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Last updated: July 1, 2026, 11:30 AM ET

Global Markets & Macroeconomics

Global equities faced pressure as traders absorbed commentary from Federal Reserve Chairman Kevin Warsh and assessed fresh economic data. U.S. stock futures pointed lower in early European trade, signaling a potentially red start to the second half of the year. Investors are weighing expectations of further interest rate hikes against signs of economic resilience. The U.S. manufacturing sector continued expand in June, although the ISM purchasing managers' index eased slightly to 53.3. This expansion occurred despite a war-driven surge in input costs, which has now begun to abate, with the gauge for those costs dropping. Meanwhile, emerging market currencies erased earlier gains for the year, as speculation over higher U.S. interest rates spurred a resurgence in the dollar.

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