Focus on USD/JPY move

EU mid-market update: Soft UK growth, hawkish ECB at Sintra & an incoming UK Defense Plan that is expected to be short of funding; Focus on USD/JPY move.

Notes/observations

- Month-end data flow was broadly constructive for the eurozone but added to the ECB's policy dilemma. French preliminary June CPI surprised to the downside at 1.8% y/y (vs 2.0%e), bringing headline inflation back to target for the first time in three months, while French consumer spending (+0.5% m/m) beat. German May retail sales jumped 1.1% m/m (vs flat expected), unemployment unexpectedly fell (-1.0k vs +5.0k expected), and the early North Rhine-Westphalia CPI print eased to 2.1% y/y ahead of the national figure. The main inflation watch-out came from German import prices, up 6.8% y/y - the strongest annual rise since December 2022. Elsewhere, Italian PPI cooled sharply, Swiss KOF beat (101.2 vs 99.0e), and Finland's GDP indicator firmed.

- On the ECB itself, the messaging skewed hawkish. Lagarde opened the Sintra forum arguing Europe is now more resilient to shocks, characterizing June's quarter-point move as a deliberate, unanimous decision rather than an "insurance hike." Chief Economist Lane reinforced this, calling it a "robust decision" and flagging that oil prices may stay above pre-war levels for a couple of years, keeping a cost-push impulse in the system. Nagel said it was too early to commit on further hikes but stressed vigilance and warned inflation could stay well above target; Wunsch went further, saying another hike may be needed and he'd rather move quickly. With energy prices having retreated rapidly, press sources suggest the upcoming eurozone inflation print (tomorrow) could put a July hike back on the table. Separately on trade, Sefcovic and China's Wang held "constructive" talks, and the EU and China set an October deadline to reset trade ties via a joint statement on new consultations.

- UK macro was softer. Final Q1 GDP held at 0.6% q/q but the annual rate was revised down to 0.9% (from 1.1%), nudging gilt yields lower and reinforcing expectations that BoE rate-hike odds are fading as growth slows. The current account deficit came in slightly wider at -£22.1B, BRC shop price inflation held at 1.2%, business confidence dropped, and Zoopla flagged a 7% fall in sales agreed. Sainsbury's Q1 update was modestly ahead with guidance affirmed.

- Headline UK event is the Defence Investment Plan (DIP), to be published today and framed as one of Starmer's final acts before he stands down. The expected funding settlement of roughly £14.5B falls well short of the ~£28B officials say is needed. Key pre-briefed elements: a £5B push into drones and autonomy (pitched as the UK's largest-ever such investment, drawing on Ukraine and Iran lessons); naval shipbuilding via a new "common combat vessel" and amphibious ships, reviving the Anglo-Dutch Project Catherina to replace the retired Albion class (work spread across Babcock Rosyth, BAE Barrow/Govan and others); 12 nuclear-capable F-35A jets plus continuation of the Global Combat Air Programme with Italy and Japan; and new Commando Force capabilities aimed at a combined fleet with the Netherlands. - Plan is overshadowed by a funding row. Defense Secretary John Healey resigned after the Treasury declined his requested resources (he'd secured £13.5B), and Armed Forces Minister Al Carns followed, calling it not "transformative enough." Successor Dan Jarvis pushed the settlement to ~£14.5B. Political reception is hostile across the board: the Conservatives called it "too little, too late" (only ~2.69% of GDP by 2030, barely above the level Healey resigned over), the Lib Dems called it "late and underfunded," and there are doubts it meets NATO's 3.5%-by-2035 target - a relevant point with the NATO summit in July. Notably, with Starmer treated as outgoing, his likely successor Andy Burnham has left the door open to revisiting the plan, so its durability is openly questioned even on publication day.

- A few cross-asset threads matter for European desks. The yen is the standout move: USD/JPY broke above 162 to a fresh 40-year low (weakest since 1986), with markets now eyeing 163-165 and intervention risk rising; Japanese officials repeated that "bold actions" remain an option but have so far only verbal-intervened. The yen's slide dragged gold and silver lower. On China, June official PMIs improved (manufacturing 50.3, composite 50.6) but analysts still see Q2 growth slowing toward ~4.6%, and trade frictions are widening (fresh anti-dumping deposits of up to 73.5% on Canadian pea starch; export curbs that drew a Japanese protest). On the US/Fed, the Supreme Court blocked Trump's attempt to remove Governor Cook on due-process grounds - a modest positive for Fed independence - though it simultaneously broadened presidential power to fire other agency officials; markets are now pricing roughly 33bp of Fed hikes in H2, a hawkish global backdrop. Finally, oil has fallen back to pre-war levels as the US-Iran ceasefire broadly holds (further Doha talks today), though the Strait of Hormuz demining standoff between France/Oman and Iran is a lingering risk, and AI/hyperscaler capex discipline plus telecom weakness on SpaceX competition fears were the main equity-level stories.

