
Asian markets were mixed Tuesday as investors weighed Wall Street’s record gains against Trump’s expiring 90-day tariff reprieve next week. Japan’s Nikkei fell 1% from its 11-month high, with Topix down 0.8%. Australia’s S&P/ASX 200 was mainly flat
China’s factory activity unexpectedly grew among export-oriented manufacturers in June. The Caixin/S&P Global manufacturing PMI reached 50.4, higher than 49.0 estimate and up from 48.3 in May. Employment remained weak, with cautious hiring and cost-cutting measures. Consumer-goods manufacturers saw steeper headcount declines, increasing work backlogs.
Overnight, the S&P 500 gained 0.5% to 6,205, Nasdaq rose 0.47% to 20,370, and Dow added 0.6% to reach 44,095
Canada rescinded its digital tax after Trump terminated trade talks with Canada last Friday. U.S. Equity futures dipped slightly Tuesday after the S&P 500 hit another record closing out a strong quarter.
Meta shares hit a record high on Monday, reflecting investor enthusiasm for the company’s new AI superintelligence group. Shares reached $747.90 during midday trading, surpassing Meta’s previous February record
In the Forex market, the USD remains weak as demand for currency falls due to uncertainty about tariffs and retaliatory measures by US trade counterparts. EURUSD rose for the 9th day in a row as it gained 0.6% yesterday. And in early trading today, the pair broke the psychological level of 1.1800.
The British Pound is also on a winning streak against the US dollar as it spiked 2% last week. GBPUSD still shows no signs of weakness.
Bitcoin still shows fluctuations as uncertainty weighs on the cryptocurrency market. Bitcoin is trading around the $105,000 level, failing to break above the psychological level of $110,000
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