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Traders cite intervention to support the the Indian rupeeBeijing's export engine holds up on AI demand despite fresh US tariffs - July exports beat forecastsAsian stocks slide as Middle East jitters hit Korea, AI names weigh on NikkeiChina July Exports jump higher again in JulyCrypto news - US Senate pushes CLARITY Act crypto vote to September as recess nearsChinese investors pour $1.2bn into gold ETFs in longest streak since MarchPBOC sets USD/ CNY reference rate for today at 6.7904 (vs. estimate at 6.7548)ECB kept out of loop on historic US-Japan yen intervention, FT reportsYen intervention data shows scale of Japan's fight against 40-year lowsJapan household spending falls for seventh month, clouding BOJ rate pathTokyo benchmark set for record overhaul as 600 plus names face removalJapan June 2026 Household spending -6.4% m/m (vs. expected -3.1%, prior +3.7%)Japan weighs more flexibility for GPIF as pension giant reports Q1 gainsMore from Fed's Musalem, says financial conditions very accommodative, asset prices elevatedMore from a hawkish Musalem , says gradual hikes beat abrupt moves as inflation risk buildsMusalem says inflation risks tilted higher, credibility at stakeHeads up RBA preview: Analysts see cash rate on hold at 4.35% TuesdayinvestingLive Asia-pacific FX news wrap 6 Aug: USD moves higher with yields ahead of US jobs reportSaudi warns imminent attacks aim to derail Iran de-escalation talksTrump still does not know when war will end: "I think will end pretty soon""Preview: July non-farm payrolls by the numbersU.S. Stocks close lower as earnings pressure weighs; Dow leads the declineSummary:Saudi Arabia expects imminent, coordinated attacks from Iraqi militias, Iran-backed Houthis and the IRGC from the north, south and east, targeting energy, economic and civilian infrastructureSaudi Arabia, Turkey and Pakistan set to sign a joint defence agreement in Jeddah on Friday, bringing the Muslim world's only nuclear power into the pictureOil prices ticked higher on Houthi-Saudi tensions and lingering doubt over the terms of the Iran-Oman dealFed's Musalem reinforced his hawkish tilt in São Paulo, warning against tolerating above-target inflation to chase productivity gainsChina's July exports beat estimates and the yuan strengthened, with high-tech goods driving nearly 60% of the month's export incrementAsian equities were mixed to weaker Friday, with the Nikkei dragged down by chip and AI names and Korean shares reversing sharply on Middle East headlinesChina's July inflation data lands Sunday, 9 August at 0130 GMT (Saturday, 8 August, 9:30pm US Eastern)Wrap: The Gulf security picture darkened further on Friday as a senior Saudi official told both CNN and Reuters that the kingdom expects multiple coordinated attacks imminently, with Iran's Revolutionary Guard Corps, Yemen's Houthis and Iraqi militias converging from the north, south and east. Targets are said to include civilian, energy and oil facilities, economic sites, critical infrastructure, airports and ports, with Saudi officials saying drones and missiles are being observed in motion right now, consistent with preparations for a three-pronged operation. Against that backdrop, Saudi Arabia, Turkey and Pakistan are set to sign a joint defence agreement in Jeddah on Friday, according to sources close to the Saudi military and government, notably bringing Pakistan, the Muslim world's only nuclear power, into a formal defence arrangement with Riyadh at a moment of acute regional risk. Oil prices ticked higher as Houthi-Saudi tensions built, with additional uncertainty stemming from Iranian reporting on the terms of the Iran-Oman deal, which has pointed to conditions seen as unfavourable to the US and its regional allies.On monetary policy, St. Louis Fed President Alberto Musalem used a speech and Q&A in São Paulo to reinforce the hawkish signal he has been sending since last week's FOMC meeting. Musalem said inflation remains well above target with risks tilted higher, and argued monetary policy must impose meaningful restraint rather than staying easy in pursuit of productivity gains, warning that doing so would put the Fed's credibility at risk. The remarks add to a run of increasingly hawkish commentary from Musalem this week, framing any tolerance of above-target inflation as a direct threat to the central bank's inflation-fighting reputation rather than a defensible trade-off.In other notable central bank news the Reserve Bank of India sold USD/INR to support the rupee.China's trade picture continued to hold up. July exports beat estimates, and the yuan strengthened in response. Over the first seven months of 2026, China's combined goods trade reached 30.13 trillion yuan, up 17.3% year on year, with July exports of high-tech products including industrial robots and 3D printers growing by more than 50% from a year earlier, accounting for close to 60% of the month's total export increment. The data reinforces the theme of AI and advanced manufacturing demand carrying China's external trade even as domestic consumption stays soft.Regional equities reflected the mixed cross-currents. Japan's Nikkei fell around 1% as AI and chip-related losses outweighed broader gains, with SoftBank Group down around 4% despite beating first-quarter profit expectations, while the Topix was roughly flat. In Korea, the KOSPI opened more than 1% higher and briefly touched the 6,400 level before reversing entirely within the hour as the Hormuz and Saudi attack headlines hit sentiment, dragging SK Hynix down around 5% and pulling the KOSDAQ to a loss of close to 3%.Looking ahead, China's July inflation data is due Sunday, 9 August at 0130 GMT, which is Saturday, 8 August at 9:30pm US Eastern time, and will be closely watched for further confirmation of whether external demand strength is translating into any pickup in domestic price pressure. This article was written by Eamonn Sheridan at investinglive.com.

