Global Markets July 3: South Korea's Kospi Soars +4.65% Amid Chipmaker Rally, Gold Storms to $4140 While the US Celebrates

Global financial markets are ending the week on a positive note, despite the absence of trading in the US due to Independence Day. The main driver of investor sentiment has been weaker-than-expected US labor market data, which has heightened expectations for interest rate cuts by the Federal Reserve by the end of the year. The decline in US bond yields has put pressure on the dollar and supported demand for gold, while global stock markets continue to seek new growth drivers amid slowing inflation and easing monetary expectations.

Calm in the US and Resilience of European Markets

US: American exchanges are closed today due to the national holiday. In the last trading session, the Dow Jones reached a historic high, rising to 52,900 points (+1.14%), the S&P 500 ended the day unchanged at 7,483 points, while the Nasdaq Composite fell by 0.8% amid profit-taking in the technology sector. Semiconductor manufacturers and AI-related companies were under pressure as investors reallocating capital into more defensive assets.

Europe: European markets continue to show resilience, with the STOXX Europe 600 index gaining about 0.2%. The financial sector, utilities, and pharmaceuticals are showing the strongest dynamics. Inflation in the Eurozone has slowed more than expected, reducing pressure on the ECB and strengthening expectations for a more accommodative monetary policy in the coming months.

Asian Market: Strong Bounce in the Technology Sector

Asian markets showed strong growth after a volatile week. The main driver of recovery has been the stocks of tech giants and major chip manufacturers, which managed to fully recover recent losses amid improving global monetary expectations.

The semiconductor industry leaders showed particularly strong dynamics in Asia: SK Hynix shares soared +10%, while Samsung Electronics gained +8%.

Currency Market: Dollar Retreats Before a Soft Fed

The US currency remains under pressure following the release of weak employment data in the US. The dollar index (DXY) fell below the 101.1 mark. Against this backdrop, the EUR/USD pair strengthened and rose to 1.1420. Meanwhile, the USD/JPY pair stabilized and is trading in the range of 161–162 yen per dollar. The market continues to actively price in a higher likelihood of Fed interest rate cuts by the end of 2026.

Commodity Assets and Digital Gold

Precious Metals: Gold remains one of the main beneficiaries of the dollar's weakness. The price of an ounce confidently exceeds $4,100, with quotes rising above $4,140 during the day. The metal is supported by declining government bond yields and high demand for safe-haven assets.

Energy Resources: Brent crude oil remains above $72 per barrel, while US WTI is trading near local weekly highs. The situation remains stable due to reduced geopolitical tensions in the Middle East. Natural gas has stabilized around $3.22 per MMBtu in anticipation of seasonal demand growth.

Cryptocurrencies: Digital assets are showing resilience amid changing macroeconomic expectations. Bitcoin (BTC) is holding around $61,400, while Ethereum (ETH) is trading around $1,700. Despite ongoing outflows from US spot ETFs, the market finds support in signals of possible easing from the Fed.

Key Events of the Day (Kazakhstan Time, GMT+5):

Main Risks of the Day:

Summary: Global markets are ending the week in a relatively positive mood. Weak US labor market data has strengthened expectations for easing from the Fed, supporting gold, bonds, and some stock markets. Investors remain focused on the prospects of rate cuts, the state of the global economy, and the further dynamics of the technology sector in the second half of 2026.