Market Performance:
- MSCI’s global equity index dipped 0.2%, retreating from its all-time high.
- Japan’s Topix index fell 0.9% after hitting a record high the previous day.
- Europe’s STOXX 600 index dropped 0.5% in early trade.
Major Risk Events Ahead:
- Trump’s tariff deadline with Europe and China is set for August 1.
- Upcoming central bank meetings including the Fed and Bank of Japan.
- Key U.S. jobs data (payrolls report) and tech earnings (Apple, Amazon, Meta, Microsoft) due next week.
Expert Views:
- UBS economist warns: Higher U.S. inflation may weaken demand and investment.
- Russell Investments strategists expect a buying opportunity in U.S. Treasuries as tariffs kick in.
U.S. Market Snapshot:
- U.S. 10-year Treasury yield steady at 4.41%.
- 2-year yield flat at 3.923%.
- S&P 500 and Nasdaq futures flat after Alphabet’s strong earnings pushed Nasdaq to record highs Thursday.
Japan & Eurozone:
- Bank of Japan policy update and PM Ishiba’s LDP meeting scheduled for next Thursday.
- Japanese bond yields steady near 1.6% — a level not seen since 2008.
- ECB held rates steady, assessing tariff impacts.
- German 10-year bond yields rose 5 bps to 2.74%, highest since March.
Currency & Commodities:
- Euro steady at $1.1745.
- Gold down 0.3% to $3,356/oz.
Brent crude oil up 0.7% to $69.65/barrel.