π° Hourly Briefing | 2026-07-06 22:00 CST
US June Services PMI misses expectations; Microsoft cuts 4,800 jobs; Saudi Aramco slashes prices by most in 26 years; JPMorgan & HSBC call dip a buying opportunity
π Market Snapshot
- Spot Gold (XAUUSD): 4139.88 (-0.84%), intraday high 4202.79, low 4131.50
- WTI Crude (USOIL): 68.72 (-0.01%), narrow range 67.80-69.16
π₯ Key News This Hour
US June Services PMI Misses: S&P Global Services PMI final 51.2 (prior 51.3), Composite PMI final 51.9 (prior 52.2). Services expansion momentum continues to slow.
Microsoft to Cut ~4,800 Jobs: Affecting sales and Xbox gaming divisions, representing 2.1% of global workforce. Tech giants continue cost optimization.
Saudi Arabia Launches Oil Price War: Saudi Aramco slashes prices by the most in 26 years to capture Asian market share. Supply surplus expectations intensify, WTI pressured below $69.
JPMorgan & HSBC Bullish in Unison: Both see global equity pullbacks as buying opportunities, bullish on chips and Korea; HSBC favors AI infrastructure investment theme.
Trump Fires Off Multiple Economic Statements: Claims tariffs are bringing companies back to invest in the US; discussing new adult-oriented account type with Congress; praises Treasury Secretary Bessent and exchange leaders.
Dell Surges Over 5%: Tech hardware sector standout performer.
Bank of Israel Dovish Signal: Governor Yaron says lower inflation expectations could accelerate rate cuts.
HK Chief Executive Meets PBOC Governor Pan Gongsheng: Exchanged views on economic and financial issues, with Financial Secretary and Secretary for Financial Services in attendance.
π§ Market Assessment
Gold fell nearly 1%, dropping from above 4200 to the 4130 area, pressured by a stronger dollar and weak services PMI data. Watch 4130 support in the short term; a break could test the 4100 level.
The core tension in crude markets has shifted from supply risk to demand concerns. Saudi price cuts combined with global economic slowdown expectations keep oil under near-term pressure. WTI remains rangebound between 67-69.
US Services PMI continues to decelerate but remains in expansion territory. Markets await tonight’s ISM Non-Manufacturing PMI for clearer directional signals.
The Microsoft layoffs and Saudi price cuts reflect two macro themes: tech sector cost optimization and energy market supply loosening.
Tech divergence is notable β Dell surges 5% while Microsoft cuts jobs, as capital rotation within the AI theme continues.
β° Upcoming Key Data
- 22:00 US June ISM Non-Manufacturing PMI (due imminently)
- This week: FOMC minutes, US CPI data