Public Markets 8 Hours

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

Currency & FX Markets

The Japanese yen slid to a 40-year low against the dollar, trading past ¥162, raising expectations of government intervention as U.S. equity futures edged higher in early European trade. Finance Minister Satsuki Katayama renewed a pledge to curb excessive yen volatility, though the currency's weakness, driven by the Federal Reserve’s hawkish stance, continues to pressure Japanese households through higher import costs. The dollar’s strength against the yen could extend if it holds above the 21-day exponential moving average of 161.00 yen, according to UOB. Separately, South Africa’s rand experienced a sharp trading surge in the first quarter, with average daily turnover increasing by as much as 20% due to volatility from the Iran war. Meanwhile, the Swiss National Bank sold francs in the first quarter to counteract the currency's surge following attacks on Iran.

Global Equities

India's equity capital markets are on pace for another record year, with Kotak Investment Banking anticipating a surge in listings despite a slow start to 2024. Indian stocks are outperforming emerging market peers, with the rupee also rebounding as oil prices slide, and foreign investors pouring $5.2 billion into index-eligible bonds this month. Chinese brokerage stocks are poised for their best month since October, fueled by increased trading activity and IPO issuances. In the UK, equities are expected to rise on the final day of the quarter, though Sainsbury's sales growth has slowed due to consumer caution, a trend also seen at rival Tesco. South African stocks, once market outperformers, are now lagging due to precious-metals miners, dragging the benchmark index toward its worst quarterly slump in over two years.

Commodities & Energy

Aluminum is set for its steepest monthly loss since 2008, as expectations of returning Middle Eastern supply ease concerns that had driven a rally post-Iran war. China has begun lifting some restrictions on oil-product exports, having previously implemented measures to secure domestic supplies after the Middle East conflict began. Traffic through the Strait of Hormuz has increased following Iran's recent attacks on vessels, with more operators now sending crude tankers into the Persian Gulf. Shell Plc anticipates global liquefied natural gas (LNG) flows to stagnate this year due to Middle East disruptions, though it expects supply growth to resume in 2027. Thailand is considering investments in U.S. LNG export projects to secure its energy supply.

Trade & Tariffs

The European Union will limit tariff-free steel imports from member states starting Wednesday, introducing a 50% duty above quotas to protect the bloc's steel industry from overcapacity. The EU will allocate half of its steel quotas to countries with free-trade agreements under new measures aimed at shielding local industries, primarily from Chinese imports.

Corporate & Investment Deals

Emirates NBD PJSC is reportedly in discussions to acquire HSBC Holdings Plc’s Turkish operations. UK bank Barclays has purchased the 999-year lease on its London headquarters for £750 million, marking one of Europe's largest office deals in recent years. CVC Capital Partners is set to acquire the ingredients business Irca Advent. Adani Ports and Special Economic Zone Ltd. secured a $1.4 billion investment from Mediterranean Shipping Co. (MSC) for a 49% stake in its Kerala-based transshipment hub, representing the largest private foreign investment in Indian port infrastructure. Softbank-backed Oravel Stays Ltd., the parent company of travel platform OYO, has updated its filing for a $703 million IPO in India. Swiss healthcare-property specialist Infracore is targeting a $1 billion valuation in its IPO, offering up to 5.6 million shares.

Economic Policy & Debt

Ethiopia’s creditors have criticized the International Monetary Fund's handling of the nation's debt restructuring, calling the past two years of discussions "poorly" managed. The World Bank has approved a $750 million loan to Kenya to support reforms focused on good governance and public finance management. Kenya's inflation rate eased in June, the first decrease since February, aided by moderating food and transport costs. French inflation slowed to its lowest point since the Iran war began, as falling energy costs eased pressure on the European Central Bank to continue raising interest rates. The Philippines will implement a record 12% wage increase for workers in Manila starting this month, driven by inflation.

Central Banks & Interest Rates

The case for the European Central Bank to enact a second interest rate hike is less compelling now, according to Governing Council member Pierre Wunsch. ECB Chief Economist Philip Lane noted that the lagged effects of higher energy prices will take time to materialize, and policymakers are not committing to a specific interest rate path. Meiji Yasuda Life Insurance Co. plans to double its purchase of super-long Japanese government bonds to over ¥2 trillion ($12 in the fiscal year ending March 2027. Japan's two-year government bond auction saw stronger demand than the 12-month average, reflecting concerns about the Bank of Japan’s policy direction.

Technology & AI

Taiwanese authorities have intensified an investigation into the unauthorized diversion of advanced artificial-intelligence servers manufactured by Super Micro Computer. Heavy corporate AI spenders are increasing staff at a faster rate than their peers, challenging concerns that generative AI will lead to widespread job losses. A study of 22,000 U.S. companies indicates that AI is accelerating production in the games sector, though large developers continue to dominate. Artificial intelligence is also enabling the expansion of automation into traditional industries in China.

Legal & Regulatory

The insider trading trial of Segantii Capital Management is nearing its conclusion, with the defense completing its testimony after over a month of proceedings focusing on a small series of trades. Two individuals aged 21 and, on secondment to Australia's largest lender, have been charged with accessing Australian Prime Minister Anthony Albanese's bank details while working for EY. Lenders, including Volkswagen Financial Services and Crédit Agricole, are challenging the FCA's car finance redress scheme in court, arguing it violates their human rights and has halted customer payouts. A federal judge has ordered the Trump administration to cease efforts to block funding for the $16 billion Hudson Tunnel rail project, deeming the administration's actions "flagrantly" illegal.

Other Markets

Japan is nearing its longest period of economic growth since World War II, navigating higher oil prices and the central bank's efforts to normalize interest rates. Singaporean households are facing record power bills next quarter due to the impact of the U.S.-Iran war, highlighting inflationary consequences from the conflict. Pakistan has purchased an emergency LNG shipment for prompt delivery amid ongoing disruptions to Qatari exports caused by tensions in the Strait of Hormuz.