Asia Market Quick Take – 09 June, 2026

Asia Market Quick Take – 9 June, 2026

Key points:  

• Macro: Iran and Israel halt attacks. Inflation expectations rise. 
• Equities: Intel gains 11% after Alphabet orders 3M TPUs 
• FX: Dollar slips; USDJPY hovers 160, AUD lags, risk sentiment firmer 
• Commodities: WTI pares most of the gains retracing back towards $91 
• Fixed income: 2-year yield briefly hit 4.20%, its highest since February 2025 

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Disclaimer: Past performance does not indicate future performance.  

 Macro:  

• Iran and Israel agreed to halt attacks, easing fears of a wider conflict and energy-driven inflation. President Donald Trump said both sides were seeking an immediate ceasefire and that final negotiations were progressing.
• US one-year-ahead inflation expectations slipped to 3.5% in May from 3.6%. Consumers see slower price growth for gas, medical care, and college, but faster for homes, food, and rent. Three- and five-year expectations were steady at 3.1% and 3%. Expected earnings growth stayed at 2.7%, spending growth fell to 5%, and unemployment expectations edged down to 43.2%.

Equities:  

• US — Wall Street staged a recovery on Monday after Friday's sharp selloff. The S&P 500 rose 0.3% to 7,405.73 and the Nasdaq 100 jumped 1.6%, its best day in over a week, led by a rebound in semiconductors. The Philadelphia Semiconductor Index surged 5.6% after its biggest one-day drop since March 2020 on Friday. Intel rose 11.2% on a reported order from Alphabet for over 3 million TPUs. Micron gained 9.9% while Apple fell after its AI event revealed the new Siri AI. Brady Corp. tumbled as much as 17% after its CEO announced retirement. Financials underperformed, falling 0.6%. Nasdaq 100 futures are little changed in after-hours trade, with Asian futures pointing to a relief rally.
• EU — European stocks ended broadly flat to slightly lower on Monday, with the Stoxx 600 down 0.1% to 621.73 as conflicting Middle East signals drove volatile intraday swings. The DAX fell 0.6% to 24,616 and the SMI dropped 0.5%. The FTSE 100 was little changed at 10,373. Zealand Pharma plunged 22.7% on competitive concerns over its weight-loss drugs, dragging Novo Nordisk down 4.2%. Banca Monte dei Paschi surged 12.2% after both Banco BPM and Intesa Sanpaolo reportedly made separate takeover bids. French broadcaster M6 rose as much as 12% on reports of a potential merger with TF1. Chemicals underperformed after Goldman Sachs downgraded the sector. AI hardware stocks bucked the trend, gaining ~1.8%.
• Asia — Asian markets suffered their biggest single-day drop since March on Monday, led by a violent selloff in South Korea. The Kospi tumbled 8.3% as investors unwound crowded AI and semiconductor positions, with Samsung and SK Hynix among the largest drags. The Hang Seng fell 1.2% to 24,657, its lowest close since March 23, with Alibaba down 2.9% and Baidu dropping 7.6%. The Hang Seng Tech Index lost as much as 3.7%. The Straits Times Index dropped 1.7% to 4,963.67, its biggest decline since March 23, with SATS falling 3.3%. The CSI 300 declined 2.1%. South Korea unveiled emergency FX measures to stem won volatility. As of this morning, futures point to a sharp rebound — Nikkei futures up over 2% and Kospi futures up over 5% — as Middle East tensions ease and the US chip rally provides a tailwind.

Earnings this week: 

• Tuesday: Casey’s General Stores, JM Smucker, SailPoint, Uranium Energy, Academy Sports
• Wednesday: Oracle, Core & Main, Chewy, Navan, Pennon Group
• Thursday: Chow Tai Fook, Adobe, Halma, Lennar, LPP, Do & Co 

FX: 

• USD softened slightly but remains higher month‑to‑date.The Bloomberg Dollar Spot Index briefly touched its highest level since April 7 — a two-month high — driven by strong US jobs data and hawkish Fed repricing, before paring gains as Iran-Israel ceasefire reports emerged.
• USDJPY is trading around 160.15–160.18, virtually at its 52‑week high of 160.44 and under persistent upward pressure; intervention risk from Japan is elevated.
• EURUSD edged up 0.11% to 1.1535 but remains in a month‑to‑date downtrend (‑1.09%). USDCAD closed at 1.3956, marking a fourth consecutive session of USD gains and the strongest NY close since December 4, 2025.
• AUDUSD is hovering near 0.7043 at a two‑month low after falling through its 100‑day moving average; traders are watching support at the March 30 low and a sizable A$752 million option expiry at 0.7050 today, amid concern that China‑related support for the AUD is quietly eroding. 

Commodities: 

• Oil spikes on Middle East escalation, then pares: Brent crude surged as much as 5.4% to $98.08/bbl after Israel retaliated against Iranian missile attacks, before paring gains to around $94.70 as Iran signalled the military operation had ended. Oil volatility remains elevated as the Strait of Hormuz standoff continues to disrupt supply routes.
• Gold loses safe-haven bid as yields rise: Gold fell 3.3% in the prior session and was trading near $4,325/oz, having broken below key long-term technical support. Rising real yields — the 10-year real yield rose to 2.18%, up 15bps this month — are increasingly weighing on bullion. Citi lowered its three-month gold price target to $4,000/oz from $4,300, citing rate-hike bets and softer physical demand.
• Copper holds firm on AI demand: LME 3-month copper closed higher at $13,615.50/ton, supported by structural demand from AI data centre construction and power infrastructure buildout. Analysts note the metals rally is broadening as capital expenditure on AI accelerates.

Fixed income:  

• US Treasury yields grind higher: The 10-year yield rose ~3bps to 4.556% and the 30-year yield climbed to 5.03%, holding above the key psychological level. The 2-year yield briefly touched 4.20% — its highest since February 2025 — before paring to ~4.16% on ceasefire reports. Yields remain elevated following Friday's strong jobs print, with 10-year real yields at a one-year closing high of 2.18%.
• JPMorgan raises 10-year yield forecast to 4.70%: JPMorgan strategists revised their year-end 10-year Treasury yield forecast to 4.70% from 4.50%, citing a resilient labour market and questions over whether current monetary policy is actually restrictive. The bank recommends staying short Treasuries versus Bunds.
• European bonds slip; ECB hike priced in: Bunds and Gilts edged lower as oil prices held gains and markets fully priced 25bps of ECB tightening for Thursday's meeting, with ~70bps of total hikes expected this year. Schroders is reportedly building a significantly overweight position in Italian BTPs at the expense of Treasuries and Bunds, citing Italy's relative political stability.

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