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News
Wednesday, July 01, 2026
What’s happening: Shares of Nike declined in after-hours trading on Tuesday following the release of its fiscal fourth-quarter results.
What happened: The athletic footwear and apparel company reported better-than-expected sales and earnings for the fourth quarter.
Nike reported a double-digit decline in China sales, while projecting a further decline in revenue in the first half of fiscal 2027.
How were the results: The Beaverton, Oregon-based company reported a single-digit decline in sales for the latest quarter.
Why it matters: Nike’s latest quarterly results raised concerns around whether the CEO’s efforts are enough to revive growth. The company’s turnaround has been impacted by tariff announcements, ongoing geopolitical tensions and cautious spending by consumers due to inflation.
China remains a major source of concern for Nike, as sales in Greater China contracted by 17% on a constant-currency basis during the fourth quarter, versus a 10% decline in the previous quarter. Greater China represents around 15% of Nike’s annual revenues and is the company’s third-largest market.
Sales in North America, Nike’s largest market, rose 3% in the fourth quarter.
Management projected another decline in sales through the first half of fiscal 2027, amid stiff competition and elevated inventory levels.
“While we continue to face top-line headwinds, we’re encouraged by progress in performance product and are focused on consistent execution, improved profitability and scaling our wins to realize our full potential,” CEO Elliott Hill said.
How shares responded: Nike’s shares fell 2.5% to $40.04 in the extended trading hours following the release of quarterly results. The stock has lost around 36% over the past six months.
What to watch: Investors will keep an eye on the CEO’s plans to spark growth in the company.
Markets will also watch Nike’s launch of several footwear styles in the weeks ahead.
Context: The Japanese yen slipped versus the US dollar this morning as investors digested the latest economic data.
Details: The yen fell to its weakest level in four decades against the US dollar, raising speculations of the Japanese authorities intervening to lend some support to the domestic currency.
The yen came under further pressure after recent economic data signalled the resilience in the US economy, which reinforced speculations of the Federal Reserve hiking interest rates this year.
Strength in the US dollar weighed on the Japanese currency this morning. The US dollar index, which measures the greenback’s performance versus a basket of major peers, rose around 0.1% to 101.30.
Data released this morning showed that the S&P Global Japan manufacturing PMI was revised downward to 54.8 in June from a preliminary reading of 54.9. Still, the figure marked an improvement from May’s 54.5 and was the sixth straight month of factory activity expansion. The latest results were driven by a faster surge in output and new orders.
The Bank of Japan’s sentiment index for large manufacturers jumped to 22 in the second quarter, from 17 in the previous quarter. This marked the highest level since the first quarter of 2018.
Meanwhile, signs of de-escalation in the US-Iran tensions lent support to the broader market sentiment.
The USD/JPY forex pair gained around 0.1% to 162.69 this morning, while the Nikkei 225 rose 0.37% to trade at 70,320.19.
What to watch: Investors will continue monitoring ongoing peace talks between the US and Iran in Qatar.
Data on foreign bond investment (0350 UAE Time), monetary base (0350 UAE Time) and stock investment by foreigners (0350 UAE Time) will be released by Japan on Thursday. Japan’s monetary base, which tumbled by 12.2% year-over-year in May compared to an 11.3% decline in the previous month, is expected to fall by 10% in June.
Other Markets: US trading indices closed higher on Tuesday, with the Dow Jones index, S&P 500 and Nasdaq 100 up by 0.26%, 0.79% and 1.68%, respectively.
Ukraine intensified long-range attacks on Russia, hitting one of largest satellite communication centres in the region. The news sent the USD/RUB pair higher in forex trading this morning.
Singapore’s private home prices rose 0.5% in the second quarter of 2026. This being an easing from the previous quarter’s 0.9% gain lent support to the USD/SGD forex pair.
China’s RatingDog manufacturing PMI fell to 51.7 in June from 51.8 in the previous month, which sent the USD/CNY pair higher in forex trading this morning.
South Korea’s S&P Global manufacturing PMI declined to 52.1 in June from 54.8 in May. This being the softest growth in four months lent support to the USD/KRW forex pair.
Indonesia’s S&P Global manufacturing PMI tumbled to 46.9 in June from 50.0 in the previous month. Manufacturing activity falling to the lowest level since June 2025 sent the USD/IDR pair higher in forex trading this morning.
Eurozone’s S&P Global manufacturing PMI (1200 UAE Time) and inflation rate (1300 UAE Time), UK’s S&P Global manufacturing PMI (1230 UAE Time), South Africa’s ABSA manufacturing PMI (1300 UAE Time), US Challenger job cuts (1330 UAE Time), MBA mortgage applications (1500 UAE Time), ADP employment change (1615 UAE Time), S&P Global manufacturing PMI (1745 UAE Time), ISM manufacturing PMI (1800 UAE Time), construction spending (1800 UAE Time) and EIA crude oil stocks change (1830 UAE Time), Brazil’s bank lending (1530 UAE Time) and S&P Global manufacturing PMI (1700 UAE Time), Mexico’s business confidence (1600 UAE Time) and S&P Global manufacturing PMI (1900 UAE Time) as well as Russia’s unemployment rate (2000 UAE Time), business confidence (2000 UAE Time), corporate profits (2000 UAE Time), real wage growth (2000 UAE Time) and retail sales (2000 UAE Time).
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