Asia Market Quick Take – 24 June, 2026

Asia Market Quick Take – 24 June, 2026 

Key points:  

• Macro: US issues 60-day waiver on Iranian oil and crude products 
• Equities: Nasdaq 100 fell 3.3% as AI names led declines; Sandisk –13.6%, Micron-13.2% 
• FX: Broad USD rally hits multi-month highs; Aussie slides toward key support 
• Commodities: Silver fell below $61 hitting lowest level since Dec 2025 
• Fixed income: US Treasuries rallied on haven demand 

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Disclaimer: Past performance does not indicate future performance.  

 Macro:  

• More tankers are again crossing the Strait of Hormuz as US‑Iran peace talks advance. The IMO says new security assurances could free hundreds of ships from the Persian Gulf. UAE oil exports in early June rebounded to nearly 85% of pre‑conflict levels via pipelines, storage, and alternate routes. A new 60‑day US waiver allows global buyers to purchase Iranian crude and products. Iran and Oman have also opened talks on a joint Hormuz transit framework, including possible passage fees.
• The S&P Global US Manufacturing PMI rose to 55.7 in June, its highest since May 2022 and above expectations. Output and new orders grew strongly, inventories jumped, and supplier delivery times lengthened, but the index was held back by the steepest drop in manufacturing employment since May 2020.
• The S&P Global US Composite PMI rose to 52.2 in June from 51.5, the fastest growth since January. Stronger manufacturing (57.7) and services (51.3) underpinned the increase, with new orders boosted by World Cup–related services demand and manufacturers front‑running potential Middle East disruptions. Longer supply delays kept prices rising, employment fell for a second month on cost-cutting, but business confidence hit its highest since February.
• BoJ summary of opinions largely supports continued, gradual rate hikes as inflation moves toward 2% and policy remains below the roughly 2% neutral rate. They argue steady increases could prevent sharper tightening later. One member opposed hikes, warning higher rates could damp investment, demand, and employment.

Equities:  

• US — Wall Street suffered a sharp tech-led selloff on Tuesday, with the S&P 500 closing down 1.4% at 7,365 and the Nasdaq 100 tumbling 3.3%. The Philadelphia Semiconductor Index plunged 7.9%, with Micron, Marvell and On Semiconductor — each up over 100% YTD — leading declines. Nvidia fell 4.1% and was the largest drag on the S&P 500, while Sandisk dropped 13.6%. Financials outperformed, rising 0.4%. The Dow Jones fell just 0.09% to 51,667. In after-hours trade, FedEx dropped 6.5% after its first post-freight-spinoff earnings report, despite beating EPS estimates, as guidance disappointed. Alphabet rose 1.2% after-hours on news it will replace Verizon in the Dow Jones Industrial Average effective 29 June. Cerebras Systems slid ~10% after-hours on a disappointing annual sales forecast. Worthington Enterprises fell 11% after-hours on a net sales miss.
• EU — European equities fell Tuesday as the global tech rout, which originated in South Korea, spread across the region. The Stoxx Europe 600 closed down 0.7%, led lower by technology stocks which fell 3.6%. ASML was the largest drag, dropping 5.7%, while Signify had the steepest decline at 14.8%. The DAX fell 1.0% to 24,894, with Infineon dropping 6.3%. The FTSE 100 was little changed at 10,429, weighed down by miners including Rio Tinto (-3.3%) and Antofagasta (-5.5%). The Swiss SMI bucked the trend, rising 0.4%, led by Novartis (+2.6%). Puma fell 6% after cautious analyst commentary on Q2 sales. The Euro Stoxx 50 VIX surged 12%, its largest move in two months. UK equities were also weighed by political uncertainty following Prime Minister Keir Starmer's resignation.
• Asia — Asian markets sold off sharply on Tuesday, led by South Korea's Kospi which plunged 10% — its largest single-day drop in recent memory — as a selloff in SK Hynix and Samsung Electronics triggered a global AI chip rout. Despite the carnage, the Kospi remains approximately 95% higher year-to-date. The Hang Seng Index fell 1.8% to 23,336, with Tencent down 4.2% and CMOC Group falling 10.9%. The Hang Seng China Enterprises Index dropped 2%, entering bear market territory at 20% below its October peak. The CSI 300 declined 2.8%. Mainland investors bought a net HK$10.4 billion of Hong Kong shares via Stock Connect. As of early Wednesday morning, the Kospi is rebounding approximately 3% as Samsung and SK Hynix recover. Japan's Nikkei futures pointed lower, down around 0.4% on the SGX. Singapore's STI and broader ASEAN markets were also caught in the risk-off move. Hong Kong futures indicated modest gains for Wednesday's open.

Earnings this week: 

• Wednesday: Micron Technology, Trip.com 

FX: 

• USD strengthened broadly, with the Bloomberg Dollar Spot Index hitting its highest level since November 2025 amid confidence in US growth, hawkish Fed expectations, and growing long-dollar positioning. 
• USDJPY traded near a four-decade yen low around 161.58, close to a level where markets anticipate possible Japanese intervention.
• USDCHF and USDCAD both ticked higher, with the greenback now up nine consecutive sessions versus CAD for a cumulative gain of nearly 2%. 
• EURUSD and GBPUSD edged lower as hedge funds added short-dated (three months and under) dollar call positions versus the EUR and the AUD, signalling a tactical tilt toward further USD appreciation.
• AUD fell to 0.6907 against the USD, its lowest since 7 April, as risk-off sentiment and a stronger dollar weighed. AUDUSD is technically bearish, with the next key support at the March low near 0.6833.  
•  In EM FX, USDMXN climbed 1.08% to 17.5543, the largest one-day move since June 5.

Commodities: 

• Gold dropped below $4,100 per ounce, extending a decline of 1.7% from the prior session to its lowest close in two weeks, as the tech-led equity selloff prompted investors to liquidate bullion holdings to cover losses elsewhere. A stronger dollar added further headwinds.
• Brent crude dipped below $77 per barrel as tanker traffic through the Strait of Hormuz resumed more openly following US-Iran peace progress. WTI was near $73. UAE oil exports have recovered to 85% of pre-war levels, adding to supply-side relief.
•  Base metals fell broadly on the LME. Copper dropped $278 to $13,371 per ton, with speculative net-long positions at an eight-week low. Tin fell $3,031 to $51,154 per ton, while aluminium, zinc, nickel and lead also declined, pressured by the AI-rotation selloff reducing demand expectations for industrial metals.

Fixed income:  

• US Treasuries rallied as the tech-led equity selloff drove haven demand. Yields fell across the curve, with the 10-year yield declining approximately 1-3 basis points to around 4.499% and the 2-year yield falling to near 4.189%. The 5-year/30-year spread widened modestly to 67.2 basis points.
• The US Treasury's $69 billion 2-year note auction was well-received, stopping through at 4.189% versus a 4.192% when-issued yield, with a bid-to-cover ratio of 2.64. It was nonetheless the highest 2-year auction yield since January 2025, reflecting the market's repricing of Fed policy under Chair Warsh.
• European government bond yields also fell, with the German 10-year Bund yield declining 4.5 basis points to 2.907% and the Italian 10-year BTP falling 3.1 basis points to 3.624%. Falling oil prices and the risk-off tone led traders to trim wagers on the extent of monetary tightening in Europe this year.

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