Public Markets 3 Hours

Last updated: June 30, 2026, 5:30 AM ET

Public Markets Briefing

Global Equities & FX

U.S. equity futures edged higher in early European trade, while Japan's yen plummeted to a 40-year low against the dollar, fueling expectations of official intervention. The slide in the yen, which has reached its weakest point in four decades, has traders watching closely for any "red line" intervention from Tokyo yen's slide puts. Japan, meanwhile, is nearing its longest postwar economic growth streak, even as household finances remain strained, and the central bank continues its efforts to normalize interest rates amid higher oil prices stemming from the Iran war Japan nears longest. Indian stocks are outperforming emerging market peers, with the rupee also recovering as oil prices fall, signaling a rebound after months of weakness Indian stocks beat.

Trade & Tariffs

The European Union is set to implement new measures limiting tariff-free steel imports, with a 50% duty to be applied above established quotas. These changes, which include reducing tariff-free quotas for key trade partners by 33%, aim to shield the bloc's steel industry from overcapacity, predominantly from Chinese imports EU to limit and EU cuts tariff-free.

Commodities & Energy

Singaporean households are bracing for record power bills next quarter, a consequence of the Iran war's impact on energy prices and a reflection of the broader inflationary fallout from regional tensions Singapore households face. China, however, has begun to ease some restrictions on oil product exports after previously tightening them to ensure domestic supply following the Middle East conflict China seen lifting. Shell Plc expects global liquefied natural gas flows to remain flat in 2026 due to ongoing disruptions in the Strait of Hormuz, though the company anticipates a return to supply growth in 2027 Shell sees LNG. Continued disruption in the Strait could lead to a rare annual supply contraction, but Shell anticipates growth resuming in 2027 Shell warns global. French inflation eased to its lowest level since the Iran war began, as falling energy costs provide some relief to the European Central Bank French inflation eases. India is planning to build substantial strategic reserves of crude, LPG, and LNG to cover up to a month of domestic demand, aiming to mitigate future shocks from conflicts like the one in the Middle East India plans to.

Emerging Markets & Debt

Ethiopia's creditors have criticized the International Monetary Fund's management of the nation's debt restructuring, labeling the past two years of discussions as poorly handled Ethiopia bondholders criticise. Kenya's inflation rate moderated in June due to easing food and transport costs Kenya's inflation slows. The World Bank has approved a $750 million loan to Kenya, supporting reforms focused on governance and public finance management World Bank approves. Meanwhile, trading in the South African rand surged in the first quarter, with average daily turnover increasing by as much as 20% due to volatility spurred by the Iran war, according to the South African Reserve Bank rand trading surges.

Corporate & Financial News

The insider trading trial of Segantii Capital Management is nearing its conclusion, with defense testimony wrapping up after more than a month of proceedings focusing on a series of small trades Segantii trial enters. Emirates NBD PJSC is reportedly in talks to acquire HSBC's Turkish operations Emirates NBD said. Barclays has purchased a 999-year lease on its London headquarters for £750 million, marking one of Europe's largest office property deals in recent years Barclays buys Canary. Swiss healthcare property firm Infracore is targeting a $1 billion valuation in its upcoming IPO, planning to offer up to 5.6 million shares, with 3.7 million being newly issued Swiss hospital landlord. India's equity capital markets are poised for another record year, with a strong pipeline of IPOs expected despite a slow start, according to Kotak Investment Banking India may defy.

Central Banks & Monetary Policy

The European Central Bank's Governing Council member Pierre Wunsch stated that the case for a second interest rate hike is less compelling now than previously ECB's Wunsch says. Fellow Governing Council member Olaf Sleijpen noted that the full impact of inflation shocks from the Iran war remains uncertain, and policymakers will react to incoming data ECB's Sleijpen says. Philip Lane, the ECB's Chief Economist, indicated that the secondary effects of higher energy prices will manifest gradually, and the bank will not commit to a rigid interest rate path ECB's Lane sees. The Swiss National Bank sold francs and intervened to curb its surge at the outset of the Iran conflict SNB intervened. Meiji Yasuda Life Insurance plans to double its purchase of super-long Japanese government bonds to over ¥2 trillion ($12 in the fiscal year ending March 2027 Meiji Yasuda doubles.

Other Developments

Taiwanese authorities have intensified their investigation into the alleged smuggling of advanced AI servers manufactured by Super Micro Computer, targeting the unauthorized diversion of these high-value components Taiwan steps up. Moscow reported being attacked by over 60 drones, though no injuries were specified Moscow attacked.