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Iran said it has suspended the implementation of the MoU, suggesting that the US had “violated” commitments within the framework; Brent +2.4%.US and Iran continued to exchange strikes; Iran killed two US service members in Jordan and one in Iraq. The US continued to target Iranian military capabilities. US is said to be planning for a wider war, according to a US official, cited by the Washington Post. APAC stocks were mixed; tech underperformance weighed on the KOSPI. European equity futures are indicative of a flat open. DXY traded steady; Antipodeans led the gains, whilst the CHF and JPY were flat. Looking ahead, highlights include Canadian Inflation (Jun), New Zealand Inflation (Q2).Read the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk

VOV1 - Bên cạnh những nghịch lý như thiếu hụt sức lao động nhưng thất nghiệp gia tăng, lương tăng nhưng thu nhập thực chất giảm, người dân Nhật Bản lại đối mặt với một nghịch lý mới, ảnh hưởng trực tiếp hơn tới mức sống.Theo kết quả cuộc điều tra “Cơ sở đời sống người dân” do Bộ Y tế và Lao động Nhật Bản vừa công bố, mặc dù thu nhập của các hộ gia đình nước này gia tăng đáng kể, nhưng sinh hoạt của người dân lại trở nên khó khăn hơn trước.Cụ thể, thu nhập trung bình của một hộ gia đình Nhật Bản là 5.752.000 JPY (tương đương khoảng 38.000 USD), tăng 7,3% so với năm trước. Tuy nhiên, tỷ lệ hộ gia đình khẳng định đang lâm vào hoàn cảnh khó khăn hơn trước lên tới 55,4%, tăng 3,5 điểm. Đặc biệt, tỷ lệ hộ gia đình có con nhỏ lâm vào khó khăn lên tới 61,5%.Kết quả điều tra cũng chỉ ra vấn đề khoảng cách thu nhập giữa các hộ gia đình đang ngày một rộng hơn, thậm chí chênh lệch tới hơn 2 lần, khi thu nhập trung bình của 1 hộ gia đình có con dưới 18 tuổi lên tới 8.573.000 JPY (tương đương khoảng 57.000 USD), trong khi các hộ gia đình của người cao tuổi chỉ có 3.361.000 JPY.Bộ Y tế và Lao động Nhật Bản nhận định, nguyên nhân chủ yếu đẩy đa số hộ gia đình nước này lâm vào tình trạng khó khăn là vấn đề vật giá liên tục leo thang không cản nổi hiện nay, khiến các hộ thu không đủ bù chi, không những không có tích lũy mà còn bị thiếu hụt ngày càng nghiêm trọng.Trong khi đó, theo báo cáo do công ty dữ liệu doanh nghiệp hàng đầu Nhật Bản Teikoku Data Bank (TDB) tập hợp từ 195 nhà sản xuất thực phẩm chủ yếu của nước này, sau khi có tới 1.078 mặt hàng lên giá từ 1/6 và 2.269 mặt hàng lên giá từ 1/7, với mức tăng trung bình 14%, sẽ còn nhiều sản phẩm thiết yếu khác cũng sẽ tiếp tục bị đội giá.Nếu tính chung từ tháng 1 đến tháng 10/2026, đã, đang và sẽ có thêm tới 9.361 mặt hàng thực phẩm chủ yếu bị tăng giá tại thị trường Nhật Bản. Theo đó, nghịch lý mới giữa thu nhập hộ gia đình tăng nhưng cuộc sống khó khăn hơn của nước này sẽ tiếp diễn trong thời gian tới./. VOV Nhật BảnBộ Y tế và Lao động Nhật Bản (ảnh VOV Tokyo)

The US continued to strike Iran, for a sixth consecutive night; Iran claimed that power facilities, bridges and civilian infrastructure were struck. Iranian Army Spokesman warned that if the US strike the infrastructure of Iran, all infrastructure in the region will be a legitimate target; he added that “either all countries in the region can export oil or no one can”.US equities slump after further worries of stretched AI valuations.DXY gains; JPY saw fleeting strength following PM Takaichi's GPIF comments.Fixed income benchmarks supported by safe haven flows. Crude futures higher after multiple UKMTO reports in the Middle East.Looking ahead, highlights include US Building Permits (Jun), Export/Import Prices (Jun), Industrial Production (Jun), UoM Consumer Expectations (Jul) & Atlanta Fed GDP.Read the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk

The US and Iran exchanged strikes over the weekend, with the US military targeting 140 Iranian military targets on Saturday and took further action on Sunday, while Iran attacked US bases across the Gulf and closed the Strait of Hormuz.Iran's Foreign Ministry spokesperson said the US violated all clauses of the MoU in less than a month and stated that Iran will not execute commitments in the MoU as long as the US is not fulfilling its commitments. Furthermore, the spokesperson said mediators are still continuing their efforts to mediate between Iran and the US in recent days and Iran is in contact with mediators. Energy benchmarks pulled back following the constructive rhetoric, Brent +2.3%.US equity futures are off worst levels but the NQ is the clear underperformer, weighed down by the losses in SK Hynix (-15.4%).DXY reverse earlier gains; JPY hit on GPIF chatter, NZD continues to benefit on tightening bets.Looking ahead, highlights include OPEC MOMR (Jul), US Monthly Budget Statement (Jun), Coalition of the Willing Summit, Speakers including Fed's Waller, BoE's Pill, ECB's Schnabel & RBNZ's Conway.Read the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk

VOV1 - Không chỉ là trung tâm chính trị, kinh tế của Nhật Bản, thủ đô Tokyo còn được biết tới là một trong những điểm đến hấp dẫn nhất thế giới, với số du khách quốc tế không ngừng tăng cao.Theo báo cáo điều tra do chính quyền thủ đô Tokyo vừa công bố, trong năm 2025, số du khách trong và ngoài nước đến thăm thành phố này lên tới trên 508,6 triệu lượt, tăng 0,9% so với năm trước. Trong đó, số du khách nước ngoài là 28,65 triệu lượt, tăng 15,6% và là một kỷ lục chưa từng có tính từ năm 2004, khi chính quyền thủ đô Tokyo bắt đầu thu thập và lưu trữ dữ liệu về du lịch.Báo cáo điều tra của chính quyền thủ đô Tokyo cũng cho biết nhiều điều thú vị về chi tiêu của du khách khi đến địa bàn thủ đô. Cụ thể, trong năm 2025, tổng số tiền mà du khách trong nước “móc hầu bao” khi đến Tokyo lên tới 5.576,3 tỷ JPY (tương đương đương khoảng 37 tỷ USD), tổng chi phí của du khách nước ngoài là 4.553,4 tỷ JPY (khoảng 30 tỷ USD).Báo cáo cũng cho biết, bên cạnh các chi phí về lưu trú, ăn uống và giao thông, chi tiêu của du khách nước ngoài chủ yếu tập trung vào mua sắm hàng hóa, đồ lưu niệm… và mức chi phí trung bình của 1 du khách quốc tế tại Tokyo gấp tới 13,6 lần so với người bản địa. Mức chi và con số du khách nước ngoài nêu trên cũng được coi những yếu tố cho thấy sự hấp dẫn của du lịch Tokyo.Trong khi đó, các chuyên gia kinh tế - thị trường cho rằng sau khi Chính phủ Nhật Bản quyết định tăng gấp nhiều lần lệ phí phát hành thị thực nhập cảnh, cũng như thuế xuất cảnh đối với người nước ngoài, số du khách đến Nhật Bản nói chung và Tokyo nói riêng có khả năng sẽ suy giảm, tuy nhiên, đây chưa hẳn là điều xấu, khi Nhật Bản đang phải tập trung giải quyết vấn đề quá tải du khách quốc tế./.VOV Nhật BảnTokyo mùa Anh đào là một trong những điểm du lịch hấp dẫn nhất thế giới. Ảnh VOV Tokyo

