Morning Briefing
10 June 2026
⚠ US CPI (May) — Today at 20:30 HKT · Consensus: 4.2% YoY · Previous: 3.8%
★ ECB Rate Decision — Tomorrow, 11 June, 20:15 HKT · +25bp to 2.40% priced
Market Overview
  • US markets reversed Tuesday's early gains into a second tech selloff: S&P 500 fell -0.26% to 7,386.65, Nasdaq 100 -1.12% to 29,084.50, with tech investors fleeing ahead of today's critical CPI report. The Dow Jones held onto a +0.17% gain to 50,872.11 on defensive rotation, with Home Depot +3.75%, Sherwin-Williams +3.67%, Nike +3.28% and J&J +2.08% leading. The stark divergence — Dow +0.17% vs Nasdaq -1.12% — reflects the market's split personality: defensives priced for inflation, tech priced for growth.
  • AI/chip stocks resumed their sell-off despite Monday's brief bounce: Coherent -11.44%, Lumentum -8.22%, Super Micro -7.62%, AppLovin -7.60%, Corning -7.25% in the S&P 500. In the Nasdaq 100, Lumentum -8.22%, Strategy -8.0%, Marvell -7.61%, AppLovin -7.60% and ARM -6.22% led losses. Bloomberg noted the 120pp performance dispersion within US tech "echoes the Dotcom bubble."
  • Salesforce -3.94% was the Dow's worst; Apple -3.64% (down 35%+ from peak). J.M. Smucker surged +10.44% on a significant earnings beat. OpenAI filed confidentially for an IPO; SpaceX IPO targets $75B raise Friday — the largest IPO in history. Nuvalent +39.28% on GSK's $10.6B acquisition.
  • European markets diverged sharply Tuesday: EURO STOXX 50 -0.21%, DAX -0.74%, CAC 40 +0.05%, FTSE 100 -1.41% to 10,227 — worst since May 15. FTSE crushed by Asia-focused financials: StanChart -6.31%, HSBC -4.36%, Prudential -4.20%, Glencore -4.35% on China capital outflow regulations. Siemens Energy -5.92% topped EURO STOXX 50 losses.
  • Asian markets mixed Tuesday: Nikkei 225 -0.68% to 65,059 as Nintendo -7.60%, Sumco -7.44% and SoftBank -6.90% erased Monday's gains; KOSPI -2.29% to 7,908; TAIEX -0.33%. Hang Seng -0.37%; Shanghai recovered +1.28% to 4,010; Nifty 50 +0.52%.
  • Gold plunged -1.42% to $4,200.19/oz — sharpest single-day decline in weeks — as oil dropped ~4% intraday on Iran-Israel ceasefire hopes, reducing energy-driven inflation expectations. Silver -0.86% to $64.79/oz. WTI settled +0.50% to $88.62 and Brent +0.48% to $91.93 after Iran resumed strikes late in the session. DXY +0.07% to 99.98.
Asset Class Snapshot
Major US Index
Dow Jones
+0.17%
Major European Index
CAC 40
+0.05%
Major Asian Index
Shanghai Comp.
+1.28%
Gold Spot
$/oz
-1.42%
Risk Indicators
Equity Risk Sentiment
Oil Price Pressure
Geopolitical Risk
Credit Stress
FX Volatility
Source: Bloomberg, TradingView
📊 Tuesday 9 June 2026 close — Tech selloff resumes; Dow holds on defensives
US Indices
S&P 500
7,386.65
-0.26%
Dow Jones
50,872.11
+0.17%
Nasdaq 100
29,084.50
-1.12%
Russell 2000
2,867.02
+0.41%
