📅 Wednesday, June 25
► European markets edge lower after recent rally on tariffs concerns
European stocks traded mostly lower as investors digested recent gains and braced for more insight from the Fed. The Stoxx 600 slipped -0.35%, led by losses in the IBEX (-1.3%), CAC 40 (-0.45%), and DAX (-0.45%). FTSE MIB declined -0.21% and the UK's FTSE 100 -0.11%. Bond markets were calm, with German & UK yields little changed. EUR/USD eased to 1.160 and the GBP/USD fell back to key-level 1.36000. The focus shifted back to Powell’s Senate testimony and broader concerns around tariffs and global growth momentum.
► US futures hold at highs as Powell reassures & investors brace for upcoming earnings
US futures are slightly higher after the S&P 500 and Nasdaq 100 both rallied more than 1% on Tuesday. S*\&P 500 futures ticked up +0.1%, Nasdaq 100 +0.4%, while Dow futures trades flat. Powell’s testimony on Tuesday boosted rate cut hopes even as he struck a cautious tone on inflation and policy. The 10Y yield held at 4.33%. FedEx (-5.9% pre-market) weighed on sentiment after offering no full-year profit outlook. Investors are watching new home sales data and earnings from chip company Micron. The fragile Israel-Iran ceasefire also remains on traders' radar.
► Asia rallies again as tech optimism persists & ceasefire holds
Asian equities rose for a second day as geopolitical calm and strong tech sentiment buoyed risk appetite. Taiwan led with +1.09%, followed by Shenzhen (+1.72%), Hang Seng (+1.23%), and Shanghai (+1.04%). Japan’s Nikkei added +0.39%, Korea’s Kospi gained +0.15%, and India’s Nifty jumped +0.8%. Australia and Singapore posted modest gains. The outlook was supported by tech deal activity and renewed expectations of US rate cuts. Currency markets were stable, though USD/JPY rose to 145.8 (+0.65%). Markets remain cautious but resilient.
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