Overview
- Japan’s ruling coalition lost its upper house majority for the first time since 1955, with the yen strengthening to just under ¥147.7 per dollar after Prime Minister Shigeru Ishiba vowed to remain party leader.
- Treasury yields fell to 10-day lows after Fed Governor Christopher Waller reiterated his support for near-term rate cuts.
- Futures for the S&P 500, Nasdaq 100 and Dow rose roughly 0.25% on Monday as investors shrugged off weekend political uncertainties.
- Brent crude held near US$69 a barrel and WTI remained flat amid expectations that EU sanctions will have minimal impact on Russian oil supplies.
- Investors are focusing on this week’s earnings kickoff from Magnificent Seven tech firms including Alphabet and Tesla while US negotiators race to finalize deals before August 1 tariffs take effect.