The stronger than expected export print, even as growth cooled from June's pace, suggests China's manufacturing base is still finding external demand to lean on despite a soft domestic consumption backdrop and the weakest quarterly GDP growth since late 2022. A narrower but still substantial trade surplus keeps Beijing's rebalancing debate with major trading partners firmly in focus, and the retaliatory exchange around tariffs and drone export restrictions adds a fresh layer of uncertainty just as a bilateral summit was being discussed. Continued strength in AI-linked exports supports the broader narrative of resilient tech demand propping up regional growth, a theme relevant to Asian equities and currencies exposed to the AI supply chain, including South Korea's chip exporters. Renewed US-China friction is a modest headwind for risk sentiment and could weigh on commodity currencies such as the Australian dollar if it escalates further.--China July Exports jump higher again in July-- China's exporters are still outrunning expectations on the back of the global AI boom, even as a fresh round of tariff and export retaliation with Washington threatens to complicate the picture.Summary:China's July exports rose around 23% year on year in dollar terms, beating forecasts of roughly 22%, though slowing from June's pace of around 27%, the fastest since October 2021Imports rose around 27.5% year on year, just shy of forecasts, slowing from June's roughly 36% jump, which had been the quickest in five yearsThe trade surplus came in at around $112 billion, above forecasts of roughly $107 billion, narrowing from around $126 billion in JuneStrong global demand for AI-related products helped support export growth even as domestic consumption remained subduedChinese exporters had also been front-loading shipments to the US ahead of a new roughly 12.5% tariff that replaced a temporary lower rate in late JulyChina restricted drone exports this week in response to recent US technology restrictions and forced-labor blacklists, part of a broader exchange of retaliatory trade measuresChina's economy grew around 4.3% in the second quarter, its weakest pace since late 2022, with authorities reaffirming support through fiscal and monetary measures at a late-July policy meeting China's exports rose more than expected in July, topping forecasts even as growth eased from June's blistering pace, as global demand for high-tech components continued to absorb the country's goods despite a fresh round of trade friction with Washington. Exports grew by around 23% in US dollar terms from a year earlier, according to official customs data released Friday, ahead of the roughly 22% growth economists had forecast, though slower than June's approximately 27% surge, which had been the fastest pace since October 2021.Imports rose by around 27.5% last month, just shy of forecasts near 28%, and a notable slowdown from June's roughly 36% jump, itself the quickest in five years. The trade surplus came in at around $112 billion, exceeding analyst estimates of roughly $107 billion, while narrowing from about $126 billion in June. A worldwide build-out of AI infrastructure has helped support China's economy through a year of geopolitical shocks, keeping export growth on track even as domestic consumption has stayed subdued.Part of the export strength also reflected Chinese manufacturers racing goods onto US-bound vessels ahead of an anticipated tariff increase. Washington applied a new levy of around 12.5% on Chinese products in late July, replacing a temporary lower rate that had expired. Beijing's trade surplus, which topped $1 trillion for the full year in 2025, remains a persistent point of friction with major trading partners including the United States and the European Union, both of which have pressed China to rebalance its economy toward domestic consumption.The data landed just as Beijing and Washington exchanged a fresh round of retaliatory measures, reigniting trade tensions and clouding prospects for a planned bilateral summit. In response to recent US technology restrictions and forced-labor blacklists, China this week restricted exports of drones as part of a broader package of countermeasures. Even so, Beijing has signalled it wants to avoid a full breakdown in bilateral relations, with the base case among analysts still pointing to a state visit proceeding largely as planned, albeit with several potential complications still unresolved.Chinese authorities reaffirmed support for the slowing economy at a policy-setting meeting in late July, pointing to accelerated fiscal spending and timely monetary adjustments, though they stopped short of announcing concrete new steps to lift household spending. That caution comes after second-quarter GDP growth slowed to around 4.3%, its weakest pace since the fourth quarter of 2022, underscoring the extent to which exports, rather than domestic demand, continue to carry China's growth story into the third quarter. This article was written by Eamonn Sheridan at investinglive.com.

