The Daily Shot Brief – July 2, 2026
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United States
The Atlanta Fed’s GDPNow model is now tracking Q2 GDP at just 1.2%, down sharply from 2.5% on June 25.
Euro Area
France’s year-to-date budget deficit was narrower than the same period last year.
Euro Area
EUR/GBP has entered oversold territory.
Japan
Japan recorded 45 weak-yen-related corporate bankruptcies in the first half of 2026, the highest since tracking began in 2022, as surging import costs increasingly strain smaller import-dependent businesses despite continued benefits for exporters.
Asia-Pacific
The Kospi fell below its 50-day moving average.
Equities
TMT stocks are trading near their richest relative valuations since the dot-com era, while defensive stocks are trading at record discounts, suggesting elevated rotation risk.
Energy
Energy remains the most defensive sector, with the one-year correlation with the S&P 500 turning negative and reaching a record low in June.
