The latest Market Talks covering FX and Fixed Income. Published exclusively on Dow Jones Newswires throughout the day.

2013 ET - JGBs consolidate in the early Tokyo session as investors weigh Japanese economic data released earlier. The data showed consumer inflation in the Tokyo metropolitan area eased in June but remained firmly above the BOJ's 2% target. Also, there may be lingering supply-demand worries, two members of BofA Global Research say in a research report. While Japan's Finance Ministry unveiled super-long JGB issuance reductions, the ministry also opted to boost issuance of sovereign debt with two-year and shorter tenors, the members note. BofA maintains its view that net JGB supply will gradually increase. The 10-year JGB yield is 0.5 bp higher at 1.420%. (ronnie.harui@wsj.com)

2011 ET - South Korea's headline inflation likely picked up in June but still hovered around the central bank's 2% annual target. The median forecast from a WSJ poll of nine economists is for a 2.1% on year increase in the benchmark consumer price index, following a 1.9% gain in May. Higher prices of some processed foods and industrial goods may have outweighed softer price growth for other items, they say. The index is tipped to have been flat on month in June after edging down 0.1% in the previous month. The early de-escalation of Middle East tensions may limit the impact of oil prices on inflation, iM Securities chief economist Park Sang-hyun says. The inflation data are due Wednesday. (kwanwoo.jun@wsj.com)

1949 ET - ​Japanese stocks may rise as concerns about higher energy prices continue to subside following the Israel-Iran ceasefire. Nikkei futures are up 1.0% at 39890 on the SGX. USD/JPY is at 144.49, compared with 144.60 as of Thursday's Tokyo stock market close. Investors are focusing on any developments in the Middle East as well as domestic economic data. The consumer-price index for Tokyo, excluding fresh food, rose 3.1% in June from a year earlier, compared with a 3.3% rise expected, government data showed earlier. The Nikkei Stock Average rose 1.6% to 39584.58 on Thursday. (kosaku.narioka@wsj.com)

1706 ET - The Bank of Mexico made a fourth straight half percentage-point interest-rate cut to 8% in a 4-1 vote, but dropped the comment that further reductions of that size will be considered, leading analysts to expect subsequent moves of 25 basis points. The board of governors "brushed aside the recent core-goods inflation pressures and services inflation stickiness, and seems inclined to continue to normalize monetary policy and push the Mexico-U.S. interest-rate differential further below the historical norm," Alberto Ramos of Goldman Sachs says in a note. The bar is high for another 50 bps in August, and "the probability of a hawkish hold relatively low," he adds. (anthony.harrup@wsj.com)

1601 ET - Canada's nonfarm payrolls report portrays a private sector in trouble, says economist Matthieu Arseneau of National Bank Financial. The payrolls report for April shows a headline 6,200 decline. Arseneau says the private sector shed 28,000 workers in the month, and the level of private-sector employment has fallen to its lowest level in over two years. In the last four months, payrolls fell 78,000, and Arseneau says only one-fifth of the drop can be attributed to the tariff-exposed manufacturing sector. He argues this signals that labor-market weakness has indeed broadened beyond trade-exposed sectors, and may warrant further rate reductions from the Bank of Canada. (paul.vieira@wsj.com, @paulvieira)

1543 ET - A rally in Treasurys maintains its momentum, driving yields lower, as markets worry about political interference on the Fed and despite stronger-than-expected economic indicators. Layoffs remain subdued and May durable good orders grew way faster than forecast. First-quarter economic growth estimate was revised lower. May PCE inflation tomorrow is expected to accelerate slightly, in a WSJ survey. WSJ reports that President Trump is mulling nominating Chair Powell's successor sooner than usual, as a way to pressure for faster rate cuts. The 10-year yield falls 0.041 percentage point to 4.253% and the two-year declines for the seven consecutive day, losing 0.066 p.p. to 3.714% Both are at their lowest since May 1. (paulo.trevisani@wsj.com; @ptrevisani)

