S&P futures are flat following a broadly higher Asia session. Semiconductor and AI stocks were gaining momentum ahead of NVIDIA's earnings. South Korea, Taiwan, Japan, Mainland China, and Hong Kong all closed in the green today. Australia and Singapore saw minor losses. European markets opened mixed this morning.

Companies Mentioned: Meta, Alibaba, Par Pacific

S&P futures are pointing to a slightly higher open. Japan, South Korea, and Taiwan all saw solid gains led by tech recoveries, while Australia's ASX outperformed on the back of strong corporate updates. Semiconductor stocks remained under pressure, driven by Monday's selloff in the SOX index. China recovered slightly despite uncertainty arising from reports of tariff increase on Chinese import goods. European markets are reacting to upgraded GDP figures out of Germany while shrugging off ongoing global trade disputes and AI sector volatility.

Companies Mentioned: Meta, Warner Bros. Discovery

US and European markets are poised for a weak open. The US dollar is flat, while Asian forex shows little movement. Treasury and JGB yields are mixed within a narrow range. Precious metals are trading unevenly, with iron ore leading gains among base metals. Crude futures are sharply lower after the US announced extensive new economic sanctions on Iran. The Treasury buyback plan is increasingly viewed as unlikely to anchor yields long term against structural upward pressure—large fiscal deficits, rising inflation expectations, competition for capital from AI‑driven corporate issuance, and a resilient U.S. economy. Bessent signaled fiscal consolidation plans, but entitlement overhaul looks politically difficult, and AI funding needs keep upward pressure on issuance, raising doubts Treasury can sustainably suppress yields.

Companies mentioned: Nvidia, Paramount Skydance, Warner Bros. Discovery

US equity futures are modestly higher, while Asian markets ended mostly higher and European equities are firmer. The bond market remains a key focus after Treasury yields reversed most of Wednesday’s decline, with skepticism that larger Treasury buybacks can offset longer-term pressures from fiscal deficits and debt. Energy prices also remain elevated as attention turns to potential US financial measures against Iran, including possible measures aimed at China. In Europe, sentiment is supported by stronger business confidence in France and better-than-expected Eurozone PMIs, while UK consumer confidence reached a two-year high despite weaker retail sales.

Companies Mentioned: Super Micro Computer, Intercontinental Exchange, Polymarket, Shein

US equity futures are modestly lower, while Asian equities are mostly higher, and European equities are slightly softer. The Treasury rally remains a key market focus after the US Treasury announced an increase in long-dated debt buybacks, although questions remain over whether the move can sustainably contain longer-term yields. July FOMC minutes were somewhat dovish on the inflation outlook but did little to change rate expectations. Middle East developments remain an influence through energy markets, while the US has announced an intensified economic pressure campaign against Iran without providing specific details.

Companies Mentioned: Banco Santander, Webster Financial Corp, JD, CECONOMY

S&P futures are flat following a broadly lower Asia session. Bond pressure and semis selloffs led to sharp losses in South Korea, Taiwan, and Japan. Mainland China benchmarks were hit hard as well, though Hong Kong managed to close in the green. European markets are largely unchanged this morning.

Company Mentioned: Pilgrim's Pride

S&P futures are down (0.6%) and pointing to a lower open. Asian markets were mostly lower today. Japan benchmarks were sharply lower as tech names dragged. South Korea and Taiwan saw similar declines. Mainland China markets and Hong Kong pared morning losses but still closed in the red. Australia posted mild gains with mining giant BHP notably higher. European markets opened mostly lower today.

U.S. futures are mixed, with the Nasdaq pointing higher while the S&P 500 edges lower. Europe is set for a positive open for now. The U.S. dollar is slipping, treasury yields are lower at the long end but higher at the front end. Bonds mixed. US 10Y is 1 bp lower at 4.7%. Gilts down 3 bps. Bund is lower at 3%. Oil down, with WTI crude 0.7% lower under $82/bbl. Gold is up. Industrial metals are higher. Bitcoin is firmer. Strait of Hormuz standoff continues to underpin European energy risk pricing, but Q2 earnings have been supportive for regional markets. While markets have reduced Fed rate hike expectations, last Friday's backup in rates a point of focus. Analysts and financial press continue to discuss structural pressures, with high debt and borrowing and AI-related corporate supply.

Companies Mentioned: Coupang, Genco Shipping & Trading

US equity futures are modestly firmer, while Asian equities are mixed, and European equities are also mixed. Risk sentiment remains supported by lower Fed tightening expectations after softer-than-expected US producer inflation reinforced the disinflation narrative following the in-line CPI report. September rate-hike expectations have fallen to around 30% from 50% earlier in the week, while recent AI-related earnings remain supportive for technology sentiment. Meanwhile, there has been no diplomatic progress in the US-Iran situation, with the US sending another aircraft carrier to the region and Treasury Secretary Bessent flagging new economic measures against Iran next week.

Companies Mentioned: Carlyle Group

US equity futures are modestly firmer, while Asian equities are broadly higher and European equities are also modestly higher. Market sentiment remains supported by the in-line US inflation reading, which eased yields and reduced expectations for a September Fed rate hike. The AI trade is also firmer, supported by recent earnings and a positive corporate earnings outlook, while European macro data have generally surprised to the upside. Middle East developments remain a source of uncertainty, with little progress toward reviving the interim US-Iran peace agreement and traffic through the Strait of Hormuz remaining subdued.

Companies Mentioned: SHEIN, Ford Motor, AEVEX Corp