive duties on U.S. industries. This latest action follows Trump’s earlier announcements of 25% tariffs on Japan and South Korea and a 50% tariff on Brazil. Brazil has threatened retaliation if the tariffs are enacted. The European Union may also face a similar measure, with Trump hinting at a tariff letter pending.
Wall Street now shifts its focus to the start of Q2 earnings season, with top banks including JPMorgan Chase, Citigroup, Wells Fargo, and Bank of New York Mellon reporting Tuesday. Meanwhile, Levi Strauss shares rose after raising its sales outlook, saying it would absorb short-term tariff impacts. In contrast, PENN Entertainment dropped over 7% on concerns over declining gaming revenue from states like Iowa and Indiana.
Markets are also bracing for next week’s consumer price index (CPI) report, expected to show a 0.3% monthly increase. Federal Reserve minutes released earlier this week showed most officials remain cautious about cutting rates, citing inflation risks tied to Trump’s aggressive trade policy. Rate cuts are unlikely in July, but futures suggest a possible easing in September.