Shutterstock Track 1219389 Monetization ID TFGEPGEI0LHEIJAI Kia ora. Welcome to Monday's Economy Watch where we follow the economic events and trends that affect Aotearoa/New Zealand. I'm David Chaston and this is the international edition from interest.co.nz. Today we lead with news the Hormuz Strait is effectively shut again with Iran's 'strategy' winning against the US 'firepower'. It is hard to think of any other politician trashing their advantage perceptions so completely. There will be long historical echoes from all this ineffective breast-beating. But elsewhere and locally, this week will bring updates to our migration and travel data, indicators of June retail activity, and early signals of June inflation. We will also get an look at business sentiment, and likely get the June REINZ update. In Australia, they will chime in with their June labour market updates, after updates for consumer and business sentiment. In the US, apart from Trump's wars, investors will turn their attention to the Q2 earnings season, and a steady stream on important economic data that includes their CPI, retail sales and consumer sentiment updates. Fed boss Warsh will be briefing Congress and that will be interesting too, especially about his views on 'reform'. Canada will be reviewing their central bank's policy rate this week, although no change from the 2.25% is anticipated In Japan, it will be about machinery orders and industrial production with eyes also firmly focused on their currency - which will also impact their fast-rising interest rates. In China, it will be a busy week of June economic data releases including for trade, and debt, and highlighted by their Q2-2026 GDP growth rate. Over the weekend, in the fiercely competitive Chinese car market, they reported 2.8 mln vehicle sales in June which was somewhat unexpected because a dip from May was anticipated. But it is a -3% dip from year-ago June sales levels. That pushes their twelve month sales to 33.8 mln units, up from 33.0 mln in the prior equivalent year. Car exports rose above 1 mln units in June, the first time that level has been achieved as it floods global markets. It is storm season in China again, and severe flooding has hit a number of regions, enough to concentrate minds in Beijing. Elsewhere, China has banned the export of helium. Actually, the re-export of helium because it gets most of it from Russia. The Middle East conflict has restricted supply from there, and tech users in Europe and Asia are now in a tough spot, as are medical users everywhere. China is conserving its Russian imports for its own tech industry Japan is reporting that their producer prices rose +7.1% in June from a year ago, accelerating from an upwardly revised +6.6% increase in May and above market expectations of a +6.8% gain. It is the fastest annual increase since March 2023. Higher energy prices following supply chain disruptions linked to the war in Iran are driving this, of course. And Japan's finance minister said they want to steer their state pension funds to "substantially" increase investments in domestic assets. This brought a sharp immediate reaction in both their currency and bond markets, due to the expected size of the shift. The yen gained, or at least it halted its fall, and their bond yields fell sharply (see below). Elsewhere, in the US initial jobless claims rose by +224,500 and about what seasonal factors can account for. There are now 1.767 mln people on these benefits, less than year-ago levels. After the good May rebound, existing home sales in the US fell back to average levels, and to levels lower than a year ago. The median price is up only +1.8% from a year ago. That modest rise is less than income growth, so overall affordability is getting a chance to recover there. On Wall Street, South Korean computer chip maker SK Hynix has raised US$26.5 bln in its New York IPO, the largest ever listing by a foreign firm in the US. SK Hynix is a key supplier to AI chip giant Nvidia. In Canada, their payrolls rose a minor +18,200 in June, slightly better than the expected +10,000, and holding on to the +88,000 gain in May. The June gain was all about a strong rise in the private sector (+32,000) which consolidated the good May private sector rise (+56,000). But most of the net June gain was from part-time employment. These positive shifts in June may have something to do with hiring for the football World Cup events. Global container freight rates rose another +2% last week to be +74% higher than year-ago levels, mostly about outbound freight rates from China to the US where demand is still high. Bulk cargo freight rates pushed higher too. The UST 10yr yield is now just on 4.56%, unchanged from this time Saturday but up +7 bps for the week. The price of gold has risen to US$4119/oz, up +US$19/oz from Saturday, but down -US$55 from a week ago. Silver is now just under US$60/oz, up +50 USc from Saturday, down -US$2.50 from a week ago. Oil prices are little-changed from Saturday at just on US$71.50/bbl in the US, while the international Brent price is now just onUS$76/bbl. A week ago these prices were US$68.50 and US$72/bbl. Hormuz transits have dived sharply as the hot conflict explodes again and Iran declaring the Strait 'closed'. There have been just 12 crude or product tankers exiting over the past 24 hours and 5 of those tied to Iran (5 dark with transponders off) but only 9 entering for new loads, again mostly Iran-linked (3 dark). The Kiwi dollar is unchanged from Saturday at just over 57.6 USc, up +50 bps from a week ago. Against the Aussie we are unchanged at 82.9 AUc. Against the euro we are unchanged at just on 50.5 euro cents. That all means our TWI-5 starts today at just on 61.5 which is the same as this time Saturday, up +60 bps for the week. The bitcoin price starts today at US$64,084 and up +0.6% from this time Saturday, up +2.9% from a week ago. Volatility over the past 24 hours has been low at just under +/- 0.6%. You can get more news affecting the economy in New Zealand from interest.co.nz. Kia ora. I'm David Chaston and we'll do this again on Tuesday. Track 1219389 Monetization ID TFGEPGEI0LHEIJAI Audio soundtrack opening is licensed from Shutterstock, Track 1219389 Monetization ID TFGEPGEI0LHEIJAI

Sources suggested Iranian air defence systems were activated. However, the US said they were not involved, and Iran then denied any explosions at all; Bushehr's officials said they intercepted projectiles.Mediators are working to get the US and Iran back at the negotiating table, CNN reported, citing sources, later echoed by Axios.Brent is firmer by USD 0.30/bbl, in a narrow range as the magnitude of geopolitical updates slowed throughout the APAC session into Friday.APAC bourses were entirely firmer, European futures point to a flat start to the day, while US futures are marginally softer, NQ -0.2%.USD remains under pressure, with the JPY the primary beneficiary. Support came from Finance Minister Katayama, who spoke on increasing investment in domestic financial funds.Fixed income mixed but broadly contained, taking the lead from energy performance. JGBs outperformed on the above remarks.Looking ahead, highlights include German/French Inflation Final (Jun), Norwegian Inflation (Jun), Canadian Jobs Report (Jun), IEA OMR (Jul), Speakers include ECB's Vujcic, Supply from Italy, Earnings from Delta Air Lines and Credit Ratings from Fitch on the Netherlands, Morningstar DBRS on Switzerland and Scope Ratings on Japan.Read the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk

Mediators are working to get the US and Iran back at the negotiating table, CNN reported, citing sources, later echoed by Axios.Brent is softer by around USD 0.20/bbl, with the market essentially waiting for a resumption of negotiations or strikes.Japanese assets lead after Finance Minister Katayama said pension funds should be encouraged to invest more in the domestic market.European bourses are on a modestly firmer footing, Euro Stoxx 50 +0.1%. US futures are mixed; NQ lags, potentially ahead of SK Hynix's ADR debut on the 13th.USD under pressure, JPY leads given the above, NZD continues to climb, CAD flat into its jobs report.Looking ahead, highlights include Canadian Jobs Report (Jun). Earnings from Delta Air Lines and Credit Ratings from Fitch on the Netherlands, Morningstar DBRS on Switzerland and Scope Ratings on Japan.Read the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk

US President Trump said the Iran ceasefire is over, "I think", lifting Brent above USD 79/bbl, weighing on equities and fixed income.However, Trump did add he will allow US negotiators to continue talking with Iran, but said, "I think this is a waste of time"Euro Stoxx 50 -2.2%, ES -1.0%, NQ -1.4% given the above. Mixed APAC trade, but China was in the green after updates relating to DeepSeek and Zhiphu.Apple signed an agreement with Broadcom, to design and produce custom silicon components and wireless technologies, deal expected to exceed USD 30bln.NZD outperforms after the RBNZ hiked and signalled further increases "appear likely". Elsewhere, CAD bid on energy moves while JPY slips as a result of its import dependence and yield moves.Looking ahead, US Atlanta Fed GDP (Q2), NBP Policy Announcement (Jul), NBH Minutes (Jun), Fed Minutes (Jun), NATO Ankara Summit, Speakers include US President Trump, Supply from the US.Read the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk

Iran's IRGC fired at least two missiles at ships in the Strait of Hormuz, Axios reported, citing a US official. It was separately reported that one was a Qatari LNG tanker.Fars reported that the Qatari tanker attempted to pass through the Omani route and ignored repeated warnings.Iranian Foreign Minister Araghchi said negotiations on a final deal will not commence if threats continue.KOSPI slumped following post-earnings losses in Samsung Electronics (-9.7%). Co. topped forecasts, but failed to calm fears surrounding elevated valuations. European equity futures are indicative of a weaker open.DXY is incrementally firmer, whilst the JPY marginally outperforms after a Japanese official pushed back on reports that the government is urging the BoJ to lower interest rates.Looking ahead, highlights include German Industrial Production (May), French Trade Balance (May), US ADP Employment Change Weekly, Trade Balance (May), New York Fed SCE (Jun), Atlanta Fed GDP (Q2), Canadian Trade Balance (May), Ivey PMI (Jun), EIA STEO (Jul), NATO Ankara Summit. Supply from the UK, Germany and the US. Speakers include BoE's Mann.Click for the Newsquawk Week Ahead.Read the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk

Iran's IRGC fired at least two missiles at ships in the Strait of Hormuz, Axios reported, citing a US official. It was separately reported that one was a Qatari LNG tanker. Brent Sept'26 +1.2%.Fars reported that the Qatari tanker attempted to pass through the Omani route and ignored repeated warnings.Iranian Foreign Minister Araghchi said negotiations on a final deal will not commence if threats continue.Global tech stocks fall after Samsung Electronics (-6.9%) shares plummeted post-earnings; NQ -1%.DXY is incrementally firmer, JPY marginally outperforms after a Japanese official pushed back on reports that the government is urging the BoJ to lower interest rates.Looking ahead, highlights include US ADP Employment Change Weekly, Trade Balance (May), New York Fed SCE (Jun), Atlanta Fed GDP (Q2), Canadian Trade Balance (May), Ivey PMI (Jun), EIA STEO (Jul), NATO Ankara Summit. Supply from the US. Speakers include BoE's Mann.Read the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk

Good morning from Pharma Daily: the podcast that brings you the most important developments in the pharmaceutical and biotech world. Today, we delve into a series of remarkable advancements and strategic maneuvers that are shaping the future of drug development and patient care. Starting with Roche's breakthrough in oncology, their small molecule inhibitor, Divarasib, has shown promising results in a Phase 3 trial for patients with KRAS G12C-mutated non-small cell lung cancer. This trial demonstrated superior efficacy over competitors like Amgen's Lumakras and Bristol-Myers Squibb's Krazati. Historically, KRAS mutations have been difficult to target, but Divarasib's success underscores the potential of precision medicine in oncology. These findings could lead to more effective treatment options for NSCLC patients, showcasing how targeted therapies are revolutionizing cancer treatment by focusing on specific genetic mutations. In regulatory news, Vertex Pharmaceuticals has made significant strides with Casgevy (exagamglogene autotemcel), a gene therapy that now includes pediatric patients with sickle cell disease and transfusion-dependent beta thalassemia in its FDA-approved label. This marks a pivotal moment for gene therapy applications in blood disorders. Utilizing CRISPR technology, Vertex offers potentially curative solutions for debilitating conditions, signaling a new era where genetic disorders can be addressed at their root cause. Similarly, Novartis has gained European Commission approval for Itvisma to treat 5q spinal muscular atrophy in patients aged two years and older, further cementing gene therapies' role in mainstream medical practice. Strategic partnerships remain essential in driving innovation. Takeda's collaboration with Insilico Medicine on AI-driven drug discovery is a case in point. The $600 million partnership highlights the growing reliance on AI and machine learning to expedite therapeutic development processes. Platforms like Pharma.AI are being leveraged to identify novel drug candidates more efficiently. Additionally, AstraZeneca's alliance with CSPC Pharmaceutical Group to develop siRNA-based therapies for kidney diseases reflects the burgeoning interest in RNA therapeutics as these technologies open new avenues to address complex diseases. On the financial front, BridgeBio's ability to attract $1 billion in convertible preferred equity from Sixth Street and Healthcare Royalty underscores investor confidence in rare disease therapeutics. This funding will bolster its pipeline targeting cardiovascular and rare conditions, emphasizing the profitable potential found within niche markets of the pharmaceutical landscape. Manufacturing is also seeing expansion as Lonza deepens its partnership with an unnamed U.S. drugmaker to enhance biologics programs. Anticipated investments reaching into multi-billion Swiss Francs underscore the critical importance of robust manufacturing infrastructure to meet growing demands for biologics and antibody-drug conjugates. Clinical trials continue to yield promising results. Can-Fite Biopharma's Phase 2a trial for Namodenoson in treating advanced pancreatic ductal adenocarcinoma has shown promising survival data when combined with therapies targeting Wnt/β-catenin signaling pathways. At the same time, Otsuka's Phase 3 data for Voyxact (sibeprenlimab-szsi) demonstrated improved kidney function in patients with immunoglobulin A nephropathy, bolstering traditional FDA approval pathways. On the acquisitions front, GNI Group's acquisition of Ayumi Pharmaceutical for approximately JPY 44.8 billion highlights strategic moves to enhance global biopharma operations focusing on pain management solutions. Yet not all news is positive; Sanofi's Genzyme Ireland unit received an FDA warning letter regarding manufacturing violations related to Altuviiio production, pointing to ongoing regulatory challenges within production practices. Moving on to geopolitical considerations, recent congressional letters to major pharmaceutical CEOs have raised concerns about clinical trials conducted within China due to national security concerns. This tension illustrates the delicate balance between leveraging China's economic potential and safeguarding US interests—a critical issue as international collaborations continue to expand. Meanwhile, AstraZeneca's ongoing collaborations with CSPC Pharmaceutical Group further signify strategic bets on China's capabilities despite geopolitical tensions. Their joint efforts focus on kidney disease treatments while adding to existing agreements addressing obesity and chronic diseases. The FDA remains pivotal as key decisions anticipated this quarter could significantly influence investment strategies and research priorities. This includes revisiting applications previously delayed or rejected—decisions that could reshape industry dynamics. In conclusion, this dynamic landscape is marked by significant scientific breakthroughs and complex global interactions guiding pharmaceutical and biotech sectors toward a transformative era. Gene therapy advancements underscore progress in personalized medicine while geopolitical factors continue influencing strategic industry decisions. As regulatory bodies evolve their approaches alongside increasingly international partnerships, these developments collectively herald profound implications for drug development and patient care globally.Support the show

Today, a look at global equity markets roiled by Meta's announcement that it will rent out use spare data center capacity for AI applications, raising concerns for AI-linked cap-ex and all stocks linked with the "AI picks and shovels" theme even as it was read as a boon for Meta's stock itself. Software as a service and consulting names also rallied on the news. Elsewhere, Japan is intervening against JPY weakness, sterling is breaking higher and we have a US June jobs report today ahead of a three-day weekend for US markets. This and more on today's pod, which is hosted by Saxo Global Head of Macro Strategy John J. Hardy. Links Ole's awesome article on the sub-7 kg technical marvels used by Tour de France cyclists, and the commodities they contain. Michael McNair TLDR piece on SiriusXM holdings and, among other things, why it might have large suitors for a takeover. About twice per week (in normal times, hopefully soon to resume), you will find links discussed on the podcast and a chart-of-the-day over at the John J. Hardy substack. Read daily in-depth market updates from the Saxo Market Call and the Saxo Strategy Team here. Please reach out to us at marketcall@saxobank.com for feedback and questions. Click here to open an account with Saxo. Intro music by AShamaluevMusic DISCLAIMER This content is marketing material. Trading financial instruments carries risks. Always ensure that you understand these risks before trading. This material does not contain investment advice or an encouragement to invest in a particular manner. Historic performance is not a guarantee of future results. The instrument(s) referenced in this content may be issued by a partner, from whom Saxo Bank A/S receives promotional fees, payment or retrocessions. While Saxo may receive compensation from these partnerships, all content is created with the aim of providing clients with valuable information and options.