China July 2026 trade data, just the numbers. I'll have more to come on this separately ... ADDED, here: Beijing's export engine holds up on AI demand despite fresh US tariffs - July exports beat forecastsChina July US dollar-denominated:Exports +23.0% y/y (expected +22.2% y/y, prior +27.0%)Imports +27.5% y/y (expected +27.9% y/y, prior +36.0%)Trade balance $+112.5 bn (expected +$107.0 bn, prior 125.62bn) This article was written by Eamonn Sheridan at investinglive.com.

The scale of the miss, a 6.4% month-on-month drop against an expected 3.1% decline, weakens the case for a September Bank of Japan hike by casting doubt on the strength of domestic demand even as real wages continue to rise. Yen sentiment is likely to soften near term if markets read this as pushing the BOJ's timeline out, particularly against a backdrop of already elevated global rate uncertainty. Japanese equities exposed to domestic consumption may see added pressure, while exporters could see relative support from any yen weakness. The data adds another data point for the BOJ to weigh alongside wage growth and inflation trends heading into its next policy decision, with the divergence between rising pay and falling spending complicating a clean read on consumer health.Earlier:Japan June 2026 Household spending -6.4% m/m (vs. expected -3.1%, prior +3.7%)Tokyo benchmark set for record overhaul as 600 plus names face removalJapan weighs more flexibility for GPIF as pension giant reports Q1 gains Japanese consumers are still pulling back even as their pay packets stretch further, a split that leaves the Bank of Japan with a murkier picture ahead of its September rate call.Summary:Japan's real household spending fell 3.3% year-on-year in June, a seventh consecutive monthly decline, against a consensus forecast for a 1% riseSeasonally adjusted spending fell 6.4% month-on-month, far exceeding the expected 3.1% dropThe data will factor into the Bank of Japan's deliberations on whether to raise interest rates as early as SeptemberReal wages rose 1.6% year-on-year in June, a sixth straight month of increases, according to separate labour ministry dataThe spending decline clouds prospects for a domestic-demand-led recovery, despite state aid lowering utility costs and inflation-adjusted wages rising through the yearConsumer confidence improved in June but remains well below its 10- and 20-year averages Japanese household spending fell unexpectedly for a seventh straight month in June, government data showed on Friday, underscoring how persistent inflationary pressure continues to weigh on consumption even as inflation-adjusted wages keep rising. Consumer spending fell 3.3% year-on-year, according to data from the internal affairs ministry, badly missing the median market forecast for a 1% rise. On a seasonally adjusted, month-on-month basis, spending dropped 6.4%, far exceeding an estimated decline of 3.1%.The weakness in consumption stands in contrast to a separate release from Japan's labour ministry this week, which showed real wages grew 1.6% year-on-year in June, marking a sixth consecutive month of increases. That divergence, rising real pay alongside falling actual spending, points to a Japanese consumer who remains cautious despite improving purchasing power, a dynamic that has now persisted for the better part of the year.The spending figures will be among the factors the Bank of Japan scrutinises as it weighs whether to raise interest rates as early as September. A sharper-than-expected pullback in household consumption complicates the case for near-term tightening, even as wage growth has been cited by some policymakers as evidence that Japan's shift away from deflationary dynamics is taking hold. The mixed signals leave the central bank with a less clear-cut picture heading into its next policy decision.The decline also clouds prospects for a broader domestic-demand-led recovery in Japan's economy. State aid has helped lower utility costs for households this year, and inflation-adjusted wages have risen on a month-to-month basis, yet neither appears to have been enough to offset consumer caution. Consumer confidence did improve in June, but it remains well below both its 10-year and 20-year averages, suggesting households are still wary of committing to higher spending even as some of the underlying economic conditions have improved.  This article was written by Eamonn Sheridan at investinglive.com.

Just a data post ... pretty weak data too!I'll have more to come on this separately  This article was written by Eamonn Sheridan at investinglive.com.

Treasury yields moved sharply higher on Thursday, with the two-year note rising more than 7 basis points and the benchmark 10-year yield climbing nearly 6 basis points to 4.67%. The move was fueled by another round of solid U.S. economic data, including better-than-expected initial jobless claims that reinforced the view the labor market remains resilient. Strong productivity data also pointed to an economy that continues to generate healthy output. While stronger productivity can help ease inflation over time, traders focused on the fact that the economy remains firm enough for the Federal Reserve to remain patient on rate cuts, while tilting toward a hike. Tomorrow at 8:30 AM ET, the U.S. Labor Department will release the July employment report, one of the most closely watched pieces of economic data each month. The report is expected to show the labor market remains resilient.  Economists are forecasting payroll growth to rebound modestly after June's disappointing gain, while the unemployment rate is expected to remain steady. Nonfarm Payrolls:+83,000 (prior +57,000) Unemployment Rate:4.2% (unchanged) Average Hourly Earnings (m/m):+0.3%Average Hourly Earnings (y/y):+3.5%A stronger-than-expected report would likely reinforce today's move higher in Treasury yields and the U.S. dollar, while potentially weighing on equities as investors push back expectations for Fed easing. Conversely, weaker hiring or softer wage growth could trigger a pullback in yields, pressure the dollar, and provide relief for stocks. The expectations for a rate hike in September is around 56%.Adding to the upward pressure on yields was a sharp rebound in crude oil prices. WTI crude settled up 3.60% to $77.93 after reports that Iran is considering restrictng U.S. and Israeli vessels from transiting the Strait of Hormuz. The development revived concerns over global energy supplies and the potential for higher oil prices to slow progress on inflation.The combination of higher Treasury yields and renewed geopolitical uncertainty helped lift the U.S. dollar broadly. The dollar gained 0.45% against the Japanese yen, 0.68% versus the Swiss franc, and 0.05% against the Canadian dollar (the USDs lowest gain). The  greenback rose 0.27% vs the EUR, and 0.40% vs the AUD, and 0.32% vs the NZD.  Rising U.S. yields widened interest-rate differentials, while safe-haven demand added another tailwind for the greenback.Stocks struggled under the weight of higher borrowing costs and renewed geopolitical concerns. The Dow Jones Industrial Average led the decline, falling 464.05 points (-0.85%), pressured by weakness in industrial and economically sensitive names. The S&P 500 slipped 13.61 points (-0.18%), while the Nasdaq Composite proved relatively resilient, ending down just 15.09 points (-0.06%) as strength in select technology shares helped limit losses.Elsewhere, precious metals failed to benefit from the geopolitical backdrop as higher real yields weighed on the sector. Gold fell -0.27% or $-11, and silver declined 0.87%, while Bitcoin eased 0.30% to close near $64,400.With today's solid labor data reinforcing economic resilience and higher oil prices adding a fresh inflation risk, Friday's U.S. employment report now takes center stage. A stronger-than-expected payroll gain could further support Treasury yields and the dollar, while a softer report may provide some relief to both bonds and equities after today's yield-driven sellof This article was written by Greg Michalowski at investinglive.com.

Alberto Musalem, St. Louis Fed president, speaks soon. He has recently turned more hawkish, now favouring earlier, gradual rate hikes over "later, larger, abrupt" moves, citing eroding inflation credibility after the Treasury selloff. He told the FT he'd preferred a 25bp hike at July's meeting, where the Fed held rates 9-3.Yesterday:Fed's Daly supported decision to hold rates steady at July FOMC meetingFed's Cook: Fed running out of room for disnflation to return This article was written by Eamonn Sheridan at investinglive.com.

What's expected:Consensus estimate +80K (range +10K to +140K)June +57%Private consensus estimate +78KUnemployment rate consensus estimate: 4.2% vs 4.2% priorParticipation rate consensus 61.5% priorPrior underemployment U6 prior 7.9%Avg hourly earnings y/y exp +3.5% y/y vs +3.5% priorAvg hourly earnings m/m exp +0.3% vs +0.3% priorAvg weekly hours exp 34.3 vs 34.3 priorJuly jobs so far:ADP employment report 44K vs 65K expected and +95K priorISM services employment 47.4 vs 51.2 prior (four month low)ISM manufacturing employment 52.8 vs 50.0 exp and 49.7 priorChallenger Job Cuts 33,429 vs 45,849 priorPhilly employment +10.0 vs +7.9 priorEmpire employment +11.4 vs +9.6 priorInitial jobless claims survey week 187K (lowest since 1969) vs 226K priorRevelio Labs +79.2K vs +125.35K priorIn terms of seasonals, it's very close to balanced for the July print, with both the headline and unemployment rate about a coin flip.The market isn't overly focused on jobs at the moment as there doesn't appear to be a strong trend and the last number of months have been in a range that doesn't cause concern. I think the market is leaning lower than the consensus after ISM services and ADP but I don't think it's particularly tradable, especially given USD/JPY intervention.In terms of monetary policy, I think a Sept hike should be baked in but it's only at 59%. A strong jobs report could add to that while I don't think a weak one would hurt it particularly badly given the good numbers in the latter half of H1. If you're the Fed, would you think that a Sept hike would derail the labor market?In the aftermath of the report, the place to watch will be the Treasury market. Yields have been grinding higher without much fanfare. There has been a reprieve on hopes for a Hormuz deal but that's a tough trade to life and die on. Watch the wage numbers closely as even a 0.1 pp beat on the monthly number could tip the FOMC balance. This article was written by Adam Button at investinglive.com.

Trump is just out with a message:The Fake News, as usual, is spreading false and completely unfounded rumors. I am extremely happy with the job that Pete Hegseth is doing. Everything has been extraordinary, including our attack on Venezuela, where the result was accomplished in less than one day, allowing us to bring one of the worst criminals anywhere in the World, Nicolas Maduro, to Justice! Likewise, Iran, where the country has been decimated for the purpose of NOT ALLOWING IT TO EVER HAVE A NUCLEAR WEAPON, is going very well! Pete is highly respected within the Military, and has made tremendous improvements, including getting rid of DEI, and increasing recruitment to historic levels. This rumor was started by The Washington ComPost, one of the worst Media Outlets in the business, despite our telling them their story is completely FALSE. In actuality, I really believe their fake “reporting” is treasonous! President DONALD J. TRUMPThis is in response to a report sayind Trump was angry at Hegesth for misleading him on the state of munitions, which have been heavily drawn down according to reports.On the Iranian side, there is a report saying that the ball is in Trump's court to sign off on the Iran-Oman deal and the basically get back to the MOU. This article was written by Adam Button at investinglive.com.

Fars is reportingIran is reportedly drafting a strategic plan that would restrict access through the Strait of Hormuz for vessels linked to the United States, Israel, and other countries it considers hostile. Under the proposal: U.S., Israeli, and other designated "hostile" vessels would be prohibited from transiting the Strait. Ships connected to Israel, whether military or civilian, would be barred from passage. Vessels or cargoes supporting actions against the so-called "Resistance Front" would also be banned. Countries or entities accused of causing damage to Iran could be denied access to the Strait and the Persian Gulf until compensation is paid. Violators could face heavy fines of up to 20% of the cargo's value, with cargo potentially subject to seizure. Iranian authorities, working with the military, would oversee navigation, vessel monitoring, and security in the Persian Gulf. The document is still in the expert review stage and has not yet become official policy. According to the reported draft, Iran is considering a strategic plan that would significantly tighten control over transit through the Strait of Hormuz. The proposal would prohibit passage for vessels associated with the United States, Israel, and other countries deemed hostile, while also imposing restrictions on ships carrying cargo linked to actions against Iran or its allies. It further outlines potential financial penalties and cargo seizures for violators, with Iranian authorities and the military taking a larger role in managing navigation and security. Importantly, the plan remains under expert review and has not yet been formally approved or implemented, meaning its final scope and timing remain uncertain.The price of oil has move d higher with the price now trading up $2.64 or 3.45% at $77.87. Looking at the daily chart the price of crude oil fell and closed below the 200 day MA the last two trading days. The price is back above that MA at $76.12.  Getting and staying above that MA will tilt the technical bias back to the upside on the failed break. The 100 hour MA at $78.44 is the next upside target followed by the 200 hour MA at $80.67. This article was written by Greg Michalowski at investinglive.com.

Prior was +0.3%Sales -3.0% vs +2.2% expectedPrior sales 3.4% (revised to 3.5%)That's a disappointing read on sales but this report isn't a market mover. This article was written by Adam Button at investinglive.com.

Prior was 2.3%Productivity +1.4% vs +0.6% expectedPrior productivity was +0.8%This isn't really a useful report because productivity is so hard to measure and it's often revised many times. In theory, unit labor costs are a critical inflation number but it's rarely a market mover because measuring it is so variable quarter-to-quarter.The dollar has much bigger questions to answer at the moment with all the intervention in the yen. The Treasury market also doesn't like what it's been hearing from Bessent. This article was written by Adam Button at investinglive.com.

Prior week initial jobless claims 197K revised to 198KInitial jobless claims 199K vs 202K estimate4-week MA of initial jobless claims 198.75K vs 203.25K last week. Prior week continuing claims 1.782M revised to 1.777MContinuing claims 1.801M vs 1.790M estimate4-week MA of continuing claims 1.791M vs 1.796M Some facts:Initial jobless claims remain near historically low levels (see chart ABOVE), suggesting layoffs are still limited. While payroll growth has slowed, businesses continue to retain workers rather than reduce headcount. The labor market has increasingly been described as "low-hire, low-fire." Hiring is modest, but employers are also hesitant to let employees go after experiencing labor shortages over the last several years. Unemployment has remained relatively stable despite slower job creation, reinforcing the Fed's view that employment is not deteriorating in a meaningful way. What Fed officials have saidJohn Williams (New York Fed) Williams has repeatedly said the labor market remains stable and that current monetary policy is appropriately positioned. He continues to expect inflation to ease while emphasizing that the Fed will respond if inflation fails to move back toward target. Mary Daly (San Francisco Fed) Daly said the Fed was right to leave rates unchanged in July because officials want more data before deciding on September. While she acknowledges uncertainty, she has not described the labor market as a source of concern. Instead, her focus remains on determining whether inflation pressures prove temporary or persistent. Lisa Cook (Fed Governor) Cook noted there is little evidence of widespread AI-driven job losses and said she would support higher rates if inflation does not begin easing. Her comments imply the labor market has remained resilient enough that employment is not currently preventing the Fed from tightening further if necessary. Neel Kashkari (Minneapolis Fed) Kashkari has emphasized that the Fed's decisions depend on both inflation and employment. He has supported additional tightening because inflation remains above target, while still characterizing the labor market as sufficiently strong to withstand restrictive policy.US Monthly jobs report will be released tomorrow at 8:30 AM ET. The July U.S. employment report will be one of the week's key market-moving events, with economists expecting nonfarm payrolls to rise by about 80,000–85,000, up modestly from June's 57,000 increase. The unemployment rate is expected to hold steady at 4.2%, while average hourly earnings are projected to remain consistent with a labor market that is cooling gradually rather than weakening abruptly. Heading into the release, the signals have been mixed. Initial jobless claims remain near historically low levels, pointing to limited layoffs, but Wednesday's ADP employment report showed a softer-than-expected 44,000 increase in private payrolls, suggesting hiring remains cautious. The prevailing theme continues to be a "low-hire, low-fire" labor market, where employers are slowing hiring but are still reluctant to let workers go. For the Federal Reserve, a report close to expectations would likely reinforce the view that the labor market remains resilient, allowing policymakers to keep their focus on inflation. A significantly stronger report could increase expectations for a September rate hike, while another downside surprise would raise questions about whether hiring is slowing more than anticipated. As a reference point, the current estimate is for a 56.9% chance of a September rate hike. This article was written by Greg Michalowski at investinglive.com.

