Investors Pile Into SK Hynix’s ADR Ahead of a Big Week of Earnings, Econ Data: July 10, 2026

Markets are mixed as investors pile into SK Hynix’s ADR listing while taking profits in other AI-related stocks prior to earnings season kicking into high gear and pivotal inflation releases next week. Equities are on track to finish this week positive, as the brief oil price spike occurring on Wednesday was tempered on Thursday and today in light of US and Iranian officials continuing discussions about a longer-lasting ceasefire. Additionally, Wall Street is looking past geopolitical developments and focusing on fundamentals instead, with participants buying names across sectors as 9 of the 11 major categories advance on the session. Conversely, yields and the greenback are hovering near their respective flatlines, with sizeable moves in Treasurys and the dollar potentially arriving after the CPI and PPI prints on the 15th and 16th of this month which coincide with Fed Chair Warsh’s congressional testimony. Volatility levels are also calm, as lighter premiums on downside protection instruments indicate softening hedging demand. Elsewhere, commodities are sinking broadly, but prediction markets and cryptocurrencies are catching bids.

CPI Easing Poised To be A Tailwind for Bonds

Next week will be critical as earnings releases coincide with a plethora of economic data. Participants will seek clues regarding how firms are navigating the cyclical environment and simultaneously, they will be highly attentive to AI monetization developments, especially with Taiwan Semi’s earnings release due on Thursday prior to bell. Meanwhile, inflation numbers will be monumental after May’s annualized price pressures likely marked a peak and top of mind for Wall Street will be whether getting back to a 2-handle is in the cards by December. July is currently running at 3.5%, as immigration restrictiveness and the US-Iran war place downward pressure on rents, housing valuations and energy charges, and a continuation of that deceleration could get us to 2.9% by year-end. Against this backdrop of slowing cost forces that could potentially be below 3% again in 2026, bonds make a whole lot of sense, as the 20- and 30-year Treasury maturities would stand to fall at least 50 basis points from their current levels of around 5.07% if the trend continues.

International Roundup

Canada Unemployment Rate Falls

Canada’s unemployment rate unexpectedly fell from 6.6% in May to 6.5% last month. Economists anticipated no change. During the month, 17.5k individuals took part-time jobs, a reversal from the 66.2k decline in May. Additionally, 600,000 individuals joined the ranks of full-time employees, a significant deceleration from 154k in May. Nevertheless, the increased number of individuals punching time clocks and the unchanged 65% participation rate caused the unemployment level to fall. Workers, furthermore, experienced a 3.7% year-over-year (y/y) hourly wage increase. Pay was up 3.2% in May.

But Building Plans Slip

The value of projects that received building permits last month sank by 1.7%, representing a C$215 million decline to C$12.4 billion, according to Statistics Canada. Non-residential permits led the decline, falling C$341 million. The industrial component accounted for much of the weakness with the commercial component posting a C$81.4 million ascent. Residential marginally buffered the overall decline with the value of approvals for groundbreakings up C$91 million.

Japan Annual Wholesale Price Pressure Highest In More Than Three Years

Japan’s Corporate Goods Index, also known as the Producer Price Index (PPI), depicted June annualized inflation climbing to the highest rate since March 2023 although the month-over-month (m/m) metric eased. Gate prices were up 7.1% y/y, accelerating from 6.6% in May and exceeding the economist consensus estimate of 6.8%. When compared to May, however, the index slowed from 1.1% in the preceding period to 0.4%. The result was marginally hotter than the 0.3% estimate.

Exporters fetched 0.4% and 20.7% more m/m and y/y, respectively, after factoring currency exchanges rates. Also in June, imports grew 1.3% and 29.7% more costly m/m and y/y.

The annual PPI jumped as a result of nonferrous metal and scrap metal becoming 39.2% and 34.1% more costly. Petroleum and coal products, chemicals and related products and information and communications equipment also had notable increases of 22.8%, 14.4% and 14.5%.

Within the m/m PPI print, the following categories and the extent of the price changes became more expensive:

• Petroleum and coal products, 3%
• Lumber and wood products, 2%
• Electric power, gas and water, 1.5%
• Plastic products, 1.4%
• Pulp, paper and related products, 0.7%
• Other manufacturing industry products, 0.6%
• Scrap and waste, 0.6%

Categories with smaller increases included chemicals and related products, ceramic, stone and clay products, iron and steel, production machinery, business-oriented machinery, minerals, and the category of information and communications equipment. The beverages and foods group and nonferrous metals were unchanged. The m/m ascent was damped by agriculture, forestry and fishery products declining 2.1%. Additionally, metal products and transportation equipment recorded descents of 0.2% and 0.1%.

Among imports, price hikes for electronic and electronic products, metals and related products, other primary products and manufactured goods, and the category of beverages and foods and agriculture products for food led the with m/m changes of increases 2.3%, 2.2%, 1.5% and 1.5%. Among exports, electronic and electronic products, textiles, general purposes, production and business-oriented equipment had the largest sticker increases with gains of 3.4%, 1.2%, 1%.