- New 35-billion-parameter Chinese model called Agents-A1, developed by the InternScience team at Shanghai Artificial Intelligence Laboratory, is proving that scaling the agent horizon through sophisticated process supervision and distillation can deliver frontier-level long-horizon performance—such as SEAL-0 at 56.4 and IFBench at 80.6—while rivaling much larger systems. In an era dominated by HBM shortages and export controls, where global supply is sold out through 2026, this approach yields more intelligence per available memory die, complementing leaders like GLM-5.2 by prioritising practical, memory-efficient autonomy over raw scale. This reflects a broader, maturing Chinese open-source strategy: turning hardware constraints into a distinctive advantage through knowledge-action graphs, domain teachers, and multi-teacher distillation, potentially enabling swarms of capable agents that accelerate scientific discovery and industrial workflows at a pace difficult for sanction-limited environments to match.

- Xiaomi has reportedly slashed its 2026 smartphone shipment target by another ~30% to approximately 95 million units, following an already weakened guidance of ~135 million, a significant drop from the ~170 million units shipped in 2025. This steeper reset adds mounting pressure on the company’s core smartphone business amid softening demand and supply chain constraints, even as investors increasingly pivot toward its electric vehicle growth story. The development echoes broader industry challenges, with Apple CEO Cook raising product prices and warning that the global memory chip shortage will compress iPhone margins in the coming year.

- Asia closed mixed with Nikkei225 outperforming +1.1%. EU indices +0.1-0.9%. US futures 0.0%. Gold +0.1%, DXY +0.2%; Commodity: Brent -0.2%, WTI -0.2%; Crypto: BTC -1.2%, ETH +0.6%.

Asia

- China Jun Manufacturing PMI (Gov Official): 50.3 v 50.1e (4th month of expansion); Non-manufacturing PMI: 50.2 v 49.9e (2nd month of expansion).

- Japan May Jobless Rate: 2.5% v 2.5%e.

- Japan May Preliminary Industrial Production M/M: 0.5% v 0.7%e; Y/Y: -1.7% v +1.2%e.

- New Zealand Jun ANZ Business Confidence: 36.0 v 10.0 prior.

- Australia RBA Jun Minutes noted that Board agreed that leaving the cash rate target unchanged was appropriate given the ongoing uncertainty related to developments in the Middle East.

- Australia May Private Sector Credit M/M: 0.7% v 0.6%e; Y/Y: 8.2% v 8.0% prior.

- South Korea May Industrial Production M/M: -3.0% v +0.5%e; Y/Y: -0.9% v +3.6%e.

- Japan Fin Min Katayama reiterated stance that would not comment on specific FX levels (yen at 40-year lows); Stressed that action could include decisive action as agreed at recent online meeting with US.

Mid-East

- Iran clarified that its delegation in Doha would work through Qatari mediators to ensure US commitments under the ceasefire agreement are implemented.

- Iran said to expect to receive $6B in previously frozen funds from Qatar under its US-Iran peace agreement.

Europe

- (UK) Jun BRC Shop Price Index Y/Y: 1.2% v 1.3%e.

- (UK) Jun Lloyds Business Barometer: 44 v 48e.

- ECB Chief Lagarde stated that was not accurate to describe June move as an insurance hike; The resilience Europe had built meant rate hike effects on the economy were more contained; Resilience meant ECB couldn raise rates to address inflation without fear it become a source of financial stress.

Americas

- US Supreme Court declined to allow Trump to remove Fed Reserve Gov Lisa Cook without due process.

Trade

- EU Trade Commissioner Sefcovic stated that held substantive talks with China's Wang; Talks were intensive, focused, and constructive; Reiterated view that that China-EU trade trends were not sustainable (**Note: EU and China agreed to hold three months of talks aimed at avoiding a trade conflict over their widening trade imbalance).

- China MOFCOM noted that China, EU agreed to maintain global supply chain stability, continue consultations on trade, and solve some intellectual property issues.

Energy

- Iran reiterated its intention to control maritime traffic through the Strait of Hormuz; to seek coordination with Oman.

