Global Market Quick Take: Asia – July 01, 2024 Global Market Quick Take: Asia – July 01, 2024 Global Market Quick Take: Asia – July 01, 2024

Global Market Quick Take: Asia – July 01, 2024

Macro 6 minutes to read
APAC Research

Key points:

  • Equities: S&P gained 2.9%, Dow rose by 0.7%, and Nasdaq rallied by 4.9% in June
  • FX: EURUSD opens higher with France election outcome less extreme than feared
  • Commodities: Oil gained 6% in June
  • Fixed income: US yield curve bear-steepened on Friday
  • Economic data: US ISM manufacturing PMI


The Saxo Quick Take is a short, distilled opinion on financial markets with references to key news and events.


Disclaimer: Past performance does not indicate future performance.

In the news:

  • ‘Inside Out 2’ tops $1 billion at the global box office, first film to do so since ‘Barbie’ (CNBC)
  • Euro rises after France far-right win first round vote (Investing)
  • Stocks Slide in Last Session of the First Half of 2024 (Barron’s)
  • Boeing to buy Spirit for $4.7 bln in all stock deal- Reuters (Investing)
  • China's June factory activity contracts again, services slows (Investing)

Macro: US PCE was in-line with expectations. Core PCE rose by 0.1% M/M, easing from 0.3% (revised up from 0.2%), with the Y/Y easing to 2.6% from 2.8%. Headline was flat M/M, down from 0.3% prior, with the Y/Y at 2.6%, down from 2.7%. This is a welcome relief for the Fed and focus turns to non-farm payroll jobs data due at the end of the week.

Macro events: EZ, UK & US Manufacturing Final PMI (June), German Prelim. CPI (June), US ISM Manufacturing PMI (June)


Equities: Stocks in the US ended lower on the final trading day of June as investors processed a slew of economic data. The S&P experienced a 0.4% decline after reaching a new high of 5.5K, while the Nasdaq 100 fell by 0.7% after briefly reaching a record level of 19,980. In the meantime, the Dow Jones dropped by 41 points. The decline was led by communication services, with Alphabet (-1.7%), Meta (-2.9%), Netflix (-1.4%), and Walt Disney (-2.8%) all experiencing drops. On the other hand, energy and real estate stocks saw slight gains. Most of the large-cap stocks closed in negative territory, including Nvidia (-0.3%) and Amazon (-2.3%). Looking at the monthly performance, the S&P gained 2.9%, the Dow rose by 0.7%, and the Nasdaq rallied by 4.9%. For the first half of 2024, the S&P increased by 15.1%, the Nasdaq by 20%, and the Dow gained 3.7%.

Fixed income: The US yield curve bear-steepened on Friday, with the 2-year yield up 4 basis points at 4.75%, while the 10-year rate jumped 11 basis points to 4.40%. Yields on Australia’s 3-year note rose by 7 basis points to 4.15%, while the 10-year debt increased by 9 basis points to 4.40%. Meanwhile, New Zealand’s 10-year yield remained steady at 4.67%. Futures of Japan’s 10-year notes finished the night session down 29 ticks to close at 142.57, resulting in a yield increase of about 3 basis points. The benchmark yield for Japan fell for the first time in seven sessions on Friday, down 2 basis points at 1.05%.

Commodities: On Friday, oil fell due to weak U.S. fuel demand and profit-taking at the quarter's end. The U.S. PCE price index remained flat in May, hinting at potential rate cuts in September. Concerns about rising U.S. crude and gasoline inventories impacted oil prices, which WTI ended the week down by 0.2% after a two-week gain, but saw a 6% increase for the month and over 13% for the first half of 2024. Gold approached $2,340 per ounce on Friday, marking nearly a 5% gain in the second quarter and a 14% surge in the first half of the year. This was driven by expectations of rate cuts by major central banks and increased gold demand by key central banks in Asia.

FX: The US dollar is starting the week lower after ending last week nearly unchanged. EURUSD has opened the week higher, climbing to 1.0740, with Marine Le Pen’s far-right party’s victory in the first round of the French elections turning out to be less extreme that feared. EURCHF climbed higher to 0.9660, the highest in over two weeks, as safe-haven Swiss franc declined. AUDUSD has been a stand-out performer last week, and is trading above 0.6650. GBPUSD remains in focus this week with UK elections the next key political event to watch. 

For all macro, earnings, and dividend events check Saxo’s calendar.

For a global look at markets – go to Inspiration.


