White House Seeks $87.6 Billion Emergency Funding for Iran War, Farmers, and Ebola Response 
S&P Affirms Brazil’s BB Credit Rating with Stable Outlook Amid Fiscal Challenges 
Asian Currencies Trade Mixed as Yen Hovers Near 40-Year Low, Dollar Holds Firm on Fed Outlook 
Gold Drops Below $4,000 as Strong US Dollar and Fed Rate Hike Expectations Pressure Bullion 
Iran Attack in Strait of Hormuz Pushes Oil Prices Higher 
Gold Price Ends Lower for Fourth Week Despite Rebound as Fed Rate Hike Bets Strengthen 
Australian Household Spending Rebounds Strongly in May as Travel and Dining Drive Consumer Growth 
Asian Stocks Sink as Apple Price Hikes Spark AI Valuation Fears, South Korea and Japan Lead Selloff 
US Dollar Slips After PCE Inflation Data as Fed Rate Hike Expectations Stay Elevated 
World Bank Approves $1.1 Billion Emergency Funding for Bangladesh Amid Food and Energy Price Pressures 
Bank Regulation Rollbacks in the U.S. and UK Could Increase Financial Risks, Study Warns 
Asian Markets Rally as Micron and Qualcomm AI Outlook Lifts Global Tech Stocks 
Morgan Stanley Sees Chinese Auto Market Recovery Gaining Momentum in Late Summer 
Wall Street Ends Mixed as Micron Surges, Apple Drops After Price Hikes 
SpaceX Eyes Starlink Mobile Phone Service to Challenge Verizon, AT&T, and T-Mobile 
US Dollar Slips After PCE Inflation Data Eases Fed Rate Hike Expectations 
Global stock markets slipped on Wednesday while gold retreated sharply from its recent rally, as investors reassessed stretched valuations and booked profits. The pullback followed growing geopolitical uncertainty after the planned summit between U.S. President Donald Trump and Russian President Vladimir Putin was postponed, while doubts lingered over a potential meeting between Trump and Chinese President Xi Jinping. Despite recent conciliatory tones from Washington and Beijing, Trump added to the ambiguity, saying the meeting “maybe won’t happen.”
Gold prices tumbled more than 5% on Tuesday, marking one of the sharpest declines this year, before sliding another 0.6% to $4,098.89 per ounce. The metal had surged over 50% year-to-date, driven by safe-haven demand amid global uncertainty and expectations of U.S. rate cuts. Analysts, including Tony Sycamore from IG, attributed the sell-off to excessive speculative positioning and “FOMO-driven” buying, noting parallels with stretched valuations in tech-heavy markets such as the Nasdaq.
The MSCI Asia-Pacific ex-Japan index dipped 0.24%, while Nasdaq futures fell 0.2% and S&P 500 futures eased 0.07%. Netflix shares plunged nearly 6% after missing quarterly earnings, while General Motors jumped 15% following an upbeat profit outlook. In Europe, futures also weakened, with the EUROSTOXX 50, FTSE, and DAX down between 0.15% and 0.5%.
Japan’s Nikkei dropped 0.9% after two days of gains fueled by optimism over fiscal stimulus under new Prime Minister Sanae Takaichi. Analysts see “Sanaenomics” as supportive for equities through pro-growth and reform-focused policies. Meanwhile, China’s CSI300 fell 0.2% and Hong Kong’s Hang Seng slipped 0.42%.
In currency markets, the yen weakened 0.8% following Takaichi’s win, while the dollar held firm. The Bank of Japan is expected to keep rates unchanged next week, and the U.S. Federal Reserve is widely anticipated to cut rates by 25 basis points. Oil prices edged higher, with Brent at $61.51 and WTI at $57.46 per barrel, as markets awaited further central bank cues amid a prolonged U.S. government shutdown.
