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Market Minutes
Read snapshots of the latest market news
Renewed geopolitical tensions put US–Iran ceasefire at risk; Oil moves higher
Renewed friction between the United States and Iran has driven Brent and WTI crude prices sharply higher. Despite an unexpected build in US commercial inventories reported by the EIA, global energy markets remain heavily focused on supply vulnerabilities within the Strait of Hormuz.
US markets weaken amid concerns over AI valuations and geopolitical risks
US equity markets retreated as mounting fears of artificial intelligence (AI) overvaluation and escalating Middle East tensions unsettled investors. These developments subsequently triggered a rally in crude oil prices and pushed government bond yields higher, amidst shifting market expectations regarding the Federal Reserve’s interest rate trajectory.
Broadcom strengthens collaboration with Apple; US services PMI continues to expand
Broadcom shares rose after the company expanded its Apple supply agreement through 2031, strengthening revenue visibility and reinforcing its custom-chip franchise. Meanwhile, the US services PMI remained in expansionary territory for a 24th consecutive month, with employment rebounding and supporting broader equity gains across major benchmarks.
US nonfarm payrolls slow, while unemployment falls
US payroll growth slowed sharply in June, signalling weaker hiring despite a lower unemployment rate. Markets pared near-term Fed hike expectations, weighing on the dollar while yields stayed firm. US equities diverged as tech sold off, while Eurozone unemployment remained steady and the euro strengthened.
US ADP employment and ISM manufacturing PMI decline; Japan confidence improves
US equities declined after weaker ADP hiring and a softer ISM manufacturing PMI signalled easing economic momentum, despite manufacturing remaining in expansionary territory. Japan’s consumer confidence improved slightly but missed forecasts, reflecting better expectations for livelihoods and employment.
Chinese manufacturing PMI improves; US JOLTS job openings strengthen
Chinese manufacturing PMI rose above expectations in June, signalling expansion supported by AI-related external demand, stronger orders, and improved supply conditions, despite softer employment and weak domestic demand. US JOLTS job openings unexpectedly increased, reinforcing labour-market resilience.
Oil rises on persistent geopolitical risks; Yen hits four-decade low
Oil prices rebounded as persistent US–Iran tensions kept supply risks elevated, despite talks over a possible interim agreement in Doha focused on the Strait of Hormuz. Meanwhile, the yen hit a forty-year low near ¥161.90, as Fed–BoJ policy divergence, higher energy costs, and dollar demand continued to pressure Japan’s currency.
Oil falls on oversupply after Hormuz reopening; Michigan sentiment improves
Oil prices fell as the Strait of Hormuz reopened, with Brent and WTI posting sharp weekly losses. Meanwhile, Michigan consumer sentiment improved as conflict-related fears eased, although inflation expectations remained elevated. The Nikkei declined amid concerns over AI valuations and yen weakness.
PCE inflation accelerates, rising Fed Pressure; GDP revised upward; Micron on record
US PCE inflation rose to 4.1% in May, strengthening expectations of further Federal Reserve tightening, while core prices also firmed. Revised first-quarter GDP showed resilient economic growth, supported by spending and AI-related investment. Meanwhile, Micron surged to a record high after beating revenue, earnings, and guidance forecasts.
Oil falls on geopolitical uncertainty and EIA inventory draw; Micron beats forecasts
Oil prices fell sharply as the US–Iran ceasefire and the reopening of the Strait of Hormuz eased supply fears, despite a larger-than-expected US inventory draw and unresolved geopolitical tensions. Meanwhile, Micron exceeded revenue and EPS forecasts, lifting its shares in after-hours trading.