  • The tech rally from Monday completely reversed as investors repositioned ahead of today's US CPI data (consensus: +4.2% YoY). Chip stocks resumed their slide despite Monday's 10–12% bounces: Coherent -11.44%, Lumentum -8.22%, Super Micro -7.62%, AppLovin -7.60%. PHLX Semiconductor Index fell another 3% — down ~7% over 3 sessions even after Monday's relief bounce. Dispersion within US tech now at 120pp — widest since the Dotcom bubble in February 2000.
  • The Dow held on defensive strength with Home Depot +3.75%, Sherwin-Williams +3.67% and J.M. Smucker +10.44% on an earnings blowout. Russell 2000 +0.41% as small-caps benefited from lower rates on oil's decline. OpenAI confidentially filed for IPO; SpaceX targeting $1.75 trillion valuation on Friday. Nuvalent surged +39.28% on GSK's $10.6B acquisition at $124/share.
S&P 500 Heatmap
Top 5 Movers – S&P 500
Gainers
SJM
112.39
+10.44%
APH
154.07
+7.29%
POOL
192.42
+6.34%
BLDR
77.54
+6.04%
CARR
71.24
+5.78%
Losers
COHR
355.94
-11.44%
LITE
821.76
-8.22%
SMCI
40.64
-7.62%
APP
520.84
-7.60%
GLW
173.94
-7.25%
Top 5 Movers – Dow Jones
Gainers
HD
321.33
+3.75%
SHW
310.55
+3.67%
NKE
44.65
+3.28%
PG
148.67
+2.46%
KO
81.34
+2.26%
Losers
CRM
175.35
-3.94%
AAPL
290.55
-3.64%
CSCO
120.36
-3.05%
MSFT
403.41
-2.02%
CVX
186.76
-1.31%
Top 5 Movers – Nasdaq 100
Gainers
INSM
99.04
+5.17%
CTAS
179.87
+3.58%
IDXX
578.89
+3.16%
SBUX
97.41
+2.73%
LIN
515.59
+2.72%
Losers
LITE
821.76
-8.22%
MSTR
117.02
-8.00%
MRVL
266.88
-7.61%
APP
520.84
-7.60%
ARM
324.86
-6.22%
Source: Bloomberg, TradingView
📊 Tuesday 9 June 2026 close — FTSE 100 -1.41%; Asia banks crushed on China regs
European Indices
EURO STOXX 50
6,049.74
-0.21%
FTSE 100
10,227.33
-1.41%
DAX
24,433.06
-0.74%
CAC 40
8,203.43
+0.05%
  • FTSE 100 suffered its worst session since May 15, falling -1.41% to 10,227 — dragged entirely by Asia-focused financials reacting to China's new outbound direct investment regulations: Standard Chartered -6.31%, HSBC -4.36%, Prudential -4.20%, Glencore -4.35%. JPMorgan warned the changes could disrupt wealth and personal banking in Hong Kong. BP -2.99% and Shell -1.87% fell on oil's decline; GSK fell on its $10.6B Nuvalent acquisition.
  • The EURO STOXX 50's -0.21% decline masked sharp bifurcation: luxury and consumer names rallied strongly (EssilorLuxottica +3.78%, AB InBev +2.95%, Inditex +2.09%, LVMH +2.04%, Air Liquide +1.84%) while tech and energy suffered (Siemens Energy -5.92%, Infineon -3.30%, Schneider Electric -2.61%, SAP -2.15%). The CAC 40's resilience (+0.05%) reflected French luxury sector strength. ECB decision tomorrow is the dominant event risk — STOXX 600 is now 4% below February's record high.
Top 5 Movers – EURO STOXX 50
Gainers
EL FP
179.70
+3.78%
ABI BB
69.88
+2.95%
ITX SM
55.70
+2.09%
MC FP
492.30
+2.04%
AI FP
168.42
+1.84%
Losers
ENR GY
148.30
-5.92%
IFX GY
75.66
-3.30%
SU FP
263.45
-2.61%
SAP GY
154.70
-2.15%
ENI IM
23.13
-1.60%
Source: Bloomberg, TradingView
📊 Tuesday 9 June 2026 close — Semis retreat again; Shanghai recovers +1.28%
Asian Indices
Nikkei 225
65,059.06
-0.68%
Hang Seng
24,565.90
-0.37%
Shanghai Comp.
4,010.03
+1.28%
KOSPI
7,908.03
-2.29%
Nifty 50
23,242.10
+0.52%
TAIEX
44,565.19
-0.33%
  • Nikkei 225 fell -0.68% as the semiconductor complex resumed its unwind: Nintendo -7.60%, Sumco -7.44%, Sumitomo Electric -7.27%, Furukawa Electric -6.97%, SoftBank -6.90%. Screen Holdings +9.31% and Tokyo Electron +5.74% bucked the trend, benefiting from specific AI hardware demand in Japan's equipment supply chain. The Nikkei's volatility remains extreme — it has swung ±2–4% on four of the last five trading days.
  • Shanghai recovered strongly +1.28% to 4,010 as Chinese authorities issued market-supportive statements and state funds were seen buying tech names. Nifty 50 +0.52% as Indian IT names continued their moderate recovery. KOSPI fell -2.29% to 7,908 — still down more than 12% from last week's record — as foreign selling re-intensified. Hang Seng -0.37% with Laopu Gold -2.52% (gold price decline), New Oriental -2.41%. TAIEX -0.33% as TSMC profit-taking continued.
Top 5 Movers – Nikkei 225
Gainers
7735 Screen
13,670
+9.31%
8035 Tokyo Electron
63,560
+5.74%
6920 Lasertec
42,370
+4.42%
7012 Kawasaki Heavy
2,900.50
+3.77%
6103 Okuma
4,165
+3.36%
Losers
7974 Nintendo
7,165
-7.60%
3436 Sumco
3,249
-7.44%
5825 Sumitomo Elec
11,190
-7.27%
5801 Furukawa Elec
43,350
-6.97%
9984 SoftBank
6,571
-6.90%
Top 5 Movers – Hang Seng Index
Gainers
2688 ENN Energy
24.86
+1.97%
688 SMIC-H
29.12
+1.96%
992 Lenovo
190.80
+1.87%
175 Geely
72.00
+1.41%
836 CR Power
44.92
+1.31%
Losers
6181 Laopu Gold
24.74
-2.52%
9901 New Oriental
16.20
-2.41%
2899 Zijin Mining
26.28
-1.87%
1113 CK Asset
30.08
-1.83%
2015 Li Auto
678.50
-1.81%
Source: Bloomberg, TradingView
Government Bond Yields
US 2Y Treasury
4.14%
-0.04%
US 5Y Treasury
4.27%
-0.09%
US 10Y Treasury
4.54%
-0.14%
US 30Y Treasury
5.01%
-0.22%
UK Gilts 10Y
4.90%
-0.81%
Germany Bund 10Y
3.04%
-0.56%
China 10Y
1.73%
0.00%
Japan 10Y
2.68%
-0.02%
  • US Treasury yields fell across the curve Tuesday as oil's near-4% decline (on Iran–Israel ceasefire hopes) reduced near-term energy inflation expectations — the 10Y fell to 4.54% and 30Y to 5.01%. Today's US CPI (May) is the key risk event. Bloomberg consensus projects headline CPI rising to 4.2% YoY (from 3.8%), with core at 3.0% — above expectations would spike yields and weigh on equities; below consensus would be a major relief rally catalyst.
  • European sovereign yields fell: German Bund 10Y -0.56% to 3.043%, UK Gilts 10Y -0.81% to 4.903% — both driven lower by oil's decline reducing energy inflation fears. The ECB decision tomorrow is the primary risk — a 25bp hike is fully priced, but a hawkish Lagarde signalling further hikes could send Bund yields back above 3.10% and compress European equity P/E multiples significantly. China 10Y unchanged at 1.73%; Japan 10Y nearly flat at 2.68%.
Source: Bloomberg, TradingView
Currency Markets
Dollar Index (DXY)
99.98
+0.07%
EUR/USD
1.1539
-0.03%
GBP/USD
1.3376
-0.03%
USD/JPY
160.38
-0.01%
AUD/USD
0.7028
-0.03%
NZD/USD
0.5821
+0.07%
USD/CAD
1.3950
-0.01%
USD/CHF
0.7991
-0.11%
USD/CNH
6.7762
+0.04%
USD/SGD
1.2874
-0.05%
USD/INR
95.3525
0.00%
USD/IDR
18,058
0.00%
USD/PHP
61.565
-0.02%
  • Currency markets were quiet Tuesday with the DXY barely moving (+0.07% to 99.98) ahead of today's US CPI. EUR/USD slipped -0.03% to 1.1539 — holding in the range despite hawkish ECB expectations ahead of Thursday; GBP/USD fell -0.03% to 1.3376 after the FTSE's sharp selloff. USD/CHF fell -0.11% as Swiss franc safe-haven demand persisted; USD/JPY was near-flat at 160.38 as the BOJ rate hike timing debate pauses ahead of this week's key data.
  • Today's US CPI is the dominant FX catalyst: a hot print (CPI above 4.5% YoY) would likely send DXY toward 101+ and EUR/USD toward 1.14; a soft print (below 4.0%) could send the dollar below 99 and EUR/USD toward 1.17. USD/IDR held at 18,058 as Indonesian authorities maintained tight FX management; USD/INR unchanged at 95.35 with the RBI guiding stability. USD/CNH edged +0.04% as China's trade data is expected to show solid May export performance.
Source: Bloomberg, TradingView
Commodities & Energy
Gold Spot ($/oz)
4,200.19
-1.42%
Silver Spot ($/oz)
64.79
-0.86%
WTI Crude ($/bbl)
88.62
+0.50%
Brent Crude ($/bbl)
91.93
+0.48%
  • Gold suffered its biggest single-day decline in weeks, falling -1.42% to $4,200.19/oz — a significant break below $4,250 support — as oil plunged nearly 4% intraday on Iran-Israel ceasefire optimism (Trump saying a deal could come in "two or three days"), which reduced the energy-driven inflation narrative supporting gold. The DXY above 100 in combination with lower oil acted as a double headwind. Silver fell -0.86% to $64.79/oz — its lowest since early May. Key level: $4,150 is the next major support; a break below could trigger further algorithmic selling.
  • Oil settled slightly higher after an initial plunge: WTI +0.50% to $88.62 and Brent +0.48% to $91.93 — partial recovery from intraday lows — as Iran launched new strikes against Israeli positions in Lebanon late in the session, reversing the peace narrative. The week's commodity outlook hinges entirely on the Iran ceasefire status: a confirmed deal would send Brent toward $80; a resumed conflict could push it back above $100.
Source: Bloomberg, TradingView
Economic Calendar
Wednesday, 10 June 2026 — Today · ★ US CPI
🇯🇵
PPI YoY (May)
07:50 HKT
Prev: 4.9%
🇨🇳
CPI YoY (May)
09:30 HKT
Prev: 1.2%
🇨🇳
PPI YoY (May)
09:30 HKT
Prev: 2.8%
🇺🇸
MBA Mortgage Applications (WoW)
19:00 HKT
Prev: -2.5%
🇺🇸
CPI YoY (May)
20:30 HKT
Fcst: 4.2%Prev: 3.8%
🇺🇸
Core CPI YoY (May)
20:30 HKT
Fcst: 3.0%Prev: 2.8%
🇺🇸
CPI MoM (May)
20:30 HKT
Fcst: 0.5%Prev: 0.6%
🇺🇸
Crude Oil Inventories
22:30 HKT
Prev: -7.97M
Thursday, 11 June 2026 — ★ ECB Decision
🇯🇵
Foreign Bonds/Stocks Buying
07:50 HKT
🇪🇺
ECB Interest Rate Decision
20:15 HKT
Fcst: 2.40%Prev: 2.15%
🇪🇺
ECB Press Conference (Lagarde)
20:45 HKT
🇺🇸
PPI YoY (May)
20:30 HKT
Fcst: 6.0%Prev: 6.0%
🇺🇸
Core PPI MoM (May)
20:30 HKT
Fcst: 0.5%Prev: 1.0%
🇺🇸
Initial Jobless Claims
20:30 HKT
Fcst: 225KPrev: 225K
Source: Bloomberg, TradingView
Disclaimers

