WTF Dailies July 2, 2025

• US stock futures rose as President Trump's sweeping spending bill headed to the House after narrowly passing the Senate. Futures attached to the Dow Jones Industrial Average ticked up 0.2%. Futures attached to the benchmark S&P 500 and the tech-heavy Nasdaq 100 rose 0.3%.
• Trump's pause on his "reciprocal" tariffs is set to expire on July 9, and the president has said he isn't considering an extension. The administration is now reportedly trying to close smaller trade deals before the deadline, after which the president has said he will send letters to countries assigning tariff rates.
• Wall Street is looking forward to the release of the June jobs report on Thursday as investors bet a rate cut from the Federal Reserve could land sooner rather than later. Any labor market weakness will be closely watched as it could strengthen the case for a cut.
• Most Asian stocks fell on Wednesday as investors watched out for U.S. trade deals ahead of the July 9 tariff deadline, while Japan stocks nursed sharp losses after President Donald Trump cast doubt on a deal with Tokyo.
• Japan’s Nikkei 225 fell 1% on Wednesday, extending sharp losses. The broader TOPIX index lost 0.5%. Despite scepticism about Japan, the U.S. sees promise in a trade pact with India. U.S. Treasury Secretary Scott Bessent confirmed that negotiations were “very close” to yielding an interim deal.
• South Korea’s KOSPI led losses with a 1.5% drop. The heavyweight chip stock SK Hynix (KS:000660) declined nearly 4%.
• China’s Shanghai Composite index fell 0.1%, while the Shanghai Shenzhen CSI 300 was largely muted. 
• Hong Kong’s Hang Seng rose 0.5% in a catch-up trade after returning from a holiday.
• Singapore’s Straits Times Index rose 0.4%, while futures tied to India’s Nifty 50 were largely unchanged.
• Data on Wednesday showed that Australia’s retail sales rebounded in May, although the growth was slightly below forecasts, as a decline in food spending offset a rebound in clothing purchases. The S&P/ASX 200 index rose 0.3% on Thursday.

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S&P 500 - United States Dow Jones - United States Nasdaq 100 - United States DAX - Germany CAC 40 - France FTSE 100 - United Kingdom Nikkei 225 - Japan EWH - Hong Kong Sensex - India ASX 200 - Australia MOEX - Russia MERVAL - Argentina Bovespa

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This daily briefing is curated from a wide range of reputable sources including news wires, research desks, and financial data providers. The insights presented here are a synthesis of key developments across global markets, intended to inform and spark thought.

No Investment Advice: This content is for informational purposes only and does not constitute investment advice, recommendation, or endorsement.

Timing Note: Each edition is assembled based on the market context available at the time of writing. Timing, emphasis, and interpretations may vary depending on global developments and publishing windows.