Qatar and Pakistan mediators concluded separate meetings with US and Iranian negotiators in Doha, highlighting positive progress on issues related to the Islamabad MoU.US equity futures trade mixed, with the NQ weighed by tech selling in South Korean stocks.DXY slips below the 101.00 handle, as the JPY strengthens on possible intervention.Fixed income benchmarks trade on the softer side heading into the US jobs report; NFP expected at 110K.Crude benchmarks continue to trade lower, Brent -1.5%.Looking ahead, highlights include US Jobs Report (Jun), Initial Jobless Claims, Speakers including ECB's Cipollone, BoE's Mann and Fed's Daly.Read the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk

Jess Houlgrave breaks down why 2026 is the year of non-USD stablecoins with USDC losing Mica compliance, 30 European banks now issuing a euro stablecoin, and HKD, JPY, SEK and CHF versions all coming to market. She covers WalletConnect's $6B per week in stablecoin volume, why broad asset support is the key to reducing merchant and much more.Jess Houlgrave is CEO of WalletConnect, the leading financial connectivity layer powering stablecoin payments across 700 wallets and hundreds of thousands of applications.The Rollup is where the leaders of digital assets and finance converge. Live from the financial capital of the world.Timestamps: 00:00 Intro01:04 TradFi Crypto Worlds Converging02:48 $6B Volume Last Week04:50 Non-USD Stablecoins Growing Fast08:08 30 Banks Issuing EUR Stablecoin11:26 WalletConnect Just The Pipes13:47 Broad Assets Less Dropoff18:45 Payment Has Multiple Layers20:47 Stablecoin Cards Hurt Merchants24:10 New CRO From Visa28:39 Worst Quarter For SecurityGuest Socials:Jess Houlgrave X: https://x.com/HoulgraveWalletConnect X: https://x.com/WalletConnect?lang=enWalletConnect Website: https://walletconnect.com/Partners:Better than Banks. Transparent capital efficiency earning the highest yields in DeFi. Learn more here: https://infinifi.xyz/---Dinari - Over 230 1:1 backed tokenized stocks, ETFs & more with dividends. US-based SEC transfer agent. Available on 5+ chains & via API. https://dinari.com/---Relay is the fastest and most reliable way to swap any token on any chain. Learn more here: https://relay.link/bridge---Zama is an open source cryptography company that builds state-of-the-art Fully Homomorphic Encryption (FHE) solutions for blockchain.Learn more here: https://www.zama.org/---Trezor is the creator of the first-ever hardware wallet. Securing crypto for 2M+ users worldwide. 100% open source. Learn more here: https://affil.trezor.io/aff_c?offer_i...---

VOV1 - Chính phủ Nhật Bản vừa đưa ra quyết định tăng lệ phí cấp thị thực nhập cảnh cho người nước ngoài lên mức cao chưa từng có tính từ năm 1978 đến nay, gây xôn xao dư luận với nhiều nhận định liên quan đến bài toán quá tải du khách nước ngoài.Theo quyết định của Chính phủ Nhật Bản, từ ngày 1/7/2026, lệ phí xin cấp thị thực nhập cảnh 1 lần vào nước này sẽ tăng từ 3.000 JPY hiện nay lên 15.000 Yên (tương đương khoảng 2,5 triệu VND), thị thực nhập cảnh nhiều lần sẽ là 30.000 JPY (khoảng 5 triệu VND), thay vì 6.000 Yên như hiện nay. Đây là mức tăng chưa từng có trong suốt 48 năm qua, trong bối cảnh Nhật Bản đang liên tục phải đối mặt với tình trạng quá tải du khách nước ngoài trong nhiều năm trở lại đây.Bên cạnh đó, các loại lệ phí liên quan đến visa khác cũng có khả năng tăng gấp nhiều chục lần, trong đó, lệ phí xin thay đổi tư cách lưu trú có thể sẽ tăng từ 6.000 JPY hiện nay lên đến 100.000 JPY, lệ phí xin quyền vĩnh trú có thể sẽ tăng gấp 30 lần, lên tới 300.000 JPY (tương đương khoảng 50 triệu VND)Trả lời báo chí về vấn đề này, Ngoại trưởng Nhật Bản Motegi Toshimitsu nhấn mạnh quyết định này là nhằm để đối phó với tình trạng vật giá leo thang và đồng nội tệ Nhật Bản mất giá hiện nay. Ông Motegi còn cho biết thêm: “Chúng tôi cũng đã cân nhắc tới nhiều ảnh hưởng của quyết định này, từ đó nghĩ rằng chưa có ảnh hưởng ngay tới vấn đề du khách nước ngoài tới Nhật Bản”.Giới quan sát cho rằng, mặc dù “chưa có ảnh hưởng ngay” như lời Bộ trưởng Motegi nêu trên, nhưng trong một tương lai gần, quyết định này sẽ tác động trực tiếp đến quyết định đi du lịch Nhật Bản của du khách nhiều nước, đặc biệt là các quốc gia có thu nhập trung bình và thấp. Ngoài ra, đây cũng được cho là vấn đề cần đặc biệt lưu ý đối với những người nước ngoài đang và sẽ sinh sống, học tập, làm việc tại Nhật Bản./. Tuấn Nhật /VOV TokyoPhủ Thủ tướng Nhật Bản (ảnh VOV Tokyo)

Global markets have been driven this week by a US–Iran deal, a more hawkish Fed under Kevin Warsh, and a Bank of Japan rate hike to multi-decade highs. Markets are now pricing in further US policy tightening, with record Treasury futures volumes signalling strong expectations for rate rises. Equities were mixed yesterday, with early weakness offset by gains in semiconductor stocks. Central banks remain in focus, as the Bank of England held rates and the Swiss National Bank maintained ultra-loose policy amid low inflation. Oil fell below USD 80 on improved supply. Tim Gagie, Head of FX Advisory Geneva, highlights USD strength and gold weakness as the Fed sharpens its inflation focus. He also discusses the prospects for the major low-yielding currencies, the CHF and JPY.(00:00) - Introduction: Helen Freer, Product & Investment Content (00:24) - Markets wrap-up: Mike Rauber, Product & Investment Content (07:09) - FX & metals update: Tim Gagie, Head of FX/PM PB Geneva (11:44) - Closing remarks: Helen Freer, Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

US President Trump said the Hormuz deal is fully signed and that the Strait of Hormuz has already partially reopened, with a complete reopening expected on Friday.The US claim that Lebanon is not included in the memorandum of understanding is false, reports Fars, citing sources.Israeli artillery shelling was reported in southern Lebanon, while it was also reported that Hezbollah fired rockets at Israeli soldiers in the region.APAC stocks were mixed, cooling from the relief rally seen on Monday; European equity futures are indicative of a slightly lower open.DXY is a touch firmer and trades around 99.70; JPY incrementally gains post-BoJ, which delivered a 25bps hike, as expected. The Aussie was little moved by the RBA's hawkish hold.Looking ahead, highlights include Italian Inflation Final (May), EU/German ZEW (Jun), US ADP Weekly, Import/Export Prices (May), Housing Starts (May), Atlanta Fed GDP (Q2), Speakers including RBA's Bullock, BoJ's Uchida & ECB's Lane, Supply from UK, Germany & US.Read the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk

The BoJ hiked rates to 1.00%, as expected, while the RBA left rates unchanged at 4.35% following three consecutive 25bp rate hikes. Qatar is to restore half of its LNG output a month after the Strait of Hormuz opens, with output to reach 80% of full output within two months.US equity futures are mixed, while SPCX (+10.2% pre-market) looks set to surpass AMZN's market cap.DXY softer amid pressure in energy prices; JPY and AUD flat following rate announcements.Fixed income benchmarks are broadly higher, while JGBs fell as the BoJ paused purchase tapering from FY27.Looking ahead, highlights include US ADP Weekly, Import/Export Prices (May), Housing Starts (May), Atlanta Fed GDP (Q2), Speakers including ECB's Lane, Supply from the US.Read the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk

Lee Hardman, Senior Currency Analyst, and Abdul-Ahad Lockhart, Currency Analyst, discuss how building investor optimism over a US-Iran deal and Kevin Warsh's first policy meeting as Fed Chair are likely to impact the USD. Will another BoJ rate hike be sufficient to trigger a reversal of JPY weakness?

