•  Asian stocks slipped (Nikkei -1.7%, Hang Seng -1.4%, KOSPI -0.5%), U.S. and European futures also edged lower.

• Currencies: The U.S. dollar weakened, heading for a fifth straight monthly loss. The yen strengthened to around 143.48/USD.

• Bonds: U.S. 10-year Treasury yield steady at 4.42%, after a notable drop Thursday.

• Commodities: Gold steady at $3,295/oz; oil slightly down; Bitcoin hit a 10-day low.

• Backdrop: Legal uncertainty over Trump-era tariffs has returned after an appeals court reinstated the duties, overriding a lower court decision that had blocked them.

Legal Uncertainty Over Trump Tariffs
• A trade court ruling initially blocked most tariffs, sparking market optimism.
• However, a federal appeals court reinstated them, pending further legal review.
• Trump officials signaled they would push forward regardless, either via appeals or alternate legal avenues.

What’s Next?
• Focus shifts to Friday’s PCE inflation data — the Fed’s preferred gauge.
• Also in focus: upcoming U.S.-Japan trade negotiations and the Trump-imposed July 9 tariff deadline.