Reuters Morning Bid

Japan's yen hits a 40-year low above 163 per dollar, putting Tokyo on intervention watch. Alphabet reports earnings after the bell tonight, kicking off hyperscaler earnings season. And Brent crude climbs again as fighting continues in the Gulf, Saudi tankers are turned back and the U.S. confirms the conflict has cost over $37 billion.

Today’s recommended read:⁠Three midweek thoughts - jobs, Fed targets and volatility, Mike Dolan

Subscribe to Mike Dolan's Morning Bid&⁠newsletter,⁠&and check out his columns on&⁠Reuters Open Interest⁠.

Read more from&⁠Amanda Cooper⁠&and&⁠Anna Szymanski⁠

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Ten days into what was already supposed to be a ceasefire reports emerge of a push to mediate yet another 10-day ceasefire in U.S.-Iran hostilities - leaving markets struggling to keep up. In the UK, bond markets stay relatively calm under new Prime Minister Andy Burnham, who has committed to keeping UK debt stable over time, appointing John Healey as finance minister. And tariffs are back, with U.S. President Donald Trump levying 50% duties on roughly $20 billion Canadian goods including ice hockey gear, in the first use of Section 338 since the Supreme Court struck down his executive order.

Today’s recommended read: ⁠Burnham kicks off UK premiership with lucky breaks. Investors hope they last, Mike Dolan

Subscribe to Mike Dolan's Morning Bid ⁠newsletter,⁠ and check out his columns on ⁠Reuters Open Interest⁠.

Read more from ⁠Amanda Cooper⁠ and ⁠Anna Szymanski⁠

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Crude tops $90 a barrel for the first time since early June as U.S. strikes on Iran enter their ninth day and two tankers are hit in the Strait of Hormuz. Markets are also watching Alphabet's Wednesday earnings, the first of the major hyperscalers to report. Plus, Andy Burnham is formally named Britain's new prime minister and investors wait to learn who will fill the key role of Finance Minister.

Today’s recommended read: Forget crude. War pushes refiners to the brink, Ron Bousso

Subscribe to Mike Dolan's Morning Bid newsletter, and check out his columns on Reuters Open Interest.

Read more from Amanda Cooper and Anna Szymanski

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Japanese chip stocks lead a broad sell-off in Asian trading as investors question whether the AI spending cycle has peaked. China's Moonshot unveils what it calls the world's largest open-source AI model as President Xi Jinping hosts a global AI cooperation conference in Beijing. And Netflix shares fall after a second consecutive quarter of disappointing sales growth.

Today’s recommended read: Trump could get a lesson on Iran from an unlikely source — emus, Clyde Russell

Read more from Amanda Cooper and Anna Szymanski

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SpaceX has fallen back below its $135 listing price and sits more than 30% off its post-listing peak, with insiders expected to begin selling as lockup periods expire over the coming months. The company has yet to confirm a date for its first earnings report. TSMC's record 77% profit jump offers some relief to chip investors after a rocky week. Plus, the British pound climbs to a one-year high against the euro on UK finance minister speculation.

Today’s recommended read: Fed flip-flops make case for less talk, Mike Dolan

Read more from Amanda Cooper and Anna Szymanski

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