Speakers/fixed income/FX/commodities/erratum

Equities

Indices [Stoxx600 +0.67%, FTSE +0.49% at 10,536.02, DAX +0.86% at 24,848.82, CAC-40 +0.23% at 8,386.40, IBEX-35 +0.24% at 19,433.60, FTSE MIB +0.39% at 51,363.50, SMI +0.04% at 14,228.90, S&P 500 Futures +0.03%].

Market focal points/key themes: European indices open higher across the board but lost momentum through the early part of the session; improving risk sentiment attributed to rebound in tech interest and easing geopolitical situation; among sectors leading the way higher are materials and industrials; lagging sectors include consumer discretionary and communications services; Mowi sells its Canada East farming operations to Cooke; Bureau Veritas in exclusive negotiations with Triton sell its fossil fuel testing unit; reportedly Deutsche Telekom studying merger with T-Mobile; focus on German flash CPI and US JOLTS report coming out later in the day; earnings expected in the upcoming US session include Nike and Constellation Brands.

Equities

- Consumer discretionary: Persimmon [PSN.UK] -3.5% (collective claim has been filed at the UK Competition Appeal Tribunal seeking £2.2–4.5B from major UK housebuilders over alleged anti-competitive information sharing affecting new-build buyers since October 2015), J Sainsbury [SBRY.UK] +2.5% (trading update).

- Energy: Siemens Energy [ENR.DE] +3.0% (hearing pre-close call with analysts).

- Healthcare: Abivax [ABVX.FR] +35.0% (trial data).

- Industrials: Maersk [MAERSKB.DK] +0.5% (raised outlook).

- Technology: Logitech [LOGN.CH] -4.5% (analyst cut).

- Telecom: Nokia [NOKIA.FI] +4.0% (price target raise).

Speakers

- ECB’s Lane (Ireland, Chief Economist): Oil markets has moved quite a bit since the June decision to hike. ECB would not be boxed into a rate path. Oil prices now back at pre-war levels while confidence was not. Oil prices for 2027 and 2028 were still seen above pre-war levels due to restocking. Needed to see oil impact on food prices.

- ECB’s Nagel (Germany) noted that rate policy had to stay vigilant but was too early to make call on rate hikes; Energy shock was still in the system; Inflation might stay significantly above target.

- ECB's Sleijpen (Netherlands) noted that oil prices had come down, but still a lot of uncertainty; Reiterated would have new data at July decision, Retreat on energy prices would have an impact on prices.

- ECB's Wunsch (Belgium) stated that might need another hike; Would rather move quickly if ECB needed one.

- French Fin Min Lescure noted of hope for positive growth in Q2 as the slowdown in inflation was a signal for economy to pick up.

- Czech Central Bank (CNB) Vice Gov Zamrazilova reiterated view that the recent Jun rate hike was not the start of a cycle.

- BOJ new Board member Sato inaugural press conference noted that a weak yen currency increased profits of exporters in general while weighing upon real household income. Uncertainty remained over Middle East situation. Needed to watch impact of FX on price trend; high volatility was not desirable. FX should reflect fundamentals.

Currencies/fixed income

- USD was relatively steady in quiet trading despite a plethora of EU inflation data.

- EUR/USD holding just above the 1.14 level as various EU inflation data came in below consensus. A rash of ECB speak took note of the recent drop in oil prices but still proclaimed an uncertain outlook.

- USDJPY broke above the 162 level for the first time since December 1986. BOJ new Board member Sato said little to change the govt view on the yen other than it should reflect fundamentals. Dealers noted that the upcoming US holiday on Friday could provide a window for FX intervention.

- 10-year German Bund yield last at 2.84%, France 10-year Oat at 3.62% and 10-year Gilt yield at 4.70% 10-year Treasury yield: 4.36%; 10-year JGB: 2.66%.

Economic data

- (FI) Finland May Retail Sales Volume Y/Y: 6.0% v 3.1% prior.

- (FI) Finland May GDP Indicator Y/Y: 2.8% v 2.4% prior.

- (UK) Q1 Final GDP Q/Q: 0.6% v 0.6% prelim; Y/Y: 0.9% v 1.1% prelim.

- (UK) Q1 Final Private Consumption Q/Q: 0.6% v 0.6% prelim; Government Spending Q/Q: 1.3% v 0.4% prelim; Gross Fixed Capital Formation Q/Q: +0.4% v -0.6% prelim; Exports Q/Q: 0.2% v 0.1% prelim; Imports Q/Q: 1.4% v 0.6% prelim.

- (UK) Q1 Final Total Business Investment Q/Q: 0.9% v 0.7% prelim; Y/Y: -1.3% v -1.8% prelim.

- (UK) Q1 Current Account Balance: -£22.1B v -£21.3Be.

- (DE) Germany May Import Price Index M/M: 0.7% v 0.5%e; Y/Y: 6.8% v 6.6%e.

- (DE) Germany May Retail Sales M/M: 1.1% v 0.0%e; Y/Y: +1.8% v -2.3% prior.

- (SE) Sweden May Retail Sales M/M: -0.2%% v +0.2% prior; Y/Y: 8.0% v 4.7% prior.

- (SE) Sweden Apr Non-Manual Worker’s Wages Y/Y: 3.2% v 3.0% prior.

- (DK) Denmark Q1 Final GDP Q/Q: 1.5% v 1.9% prelim; Y/Y: 6.2% v 5.9% prelim.

- (DK) Denmark May Unemployment Rate: 2.7% v 2.7% prior; Gross Unemployment Rate: 3.1% v 3.1% prior.

- (ZA) South Africa May M3 Money Supply Y/Y: 9.6% v 9.8% prior; Private Sector Credit Y/Y: 8.6% v 9.1%e.

- (HU) Hungary May PPI M/M: -1.7% v -1.3% prior; Y/Y: -0.7% v +0.3% prior.

- (HU) Hungary May Trade Balance: +€0.5B v -€0.2Be.

- (FR) France Jun Preliminary CPI M/M: -0.2% v 0.0%e; Y/Y: 1.8% v 2.0%e.

- (FR) France Jun Preliminary CPI EU Harmonized M/M: -0.3% v 0.0%e; Y/Y: 2.0% v 2.3%e.

- (FR) France May PPI M/M: -0.3% v -2.0% prior; Y/Y: 3.0% v 2.3% prior.

- (FR) France May Consumer Spending M/M: 0.5% v 0.3%e; Y/Y: 0.3% v 0.1%e.

- (CH) Swiss Jun KOF Leading Indicator: 101.2 v 99.0e.

- (CH) Swiss Q1 Foreign Exchange Transactions (CHF): +3.9B v -6M prior.

- (AT) Austria May PPI M/M: 0.5% v 1.0% prior; Y/Y: 2.8% v 2.0% prior.

- (CZ) Czech Q1 Final GDP Q/Q: 0.2% v 0.2% prelim; Y/Y: 2.2% v 2.2% prelim.

- (TR) Turkey May Unemployment Rate: 8.2% v 8.2% prior.

- (TR) Turkey May Trade Balance: -$5.6B v -$5.6Be.

- (ZA) South Africa Q2 BER Inflation Expectations: 4.4% v 3.6% prior.

- (TH) Thailand May Current Account Balance: -$6.4B v -$3.5Be v -$7.6B prior; Overall Balance of Payments (BOP): -$0.1B v $2.3B prior; Trade Account Balance: -$2.6B v -$6.8B prior; Exports Y/Y: 9.8% v 23.3% prior; Imports Y/Y:34.5 % v 43.9% prior.

- (PL) Poland Jun Preliminary CPI M/M: -0.5% v -0.3%e; Y/Y: 2.5% v 2.7%e.

- (DE) Germany Jun Net Unemployment Change: -1.0K v +5.0Ke; Claims Rate: 6.3% v 6.3%e.

- (DE) Germany Jun CPI North Rhine Westphalia M/M: -0.4 v -0.2% prior; Y/Y: 2.1% v 2.4% prior.

- (DE) Germany Jun CPI Hesse M/M: -0.2% v -0.2% prior; Y/Y: 2.3% v 2.6% prior.

- (DE) Germany Jun CPI Bavaria M/M: -0.2% v -0.2% prior; Y/Y: 2.5% v 2.6% prior.

- (DE) Germany Jun CPI Brandenburg M/M: -0.2% v -0.1% prior; Y/Y: 2.4% v 2.8% prior.

- (DE) Germany Jun CPI Saxony M/M: -0.3% v -0.1% prior; Y/Y: 2.3% v 2.8% prior.

- (DE) Germany Jun CPI Baden Wuerttemberg M/M: -0.2% v -0.3% prior; Y/Y: 2.1% v 2.4% prior.

- (IT) Italy May PPI M/M: -0.5% v 0.1% prior; Y/Y: 9.1% v 8.8% prior.

