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Asia Market Update: US Tariffs Resurface, Nike Drops Chinese Sellers, Iran Ceasefire Hopes
Trade tensions return as Nike severs ties with Chinese online retailers. Meanwhile, China's foreign minister is set to meet US Secretary of State Rubio, Iran attacks continue with ceasefire signs, and Google and Tesla earnings loom.
Elliott Wave Analysis: WTI Crude Oil Rally from July Low Favors Extension
Short-term Elliott Wave outlook for WTI Crude Oil shows an impulsive five-swing rally from the July 2, 2026 low, with wave 1 peaking at $76.08 and expectations of continued strength.
WTI Crude Rises to Near $85.00 on Supply Disruption Fears, Capped Below 100-Day SMA
West Texas Intermediate crude oil rose to around $84.90 during early European trading on Wednesday as Middle East tensions raised supply disruption fears, though gains were capped below the 100-day simple moving average.
Rubio Warns Iranian Control of Hormuz Would Have Global Repercussions
US Secretary of State Marco Rubio warned Southeast Asian foreign ministers that Iranian control of the Strait of Hormuz could set a dangerous precedent with far-reaching consequences beyond the Middle East.
Trump approves US-Saudi nuclear deal with uranium enrichment
President Donald Trump has approved a landmark US-Saudi nuclear agreement that could give the kingdom uranium enrichment capabilities for its civilian program, as reported by the Wall Street Journal.
Houthis Threaten to Close Bab el-Mandeb Strait to Saudi-Linked Shipping
Yemen's Houthis said they have closed the Bab el-Mandeb Strait to Saudi-linked shipping in retaliation for the Saudi blockade and an attack on Sanaa airport, as reported by The Guardian.
US Central Command Completes 11th Night of Strikes on Iran
The United States Central Command announced it has finished its 11th consecutive night of airstrikes targeting Iranian military infrastructure, including operations centers, maritime assets, and drone storage facilities.
China Rare-Earth Exports to US Hit Multi-Year Low Despite Trade Truce
China's monthly rare-earth magnet exports to the US averaged 479 tons in the first half of 2026, the lowest since 2021 and 22% below the 2022-2024 average. The decline persists despite an October truce between Presidents Trump and Xi that promised continued flows.
WTI Oil Climbs Above $84.50 on Supply Risk Fears
West Texas Intermediate crude rose to around $84.60 per barrel as supply disruptions across multiple export routes boosted prices.
US Labor Share of Income Drops to Near Record Low
The proportion of wages in US gross domestic income has fallen to about 43%, near the lowest since records began in 1929, indicating a long-term shift of economic income toward corporate profits and investment income.
Strait of Hormuz Remains Open, U.S. Facilitates Oil Traffic
CENTCOM reports that the Strait of Hormuz is open for commercial shipping, with U.S. forces having assisted the passage of nearly 900 vessels and 450 million barrels of crude oil since early May.
U.S. Strikes on Iranian Military Targets to Secure Strait of Hormuz
U.S. Central Command has conducted strikes on Iranian military command centers, naval assets, and drone facilities to reduce threats to commercial shipping in the Strait of Hormuz.
White House to Redirect $200B in Research Funds Toward AI, Away from Colleges
The White House plans to shift $200 billion in annual research spending toward artificial intelligence, reducing funds for universities in favor of individual scientists to accelerate progress against China.
Japan June Trade Deficit Widens Sharply, Missing Estimates
Japan's trade balance for June came in at a deficit of ¥406.9 billion, far worse than the expected ¥120 billion deficit, as imports surged 25.4% year-on-year.
US Strikes Iran Military Targets for 11th Straight Night
US Central Command announced airstrikes on Iranian military targets for the 11th consecutive night, aimed at further degrading Iran's ability to threaten commercial shipping in the Strait of Hormuz.
Iran: US Interests Will Be Targeted If US Strikes Nuclear Sites
Iran's top military command warned it will expand strikes to target US and allied interests across the region if the US attacks its nuclear facilities, according to Xinhua.
Trump to Impose 100% Tariff on Generic Drugs by 2028, Rising to 200% in 2029
President Trump announced a plan to levy a 100% tariff on generic drug imports starting August 2028, escalating to 200% the following year.
Gold Rebounds Above $4,050 as US-Iran Tensions Boost Safe-Haven Demand
Gold price recovered to around $4,080 during Asian trading on Wednesday, rebounding from the $4,000 psychological level as escalating US-Iran tensions fueled safe-haven demand.
Trump Announces Tariff Timeline on Imported Generic Drugs
President Trump proposed a phased tariff plan on imported generic drugs, starting with zero tariffs until August 2028, then rising to 100% and 200%, aimed at bringing production back to the U.S.
Gold Oversold as Debasement Trade Persists
Gold, which peaked at $5,500 in January and was technically overbought, has now flipped to a 'massively' oversold condition, according to analysts citing the ongoing debasement trade.
China Leads Global Nuclear Reactor Construction with 39 Units Under Way
China now has 39 nuclear reactors under construction, more than the next 12 countries combined, with an average build time of just 2.8 years.
Ukraine Appoints Mykhailo Drapatyi as New Commander-in-Chief
Mykhailo Drapatyi, recognized for leading the iconic 2014 Mariupol BMP breakthrough, has been appointed as Ukraine's new commander-in-chief.
Iran warns US attack on nuclear sites would trigger regional war
Iran's top joint military command stated that a US attack on its nuclear facilities would be considered an expansion of war, threatening to target all US and allied interests in the region.
Short Interest in US Stocks Surges Near Record Highs
Bearish bets on US equities have surged, with short interest in the S&P 500 and Russell 3000 nearing all-time highs and NYSE-listed stock short interest hitting a record 9.0% in late June.