US Market Open: NQ underperforms after ASML (-8%) earnings, PPI, earnings and Fed speak ahead

Fed's Waller says they should cut by 25bps at the July meeting and thereafter adjust meeting-by-meeting.European bourses are modestly higher whilst US futures take a breather following recent strength.USD a touch softer but still very much up on the week; Antipodeans benefit from the risk tone.USTs are firmer whilst Bunds underperform given the positive risk tone.Base metals bolstered by the risk tone, precious metals benefit despite this but remain in familiar territory.Looking ahead, US Building Permits/Housing Starts, UoM prelim, G20 Finance Ministers Meeting, Speakers include Fed's Waller. Earnings from 3M, American Express, Charles Schwab.Read the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk

S&P 500 and Nasdaq 100 hit record highs, Russell 2000 outperformed for the second consecutive day.Fed's Waller says they should cut by 25bps at the July meeting and thereafter adjust meeting-by-meeting.APAC stocks predominantly higher, China shrugged off a 93.5% tariff on graphite; European futures point to a firmer open.DXY rangebound, EUR/USD reclaimed the 1.16 handle, Antipodeans outperformed after Thursday's AUD pressure.Fixed benchmarks marginally higher, JGBs in-fitting into the weekend's Upper House election.Crude holds onto Thursday's upside, XAU rangebound, base metals post mild gains.Looking ahead, highlights include German Producer Prices, US Building Permits/Housing Starts, UoM prelim, G20 Finance Ministers Meeting, Speakers including ECB's Nagel & German Finance Minister Klingbeil, Earnings from 3M, American Express, Charles Schwab, Atlas Copco, Hexpol, Boliden, Skanska, Telia & Danske Bank.Click for the Newsquawk Week Ahead.Read the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk

US President Trump said they are very close to an India deal, could possibly make one with Europe & it is too soon to say re. Canada.European bourses broadly in the green, whilst US equity futures are mixed; TSMC +4% in pre-market trade after Q2 results.USD attempts to recover from Wednesday’s Powell/Trump drama; AUD underperforms post jobs data.Fixed benchmarks weighed on by the TSMC-driven risk tone, Gilts underperform after the UK’s job data which continued to show a weakening labour market but unlikely to change the BoE’s trajectory.Crude briefly boosted on reports of a drone attack on Iraq's Kurdistan oil fields; XAU modestly lower.Looking ahead, US Trade, Jobless Claims, Retail Sales & Atlanta Fed GDPNow, G20 Finance Ministers Meeting, Speakers including Fed's Kugler, Daly, Cook & Waller. Earnings from PepsiCo, GE, Abbott Laboratories, Netflix.Read the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk

US President Trump said they are very close to an India deal, could possibly make one with Europe & it is too soon to say re. Canada.US stocks finished higher but with volatile trade amid reports that Trump had drafted a letter to fire Powell; later, Trump denied this.DXY has regained some composure after getting hit on Fed independence concerns, G10s softer with AUD lagging after soft jobs data.USTs ease after Wednesday's upside, JGBs initially followed suit but picked up after the latest JGB liquidity auction.Crude remains afloat, XAU rangebound, base peers lack conviction in contained trade.Highlights include Australian Employment, UK Jobs, EZ HICP (Final), US Trade, Jobless Claims, Retail Sales & Atlanta Fed GDPNow, G20 Finance Ministers Meeting, Speakers including Fed's Kugler, Daly, Cook & Waller, Supply from Spain, France & UK, Earnings from Novartis, Publicis, Volvo, PepsiCo, GE, Abbott Laboratories, Netflix & TSMC.Click for the Newsquawk Week Ahead.Read the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk

US President Trump says he is working on five to six trade deals and there will probably be two to three deals by August 1st. Also notes that pharma tariffs will probably begin at month-end and initial tariffs on pharmaceuticals will be lowEuropean bourses are mixed having clambered off early morning lows, Autos/Tech lags following results from Renault and ASML.US equity futures trade on either side of the unchanged mark, NQ lags as it digests ASML’s results where it walked back on its 2026 growth outlook amid tariff uncertainty.DXY essentially flat awaiting US PPI, GBP digests hot inflation metrics.EGBs slightly heavy into the MMF, Gilts lag on CPI, USTs flat before PPI.Looking ahead, US PPI, Industrial Production & Capacity Utilisation, Speakers including Fed’s Barkin, Barr, Cook, Hammack, Logan, Kugler & Williams. Earnings from J&J, PNC, BAC, Goldman Sachs, Morgan Stanley.Read the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk

APAC stocks were mostly subdued following the lacklustre handover from Wall St.US President Trump says he is working on five to six trade deals and there will probably be two to three deals by August 1st.European equity futures indicate a marginally softer cash market open with Euro Stoxx 50 futures down 0.2% after the cash market closed with losses of 0.3% on Tuesday.DXY is fractionally softer after gaining again yesterday,  EUR/USD has returned to a 1.16 handle, Cable sits sub-1.34 pre-CPI.France's Marine Le Pen warned that if French PM Bayrou does not revise his public spending plan they "will seek to topple him".Looking ahead, highlights include UK CPI, US PPI, Industrial Production & Capacity Utilisation, Fed’s Barkin, Barr, Cook, Hammack, Logan, Kugler & Williams, Supply from Germany, Earnings from J&J, PNC, BAC, Goldman Sachs, Morgan Stanley, ASML & Sandvik.Read the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk

EU draws up retaliatory tariffs for US goods in case a trade deal is not reached, including aircraft and booze, according to WSJ.European bourses are modestly firmer, US futures also gain with clear outperformance in the NQ boosted by NVIDIA.NVIDIA (+5% pre-market) to resume H20 sales to China and announces new, fully compliant GPU for China.USD a little lower into US CPI, Antipodeans top the G10 pile given the risk sentiment.USTs flat into CPI & Bowman, Bunds lead, OATs await Bayrou & Gilts await Bailey/Reeves.Crude lower but off worst levels on reports that Trump asked if Ukraine are able to hit Moscow with US weapons.Looking ahead, US & Canadian CPI, OPEC MOMR, Bundesbank Monthly Report, Speakers including Fed's Bowman, Barr, Barkin & Collins, BoE's Bailey & UK Chancellor Reeves. Earnings from JPMorgan, Blackrock, Wells Fargo, Citi.Read the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk

APAC stocks were ultimately mixed with the region indecisive in the aftermath of the latest Chinese GDP and activity data.European equity futures indicate a marginally higher cash market open with Euro Stoxx 50 future up 0.3% after the cash market closed with losses of 0.2% on Monday.DXY has given back some of yesterday's gains, EUR/USD remains on a 1.16 handle, other majors are contained.EU draws up retaliatory tariffs for US goods in case a trade deal is not reached, including aircraft and booze, according to WSJ.Crude futures remained subdued after US President Trump announced 100% tariffs on Russia and secondary sanctions on other countries that buy oil from Russia if a Ukraine deal is not struck within 50 days.The ECB is to discuss a more negative scenario next week than previously envisaged in June after Trump's latest tariff threat, according to Reuters.Looking ahead, highlights include EZ Industrial Production, German ZEW, US & Canadian CPI, OPEC MOMR, Bundesbank Monthly Report, Fed's Bowman, Barr, Barkin & Collins, BoE's Bailey & UK Chancellor Reeves, Supply from Germany, Earnings from JPMorgan, Blackrock, Wells Fargo, Citi and Ericsson.Read the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk

US President Trump sent trade letters to the EU and Mexico announcing 30% tariffs from August 1st (separate from sectoral tariffs).The EU is planning to "step up engagement" with other nations impacted by US President Trump's tariffs, according to Bloomberg sources.European bourses hampered by US-EU trade developments, US futures also in the red but off worst levels.FX & Fixed markets contained as traders continue to look through Trump tariff threats.Crude modestly boosted by Iran comments, XAU helped by tariff updates.Looking ahead, US President Trump's Comments on Russia, ECB’s Cipollone.Read the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk

US President Trump sent trade letters to the EU and Mexico announcing 30% tariffs from August 1st (separate from sectoral tariffs).The EU is planning to "step up engagement" with other nations impacted by US President Trump's tariffs, according to Bloomberg sources.APAC stocks were mostly positive but with some cautiousness seen following US President Trump's tariff letters, while the region also reflected on mixed Chinese trade data.European equity futures indicate a lower cash market open with Euro Stoxx 50 future down 0.6% after the cash market closed with losses of 1.0% on Friday.DXY is marginally firmer, EUR/USD is only slightly softer despite Trump's tariff announcement, other majors are contained.Looking ahead, highlights include US President Trump's Comments on Russia, ECB’s Cipollone, supply from the EU.Read the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk