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July 1, 2026 - 01:21
5 minutes
(Bloomberg) — Asian equities were poised to rise Wednesday after capping their best quarter in nearly 17 years, as a rally in chipmakers and signs of US economic resilience fueled optimism about corporate earnings.Equity-index futures pointed to gains in Japan and South Korea after a tech-fueled rally lifted US stocks, with the S&P 500 climbing 0.8% and the Nasdaq 100 gaining 1.7%. A gauge of semiconductor stocks rose nearly 4%, helping post a record quarterly advance.American crude oil edged higher to about $70 a barrel in early Asian trading, recouping some of the losses Tuesday driven by expectations the US-Iran ceasefire would hold. Gold steadied around $4,010 an ounce, while Treasuries fell during the US session. The yen traded around 162.60 per dollar after falling to a 40-year low earlier this week.Investors have looked past lingering geopolitical tensions as fresh US data reinforced the view that the economy remains resilient. Steady US consumer spending and a still-solid labor market have helped ease concerns that higher energy prices and trade uncertainty would derail growth, bolstering confidence that companies can continue delivering strong earnings.“The markets have proven to be the ultimate grinder as they keep crushing it, despite a lot of hand-wringing that has gone along with this incredible rally that has endured deep selloffs, the Iran war and a number of other outside influences,” said JJ Kinahan at Cboe Global Markets.Tuesday’s economic reports showed US job openings were little changed in May, signaling labor demand remained steady, while consumer confidence edged higher in June as lower gasoline prices helped offset concerns about the job market.Federal Reserve policymakers voted unanimously to leave interest rates steady at last month’s meeting, the first led by Chairman Kevin Warsh.Steady employment data and elevated inflation readings have raised expectations that the Fed may need to raise rates later this year to tame price pressures. Officials will hold their next policy meeting at the end of July.Cleveland Fed President Beth Hammack said she sees little evidence current interest rates are restraining the economy and that the central bank may need to raise borrowing costs to return inflation to its 2% target.Read: Traders Ramp Up Fed Funds Shorts in Risky July Rate-Hike WagerIn Asia, the yen’s slide to a four-decade low against the dollar left traders eyeing Japan’s next intervention threshold. After the currency broke through the 162 per dollar level on Tuesday, strategists increasingly pointed to 163 and beyond, arguing the Finance Ministry may tolerate a weaker yen than it did in 2024.Meanwhile, Qatar said Jared Kushner and Steve Witkoff had arrived in Doha as part of ongoing peace negotiations between the US and Iran with the countries trying to calm tensions over the Strait of Hormuz.Still, Qatar, a mediator between the sides, said the two US officials — envoys for President Donald Trump — are not set to meet Iranian counterparts directly and downplayed the prospects of a major breakthrough in talks to permanently end the four-month war.“While occasional reports of renewed friction have prompted brief moves in energy markets, investors continue to price in a relatively orderly reopening of the Strait of Hormuz and a gradual normalization of global oil flows,” said Daniela Hathorn, senior market analyst at Capital.com.Corporate Highlights:Nike Inc. shares fell about 1.5% in extended trading after executives on Tuesday gave a cautious outlook and warned about elevated consumer anxiety, adding to investor concerns about the sportswear company’s painfully slow turnaround. Anthropic PBC is releasing new software aimed at helping scientists automate research, in the hopes of reducing some of the tedious aspects of their work. Visa Inc., Stripe Inc. and Bank of New York Mellon Corp. are among dozens of financial firms linking up to introduce a stablecoin, part of a strategy to broaden the appeal of the digital money-movement technology. Some of the main moves in markets:StocksS&P 500 futures were little changed as of 8:16 a.m. Tokyo time Hang Seng futures rose 0.6% S&P/ASX 200 futures were little changed CurrenciesThe Bloomberg Dollar Spot Index was little changed The euro was little changed at $1.1419 The Japanese yen was little changed at 162.57 per dollar The offshore yuan was little changed at 6.7909 per dollar The Australian dollar was little changed at $0.6917 CryptocurrenciesBitcoin fell 0.2% to $58,532.25 Ether fell 0.4% to $1,567.44 BondsAustralia’s 10-year yield advanced four basis points to 4.76% CommoditiesWest Texas Intermediate crude rose 0.8% to $70.04 a barrel Spot gold rose 0.2% to $4,014.62 an ounce This story was produced with the assistance of Bloomberg Automation.©2026 Bloomberg L.P.
