The week starts off quietly, with investors aiming to take a few more benefit from technology sector, as they begin to search alternative titles, such as the automotive, machinery and healthcare sectors. But the settimana could bring ideas: Come on minutes of the Fed meeting, at the first US quarterly, To Samsung accounts, at the debut of the Korean SK Hynix on Wall Street. There is no progress in the peace talks between the United States and Iran, but at least the Strait of Hormuz is partially open, which has stabilized the price of oil. S&P 500 and Nasdaq futures are returning from the long holiday weekend slightly higher. asian bags in the end they reduce losses. European stock exchanges they are seen to open little changed.
Wall Street awaits the Fed minutes, the first quarterly earnings and the debut of South Korea's SK Hynix.
This week, investors will be looking for clues about the likelihood of imminent interest rate hikes and the first signs of the new earnings season. On the one hand, investors are expecting Wednesday the publication of the minutes of the first Fed meeting signed by President Kevin Warsh, to analyze in detail the rate outlook, after the decision to leave them unchanged. Warsh had stressed that the central bank will focus on price stability, while inflation remains above the 2% target. On the other hand, the quarterly results are expected Delta and the snack and beverage manufacturer PepsiCo, which offer different perspectives on trends in consumer spendingOverall, companies in the S&P 500 index are expected to increase their second quarter earnings by over 24%.
In any case, the spotlight will be more generally on the titles technological and in particular those of the semiconductors chr have led the market's gains in recent months, with the benchmark S&P 500 Index rising 14,9% in the quarter ended Tuesday, its best quarterly performance since 2020. The Philadelphia Semiconductor Index, which had gained a record 88% in the previous quarter, fell 5% on Thursday. This week it will make its Wall Street debut also there Korean SK Hynix.
More recently, however, this group has seen a reversal of trend, with recent sharp declines. Other sectors have recorded good performances in the last month, such as that healthcare, industrial and financial, fueling investors' hopes of a healthy rotation which leads to an expansion of market gains.
Il Dow Jones rose more than 1% to an all-time closing high Thursdayahead of the long holiday weekend, as a weaker-than-expected U.S. jobs report eased interest rate hike concerns, while another sharp decline in chipmaker stocks weighed on the Nasdaq. S & P 500 closed the day essentially unchanged. Nasdaq it closed down 0,8%.
An analysis of Ithe Sun 24 Hours reported that the US public debt is rapidly approaching the record threshold of $40.000 trillion, having already surpassed $39.200 trillion by mid-2026. This trajectory raises serious concerns in global markets, as debt has exceeded 123% of GDP And the cost of financing it is draining massive resources. In 2026, net interest payments on the debt alone will exceed $1.000 trillion and absorb approximately 20% of Washington's tax revenues. An unstoppable spiral of post-Covid investments, inflation, and structural deficits are leaving the US government borrowing approximately $5 billion every minute.
Today The ISM services survey is due out and forecasts point to only a slight slowdown, with a positive reading of 54,0. S&P 500 and Nasdaq futures are coming out of their hiatus slightly higher.
Asia slightly in the red. Keep an eye on South Korean government taxes on big tech.
The week starts in Asia Pacific slightly in the red, probably due to profit taking ahead of the release of quarterly results. A retracement isn't surprising, given that South Korea's main index has gained nearly 90% this year, Taiwan's 62%, and Japan's 37%.
The index Kospi South Korea at the end of a session in sharp red reduced its losses to -0,4%. government is evaluating the possibility of creating an investment fund using the tax revenues in excess coming from the semiconductor industry, a senior government official said. Local chip giants, including Samsung Electronics and SK Hynix, due to the explosion of their profits, they should pay a huge amount of taxesAnalysts estimate 100 trillion won ($65 billion) in annual corporate taxes from the sector, roughly what the Ministry of Finance expected all companies to collect. Excess tax revenue from the country's chip industry should be invested in future growth, Kang Hoon-sik, chief cabinet minister to President Lee Jae Myung, said yesterday, speaking at a high-level meeting of the government and the ruling party. The shares of SK Hynix fell by almost 4% before reducing losses to -2,3%, ahead of the listing on Wall Street $29 billion expected this week, while Samsung The company plans to increase average DRAM prices in the third quarter by about 20% from the previous three months and has already verbally informed some customers, according to a report on Saturday. China Business News, citing anonymous sources familiar with the matter. Samsung Electronics is expected to an exceptional quarterly report on Tuesday, with earnings increasing 18-fold. The world's largest memory chipmaker by revenue is expected to post operating profit of 86 trillion won ($56,35 billion) for the April-June quarter, according to an estimate by LSEG SmartEstimate.
Hon Hai Precision Industry di Taiwan, operating internationally as Foxconn and Nvidia's server assembly partner, reported a 40% increase in quarterly sales, exceeding expectations, and said demand for artificial intelligence is continuing to grow.
In Japan the Nikkei Tokyo is at -0,3%. China, the CSI 300 index of the Shanghai and Shenzhen stock exchanges +0,3%. Hang Seng of Hong Kong +0.8%. Taiex of Taipei +0,3%. A federal judge has ordered the Pentagon to grant Alibaba Group suspended a law that forced all its lobbyists to sever ties with the company, pending a review of the measure's constitutionality.
Oil Brent fell 0,6 percent to around $71,70 a barrel, as the maritime transport Oil trade through the U.S.-protected corridor has shown signs of recovery. OPEC+ members also approved a further, modest increase in collective quotas for next month. This has eased inflation fears and supported U.S. government bonds.'gold remained virtually unchanged after three days of gains, settling around $4.175 an ounce.
On the currency market the dollar strengthened against all other G10 currencies. yen it weakens to 161,9 on the dollar.
Goldman Sachs believes that pressures the decline in the Japanese currency will continue in the next months, Supported by an environment characterized by high US yields for a prolonged period, low risk of a US recession, persistent fiscal concerns, and a still very gradual path of rate hikes by the Bank of Japan. The investment bank has revised upward its estimate for the dollar/yen exchange rate to 165 within 12 months, from the previous forecast of 155. The three- and six-month targets have also been raised to 162 and 163, respectively. The bank also continues to view the yen as a suitable currency for financing investment strategies.carry trades, especially towards high-yielding emerging markets, along with other G10 currencies with low interest rates.
European stock markets saw a near-par opening. At the Milan Stock Exchange, eyes were on defense stocks and Ferrari.
ECBSpeeches today by ECB Council Member Isabel Schnabel, ECB President Christine Lagarde, ECB Council Member Philip Lane, and Riksbank Deputy Governor Anna Seim
DEFENSEThe sector dominated the scene last week with a gain of +9% compared to the +2,7% recorded by the Stoxx Europe 600 index. The main protagonists were RheinMetall +16%, Leonardo +14%, Avio +13%, Fincantieri +10%. Tomorrow opens in Ankara Atlantic Alliance summit, It is expected to be one of the most sensitive in recent years due to Donald Trump's repeated attacks on European allies over the distribution of military spending. The final document will include the €70 billion in military aid to Ukraine for 2027, while the activation of the European Safe loan remains uncertain.Italy could increase military and security spending by around 17 billion euros in two years, according to Republic, to reach NATO's goal of 5% by the middle of the next decade. The plan would bring costs to approximately 3,35% of GDP in 2028, up from the current 2,8%, broken down into 2,09% for core defense spending and 0,71% for broader security. By 2035, the Allies aim to devote 5% of GDP to defense spending, broken down as follows: 3,5% of GDP for military equipment and personnel and 1,5% for security-related items, such as cybersecurity and infrastructure. NATO estimates released in March indicated that European allies and Canada had increased their defense spending by nearly 20% for the second consecutive year in 2025, with Poland, the Baltic states, and several Nordic nations leading the United States in defense spending as a percentage of GDP.
European stocks expected to open at par: EuroStoxx 50 futures down 0,1%.
Azimuth: has reached an agreement with Consob without imposing sanctions. This could help the Bank of Italy approve the spinoff of TNB. The transaction is expected to be completed by the fourth quarter of 2026.
Bpm bankCrédit Agricole has increased its stake to 29,3% through the purchase of shares and derivatives.
Classic Ferrari for sale: presented the 12Cilindri Manuale, the second model scheduled for 2026 (out of four total; the Luce is expected in 2025). It is a limited edition of 1.500 units, already fully sold. Deliveries will begin in the first quarter of 2027, and the price will be €590.000.
Fincantieri: announced agreements to acquire majority stakes in NextGeo, WSense, Graal Tech, and Defcomm, with the aim of creating a vertically integrated international leader in the underwater sector. The initial outlay is expected to be approximately €600 million.
LeonardoThe GCap programme has awarded Edgewing (a joint venture between BAE Systems, Leonardo and Japan Aircraft Industrial Enhancement Co.) a development contract worth £4,6 billion.
LottomaticaThe iGaming market grew 14% in June, and Lottomatica confirmed its leadership position. According to a management interview, the iSports segment also saw positive performance during the month.
RaiWay: Rai's CEO has declared that a 10% stake in Rai Way could be put up for sale as an option.
UniCreditThe additional acceptance period for the Commerzbank offering closed on July 3. Results are expected on July 8. Final participation, including physically settled TRS (PD TRS), could exceed approximately 46%.
