📊 Market Snapshot

  • XAUUSD Spot Gold: 4115.83 (+0.93%), intraday high 4141.68, approaching all-time highs. Geopolitical risk premium continues to support.
  • USOIL WTI Crude: 86.74 (+2.04%), intraday high 86.83. Houthi blockade of Saudi ports ignites oil prices.
  • SC Crude Futures: +5.43% at 559.5 CNY/barrel, LU +5.09%, fuel oil +4.97%.
  • Asia-Pacific: Nikkei 225 closed -0.18% at 66,115; KOSPI closed +0.74% (up over 6% at open); ASX200 +0.25%.
  • Hong Kong: Tech stocks plunge — NetEase and Tencent both -7%+, Kuaishou -6%+, Bilibili -5%+.
  • A-shares: Shanghai/Shenzhen turnover exceeds 2.5 trillion CNY for the 4th consecutive session.
  • Treasuries: Yields little changed, market awaits $13B 20-year bond auction.

🔥 Key News This Hour

🛢️ Houthi Forces Blockade Saudi Ports, Oil Surges

The United Maritime Information Center warns: Houthi forces have completed preparations for attacking vessels, including deploying missiles and drones. No confirmed attacks on commercial ships in the prior 48 hours, but Iran-backed Houthis have declared a blockade of Saudi ports, directly threatening millions of barrels per day in global crude supply. WTI crude jumped over 2% intraday, China’s SC crude futures surged over 5%.

🇬🇧 UK June Inflation Slows More Than Expected

UK June CPI fell to 2.6% (vs. 2.7% expected), core inflation held at 2.6%. The data reduces the likelihood of further BoE rate hikes, sending sterling lower.

🇺🇸 Trump Poised to Impose New Tariffs on Dozens of Countries This Week

Per the Financial Times, Trump may impose new tariffs on dozens of countries as soon as this week. The Wall Street Journal separately reports USTR Greer confirmed the US is preparing a new round of tariffs.

🇺🇸 Trump Approves 30-Year Saudi Nuclear Deal

The Trump administration has approved a 30-year nuclear cooperation agreement with Saudi Arabia, potentially paving the way for Riyadh to develop uranium enrichment capabilities. The arrangement raises controversy amid US demands for Iran to curtail its nuclear program.

🇮🇷 US Airstrikes Fail to Suppress Iranian Missile Capability

Despite sustained US airstrikes, Iran retains substantial ballistic missile stockpiles, and its underground weapons systems are being restored. Iran’s interior minister will attend the BRICS meeting in India. Pakistan seeks $10B from the US for exchange rate stabilization after mediating Iran negotiations.

📉 Hong Kong Tech Stocks Plunge in Afternoon Trading

NetEase and Tencent both fell over 7%, Kuaishou -6%+, Bilibili -5%+, with Xiaomi and Alibaba also declining. SK Hynix-related storage ETF reversed from +14% at open to negative territory.

💻 NVIDIA Vera CPU Delivered to OpenAI

NVIDIA enters the CPU market — the Vera chip has entered mass production and been delivered to customers including OpenAI, directly challenging the Intel and AMD server ecosystem.

🧭 Strategic Assessment

The Middle East situation is expanding from US-Iran confrontation to broader supply chain disruption. The Houthi blockade of Saudi ports is this week’s most significant supply-side risk event.

If Hormuz Strait transit disruptions persist, WTI could challenge the $90 mark, though attention should be paid to whether the US releases strategic petroleum reserves to cap prices.

Trump’s dual signals — new tariffs alongside a nuclear deal — show the US is using both carrot and stick in the Middle East, but strategic consistency is questionable.

UK inflation data adds another case to global central bank policy divergence — the Fed is still fighting inflation while BoE rate hike expectations are cooling.

The heavy selloff in Hong Kong tech stocks warrants caution, potentially linked to expectations of new US-China tariffs. Watch tonight’s Alphabet earnings for directional cues on the tech sector.

Alphabet earnings + 20-year Treasury auction tonight — a double-event overlay that is likely to amplify US session volatility.

⏰ Upcoming Key Data

  • Today: US $13B 20-year Treasury bond auction
  • Today After Close: Alphabet (GOOGL) Q2 earnings
  • Today: Tesla (TSLA) Q2 earnings (Wall Street focused on AI ROI)
  • This Week: Trump may announce new round of tariffs