- (NO) Norway Central bank (Norges) July Net FX Transactions (NOK):-524 M v -224M prior.

- (CZ) Czech May M2 Money Supply Y/Y: 5.1% v 5.9% prior.

- (HK) Hong Kong May M3 Money Supply Y/Y: 1.0% v 3.1% prior; M2 Money Supply Y/Y: 1.1% v 3.1% prior; M1 Money Supply Y/Y: 2.0% v 14.1% prior.

- (GR) Greece Apr Retail Sales Volume Y/Y: 4.0% v 6.1% prior; Retail Sales Value Y/Y: -0.1% v +3.0% prior.

- (GR) Greece May PPI Y/Y: 13.5% v 12.8% prior.

- (IT) Italy Jun Preliminary CPI M/M: 0.0% v 0.2%e; Y/Y: 3.0% v 3.2%e.

- (IT) Italy Jun Preliminary CPI EU Harmonized M/M: 0.1% v 0.2%e; Y/Y: 3.1% v 3.2%e.

- (IS) Iceland May Final Trade Balance (ISK): -56.9B v -56.6B prelim.

Fixed income issuance

- (DK) Denmark sold total DKK300M in 3-month and 6-month bills.

Looking ahead

- (MX) Mexico May Public Balance (MXN): No est v -220.8B prior.

- (BR) Brazil May Total Formal Job Creation: No est v 85.9K prior.

- (CO) Colombia May Industrial Confidence: No est v -1.9 prior; Retail Confidence: No est v 21.8 prior.

- (EG) Egypt Q1 GDP Constant Q/Q: No est v 1.5% prior; GDP Current Prices Q/Q: No est v -4.6% prior.

- 05:25 (EU) Daily ECB Liquidity Stats.

- 05:30 (ZA) South Africa Q1 Non-Farm Payrolls Q/Q: No est v 0.2% prior; Y/Y: No est v -1.0% prior.

- 05:15 (CH) Switzerland to sell 3-month Bills.

- 05:30 (HU) Hungary Debt Agency (AKK) to sell 3-Month Bills.

- 05:30 (BE) Belgium Debt Agency (BDA) to sell combined €3.5B in 3-month, 6-month and 12-month bills.

- 05:30 (ZA) South Africa to sell combined ZAR2.55B in 2033, 2038 and 2042 bonds.

- 05:30 (EU) ECB allotment in 7-Day Main Refinancing Tender (MRO).

- 05:40 (UK) BOE allotment in 6-month GBP-enhanced liquidity repo operation (ILTR).

- 06:00 (IE) Ireland Jun Preliminary CPI EU Harmonized M/M: No est v -0.2% prior; Y/Y: No est v 3.5% prior.

- 06:00 (PT) Portugal Jun Preliminary CPI M/M: No est v 0.2% prior; Y/Y: No est v 3.3% prior; CPI EU Harmonized M/M: No est v 0.4% prior; Y/Y: No est v 3.1% prior.

- 06:00 (EU) ECB allotment in 3-month LTRO tender.

- 06:30 (IN) India May Fiscal Deficit YTD (INR): No est v 3.623T prior.

- 06:40 (EU) BOE's Breeden on Sintra Panel with ECB's Schnabel (Germany).

- 07:00 (RU) Russia announcement on upcoming OFZ bond issuance (held on Wed).

- 07:30 (BR) Brazil May Nominal (overall) Budget Balance (BRL): -147.0Be v -60.1B prior; Primary Budget Balance: -53.0Be v +24.6B prior; Net Debt to GDP: 68.0%e v 67.4% prior.

- 08:00 (ZA) South Africa May Trade Balance (ZAR): 12.8Be v 15.2B prior.

- 08:00 (ZA) South Africa May Monthly Budget Balance (ZAR): -16.5Be v -63.6B prior.

- 08:00 (DE) Germany Jun Preliminary CPI M/M: 0.0%e v -0.2% prior; Y/Y: 2.6%e v 2.6% prior.

- 08:00 (DE) Germany Jun CPI EU Harmonized M/M: 0.0%e v -0.1% prior; Y/Y: 2.5%e v 2.7% prior.

- 08:00 (UK) Daily Baltic Dry Bulk Index.

- 08:00 (IT) ECB’s Cipollone (Italy).

- 08:30 (CA) Canada Apr GDP M/M: +0.4%e v -0.1% prior; Y/Y: 0.9%e v 0.4% prior.

