United States Fed Balance Sheet

New Zealand ANZ Roy Morgan Consumer Confidence

Japan Tokyo CPI Ex Food and Energy YoY

Japan Tokyo Core CPI YoY

US gasoline futures fell to $3.35 per gallon from the two-month high of $3.5 on July 23rd, as markets weighed persistent geopolitical risks against signs that oil flows through the Strait of Hormuz were improving. In the Middle East, oil-shuttling services picked up with data suggesting more barrels are leaving the Persian Gulf through vessels with transponders off, dampening concerns over energy supply. In the Bab el-Mandeb strait, two Saudi tankers also managed to cross the waterway by going dark. Meanwhile, EIA data showed US gasoline inventories rose slightly last week, defying expectations for a decline though stocks remained 6% below the five-year seasonal average. Geopolitical risks nevertheless persisted despite continued mediation efforts by China and Oman to facilitate US-Iran talks. In Russia, the government extended its diesel and gasoline export ban through January 2027 as fuel shortages persisted following Ukrainian drone strikes that shut another crude distillation unit.

Gasoline Futures Edge Lower

The Japanese yen surged past 160 per dollar on Thursday from the 40-year low of 164 in the prior session amid the likely intervention by the Ministry of Finance. The probable move followed the $74.2 billion in selling by the MoF on the month to May 27th. This brought relief to recent pressure from high energy prices, fiscal concerns, and wide interest rate differentials. Soaring LNG and petrol prices due to the war in Iran raised dollar bids in Japan by energy importers and pressured growth due to lower margins, pressuring the domestic currency. In the meantime, fiscal concerns were magnified by the domestic tax panel reiterating the proposal to cut food taxes to 1% from the current 8%, adding to the supply of yen through fresh debt. Lastly, the Bank of Japan is due to hold rates unchanged tomorrow following their hike in June. The BoJ is expected to still deliver hikes this year, but the expectation of hikes by the US Fed limited any narrowing in the rate differential.

Japanese Yen Rebounds on Likely Intervention

The FTSE MIB rose 1.3% to 52,104 on Thursday, supported by gains in financial and technology stocks, in addition to strong GDP data. AI infrastructure shares across the globe rebounded from yesterday's selloff after Samsung posted results, with STMicroelectronis jumping 6.4% and Prysmian gaining 4.5%. Financials also rose amid more strong earnings for European bank holding companies. Azimut gained 3.9%, and UniCredit, Banco BPM and BPER Banca all advanced more than 2%. Energy stocks continued to outperform, with Saipem up 3.7% and Eni gaining 1.4%, as oil prices remained elevated despite retreating during the session. Broader shares were also supported by strong GDP data. The Italian economy recorded by a carry-over growth rate of 0.8% in H1, firmly above the bank of Italy forecasts of 0.5% for 2026.  On the downside, Stellantis dropped 4.2% after reporting weaker-than-expected second-quarter results.

FTSE MIB Closes Higher

The FTSE MIB Index went up by 661 points or 1.29 percent on Thursday to close at 52104 points. The rise was led by STMicroelectronics (6.12%), Azimut Holding (3.92%) and Saipem (3.65%).

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