- Wall Street closed Friday with moderate declines after Donald Trump threatened the EU with aggressive 50% tariffs for “negotiating in bad faith” (S&P 500: -0.67%, DJIA: -0.61%, Nasdaq: -1%, Russell 2000: -0.28%). The tariffs were initially set to take effect on June 1, but following a phone call with Ursula von der Leyen, both sides agreed on a final negotiation deadline of July 9.
- Japanese Prime Minister Shigeru Ishiba expressed hope for progress in trade talks with the U.S. ahead of next month’s G7 summit, emphasizing alignment on trade and economic security. He also mentioned potential cooperation on warship construction and repairs, as well as Arctic icebreakers. However, chief negotiator Ryosei Akazawa stressed that a deal would only be finalized as a complete package.
- The postponement of the aggressive EU tariffs boosted optimism in Asia-Pacific markets. The broad MSCI Asia Pacific Index is up 0.4%, with Japan’s Nikkei 225 (+0.8%), South Korea’s Kospi (+1.3%), India’s Nifty 50 (+0.5%), and Australia’s S&P/ASX 200 (+0.1%) also in the green.
- China is the exception, where sharp declines in platforms and electric vehicle stocks are dragging indices down (HSCEI: -1.5%, Shanghai SE Composite: -0.26%). The EV sector is weighed down by concerns over competition following BYD’s announcement of price cuts on key electric models. Meanwhile, companies like Alibaba, JD, and PDD Holdings are losing ground after new regulations on fees charged to small merchants using their platforms.
- In forex markets, the U.S. dollar index fell to its lowest level since 2023 following the tariff delay (USDIDX: -0.3%). The EURUSD gained 0.4%, breaking above 1.14. The biggest gains were seen in antipodean currencies (AUDUSD, NZDUSD: +0.5%). The Japanese yen saw a slight correction (USDJPY: +0.1%), while the Swiss franc remained flat.
- Gold fell 0.32% to $3,347 per ounce amid weak demand for “safe havens,” while silver extended its gains (+0.1% to $33.50 per ounce). Brent and WTI crude rebounded by 0.34%.
- The cryptocurrency market continued its positive momentum: Bitcoin rose 1.9% to $109,000, and Ethereum gained 2% to $2,575. Futures for Sushi (+4.65%), Dogecoin (+4.1%), and Chainlink (+3.9%) were also in the green.
- Wall Street and the London Stock Exchange will remain closed today due to public holidays.
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