Quarterly Outlook 2024 Q3

Sandcastle economics

01 / 05

  • Macro: Sandcastle economics

    Invest wisely in Q3 2024: Discover SaxoStrats' insights on navigating a stable yet fragile global economy.

    Read article
  • Bonds: What to do until inflation stabilises

    Discover strategies for managing bonds as US and European yields remain rangebound due to uncertain inflation and evolving monetary policies.

    Read article
  • Equities: Are we blowing bubbles again

    Explore key trends and opportunities in European equities and electrification theme as market dynamics echo 2021's rally.

    Read article
  • FX: Risk-on currencies to surge against havens

    Explore the outlook for USD, AUD, NZD, and EM carry trades as risk-on currencies are set to outperform in Q3 2024.

    Read article
  • Commodities: Energy and grains in focus as metals pause

    Energy and grains to shine as metals pause. Discover key trends and market drivers for commodities in Q3 2024.

    Read article

Saxo Capital Markets (Australia) Limited prepares and distributes information/research produced within the Saxo Bank Group for informational purposes only. In addition to the disclaimer below, if any general advice is provided, such advice does not take into account your individual objectives, financial situation or needs. You should consider the appropriateness of trading any financial instrument as trading can result in losses that exceed your initial investment. Please refer to our Analysis Disclaimer, and our Financial Services Guide and Product Disclosure Statement. All legal documentation and disclaimers can be found at

The Saxo Bank Group entities each provide execution-only service. Access and use of Saxo News & Research and any Saxo Bank Group website are subject to (i) the Terms of Use; (ii) the full Disclaimer; and (iii) the Risk Warning in addition (where relevant) to the terms governing the use of the website of a member of the Saxo Bank Group.

Saxo News & Research is provided for informational purposes, does not contain (and should not be construed as containing) financial, investment, tax or trading advice or advice of any sort offered, recommended or endorsed by Saxo Bank Group and should not be construed as a record of our trading prices, or as an offer, incentive or solicitation for the subscription, sale or purchase in any financial instrument. No representation or warranty is given as to the accuracy or completeness of this information. All trading or investments you make must be pursuant to your own unprompted and informed self-directed decision. No Saxo Bank Group entity shall be liable for any losses that you may sustain as a result of any investment decision made in reliance on information on Saxo News & Research.

To the extent that any content is construed as investment research, such content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, would be considered as a marketing communication.

None of the information contained here constitutes an offer to purchase or sell a financial instrument, or to make any investments.Saxo Capital Markets does not take into account your personal investment objectives or financial situation and makes no representation and assumes no liability as to the accuracy or completeness of the information nor for any loss arising from any investment made in reliance of this presentation. Any opinions made are subject to change and may be personal to the author. These may not necessarily reflect the opinion of Saxo Capital Markets or its affiliates.

Please read our disclaimers:
- Full Disclaimer (
- Analysis Disclaimer (
- Notification on Non-Independent Investment Research (

Saxo Capital Markets (Australia) Limited
Suite 1, Level 14, 9 Castlereagh St
Sydney NSW 2000

Contact Saxo

Select region


The Saxo trading platform has received numerous awards and recognition. For details of these awards and information on awards visit

Saxo Capital Markets (Australia) Limited ABN 32 110 128 286 AFSL 280372 (‘Saxo’ or ‘Saxo Capital Markets’) is a wholly owned subsidiary of Saxo Bank A/S, headquartered in Denmark. Please refer to our General Business Terms, Financial Services Guide, Product Disclosure Statement and Target Market Determination to consider whether acquiring or continuing to hold financial products is suitable for you, prior to opening an account and investing in a financial product.

Trading in financial instruments carries various risks, and is not suitable for all investors. Please seek expert advice, and always ensure that you fully understand these risks before trading. Saxo Capital Markets does not provide ‘personal’ financial product advice, any information available on this website is ‘general’ in nature and for informational purposes only. Saxo Capital Markets does not take into account an individual’s needs, objectives or financial situation. The Target Market Determination should assist you in determining whether any of the products or services we offer are likely to be consistent with your objectives, financial situation and needs.

Apple, iPad and iPhone are trademarks of Apple Inc., registered in the US and other countries. AppStore is a service mark of Apple Inc.

The information or the products and services referred to on this website may be accessed worldwide, however is only intended for distribution to and use by recipients located in countries where such use does not constitute a violation of applicable legislation or regulations. Products and Services offered on this website is not intended for residents of the United States and Japan.

Please click here to view our full disclaimer.