08:12 AM EDT, 07/07/2025 (MT Newswires) -- Light developments are driving muted action across most global asset classes to kick off the new trading week and the overall week should be relatively light in terms of calendar-based macro risk, said Scotiabank.

The US dollar is firmer against most major crosses, noted the bank.

Sovereign bond yields are little changed with minor underperformance across eurozone government bonds relative to United States Treasuries, stated Scotiabank. The U.S. long-end is underperforming after the U.S. administration achieved its 'One big beautiful bill' that modelers estimate will add US$3.2 trillion to primary deficits over the next 10 years in a highly regressive fashion that will negatively impact much of President Donald Trump's base.

U.S. equity futures are slightly negative, TSX futures are slightly positive, European cash markets are little changed, and Asia-Pacific markets ranged from small losses in Japan and Hong Kong to little change elsewhere, added the bank.

Oil prices are little changed after OPEC+ increased August's targeted output by 548,000 barrels per day this weekend.