US equity-index futures retreated and the dollar strengthened after President Donald Trump ratcheted up trade tensions yet again by suggesting higher tariff rates on most trading partners. Contracts for the S&P 500 fell 0.3% and a gauge of the dollar rose 0.2% after Trump said Thursday he plans to impose blanket levies of 15% or 20%. The current blanket tariff rate is 10%. The Canadian dollar weakened after Trump said he will impose 35% levy on some goods from the country. Gold rose for a third day and Treasuries edged lower. Trump is also planning to make a “major statement” on Russia and is mulling the use of sanctions. Asian equities advanced 0.4% as Hong Kong stocks jumped 1.9%. Goldman Sachs Group Inc. strategists raised their forecast for Asia ex-Japan stocks, citing a more favorable macro environment and lower tariff risk. Tariff tensions have increased recently as Trump pushed ahead with his plans to impose levies on various trading partners in a bid to remake the global trade, which he says wasn’t favorable to the US. Even so, investors have been piling back into stocks - the S&P 500 closed at a record Thursday - in a sign investors are shifting their focus from concerns about lower growth and higher inflation to prepare for the upcoming earnings season. The levy on Canada is a blow to Prime Minister Mark Carney’s bid to avoid punishing levies on goods sold to the US. The tariff level would take effect from Aug. 1. The announced rate is an increase from the current 25% levy on Canadian imports not covered by the trade deal negotiated between the US, Canada and Mexico, which do not face additional tariffs. That exclusion would remain unchanged, according to a official, who spoke on condition of anonymity to discuss the matter. Trump’s moves signal no retreat from his flagship economic policy. Still, investors are also having a “tariff fatigue,” said David Chao, a global market strategist at Invesco Asset Management. The president has spent the week sending missives to trading partners, informing them of new rates that will kick in on Aug. 1 if they cannot negotiate better terms. Letters to members of the European Union are also expected shortly. Trump’s plan to impose a 50% import tariff on copper imports has prompted prices to diverge, with the global benchmark on the London Metal Exchange on pace for the biggest weekly drop since April, while US futures are set for the largest weekly gain since 2022. The shift has come as traders are expected to halt shipments of the metal into the US, loosening market conditions outside the world’s largest economy. In China, speculation that the country may do more to aid the struggling property sector pushed up iron ore prices. They are headed for a third weekly gain and potentially the best run since January. Futures rose toward $100 a ton, after closing on Thursday at the highest since May. US After Hours PSMT +7.1%, LEVI +5.6% higher on earnings; BYD to sell 5% equity interest in FanDuel to FLUT.
Nikkei +0.05% Hang Seng +1.64% CSI +0.92% Shanghai +0.82% Shenzen +0.75%
Eur$ 1.1673 CNH 7.1706 CNY 7.1696 JPY 147.07 GBP 1.3554 CHF 0.7978 RUB 77.60 TRY 40.1675 WTI$ 66.74 +0.27% Gold 3,3331 +0.21% BTC 117,900 +3.80 ETH 3,005 +6.57%%
S&P -0.25% