Meta Plans a Cloud Business, US Jobs Day | The Opening Trade 7/2/2026

The frequent swings in the market’s biggest drivers come as traders react to any sign that a near-parabolic rally in chipmakers, the biggest beneficiaries of the vast outlays on AI infrastructure, has run too far. In the latest instance, Meta’s plan to sell computing power raised questions about a glut of capacity.

Traders will also focus on the US jobs report at the end of a holiday-shortened week. The data will offer fresh clues on the path for interest rates after comments Wednesday by Federal Reserve Chair Kevin Warsh dampened speculation of a hike this year.

The Opening Trade has everything you need to know as markets open across Europe. With analysis you won’t find anywhere else, we break down the biggest stories of the day and speak to top guests who have skin in the game. Hosted by Anna Edwards, Guy Johnson and Tom Mackenzie.

Chapters:
00:00:00 – The Opening Trade
00:01:02 – Market Check
00:02:29 – Chip Selloff
00:05:12 – Oil Extends Drop
00:07:33 – Traders Weigh Fed Rate Path
00:10:44 – Japan Bonds
00:12:32 – Korea’s Kospi Falls
00:22:25 – Merz’s Reform Package
00:23:19 – KNDS Postpones IPO
00:27:15 – Kevin Warsh Says Inflation Risks are Down
00:38:35 – This NFP Print Will Decide the July Fed: MLIV
00:47:26 – Stocks to Watch: Defense, Bayer, Sodexo
00:52:36 – European Tech Stocks Slide
01:02:09 – German Coalition Agrees on Tax Relief
01:12:36 – OpenAI Propose to Give US Gov. 5% Stake
01:25:29 – Quantum Systems Co-CEO
01:32:47 – US Jobs Report Due
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