Limit Up! 8th July 2025

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Overnight

Economic Indicators Released Overnight

German Industrial Production showing recovery was the only data point overnight but never mind that, here come the tariffs;

• Japan 25%
• South Korea 25%

Big jumps from <5%

Prime Minister Ishiba expressed disappointment over the tariffs, describing them as "extremely disappointing and regrettable." He emphasised the government's commitment to mitigating the economic impact through support for domestic firms and job protection.

And confirmation of current arrangements (slightly less in some cases) for

• Laos: 40%
• Myanmar: 40%
• South Africa: 30%
• Malaysia: 25%
• Kazakhstan: 25%

S&P 500 slumps as Trump announces 25% tariff on South Korea, Japan [Investing.com]

EU Says It’s Making Progress on Framework Trade Deal With US [Bloomberg]

Equities fell, bond yields rose and precious metals reversed upwards.

US Equities

Breaking

Bitcoin

BTC lower and into short term support. Are we starting a megaphone pattern?

BITCOIN/USD Daily

Commodities

Gold and Silver were having a bad day but recovered impressively. This reaction to the tariff news is the telling sign.

GOLD/USD Daily

Foreign Exchange

DXY rallies off long term support and resistance is immediate. Something's got to give.

DXY Daily

Bonds

Long yields in Japan spike 25bps in 2 days. US yields were up 4bps overnight, which contributed. These long rates (>10yr) are so sensitive to anything negative for bond prices.

Japan 30 Year Government Bond Yield Daily

Equities

A setback for the NASDAQ and possibly a bull flag building after the break to new highs.

NASDAQ COMPOSITE Daily

Economic Indicators Today