Frantisek Taborsky at ING highlights Hungarian inflation falling to 1.7%, below market and National Bank of Hungary (NBH) forecasts, cementing rate cuts in July and August. Markets price around 150bp of easing and a 4.50% terminal rate, with scope for additional cuts.

RaboResearch Global Economics & Markets discusses how the Federal Reserve’s new task force on inflation frameworks under Chair Warsh may elevate trimmed inflation in policy decisions.

BNP Paribas analysts assess recent European Central Bank (ECB) communication from Sintra, highlighting Christine Lagarde’s cautious stance and shift toward “framework guidance” in a volatile environment.

Singapore Foreign Reserves (MoM) declined to 426.2B in June from previous 430.1B

Frantisek Taborsky at ING highlights Hungarian inflation falling to 1.7%, below market and National Bank of Hungary (NBH) forecasts, cementing rate cuts in July and August. Markets price around 150bp of easing and a 4.50% terminal rate, with scope for additional cuts.

Spain 12-Month Letras Auction: 2.5% vs previous 2.543%

Spain 6-Month Letras Auction climbed from previous 2.376% to 2.385%

China Foreign Exchange Reserves (MoM) came in at $3.416T, below expectations ($3.44T) in June

Francesco Pesole at ING argues that Marine Le Pen’s eligibility ruling matters more for French politics than markets, as investors have largely priced in a National Rally (RN) victory under Le Pen or Bardella with fiscal prudence.

European Central Bank (ECB) policymaker and Governor of the Bank of Italy, Fabio Panetta, said during the European trading session on Tuesday that upside risks to inflation in the Eurozone economy remain intact, as the governance of the Strait of Hormuz, a critical chokepoint to almost 20% of global

Iran’s Foreign Minister Abbas Araghchi has warned through a post on X, formerly known as Twitter, that the deal with United States (US) could be hampered if the nation continues with its threats. “Negotiations on a final deal will not commence if threats continue.

BNY Markets’ John Velis and David Tam examine upcoming Federal Open Market Committee (FOMC) minutes from Kevin Warsh’s first meeting as Chair.

Switzerland Foreign Currency Reserves rose from previous 711B to 759B in June

Austria Wholesale Prices n.s.a (MoM) declined to -0.7% in June from previous 0.1%

Austria Wholesale Prices n.s.a (YoY) declined to 5.4% in June from previous 6.9%

France Trade Balance EUR came in at €-6.9B, below expectations (€-5.2B) in May

France Imports, EUR climbed from previous €60.225B to €60.5B in May

France Exports, EUR dipped from previous €54.585B to €53.6B in May

Deutsche Bank strategists note that the S&P 500 reached a three-week high as chip stocks rebounded, led by gains in the Philly semiconductor index and Broadcom after its expanded Apple partnership.

Germany Industrial Production n.s.a. w.d.a. (YoY) climbed from previous -0.5% to 0.1% in May

Commerzbank’s Volkmar Baur notes EUR/USD has been stuck between 1.1350 and 1.1450 since mid-June, with few catalysts expected over the summer.

Germany’s industrial sector activity surprisingly grow at a faster pace of 0.9% Month-on-Month (MoM) in May, the latest data published by Destatis showed on Tuesday.

Germany Industrial Production s.a. (MoM) registered at 0.9% above expectations (0.2%) in May

United Kingdom Lloyds House Price Index (MoM) above expectations (0.1%) in June: Actual (0.2%)

Asian equity markets mostly decline on Tuesday as a fresh wave of technology sector selling completely overshadowed Wall Street's tech-led rally from the previous night.

Japan Leading Economic Index came in at 116.8, below expectations (116.9) in May

Japan Coincident Index increased to 118.5 in May from previous 118.1

Netherlands, The Consumer Price Index n.s.a (YoY) in line with forecasts (2.9%) in June

Indonesia Foreign Reserves rose from previous $144.9 to $145.6 in June

Minoru Kiuchi, Minister of State for Economic and Fiscal Policy of Japan, said on Tuesday that “Tokyo is not easing fiscal discipline, presenting it clearly in the economic plan.”