1514 ET - The value of transborder freight between the U.S., Canada and Mexico dropped 8.5% in April versus last year, the U.S. Bureau of Transportation Statistics says. April 2 was "Liberation Day," when President Trump announced a broad swath of planned tariffs. While Mexico and Canada weren't subject to new tariffs, goods entering the U.S. from those countries still faced previously imposed 25% tariffs. In April, the value of freight between the U.S. and Canada dropped 13.6% from April 2024, to $56.6 billion. The value of freight between the U.S. and Mexico was down 3.8% from April 2024, to $69.7 billion, the BTS says. The monetary values of the freight are given in current U.S. dollars and are not adjusted for inflation or seasonality, according to BTS. (stephen.nakrosis@wsj.com)

1503 ET - Fitch Ratings is revising its global growth forecasts upward, even as it expects a slowdown from last year. In its June Global Economic Outlook, the agency now sees world GDP growth of 2.2% this year, 0.3pp higher than its April estimate. That number would fall short of the 2.9% recorded in 2024, and the longer-term average of 2.7%, Fitch says. For 2026, Fitch raises its GDP growth forecast to 2.2% from 2%. Fitch says its revisions come amid recent de-escalation in trade tensions between the U.S. and China. "But the world economy still faces a sharp slowdown induced by the most severe trade war since the 1930s," says Fitch. (stephen.nakrosis@wsj.com)

1304 ET - Amid a rapidly evolving cryptocurrency environment, Coinbase Global is well-positioned to reap the benefits of further regulatory clarity and increased stablecoin adoption, Oppenheimer analysts say in a note. The space will likely see more partnerships between traditional finance and crypto native ventures going forward, which Coinbase plays a pivotal role in forming to facilitate USDC usage, the analysts say. Coinbase should also get a boost from a higher valuation of Circle, which it garners much of its revenue from, they say. They raise their price target to $395 from $293. Shares rise 5.6% to $375.15. (kelly.cloonan@wsj.com)

0957 ET - New listings of U.S. homes for sale are up 2.5% from a year ago, the smallest increase in five months, Redfin says. On a local level, new listings are falling in 20 of the 50 most populous U.S. metro areas, with the biggest declines in Tampa, San Antonio, and Orlando. There are still hundreds of thousands more home sellers than buyers nationwide. But some would-be sellers are sitting on the sidelines as the market tilts more and more in buyers' favor in much of the country. Some homeowners feel they missed the prime selling window, Redfin says. Many people who don't need to sell right now are holding off, either staying put or trying to rent out their house. Pending home sales fell 2.3% year-over-year, the biggest decline in three months. (chris.wack@wsj.com)

0955 ET - Micron delivers a solid quarter meeting elevated expectations, Wedbush's Matt Bryson and Antoine Legault say in a research note. The memory-chip maker recorded a big jump in sales and earnings in 3Q amid booming demand for AI-driven memory. The analysts note that their raised estimates coming into the print weren't aggressive enough as Micron outperformed their more optimistic projections, helped in part by better-than-forecast pricing trends. "And the better base in FQ3, in turn, yields a better outlook for FQ4, with Micron standing to again benefit from better ASP trends, better mix," say Bryson and Legault. Shares rise 1.5% to $129 in premarket trading. (denny.jacob@wsj.com; @pennedbyden)

0955 ET - Micron delivers a solid quarter meeting elevated expectations, Wedbush's Matt Bryson and Antoine Legault say in a research note. The memory-chip maker recorded a big jump in sales and earnings in 3Q amid booming demand for AI-driven memory. The analysts note that their raised estimates coming into the print weren't aggressive enough as Micron outperformed their more optimistic projections, helped in part by better-than-forecast pricing trends. "And the better base in FQ3, in turn, yields a better outlook for FQ4, with Micron standing to again benefit from better ASP trends, better mix," say Bryson and Legault. Shares rise 1.5% to $129 in premarket trading. (denny.jacob@wsj.com; @pennedbyden)

(END) Dow Jones Newswires

June 26, 2025 20:13 ET (00:13 GMT)

Copyright (c) 2025 Dow Jones & Company, Inc.