Market news
Crypto, stocks, forex and macro, aggregated for traders.
Euro Area Composite PMI Holds at 49.5 in June, Signaling Contraction
Euro area business activity remained in contraction in June with the composite PMI at 49.5, according to Nomura strategists, pointing to weak growth and persistent price pressures.
Virell Trade Launches Stabliq Wallet for Stablecoin Transactions on Ethereum and TRON
Virell Trade introduces Stabliq Wallet, a non-custodial wallet enabling stablecoin transactions without holding native tokens for gas fees on Ethereum and TRON.
GBP Softens on Disappointing PMI, CBI Data – Scotiabank
The British Pound weakened against the US Dollar after weaker-than-expected PMI and CBI survey data, with fiscal concerns also limiting any rebound, according to Scotiabank strategists.
Commerzbank Sees Limited Downside for Oil as Iran Sanctions Ease
Commerzbank analyst Carsten Fritsch says Brent crude has dropped below $80, briefly touching $76.5, after the US allowed Iran to export oil until at least August, but sees limited further downside.
TD Securities: Copper Sees CTA Selling as Demand Risks Outweigh Supply Worries
TD Securities notes that copper is experiencing large CTA selling as the market shifts focus from Strait of Hormuz supply risks to macro and demand-side concerns.
Micron Earnings and South Korea Tax News Drive Stock Market Volatility
Micron Technology's upcoming earnings report is fueling market swings similar to Nvidia's 2023-2024 earnings days, while South Korea's proposed tax on unrealized stock gains and record leverage amplify volatility. The broader AI narrative remains intact.
BoE's Taylor: Weak Economy Supports Holding Rates
Bank of England policymaker Alan Taylor said the UK enters the current shock with a very weak economy and argued that keeping interest rates on hold for an extended period remains the most appropriate policy response.
BoC Governor Warns Growing Global Imbalances Risk Financial Stability
Bank of Canada Governor Tiff Macklem stated that rising global imbalances could increase financial stability risks.
RY Elliott Wave Forecast Targets $226.96–$270.20 for Wave (3) Advance
Royal Bank of Canada (RY) shares are projected to advance in Wave (3) with a price target range of $226.96 to $270.20, according to an Elliott Wave analysis.
Ex-BIS head Carstens sees stablecoins coexisting with fiat, urges regulatory coordination
Former BIS chief Agustín Carstens says stablecoins could drive financial innovation and inclusion, but require better global regulatory coordination.
US S&P Global Composite PMI Rises to 52.2 in June
The flash estimate of the US S&P Global Composite PMI improved to 52.2 in June from 51.5 in May, indicating expansion in the private sector.
Canadian Dollar Softens as USD Rally Persists – Scotiabank
Scotiabank strategists note the Canadian Dollar remains soft despite a modest gain against the US Dollar, supported by firmer May CPI and stable US-Canada spreads.
Oil Prices Drop as US Grants 60-Day Waiver on Iranian Exports
Oil prices fell sharply after the US granted a 60-day waiver allowing Iranian exports, compounding pressure from rising flows through the Strait of Hormuz, according to ING analysts.
Wall Street Opens Lower: S&P Drops 1.6%, Nasdaq Falls 2.38%
U.S. stock indices opened sharply lower. The S&P 500 fell 1.61% to 7,352.61, the Nasdaq Composite dropped 2.38% to 25,542.70, and the Dow Jones Industrial Average declined 0.69% to 51,354.54.
Silver Slides Over 4% as Dollar Hits One-Year Highs on Fed Hawkish Stance
Silver (XAG/USD) dropped more than 4% on Tuesday as the US Dollar surged to near one-year highs, fueled by a hawkish Federal Reserve policy meeting that reinforced expectations of higher-for-longer interest rates.
Eurozone PMIs Show Two-Speed Recovery in June: TD Securities
TD Securities notes June Eurozone PMIs highlight a divergence between stabilizing German manufacturing and continued weakness in France.
NBC Analysts: Warsh Fed Increasing Policy Ambiguity
National Bank of Canada economists argue that a potential Kevin Warsh-led Federal Reserve is deliberately adding uncertainty by removing forward guidance, keeping markets guessing.
Kalshi restricts access for Indian users after regulatory pressure
Prediction market platform Kalshi has added India to a list of 55 jurisdictions where users are barred from the service, following a crackdown by Indian authorities on unlicensed betting and prediction platforms.
NASDAQ 100 Futures Plunge as Memory Chip Stocks Rout
NASDAQ 100 futures dropped nearly 3% in premarket trading Tuesday as memory chip stocks Micron and Sandisk sharply declined.
Eurozone PMI Weakness Challenges ECB Tightening Case
BNY analyst Geoff Yu notes that Eurozone PMIs remain weak despite a slightly better composite reading, with Germany and France underperforming.
Commerzbank: Heatwaves and Outages Support Natural Gas Prices
Commerzbank analysts note that intensifying heatwaves in Europe and Asia are expected to boost electricity demand and gas-fired power generation, putting additional pressure on European storage levels.
US Dollar Index Breakout Risks Build on Hawkish Fed – OCBC
OCBC's Sim Moh Siong notes the US Dollar is supported by higher Treasury yields and a more hawkish Federal Reserve path, with leaner communication likely to boost FX volatility.
Nasdaq 100 Futures Drop 3% on Global Tech Selloff; S. Korea Down 10%
Nasdaq 100 futures fell 3% as tech stocks globally tumbled. South Korea's stock market dropped 10% amid the selloff.
Stocks Slide, Tech Hit, Dollar Rises as Yen Draws Caution
US equity futures point lower as tech unwinding weighs, while the dollar strengthens and traders grow cautious on the yen. South Korea's Kospi fell 10% today but remains up nearly 95% for the year.