This material is provided for informational and reference purposes only to the intended recipients and does not constitute an offer, solicitation, or recommendation to enter into any transaction in securities, nor does it constitute investment advice.


The information contained in this publication only reflects current market conditions and the judgment of Ethivo Asset Management (HK) Limited (the “Ethivo”) on the date of compilation. It does not represent an accurate forecast of individual securities or market trends, and judgments are subject to change at any time without prior notice. Certain information or data in this document has been obtained from unaffiliated third parties; Ethivo has reasonable belief that such information or data is accurate, complete and up to the date as indicated, but Ethivo makes no warranty or representation as to the completeness and accuracy of data and information sourced from such unaffiliated third parties. Ethivo, nor its shareholders, directors and employees shall not be liable for any errors or omissions in the information provided in this material, and Ethivo shall not be responsible for any loss incurred by any person as a result of reliance on or use of such information.


Investment involves risk. Past performance is not indicative of future performance, future return is not guaranteed, and a loss of your original capital may occur. If necessary, you should seek independent professional advice. The material has been prepared and issued by Ethivo Asset Management (HK) Limited and has not been reviewed by the Securities and Futures Commission.


This material is intended solely for distribution to professional investors and should not be distributed, circulated, or used by persons in any jurisdiction where such distribution or use would be contrary to local law or regulation. No part of this publication may be reproduced, distributed, or transmitted in any form or by any means without the prior written consent of Ethivo.

Hang Seng Index
24,565.90
▼ 91.16
-0.37%
Hang Seng Composite
3,669.33
▼ 6.13
-0.17%
Nikkei 225
65,416.63
▲ 1,392.03
+2.17%
Market Drivers
Sources: Yahoo Finance, 360miq.com
Top 5 Movers – Nikkei 225
Gainers
Taiyo Yuden17,975+20.03%
Murata Mfg9,692+11.26%
Panasonic3,924+9.79%
Ibiden Co18,595+9.00%
Tokyo Electron59,920+8.91%
Losers
Mitsui Kinzoku39,460-4.57%
Sumitomo Metal7,718-3.48%
Sumitomo Pharma1,462-3.47%
Tokuyama Corp4,816-3.16%
Mercari Inc3,678-3.11%
Top 5 Movers – Hang Seng Index
Gainers
ENN Energy52.20+3.47%
SMIC75.00+3.38%
Lenovo Group25.38+3.34%
Geely Auto18.57+2.20%
China Res Power21.12+2.13%
Losers
Orient Overseas133.80-5.24%
PetroChina10.20-4.58%
WuXi AppTec116.80-3.71%
Laopu Gold456.40-3.51%
New Oriental35.60-3.16%
Source: Bloomberg
Asian Stocks Rise as Tech Rebounds From AI-Led Selloff
Asian stocks rose as bargain hunters bought technology stocks after a sharp selloff, with the MSCI Asia Pacific Index climbing 2.6% on track to snap a three-day losing streak.
Japanese Shares Rebound on Tech Recovery
The Nikkei 225 climbed 2.17% to 65,416.63, driven by renewed interest in AI and semiconductor shares, tracking Wall Street's overnight gains as chipmakers recovered.
Hong Kong Stocks Close Lower on Property Weakness
The Hang Seng Index fell 0.37% to 24,565.90, led lower by property stocks, with Orient Overseas International declining 5.24% and PetroChina falling 4.58%.
Easing Middle East Tensions Lift Market Sentiment
Oil prices eased and risk appetite improved after Israel and Iran halted attacks on each other, with negotiators in the final stages of peace talks.
Source: Bloomberg
Disclaimers

This material is provided for informational and reference purposes only to the intended recipients and does not constitute an offer, solicitation, or recommendation to enter into any transaction in securities, nor does it constitute investment advice.

The information contained in this publication only reflects current market conditions and the judgment of Ethivo Asset Management (HK) Limited (the “Ethivo”) on the date of compilation. It does not represent an accurate forecast of individual securities or market trends, and judgments are subject to change at any time without prior notice. Certain information or data in this document has been obtained from unaffiliated third parties; Ethivo has reasonable belief that such information or data is accurate, complete and up to the date as indicated, but Ethivo makes no warranty or representation as to the completeness and accuracy of data and information sourced from such unaffiliated third parties. Ethivo, nor its shareholders, directors and employees shall not be liable for any errors or omissions in the information provided in this material, and Ethivo shall not be responsible for any loss incurred by any person as a result of reliance on or use of such information.

Investment involves risk. Past performance is not indicative of future performance, future return is not guaranteed, and a loss of your original capital may occur. If necessary, you should seek independent professional advice. The material has been prepared and issued by Ethivo Asset Management (HK) Limited and has not been reviewed by the Securities and Futures Commission.

This material is intended solely for distribution to professional investors and should not be distributed, circulated, or used by persons in any jurisdiction where such distribution or use would be contrary to local law or regulation. No part of this publication may be reproduced, distributed, or transmitted in any form or by any means without the prior written consent of Ethivo.