US June nonfarm payrolls will be released at 20:30 Beijing time on July 2. US equity markets will be closed on July 3 for Independence Day. CME will end trading in precious metals, energy, FX, US Treasury and equity index futures early at 01:00 Beijing time on July 4. ICE will end trading in Brent crude futures early at 01:30 Beijing time on July 4. Market participants should note the adjusted hours.

July 2 (Thu) open — Hong Kong: Hang Seng Index (HSI) rose 190.41 points, or 0.83%, to 23,071.43; Hang Seng TECH Index rose 56.01 points, or 1.25%, to 4,528.24; Hang Seng China Enterprises Index (HSCEI) rose 54.83 points, or 0.73%, to 7,613.13; Red Chip Index rose 29.25 points, or 0.80%, to 3,698.67.

Evercore ISI said weak June employment likely reflects a return to normal after prior unexpected strength, and the Fed will remain focused on inflation. Economists there said some market participants view the report as materially lowering the odds of a rate hike this year, but they do not fully agree. Banco Santander analyst Stephen Stanley said inflation readings will determine Fed policy; he expects the June report may only slightly alter officials’ views and that most policymakers still see the labor market as stable. Stanley added financial markets overreacted to the print by cutting odds of another hike this year, which he judged inappropriate.