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Golden Ten Data reported on July 1 that PMI surveys indicate the eurozone manufacturing sector ended last month with its best quarterly performance since early 2022. Although weak export demand somewhat dragged overall activity growth to its lowest level since February, easing cost pressures provided factories with some breathing room. In June, the eurozone PMI edged down slightly from 51.6 in the previous month to 51.4, a four-month low, but remained above 50.0 for the fifth consecutive month, slightly higher than the previous flash reading of 51.3. The continued growth in manufacturing output in June further confirms the eurozone economy’s encouraging resilience. In fact, June’s expansion marked a successful end to the strongest quarter for eurozone manufacturing since early 2022 and is expected to offset the recent decline in the services sector. Amid continued growth, cost pressures also eased noticeably, mainly reflecting a sharp drop in oil prices this month and alleviated supply concerns.

Glonhui July 1st｜Before the U.S. stock market opens, storage chip stocks continue to decline, with Micron Technology down nearly 3% and SanDisk down nearly 4%.

BlockBeats news, July 1st, the global market continues to reassess monetary policy. The US JOLTs job openings for May exceeded market expectations, indicating resilience in the labor market. Federal Reserve official Harker stated that inflation remains above target, and future rate hikes cannot be ruled out. Interest rate futures currently reflect about an 80% probability of a rate hike in September. The market will next focus on this week's non-farm payroll report and Federal Reserve Chairman Powell's first public speech at the Global Central Banks Forum, hoping to further clarify the Fed's latest views on inflation, employment, and the subsequent policy path. In addition to US policy, the Japanese market has also become a focal point for global capital. The latest Tankan survey in Japan shows simultaneous improvement in corporate confidence and inflation expectations, so anticipation for another Bank of Japan rate hike this year continues to rise. However, the Japanese government confirmed that it did not intervene in the foreign exchange market from the end of April to the end of May, with the yen still hovering near its lowest point in nearly forty years. This reflects that market pricing of the US-Japan interest rate differential remains dominant. If Japan accelerates the pace of future rate hikes, or the authorities resume FX intervention measures, it could affect global arbitrage trades and cross-market capital flows, leading to renewed volatility in global liquidity. In the cryptocurrency market, Bitcoin remains range-bound, and market capital is relatively cautious. At present, market attention is no longer just on single economic data, but rather whether the Federal Reserve further confirms its high interest rate policy and whether Japanese monetary policy changes global funding costs and liquidity allocation. Before these macro variables are clarified, risk assets are expected to remain event-driven and volatile. The upcoming non-farm payroll data, Powell's remarks, and changes in Bank of Japan policy expectations will be important directions for ongoing market observation.