UK PM Burnham to Unveil Economic Vision at Labour Conference 
Japanese Bank Stocks Surge as Bond Yields Fuel Rate Hike Bets 
Trump, Xi Focus on Trade and AI at White House Summit 
Dollar Holds Near Two-Month High as Yen Approaches 160 
Soybean Futures Slip as Traders Await Trump-Xi Trade Signals 
Oil Prices Fall on U.S.-Iran Hormuz Deal Hopes 
U.S. Treasury Yields Surge as 30-Year Hits 22-Year High 
Germany’s 2026 Growth Outlook Strengthens on Fiscal Spending 
Wall Street Ends Flat as Oil, Treasury Yields and Fed Jitters Rattle Markets 
Australia Unemployment Hits Five-Year High Despite Strong Jobs Growth 
Fed Unveils Stablecoin Rules Under GENIUS Act 
U.S. Dollar Hits Two-Month High as Oil, Treasury Yields Surge 
Gold Holds Near $4,275 as Rising Treasury Yields Fuel Fed Rate Hike Bets 
Asian Currencies Mixed as Dollar Holds Near Two-Month High 
Oil Prices Jump 3% as Houthi Attack Revives Supply Fears 
Japanese Yen Rebounds as Trump Flags Currency Weakness 
China Agrees to Buy 20 Million Tons of U.S. Coal 
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Asian shares and Wall Street futures rallied Thursday after a U.S. court blocked President Donald Trump’s proposed "Liberation Day" tariffs, boosting market sentiment and sending the dollar higher against safe haven currencies. The Court of International Trade in Manhattan ruled that Trump exceeded his constitutional authority by imposing broad tariffs on countries with trade surpluses against the U.S., sparking optimism among investors.
The White House quickly appealed the ruling, with potential escalation to the Supreme Court. Despite uncertainty, markets responded positively. Japan’s Nikkei jumped 1%, while South Korea’s Kospi rose 0.8%. MSCI’s Asia-Pacific index excluding Japan also edged higher as Chinese markets awaited opening.
S&P 500 futures climbed 1.5%, and Nasdaq futures gained 1.8%, supported by strong earnings from Nvidia (NASDAQ:NVDA). The chipmaker surpassed sales expectations and projected strong future revenues, pushing its shares up 4.4% in after-hours trading.
However, tension with China continued to mount. The Financial Times reported the U.S. ordered a halt to semiconductor design software sales to Chinese firms, while the New York Times noted Washington suspended sales of certain critical technologies, including jet engines and advanced chemicals.
The dollar surged, rising 0.8% against the Swiss franc to 0.336 and 0.6% against the yen to 145.76. The euro dipped 0.5% to $1.1230. Treasury yields rose, with the 10-year yield reaching 4.51%, as investors further pushed back expectations for a Federal Reserve rate cut. July odds fell to 22%, with September now at 60%.
Gold slipped 0.9% to $3,259 an ounce. Oil prices extended gains as OPEC+ maintained output levels and the U.S. restricted Chevron (NYSE:CVX) from exporting Venezuelan crude, lifting U.S. crude to $62.31 per barrel.
