Asian stock markets rose slightly as investors focused on the US jobs report and hopes Congress will approve a $3.3 trillion tax spending plan.
MAIN CONTENT
Asian stock indexes edged up on hopes for a US-Vietnam trade deal and US jobs data.
US futures little changed, European indices forecast positive open.
US bond yields fall, USD falls to 3-year low, market awaits Fed decision.
How do Asian stock markets react to global trade and economic news?
MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.2 percent, near a near four-year high. Vietnam's market posted its biggest gain in three years on news of a trade deal with the United States.
Former US President Donald Trump announced on Truth Social that Vietnam is applying a “ZERO tariff” policy on US goods, creating positive expectations for similar agreements with India.
Meanwhile, China's CSI 300 index rose 0.2 percent while Hong Kong's Hang Seng index fell 0.6 percent as data showed services activity in China grew at its slowest pace in nine months.
The US-Vietnam trade agreement with a 20% tariff on Vietnamese goods and no tariffs on US goods is an important step forward, reinforcing expectations for expanding economic cooperation between the two countries.
Donald Trump, former President of the United States, July 2025
How do bond yields and US currency market developments affect investor sentiment?
Ahead of the release of US employment data, the yield on 10-year government bonds fell to 4.265%, and the yield on 2-year bonds fell to 3.77%, reflecting caution in the financial community.
The dollar weakened to a more than three-year low against major currencies, while the euro edged up 0.1% to $1.1807. Markets are focused on the possibility of the Fed cutting interest rates in July, although the probability is only predicted at around 25%.
Tony Sycamore, an analyst at IG, said the unemployment rate could rise to 4.4%, the highest level since October 2021, pushing the possibility of the Fed cutting interest rates to 70%.
Labor market indicators warn of rising unemployment, increasing pressure on the Fed to cut interest rates in July.
Tony Sycamore, Analyst at IG, July 2025
How are European stock indices and oil markets performing?
Futures of major European indices rose across the board: FTSE 100 rose 0.3%, DAX rose 0.2%, CAC 40 rose 0.2% and FTSE MIB rose 0.15%, reflecting positive investor sentiment.
Crude oil prices edged lower after rising 3% overnight on tensions over Iran’s failure to cooperate with the United Nations nuclear watchdog. WTI fell 0.4% to $67.20 a barrel, while Brent fell 0.4% to $68.84 a barrel.
Summary table of typical market fluctuations on July 3, 2025
Index/Market Movement Interpretation MSCI Asia Pacific (excluding Japan) +0.2% Near 4-year high on US-Vietnam trade hopes CSI 300 (China) +0.2% Steady despite weak services data Hang Seng (Hong Kong) -0.6% Weakened by slow services growth Futures FTSE 100, DAX, CAC 40 +0.15% – 0.3% Positive opening forecast US 10-year bond yield -0.02 percentage point Down ahead of key jobs data USD Index Drops to over 3-year low Reflecting concerns over Fed independence WTI crude oil price -0.4% Impact from Iran tensions
Frequently Asked Questions
How does the US-Vietnam agreement affect the Vietnamese stock market?
The agreement helped raise expectations for Vietnam's export growth, stimulating capital inflows, bringing the VN-Index to its highest level in the past 3 years.Why is the US dollar falling sharply amid falling US bond yields?
Falling yields reduce the attractiveness of investing in the USD, combined with concerns about the Fed's policy independence, causing investors to switch to other assets.How does US employment data affect the Fed's interest rate policy?
Weak jobs data increases the possibility of the Fed cutting interest rates to support the economy, creating expectations in financial markets.How is the European market doing now?
Futures for major indices are forecasting slight increases as investors remain optimistic about economic data.How does crude oil price affect global financial markets?
Oil prices fluctuate due to geopolitical factors, which can affect production costs and inflation, affecting the stock and bond markets.
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