- 08:55 (US) Weekly Redbook LFL Sales data.

- 09:00 (US) Apr FHFA House Price Index M/M: 0.2%e v 0.1% prior.

- 09:00 (US) Apr S&P Cotality House Price Index (20-City) M/M: -0.10 v -0.16% prior; Y/Y: 0.90%e v 0.83% prior; House Price Index (overall) Y/Y: No est v 0.67% prior.

- 09:00 (RU) Russia Q1 Final Current Account Balance: No est v $13.4B prior (revised from $12.2B).

- 09:00 (CL) Chile May Unemployment Rate: 9.2%e v 9.1% prior.

- 09:00 (CL) Chile May Retail Sales Y/Y: 5.6%e v 4.1% prior; Commercial Activity Y/Y: No est v 3.2% prior.

- 09:00 (CL) Chile May Industrial Production Y/Y: -4.2%e v -4.7% prior; Manufacturing Production Y/Y: -2.9%e v -2.5% prior; Total Copper Production: No est v 400.0K prior.

- 09:30 (IE) ECB's Lane (Ireland, chief economist) in Sintra.

- 09:45 (US) Jun Chicago Purchase Managers Index (PMI): 55.0e v 62.7 prior.

- 10:00 (US) Jun Consumer Confidence: 94.4e v 93.1 prior.

- 10:00 (US) May JOLTS Job Openings: 7.300Me v 7.618M prior.

- 10:30 (US) Jun Dallas Fed Services Activity: No est v -7.7 prior.

- 10:30 (CA) Canada to sell 3-month, 6-month and 12-month bills.

- 11:00 (MX) Mexico May Net Outstanding Loans (MXN): No est v 7.359T prior.

- 11:00 (CO) Colombia May National Unemployment Rate: No est v 8.8% prior; Urban Unemployment Rate: 8.9%e v 8.8% prior.

- 11:30 (US) Treasury to sell 6-Week Bills.

- 14:00 (CO) Colombia Central Bank Interest Rate Decision: expected to raise Overnight Lending Rate by 50bps to 11.75%.

- 16:30 (US) Weekly API Crude Oil Inventories:

- 19:00 (AU) Australia Jun Final PMI Manufacturing: No est v 51.2 prelim.

- 19:50 (JP) Japan Q2 Tankan Large Manufacturing Index: 16e v 17 prior; Large Manufacturing Outlook: 13e v 14 prior.

- 19:50 (JP) Japan Q2 Large Non-Manufacturing Index: 36e v 36 prior; Large Non-Manufacturing Outlook: 29e v 29 prior.

- 19:50 (JP) Japan Q2 Large All Industry Capex Estimate FY: 11.0%e v 3.3% prior.

- 19:50 (JP) Japan Q2 Small Manufacturing Index: 4e v 7 prior; Small Manufacturing Outlook: 1e v 4 prior.

- 19:50 (JP) Japan Q2 Small Non-Manufacturing Index: 14e v 16 prior; Small Non-Manufacturing Outlook: 7e v 8 prior.

- 20:00 (KR) South Korea Jun Trade Balance: $32.6Be v $27.0B prior; Exports Y/Y: 60.9%e v 53.4% prior; Imports Y/Y: 24.5%e v 20.7% prior.

- 20:01 (IE) Ireland Jun PMI Manufacturing: No est v 55.9 prior.

- 20:30 (JP) Japan Jun Final PMI Manufacturing: No est v 54.9 prelim.

- 20:30 (KR) South Korea Jun PMI Manufacturing: No est v 54.8 prior.

- 20:30 (TW) Taiwan Jun PMI Manufacturing: No est v 56.1 prior.

- 20:30 (ID) Indonesia Jun PMI Manufacturing: No est v 50.0 prior.

- 20:30 (MY) Malaysia Jun PMI Manufacturing: No est v 49.9 prior.

- 20:30 (PH) Philippines Jun PMI Manufacturing: No est v 50.8 prior.

- 20:30 (TH) Thailand Jun PMI Manufacturing: No est v 52.6 prior.

- 20:30 (VN) Vietnam Jun PMI Manufacturing: No est v 52.8 prior.

- 21:30 (AU) Australia May Building Approvals M/M: 0.0%e v -3.4% prior; Private Sector Houses M/M: No est v -1.0% prior.

- 21:45 (CN) China Jun RatingDog PMI Manufacturing: 52.0e v 51.8 prior.

- 22:35 (CN) China to sell 1-Year New Bonds.

- (US) Colorado Primary Election.