US stocks closed lower overnight following July 4th Independence Day holiday as the market digests the latest FOMC meeting minutes, trade barriers from China and oil output cuts from OPEC+. The Dow Jones closed down 130 points (-0.38%). Dow at worst down 191 points. S&P 500 down 0.2% NASDAQ fell 0.18, and the VIX rose 3.5%. Chip stocks fell after China said it would control exports of some metals widely used in the semiconductor industry as tensions rise between Beijing and Washington over access to high-tech microchips. Intel shares fell 3.3%, and the Philadelphia SE Semiconductor Index fell 2.2%. US treasuries edged higher after a softer-than-expected reading on US-made goods, and the US greenback gained as the likelihood the Fed raises rates by another 25bps at its next meeting rises to 88.7%.

• ASX to open lower. SPI Futures down 37 (-0.51%).
• China's chipmaking export curbs 'just a start', Beijing adviser warns before Yellen visit.
• US says it opposes export controls by China on metals, will consult allies.
• Yellen's China visit aims at 'new normal' with Beijing.
• A united U.S. Federal Reserve agreed to hold interest rates steady at the June meeting.
• New orders for U.S.-made goods increased less than expected in May.
• Euro zone business activity contracts in June -PMI.
• MSCI's global equities index lost ground on weaker-than-expected overseas data.
• ChatGPT, the AI chatbot, saw monthly traffic decline for the first time in June.
• Russia-Saudi oil cooperation is still going strong as part of the OPEC+ alliance.
• Exxon signals sharp profit drop, cites low natgas prices, refining margins.

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