US President Trump said we made a great settlement of war with Iran, signing will probably happen in Europe and soon; Brent -2.0% at USD 88.50/bbl.Israel is not a party to the MOU, though PM Netanyahu expressed his appreciation to the US' commitment, CBS reported. Iran is reportedly yet to come to a final conclusion on the deal.APAC stocks rallied in a continuation of the strength from Wall St. on the settlement report and despite the Israeli & Iran reporting.European futures point to a firmer open, Euro Stoxx 50 +1.7%. US futures are also bid, ES & NQ +0.2%, looking to the SPCX IPO.FX moved to the above, currently features a firmer USD to the detriment of NZD and JPY in particular. Fixed income holds onto gains.Looking ahead, highlights include German/French/Spanish HICP Final (May), UK GDP (Apr), Industrial Production (Apr), Canadian Wholesale Sales (Apr), US UoM Prelim. (Jun), SpaceX Debut & COO Interview.Click for the Newsquawk Week Ahead.Read the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk

Fred Neumann welcomes Head of Asian FX Research Joey Chew to the podcast to discuss the impact of the energy squeeze on the JPY, what's keeping the RMB on the up and how the KRW has lost steam despite a Korean economy on fire.Click here for appropriate Disclosures, including analyst certifications, and Disclaimers that must be viewed with this podcast: https://www.research.hsbc.com/R/101/cQr2FpFStay connected and access free to view reports and videos from HSBC Global Investment Research, just search for #HSBCResearch on LinkedIn or click here: https://www.gbm.hsbc.com/insights/global-research

An informed source to Al Arabiya said the agreement on the release of frozen Iranian funds in its final stages, but the search continues for a mechanism on frozen funds. However, US President Trump informed the mediators of his refusal to release funds to Iran before signing the agreement.Israel and Lebanon agreed to a ceasefire in US-brokered talks, with the ceasefire contingent on Hezbollah's evacuation from the Litani. Despite this, there have been reports of continuing attacks in Southern Lebanon.US equities mixed as disappointing AVGO and CRWD earnings weigh on NQ and ES. Fixed income benchmarks gain by a handful of ticks ahead of Friday's NFP.DXY softened; JPY saw fleeting strength following hawkish BoJ reports, CHF firmer despite softer CPI data.Crude slips as efforts for a US-Iran deal continue.Looking ahead, highlights include Jobless Claims (May/30), Revelio PLS (May), Chicago Fed Labor Market Indicators Final (May), Speakers include BoE's Bailey, Fed's Daly, Bowman & Barkin, Earnings from Docusign, lululemon & Ciena.Read the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk

US President Trump said they have been hitting Iran pretty hard and Iran negotiations are going well, while he suggested a deal could happen over the weekend. Though noted that it could go another two or three weeks, Brent Aug'26 -0.7%.Talks between Iran and the US were reportedly still ongoing, and no final decision had been made, according to Fars, citing a member of Tehran's negotiating team.An Iranian negotiating delegation media team member outlined a four-stage proposal for a deal with the US. 1) Ending the war, 2) tangible measures re. the Strait, 3) sanctions and nuclear issues, 4) the establishment of a supervisory committee.APAC stocks traded lower following a negative handover from the US; European bourses are indicative of a softer open.G10s are mostly slightly firmer against the USD; JPY gains slightly on reports that the BoJ is to mull a hike this month, with another possible this year.Looking ahead, highlights include Swedish CPIF (May), Swiss CPI (May), EU Retail Sales (Apr), US Challenger Layoffs (May), Jobless Claims (May/30), Revelio PLS (May), and Chicago Fed Labor Market Indicators Final (May). Supply from Spain & France. Earnings from Docusign, lululemon & Ciena.Speakers include BoE's Bailey, ECB's Lagarde, Fed's Daly, Bowman & Barkin.Read the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk

Chief Fixed Income Strategist Vishy Tirupattur takes a look at how credit markets are adapting to fund the new phase of AI capex.Read more insights from Morgan Stanley.----- Transcript ----- Welcome to Thoughts on the Market. I am Vishy Tirupattur, Morgan Stanley's Chief Fixed Income Strategist. Today – The critical question behind the AI-driven capex cycle that is front and center for markets year to date. How is credit market financing this ecosystem evolving? It's Wednesday June 3rd at 2 pm in New York. When we first discussed the role of credit markets in financing the AI and data center build-out around the middle of last year, the direction of travel was clear. Realizing the transformative potential of AI requires unprecedented levels of capex. What has really surprised us since is the scale and speed of that spending, both of which have exceeded our expectations by a wide margin. The upward revision to capex expectations has been dramatic. A year ago, we projected the combined capex of the five large hyperscalers at roughly $450 billion in both 2026 and 2027. After the first quarter earnings reports, Morgan Stanley's internet equity analysts, led by Brian Nowak, now expect hyperscaler capex of roughly $800 billion in 2026 and $1.2 trillion in 2027. One data point really captures the surge in the underlying demand for compute. According to OpenRouter, the global weekly token usage, which is a key proxy for compute, has risen by roughly 350 percent since early January, increasing from about 6 trillion tokens to 28 trillion tokens. Credit channels for financing this capex have not only been broader and deeper than we anticipated, spanning public and private markets, but have seen remarkable in the structural innovation that is blurring the lines between public and private markets. Over $200bn of public AI-related issuance across the different credit channels has happened just in the first five months of this year. We had previously assumed unsecured issuance would be limited by the scale of the largest non-financial issuers, confined to investment grade credit only, and largely USD denominated. Instead, some hyperscaler issuance has now far exceeded even the largest telecom names; funding has expanded well beyond USD into EUR, GBP, CHF, JPY and CAD markets. The issuer base has also broadened to include data center REITs and neoclouds, particularly in the high-yield market. The scope of financing has also widened beyond the data center shells themselves. GPU financing, which we assumed would be funded entirely through equity capital, has begun to migrate into credit markets. Funding is now coming through broadly syndicated loans and asset based financing, with ABS structures not far behind. Structural innovation illustrates how rapidly the credit ecosystem is adapting to the complexities of demands of AI-driven capex. Financings that combine elements of project finance, tranching, and residual value guarantees, along with high-yield issuance backed by hyperscaler guaranteed leases – these are innovations that we have never seen before. These structures have expanded the investor base, reduced the funding frictions, and further blurred traditional boundaries – between both corporate and project finance, and public and private credit markets. At the same time, physical, operational, and political constraints are beginning to shape the pace and the composition of the AI infrastructure build-out – and, by extension, the demand for financing. Grid access, power generation equipment, skilled labor, and permitting delays are emerging as significant constraints. These are compounded by political and regulatory frictions at the local, national, and international level. As power availability becomes a gating factor, the AI build-out is likely to pull energy infrastructure financing more tightly into the orbit of AI infrastructure financing. The clear takeaway is this. The capex requirements underpinning AI infrastructure are expanding exponentially, and with them the role of credit markets in financing this build-out. Along the way, there will be winners and losers, periods of adjustment, and a range of physical, financial, and political constraints that shape outcomes on the margin. But the broader trajectory is certain. The scale, duration, and strategic importance of AI infrastructure investment mean that financing of this will remain a defining theme for credit markets and credit investors for years to come. Thanks for listening. If you enjoy the podcast, please leave us a review wherever you listen and share Thoughts on the Market with a friend or colleague today.

The US struck Iran's Qeshm Island, which was then met with retaliatory Iranian strikes on US bases in Kuwait; explosions were also reported in Saudi Arabia, and air sirens were set off in the UAE. US CENTCOM said that the Iranian drone attacks were “successfully defeated.”US proposed new tariffs of at least 10% on imports from 60 trading partners following Section 301 investigation. Crude (Brent +2.7%) rebounds as US and Iran's flare-up ripples through the Middle East; yields follow the energy rise. US equity futures mixed, with NQ outperforming as MRVL (+9.3%) continues to surge. DXY moves higher amid geopols, JPY outperforms amid commentary by PM Takaichi and BoJ Ueda. Looking ahead, highlights include US ADP Employment Change (May), S&P PMI Final (May), ISM Services PMI (May), Factory Orders (Apr), Fed Beige Book, Speakers including ECB's Cipollone, Fed's Barr & Logan, Earnings from Broadcom & CrowdStrike.Read the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk

This week in the forex market, inflation data, GDP reports, and central bank decisions could create major volatility across the USD, AUD, JPY, and CAD. In this episode, we break down the biggest economic events traders need to watch and what they could mean for the markets ahead.Your Trading Coach - Akil

VOV1 - Tình trạng vật giá leo thang không cản nổi không chỉ đẩy sinh hoạt của người dân Nhật Bản và tình trạng ngày một khó khăn, mà còn tạo ra nhiều nghịch lý và vòng luẩn quẩn.Theo kết quả một cuộc điều tra do Bộ Y tế và Lao động Nhật Bản tiến hành đối với các doanh nghiệp có từ 5 lao động trở lên, trong năm tài chính 2025, tính từ 1/4/2025 đến 31/3/2026, mức thu nhập trung bình tháng của một người làm công ăn lương của nước này là 357.979 JPY, tương đương khoảng 2.300 USD, tăng 2,5% so với năm trước đó. Đây là năm thứ 5 liên tiếp, thu nhập trung bình của người lao động Nhật Bản gia tăng.Tuy nhiên, sau khi trừ đi các khoản chênh lệch do giá cả các mặt hàng thiết yếu tăng cao hơn trước, mức thu nhập thực chất của người lao động Nhật Bản lại bị giảm 0,5%. Đây cũng là năm thứ tư liên tiếp, thu nhập thực chất của người Nhật giảm đáng kể với các mức 1,8% của năm 2022, 2,2% của năm 2023 và 0,5% của năm 2024.Theo các chuyên gia, tình trạng này sẽ còn kéo dài và diễn biến xấu hơn, do “căn bệnh” vật giá leo thang vẫn chưa có liệu pháp hữu hiệu. Theo báo cáo được công bố hôm 31/3, do công ty dữ liệu doanh nghiệp hàng đầu Nhật Bản Teikoku Data Bank (TDB) tập hợp từ 195 nhà sản xuất thực phẩm chủ yếu của nước này, trong giai đoạn từ tháng 1 đến tháng 7/2026 đã và sẽ có khoảng 5.729 mặt hàng thiết yếu lên giá với mức tăng trung bình 15%.Giới chuyên môn nhận định đây là “đòn đánh mạnh” khiến mọi nỗ lực thực hiện cam kết “đưa mức tăng thu nhập của người lao động cao hơn mức tăng của vật giá” từ phía Chính phủ Nhật Bản tiếp tục rơi vào khoảng trống. Bên cạnh đó, việc đồng nội tệ mất giá so với ngoại tệ chủ yếu khác cũng khiến vòng luẩn quẩn “giá, lương, tiền” tại Nhật Bản trầm trọng hơn, và cho đến nay, đây vẫn tiếp tục là những bài toán chưa có lời giải./.VOV Nhật BảnTrụ sở Bộ Y tế và Lao động Nhật Bản (ảnh VOV Tokyo)

We run through some of the broader considerations from the recent dollar bid including the JPY intervention outlook.   This podcast was recorded on 22 May 2026. This communication is provided for information purposes only. Please visit www.jpmm.com/research/disclosures for important disclosures. © 2026 JPMorgan Chase & Co. All rights reserved. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. It is strictly prohibited to use or share without prior written consent from J.P. Morgan any research material received from J.P. Morgan or an authorized third-party (“J.P. Morgan Data”) in any third-party artificial intelligence (“AI”) systems or models when such J.P. Morgan Data is accessible by a third-party

US President Trump warned that the clock is ticking for Iran, though he declined to give a specific deadline. Situation room meeting due Tuesday.Pakistan shared a revised Iranian proposal to end the war with the US on Sunday night, according to Pakistani sources.European bourses broadly in the red, but off lows as reports tout a sharing of US-Iran proposals.DXY reverses earlier gains, GBP helped by technicals & JPY lags on budget fears.Fixed income benchmarks rebound, in synchrony with energy downside. Crude futures lifted following punchy Trump rhetoric, gold/silver supported by tighter Indian import restrictions.Looking ahead, highlights include US NAHB Housing Market Index (May), Canadian Victoria Day holiday, Supply from the EU.Read the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk

UK PM Starmer said he will not be setting out a timetable for departure. This came after over 81 Labour MPs calling for the PM to resign, enough to launch a leadership challenge.European bourses are entirely in the red, with UK Banks hit on political turmoil; US equity futures pull back from ATHs.DXY is firmer, buoyed by geopols; GBP underperforms amidst political unrest, while JPY remains on intervention watch.Gilts underperform, USTs lower ahead of US CPI. Crude rises as US-Iran woes mount, with no off-ramp in sight.Looking ahead, highlights include US CPI (Apr), ADP Employment Change Weekly, EIA STEO (May), and EU Informal Meeting of Energy Ministers (May 12-13). Speakers include ECB's Elderson, Fed's Goolsbee. Supply from the US. Earnings from Under Armour.Read the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk

Lee Hardman, Senior Currency Analyst, and Seiko Kataoka Fisher, Director in Japanese Customer Sales for EMEA in London, discuss what has been driving the USD lower over the past week . Is intervention from Japan likely to be successful in reversing JPY weakness?

Al Arabiya reported that "the coming hours will witness a breakthrough for the situation of the ships stuck in the strait", spurring pressure in the crude complex.Iran is expected to provide its reply to the US proposal for ending the war to mediators on Thursday, according to CNN, citing a regional source.US President Trump could turn to military action without an agreement with Iran ahead of the China trip, according to Axios, citing US officials.European and US equity futures are modestly firmer; ARM -6.5% post-earnings.DXY downbeat as positive geopolitical headlines pressure crude; Antipodeans lead whilst the JPY lags vs peers.Fixed benchmark made new WTD highs amidst geopolitical optimism, but now off best levels.Looking ahead, highlights include US Challenger Job Layoffs (Apr), US Jobless Claims (May 2), Atlanta Fed GDP, CNB/Banxico Policy Announcement (May), CBR Minutes (May), UK Local Elections. Speakers include ECBʼs Elderson, Schnabel, Lane, BoEʼs Mann, Taylor, Fedʼs Hammack, Williams, Kashkari. Earnings from CoreWeave, IREN, Coinbase, Cloudflare, DraftKings, ACM Research, Datadog, McDonald's.Read the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk

Crude & USD dented, equities & fixed bid after Trump paused Project Freedom and more recently as Axios reports that the US & Iran are closing in on an MOU to end the conflict.Brent below USD 101.50/bbl, ES +0.7%, DAX 40 +2.5%, EUR/USD above 1.1770, Bunds firmer by over 80 ticks.JPY was likely the subject of intervention overnight, falling from 157.00 to a 155.03 low, but has since rebounded back towards the 156.00 mark.NQ +1.3%, outperforming as AMD surges +19% as data centre growth drives a beat.Israeli security/military officials reportedly believe negotiations are a waste of time, and conveyed to the US a desire to resume attacks on Iran.Looking ahead, highlights include Canadian Ivey PMI (Apr), US ADP Employment (Apr), US Treasury Refunding Announcement, NBP Policy Announcement, Speakers include Fed's Goolsbee, Musalem, BoC's Macklem & Rogers.Read the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk

Semiconductor stocks, from Intel to Samsung Electronics, are pushing US and Asian equities to new all‑time highs. Strong earnings from Anheuser‑Busch and Unicredit also lifted European markets. US services activity slowed in April, while inflation pressures stayed elevated. UK yields surged on inflation and fiscal concerns, Swiss data showed higher headline but subdued core inflation, and PMIs in China and India pointed to resilience. The JPY continues to strengthen after last week's lows, likely reflecting FX intervention. Nenad Dinic, Equity Strategy Research, notes while European earnings are rising, the momentum is weaker than in the US where all sectors are showing earnings growth.(00:00) - Introduction: Helen Freer, Product & Investment Content (00:28) - Markets wrap-up: Mike Rauber, Product & Investment Content (06:41) - Earnings season update: Nenad Dinic, Equity Strategy Research (11:37) - Closing remarks: Helen Freer, Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

US President Trump said the war could go on for another two to three weeks; time is not of the essence.US officials say the military is closer to resuming combat operations than 24 hours ago, Fox reported.Iranian Foreign Minister Araghchi posted, "As talks are making progress with Pakistan's gracious effort, the US should be wary of being dragged back into a quagmire by ill-wishers. So should the UAE."European and US equity futures are broadly firmer; Palantir -2% as commercial revenue fell short of expectations.DXY is flat, JPY experiences volatile two-way action, AUD pressured post-RBA, where it hiked by 25bps, statement was net-hawkish, but Governor Bullock suggests there is room now to wait and see.Gilts gap lower on return from a Bank Holiday, USTs and Bunds relatively contained.Crude pares Monday's gains, to the benefit of XAU.Looking ahead, highlights include US Building Permits Final (Mar), Canadian Balance of Trade (Mar), Canadian PMI (Apr), US PMI Final (Apr), US ISM Services (Apr), US JOLTS (Mar), US New Home Sales (Mar), US RCM/TIPP Economic Optimism (May), New Zealand Unemployment Rate (Q1). Speakers include ECB's Lagarde, Lane, Fed's Bowman, Barr. Supply from Germany. Earnings from AMD, AMC, Strategy, Tempus AI, Shopify, PayPal, Pfizer.Read the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk

US President Trump posted on Sunday that the US will guide neutral ships safely out of the Strait of Hormuz under “Project Freedom”, beginning Monday morning Middle East time.An Iranian official said any American interference in the new maritime regime of the Strait of Hormuz will be considered a violation of the ceasefire. Iranian Major Abdullahi said any foreign armed forces, particularly the US, would be attacked if they approach and enter the Strait of Hormuz.European bourses mostly lower on geopolitical risk; Autos lag as Trump threatens a 25% tariff on EU cars.US equity futures are modestly mixed. GameStop (-0.8%) is offering to purchase eBay (+8%) for USD 56bln, WSJ reports.G10 mixed against the USD, JPY pares back towards 157 (vs 155.70 trough) with traders on intervention watch.Crude lifted on escalatory Iranian rhetoric and ahead of Trump's speech, energy gains dent XAU.Looking ahead, highlights include Global Manufacturing PMI Finals (Apr), US Factory Orders (Mar), and US President Trump. Speakers include Fed's Williams, BoC's Macklem and Rogers, ECB's Cipollone, de Guindos. Earnings from Palantir, ONSemi, Pinterest, Norwegian Cruise Line, Tyson Foods. Holiday: UK May Bank Holiday.Read the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk

What does crypto look like in one of the world's most regulated markets?At TEAMZ Summit 2026 in Tokyo, Matthew Owens sits down with Kondo Tomohiko, CEO of SBI VC Trade the only licensed stablecoin exchange in Japan to explore stablecoins, regulation, and adoption. From USDC lending to Japan's upcoming JPY-backed stablecoin, this episode reveals how strict regulation is shaping long-term opportunity.

Today we discuss the key companies reporting in this week's earnings bonanza with Saxo Equity Strategist Ruben Dalfovo, including Meta, Alphabet, Amazon and Microsoft and Apple. We also note Nvidia's big drop on an otherwise positive day for the market - a concerning sign. Next week features several companies of note. Elsewhere, we note everyone rushing to declare a top in the crude oil market because of a classic Economist cover indicator. Really? Finally, a look at the macro and FX space, where the focus is on a strong bout of JPY intervention that sparked significant JPY volatility. This and more on today's pod, which is hosted by Saxo Global Head of Macro Strategy John J. Hardy. Links discussed on today's podcast and our Chart of the Day can be found on the John J. Hardy substack (within two to four hours from the time of the podcast release). Read daily in-depth market updates from the Saxo Market Call and the Saxo Strategy Team here. Please reach out to us at marketcall@saxobank.com for feedback and questions. Click here to open an account with Saxo. Intro music by AShamaluevMusic DISCLAIMER This content is marketing material. Trading financial instruments carries risks. Always ensure that you understand these risks before trading. This material does not contain investment advice or an encouragement to invest in a particular manner. Historic performance is not a guarantee of future results. The instrument(s) referenced in this content may be issued by a partner, from whom Saxo Bank A/S receives promotional fees, payment or retrocessions. While Saxo may receive compensation from these partnerships, all content is created with the aim of providing clients with valuable information and options.

In this week's At Any Rate Podcast, our Global FX Strategists discuss 1) this week's major moves in JPY, 2) how the USD view is evolving, and 3) recent and upcoming central bank meetings impact FX outlooks.   Speakers: Meera Chandan Ben Jarman Junya Tanase James Nelligan Patrick Locke   This podcast was recorded on 01 May 2026. This communication is provided for information purposes only. Institutional clients can view the related reports at https://www.jpmm.com/research/content/GPS-5283912-0, https://www.jpmm.com/research/content/GPS-5287512-0, for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 2026 JPMorgan Chase & Co. All rights reserved. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. It is strictly prohibited to use or share without prior written consent from J.P. Morgan any research material received from J.P. Morgan or an authorized third-party (“J.P. Morgan Data”) in any third-party artificial intelligence (“AI”) systems or models when such J.P. Morgan Data is accessible by a third-party.

Today - how the market is parsing the titanic capex plans for the four Mag7 companies reporting after the US market close yesterday. With crude oil prices spiking aggressively, maintaining the AI exceptionalism trade will prove difficult unless prices back down. Also, a far more interesting FOMC meeting than was expected as Powell vows to stay on and put up a fight for Fed independence, a fight that is doomed to fail. Elsewhere, Japan fights against JPY sell-off while recording today's pod, which is hosted by Saxo Global Head of Macro Strategy John J. Hardy. About twice per week, you will find links discussed on the podcast and a chart-of-the-day over at the John J. Hardy substack. Read daily in-depth market updates from the Saxo Market Call and the Saxo Strategy Team here. Please reach out to us at marketcall@saxobank.com for feedback and questions. Click here to open an account with Saxo. Intro music by AShamaluevMusic DISCLAIMER This content is marketing material. Trading financial instruments carries risks. Always ensure that you understand these risks before trading. This material does not contain investment advice or an encouragement to invest in a particular manner. Historic performance is not a guarantee of future results. The instrument(s) referenced in this content may be issued by a partner, from whom Saxo Bank A/S receives promotional fees, payment or retrocessions. While Saxo may receive compensation from these partnerships, all content is created with the aim of providing clients with valuable information and options.  

US President Trump is reportedly not satisfied with and is unlikely to accept the Iranian proposal; CNN reports that the US and Iran are not as far apart as they seem.BoJ maintained its policy rate as expected, though subject to a hawkish 6-3 vote split, dissenters highlighted upside risks to inflation.APAC pressured after the reporting around Trump, Nikkei 225 underperformed after the BoJ's hawkish-hold.DXY initially contained but then ticked higher, JPY benefited from the BoJ; JGBs gapped lower, but the move retraced, USTs rangebound.Crude supported by the reporting from the Situation Room, metals hit by the risk tone, hawkish action, and USD gains.Looking ahead, highlights include Spanish Retail Sales (Mar), Italian PPI (Mar), US ADP Weekly Employment Change, US House Price Index (Feb), US CB Consumer Confidence (Apr), US Richmond Fed Index (Apr), US Dallas Fed Index (Apr), NBH Policy Announcement (Apr), Speakers include BoJ Governor Ueda and ECB President Lagarde, Supply from the Netherlands, UK and US.Earnings from RobinHood, Bloom Energy, Visa, Booking.com, NXP Semiconductor, UPS, Coca-Cola, Spotify, General Motors, Centene, Airbus, Air Liquide, BP & Barclays.Click for the Newsquawk Week Ahead.Read the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk

US President Trump is reportedly not satisfied with and is unlikely to accept the Iranian proposal; CNN reports that the US and Iran are not as far apart as they seem.BoJ maintained its policy rate as expected, though subject to a hawkish 6-3 vote split, dissenters highlighted upside risks to inflation. Ueda non-committal on the timing of the next move.European bourses firmer, lifting incrementally after a contained open. US futures are mixed/lower into earnings and after OpenAI missed internal targets.JPY led post-BoJ before retreating and weakening on Ueda, USD firmer to the modest detriment of peers across the board; base & precious metals hit.Energy bolstered by the overnight updates, and as Iran's Foreign Minister is not returning to Pakistan post-Russia.Fixed falters as energy climbs, Bunds hit by the latest ECB surveys, Gilts lag into the Privileges debate regarding PM Starmer.Looking ahead, highlights include US ADP Weekly Employment Change, US House Price Index (Feb), US CB Consumer Confidence (Apr), US Richmond Fed Index (Apr), US Dallas Fed Index (Apr), NBH Policy Announcement (Apr), and speakers include ECB President Lagarde, Supply from the US.Earnings from RobinHood, Bloom Energy, Visa, Booking.com, NXP Semiconductor, UPS, Coca-Cola, Spotify, General Motors, Centene.Read the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk

"Israeli media: A limited operation against Iran may be carried out to avoid a prolonged war", Al Arabiya reports.Chinese Securities Regulator says that China is to allow qualified foreign investors to trade treasury futures from April 24, 2026, for hedging purposes only.Downbeat sentiment across European bourses, SAP +6% after a EUR 10bln share buyback; NQ outperforms, with INTC +23% post-earnings.FX price action lacklustre, CHF and JPY dodge intervention comments, UoM Final aheadFixed falters as energy climbs, Gilts lag again in catch-up trade and after further hawkish impetus into the BoE.Crude underpinned as eyes remain on US-Iran ceasefire heading into the weekend.Looking ahead, highlights include Canadian Retail Sales (Feb), US UoM Survey Final (Apr), CBR Policy Announcement (Apr).Read the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk

The Trump administration's goal is to bring both sides to the brink of an overarching deal to end the conflict that can then be pushed over the finish line in a second face-to-face meeting.A military advisor to the Islamic Revolution Leader says Iranian Armed Forces' launchers are ready to hit American warships and sink all of them, Press TV reported.European bourses printing mild gains, TSMC earnings lift the tech sector; US equity futures muted just shy of ATHs.DXY cautiously firms, JPY pares verbal intervention strength while GBP unreactive despite upside GDP surprise.Global benchmarks initially firmer, but hit as the risk tone deteriorated.Crude tilts higher as markets still await confirmation of any talks/ceasefire.Looking ahead, highlights include US Jobless Claims (Apr/11), Philly Fed Index (Apr), Industrial/Manufacturing Production (Mar), New Zealand Food Inflation (Mar), ECB Minutes (Mar). Speakers include Fed's Williams & Miran, ECB's Schnabel, Nagel & Lane, RBA's Hunter & BoE's Taylor. Earnings from Abbott, Charles Schwab, PepsiCo & Netflix.Read the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk

Next round of talks between US and Iran could take place this week or early next week, according to the Iranian embassy official in Pakistan.US VP Vance said we made some progress in Iran talks, and he wouldn't say things went wrong, while he added Iranians moved in our direction in talks, but not far enough.A US official said there is “continued engagement” with Iran and forward motion on trying to get to an agreement, while a senior US official also said talks between the US and Iran are continuing even now and there is progress in trying to reach an agreement, according to Axios.Energy eases amid continued reports of further US-Iran talks.Global equities gain on positive risk tone; US banks ahead.DXY soften, Kiwi continues to outperform while JPY helped modestly by reports BoJ is to increase price forecast.Fixed benchmarks gain, heavy speaker slate ahead. Looking ahead, highlights include US NFIB Business Optimism Index (Mar), ADP Weekly Change, PPI (Mar), South Korean Export/Import Prices (Mar), IMF World Economic Outlook Press Briefing (Apr). Speakers include BoE's Bailey & Greene, ECB's Lane, Cipollone & Lagarde, RBNZ's Breman, Fed's Goolsbee, Barr, Paulson, Collins & Barkin, Earnings from JPMorgan Chase, BlackRock, Citi, J&J, Wells Fargo & Kering.Read the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk

How did Japan become a leader in stablecoin infrastructure—and what role could JPY-backed stablecoins play in the future of global finance?Seihaku Yoshida, Founder and CEO of Hashport, joins Bitcoin.com News to share insights from the frontlines of Japan's evolving crypto ecosystem. From launching during the crypto winter to building one of the country's largest stablecoin payment platforms, Seihaku explains why regulation, innovation, and timing all matter.In this episode, we explore Japan's approach to crypto policy, the rise of stablecoin adoption, and how emerging technologies like AI could reshape how digital currencies are used.If you're curious about stablecoins, global crypto infrastructure, and where the industry is heading next, this conversation offers a unique perspective from Japan.⏱️ Chapters:00:34 – Starting the Company01:21 – Background & Experience03:26 – Challenges in 201805:15 – Consulting & Early Crypto Projects07:00 – Hashport's Current Focus09:16 – Transition to Wallet Infrastructure11:05 – Japan Expo Experience13:02 – Strategies & Collaborations16:31 – Japanese Crypto Users21:16 – Future Opportunities26:23 – Japan's Regulatory Environment29:00 – The Role of Stablecoins

Today, a look at equity markets that remain hopeful as key US-Iran talks kick off today in Islamabad, Pakistan. Even so, some big software names were under fresh heavy pressure as Anthropic's latest model release carves a path of devastation across the software universe. Elsewhere, we continue to highlight the importance of spot versus future prices for oil, check in on the status of the USD and JPY and much more. Today's pod is hosted by Saxo Global Head of Macro Strategy John J. Hardy. Links Let's hope he is wrong but Brent Johnson is concerned that food prices will see enormous impacts due to the disruptions of fertilizer flows from the Middle East, even if shipments were to resume tomorrow. The first portion of his paid substack is available for free. Stratechery does an excellent job putting Anthropic's latest Mythos release into perspective and has an older piece that it refers back to on "Anthropic and alignment" that discusses what is at stake for any leading edge AI company and its relationship with the sovereign. Finally, you can read the latest grand Craig Tindale thought piece on the geostrategic positioning of the US and why it is doing what it is doing. He penned another piece on his substack that also provides a compelling framework for why the US is behaving as it is, that its position "rhymes" historically with that of Imperial Japan after the US cut off oil and   About twice per week, you will also find links discussed on the podcast and a chart-of-the-day over at the John J. Hardy substack. Read daily in-depth market updates from the Saxo Market Call and the Saxo Strategy Team here. Please reach out to us at marketcall@saxobank.com for feedback and questions. Click here to open an account with Saxo. Intro music by AShamaluevMusic DISCLAIMER This content is marketing material. Trading financial instruments carries risks. Always ensure that you understand these risks before trading. This material does not contain investment advice or an encouragement to invest in a particular manner. Historic performance is not a guarantee of future results. The instrument(s) referenced in this content may be issued by a partner, from whom Saxo Bank A/S receives promotional fees, payment or retrocessions. While Saxo may receive compensation from these partnerships, all content is created with the aim of providing clients with valuable information and options.

The AI disruption trade finally saw some consolidation yesterday, ironically the day after a viral report on profound AI disruption sweeping over the market. Elsewhere, we have Meta going big on its commitment to AMD and Nvidia and key software-as-a-service names reporting today after the close. In FX, the JPY is tumbling as dovish BoJ appointments have the market questioning whether Japan's PM Takaichi has any commitment to corral JPY weakness, which may have also provided the fresh lift in gold and silver. Today's pod hosted by Saxo Global Head of Macro Strategy John J. Hardy. Two or three times per week, you will also find links discussed on the podcast and a chart-of-the-day over at the John J. Hardy substack. Read daily in-depth market updates from the Saxo Market Call and the Saxo Strategy Team here. Please reach out to us at marketcall@saxobank.com for feedback and questions. Click here to open an account with Saxo. Intro music by AShamaluevMusic DISCLAIMER This content is marketing material. Trading financial instruments carries risks. Always ensure that you understand these risks before trading. This material does not contain investment advice or an encouragement to invest in a particular manner. Historic performance is not a guarantee of future results. The instrument(s) referenced in this content may be issued by a partner, from whom Saxo Bank A/S receives promotional fees, payment or retrocessions. While Saxo may receive compensation from these partnerships, all content is created with the aim of providing clients with valuable information and options.

Today, a look at a modest US equity market rally as we wonder whether those pressing recent themes within AI winners vs. AI losers have overextended themselves. In any case, equity technicals look pivotal here, as does the USD and JPY outlook in key pairs, all while we wonder whether markets, outside of the crude oil market itself, are too complacent in continuing to ignore the risk of the outbreak of a war or regime change attempt in Iran. Today's pod hosted by Saxo Global Head of Macro Strategy John J. Hardy. Two or three times per week, you will also find links discussed on the podcast and a chart-of-the-day over at the John J. Hardy substack. Read daily in-depth market updates from the Saxo Market Call and the Saxo Strategy Team here. Please reach out to us at marketcall@saxobank.com for feedback and questions. Click here to open an account with Saxo. Intro and outro music by AShamaluevMusic DISCLAIMER This content is marketing material. Trading financial instruments carries risks. Always ensure that you understand these risks before trading. This material does not contain investment advice or an encouragement to invest in a particular manner. Historic performance is not a guarantee of future results. The instrument(s) referenced in this content may be issued by a partner, from whom Saxo Bank A/S receives promotional fees, payment or retrocessions. While Saxo may receive compensation from these partnerships, all content is created with the aim of providing clients with valuable information and options.