Canada Announces Dollar-for-Dollar Retaliation Against 50% U.S. Tariffs 
Oil Prices Edge Higher as US-Iran Sanctions Fuel Supply Concerns 
UK Economy Shows Strength as Burnham Gets Early Boost 
US-Canada Tariff War Escalates With 50% Auto Duties 
ING Says Yen Is 20% Undervalued Against Dollar 
Gold Prices Hit Three-Month High as Dollar Weakens 
Norway Backs Barents Sea Oil and Gas Expansion 
RBA Debated Rate Hike as Inflation Risks Persist 
Gold Hits Three-Month High as Treasury Moves Fuel Rally 
US Debt Tops $40 Trillion as Global Borrowing Costs Surge 
Merz Pushes Faster Reforms to Revive German Economy 
Asian Stocks Slip Ahead of Nvidia Earnings and US Inflation Data 
Indian Sugar Stocks Surge on Tight Supply, Festive Demand 
Asian Stocks Slide as Samsung, Alibaba Lead Tech Selloff 
Peru Economy Grows 2.6% in Q2 as Private Investment Surges 
Dollar Near Multi-Month Lows as Treasury Buybacks Rattle Markets 
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Asian markets surged Thursday as positive earnings and easing trade tensions boosted risk sentiment. Japan’s Topix index reached a record high, tracking Wall Street’s gains after Alphabet (NASDAQ: GOOGL) beat earnings estimates, sparking optimism for the “Magnificent Seven” tech results driving U.S. markets.
The rally followed a U.S.-Japan trade pact that fueled speculation of more agreements to mitigate tariffs. The United States recently secured trade deals with the Philippines and Indonesia, while a U.S.-EU agreement imposing 15% tariffs on select European imports and exempting others is reportedly nearing completion. Additionally, U.S. and Chinese officials are set to meet in Stockholm next week to discuss trade.
Second-quarter earnings season in the U.S. is underway, with 23% of S&P 500 companies reporting so far; 85% have exceeded Wall Street forecasts, according to LSEG data. Alphabet highlighted soaring demand for its cloud services and announced increased capital spending, while Tesla (NASDAQ: TSLA) reported its steepest sales decline in over a decade, missing profit expectations.
MSCI’s Asia-Pacific index outside Japan rose 0.3%, while Japan’s Topix advanced 1.4%. The Australian dollar, viewed as a risk proxy, climbed to $0.66, its highest level since November 2024. The U.S. dollar slipped 0.1% to 146.38 yen.
Commodities also gained: U.S. crude rose 0.4% to $65.5 per barrel, and spot gold edged up 0.1% to $3,390.84 an ounce. European futures mirrored the bullish sentiment, with Euro Stoxx 50 and German DAX futures up 1.3%, while U.S. S&P 500 and Nasdaq futures added 0.13% and 0.4%, respectively, signaling continued global market momentum.