Headlines:Gold sees early gains ease but buyers stay in a good spot in second half of the weekEquities take a step back as investors can't shake off AI spending concernsS&P 500 soars to record highs as geopolitical risks ease; focus shifts to US CPI dataThe dollar's next move hinges on inflation, while the yen waits for the BoJUS-based employers announce fewest job cuts in two years in JulyGerman construction activity continues to struggle at the start of Q3UK construction slump eases in July amid rebound in client demandMarkets:WTI crude oil up 0.8% to $75.80USD leads, CHF lags on the dayGold up 0.2% to $4,255S&P 500 futures up 0.1%, Nasdaq futures down 0.4%US 10-year yields up 2.6 bps to 4.64%Bitcoin down 0.3% to $64,565It was a session where markets are taking a bit of a breather in not really chasing any moves too much.The jump higher in gold and tech selloff yesterday is still reverberating, and market players are gathering their steps again in approaching the second half of the week.Without any fresh developments on the US-Iran conflict, there wasn't much else to work with on the session. As such, the focus and attention now shifts to the US non-farm payrolls tomorrow.Gold remains in the spotlight after early buying in Asia saw price run to a high of $4,303 before settling to $4,255 now - still up 0.2% on the day.Meanwhile, oil prices are also keeping a little higher with WTI crude up 0.8% to $75.80 amid a more cautious mood surrounding the situation in the Middle East.In other markets, the dollar was not up to much as currency traders continue to be sidelined in trying to figure out their next steps after the USD/JPY joint intervention. The dollar is keeping steadier today with EUR/USD down 0.1% to 1.1540 and USD/JPY up 0.1% to 157.90 currently.And following the tech selloff yesterday led by SpaceX, Nasdaq futures are once again down today by 0.4%. Dow futures are once again keeping higher and that is seeing S&P 500 futures hold a slender 0.1% gain ahead of the open. All eyes will be on how tech shares fare next after some heavy bleeding in Asia with the KOSPI closing over 4% lower.Besides that, 10-year Treasury yields are seen nudging back up a little by 3 bps to 4.64% and that will keep broader markets in check so as to not get all too optimistic in the grand scheme of things.It's on to the US weekly jobless claims next before we move on to a full countdown mode ahead of the non-farm payrolls tomorrow. This article was written by Justin Low at investinglive.com.

July layoffs 33,429Prior 45,849US-based employers announced 33,429 job cuts in July, which marks a 27% decline compared to the 45,849 layoffs announced in May. The July figure is also the lowest monthly total in two years, while also reflecting a marked drop of 46% compared to July last year (62,075 layoffs).It is the fifth time this year that cuts are lower than the corresponding month one year earlier.Through July this year, the total job cuts announced this year is 477,033. That is down 41% from the 806,383 cuts announced in the first seven months of 2025.But once again, the technology sector continues to lead all others in job cuts in July. There were 9,867 job cuts announced, bringing the total year-to-date figure to 149,023 in 2026. The total year-to-date figure for this year is a significant increase (67%) to last year's figure through July.Challenger notes that:"The pace of layoffs fell dramatically this summer. Layoff plans continue to be announced primarily in tech, and artificial intelligence is still the story, as investments in the technology reshape organisations. Tech remains the center of gravity for this year’s cuts, and AI is still the reason companies give."Of note, AI led all reasons for job cuts in July once again with 10,970 layoffs announced. This marks the fifth consecutive month AI has been the leading reason. And through the year so far, AI has been cited in 112,713 job cut announcements, approximately 24% of all cuts. This article was written by Justin Low at investinglive.com.