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Senior Israeli officials described the meeting between President Trump and Prime Minister Benjamin Netanyahu as "very good" and "very positive," with discussions focused primarily on Iran and reaffirming their shared commitment to preventing Tehran from obtaining a nuclear weapon.

Key developments:

• Senior Israeli officials called the Trump-Netanyahu meeting "very good" and "very positive."
• Discussions centered largely on Iran, with both leaders reaffirming their commitment to preventing Iran from acquiring a nuclear weapon.
• Separate Israeli sources also characterized the meeting as positive, reinforcing expectations of close U.S.-Israel coordination
• Iran denied reports that it has sought direct talks with the United States over the past…

Al Jazeera is reporting that 

• Israel PM Netanyahu confirmed to Trump that additional strikes on rehabilitated Iranian nuclear facilities are unavoidable.

Of course Trump and Secretary of War Hegseth have used strong language to tell the American people that the threat from Iran nuclear was not present and not a threat anymore: 

Pres. Trump's Initial address after the strikes

• "Iran's key nuclear enrichment facilities have been completely and totally obliterated."
• Called the operation a "spectacular military success."

Truth Social post (after satellite imagery emerged)

• "Monumental damage was done to all Nuclear sites in Iran, as shown by satellite images."
• "Obliteration is an accurate term!"
• "The biggest damage took place far below ground…

It's getting ugly in South Korean stocks and now the government is trying to come to the rescue. The Kospi is down another 6% today after initially opening higher and SK Hynix is down 10%. 

The finance minster just hit the tape and said they're internally reviewing ways to stabilize the domestic stock market.

The AUDUSD moved lower during the Asian-Pacific session, extending away from its nearly converged 100- and 200-hour moving averages. The move lower, however, stalled at a key technical support area where a rising trendline intersected with the lower boundary of a swing area near 0.6961. The low reached 0.6963, just above that support. Buyers leaned against the level, using a break below as their risk-defining point, and successfully turned the pair back to the upside.

The rebound carried the price back toward the cluster of hourly moving averages, with the 100-hour MA at 0.6986 and the 200-hour MA at 0.6991. That area once again attracted willing sellers. The rally stalled against the dual moving averages, and the price has since rotated…

The AUDUSD moved lower during the Asian-Pacific session, extending away from its nearly converged 100- and 200-hour moving averages. The move lower, however, stalled at a key technical support area where a rising trendline intersected with the lower boundary of a swing area near 0.6961. The low reached 0.6963, just above that support. Buyers leaned against the level, using a break below as their risk-defining point, and successfully turned the pair back to the upside.

The rebound carried the price back toward the cluster of hourly moving averages, with the 100-hour MA at 0.6986 and the 200-hour MA at 0.6991. That area once again attracted willing sellers. The rally stalled against the dual moving averages, and the price has since rotated…

Crude oil futures settled at $79.26, down $3.35 or -4.06% on the day. Prices traded in a wide range, reaching a session high of $82.43 before selling accelerated into the close. The decline took WTI to a low of $77.78, where buyers emerged after the price tested the upper end of a key swing area between $77.11 and $77.93.

That support zone remains an important technical barometer. A sustained break below it would increase the bearish bias and shift the focus toward the 200-day moving average at $75.36, the next major downside target. On the topside, today's high near $82.43 is the first level sellers will look to defend if prices attempt to rebound.

The decline in crude oil today was driven primarily by a sharp unwinding of the geopolitical…

USDCAD moved higher yesterday, extending toward a former support zone between 1.41297 and 1.41488 that has now become resistance. In early Asian-Pacific trading today, the pair reached 1.4128, just shy of the lower end of that swing area, where sellers stepped in and pushed the price lower.

The pullback found support at the 100-hour moving average, where buyers slowed the decline and sparked a modest rebound. That moving average comes in at 1.40923, while the 200-hour moving average sits lower at 1.40737. The pair currently trades at 1.41056.

Heading into the North American session, those two moving averages will serve as the key risk-defining levels. As long as the price remains above the 100- and 200-hour moving averages, buyers retain…

Similarly to Monday's trade, the Dow industrial average is closing softly higher. The S&P index is near unchanged quality NASDAQ index is lower.

Looking at the closing levels of the indices:

• Dow industrial average rose by 537.05 points 1.03% at 52752.28
• S&P rose 15.60 or +0.21% that 7428.77
• NASDAQ index fell -55.17 points or -0.22% at 24876.91
• Russell 2000 index rose 5.76 points or 0.20% at 2953.80
• NASDAQ 100 fell -276.08 points or -0.98% at 27763.13.

Although the NASDAQ index is lower on the day, it did erase a decline of -351.08 points at session lows. Chip and AI stocks still suffered as investors continue to be squeezed out after the too good to be true gains seen the first 6 or so months of the trading year. Even so, stocks like…

• CPI m/m -0.1% vs +0.2% expected
• June trimmed mean 3.6% y/y vs 3.7% expected
• Australian Q2 CPI % y/y vs +4.1% expected
• Prior was 4.1%
• CPI q/q vs +0.7% expected (prior was +1.4%)
• RBA trimmed mean 3.6% y/y vs 3.7% expected
• RBA weighted mean 3.6% y/y vs 3.7% expected

These are slightly cool numbers right across the board and will unwind the modest expectations for a near term rate hike. This is an opportunity for the RBA to sit back and watch for what's next.

A huge day on the track just wrapped up at the Commonwealth Games and there were Oceanic records set by and Aussie and New Zealander.

Lachland Kennedy ran 9.85 for the silver and set the record for a white guy despite a heavy rain. He was edged out by Cameroon's Robert Eseme. On the women's side, Zoe Hobbs also set an area record and she got the gold for New Zealand.

That's a great start to the day down under but what comes for area markets will depend on today's Australian CPI report, which is a pivotal one. Yesterday, RBA Governor Bullock said she wasn't sure how the upcoming meeting would go but a big swing factor will certainly be today's inflation report. The consensus for the June data is a steady 4.0% y/y with the trimmed mean rising…

• US stock pattern continues. Dow up. Nasdaq down
• Crude oil futures settle at $79.26
• Netanyahu: Confirmed to Trump that additional strikes on rehabilitated Iranian nuclear facilities are unavoidable
• Trump-Netanyahu meeting reinforces Iran focus
• US treasury sells $44B of 7-year notes at a high yield of 4.473%
• Middle East mediators see U.S.–Iran deal within reach
• Richmond Fed manufacturing index for July 5 vs 10 estimate
• Conference Board Consumer Confidence for July 90.8 versus 92.3 estimate
• CaseShiller seasonally adjusted YoY housing prices change 1.6% versus 1.3% estimate
• Trump on Fox News: Iran understand it will never have a nuclear weapon
• US advance goods trade balance for June -$101.5 billion versus -$100 billion estimate
• US wholesale…

Results of the private survey:

• Crude +3.3m vs -1.4m exp
• Gasoline +0.9m vs -1.2m exp
• Distillates +0.4m vs +0.6m exp

This is the first bearish surprise we've had on inventories in awhile and it might help to cool oil prices further and narrow gasoline cracks. The official data is due out tomorrow.

Crude has taken an absolute beating this week as the shooting stopped in Hormuz and was down $3.54 to $79.07 today.