Spain's June composite PMI 53.3, versus consensus 50.9 and previous 50.2.

The volatility gap between the Nasdaq‑100 and the S&P 500 has widened to its largest level since 2008 as investors ramp up purchases of Nasdaq puts, signaling heightened concern about a pullback in tech, particularly the AI sector. Semiconductor ETF SMH plunged more than 5% on Thursday, underscoring weakening momentum in recent tech leaders. Call demand has cooled but remains elevated. Analysts note summers are typically quieter, though tech volatility is expected to stay above the broad market.

SMBC Nikko strategist Makoto Noji said the yen cannot sustain appreciation unless the Japanese government pursues firm fiscal consolidation. He said widening short-to-long yield gaps in Western bond markets indicate Japan has begun exporting fiscal-driven upward pressure on yields to the West. Noji added that if the US conducts a rate check similar to earlier this year, yen appreciation could accelerate, and such a move might signal US pressure for Japan to improve its fiscal position.