The yen strengthened to 146 per dollar as lower US yields and fresh tariffs on Japan and Brazil weighed on the dollar, while analysts warned tariffs could cut Japan’s GDP by 2% by 2029. Brent crude eased to around $70, pressured by trade tensions and a surprise 7.1M barrel rise in US crude inventories, though losses were limited by Red Sea disruptions and lower gasoline stocks.

The Nasdaq 100 gained 0.94% to a record high, driven by AI demand with Nvidia and Palantir leading gains, despite Trump’s new tariffs and Fed inflation concerns tempering rate cut hopes. Meanwhile, the offshore yuan held near 7.17 after China’s June CPI rose 0.1%, ending a three-month decline, while PPI dropped 3.6%, reflecting continued deflation and weak demand, with property sector strains and new US tariffs further pressuring sentiment.

Please take a look at the file below for a more detailed analysis.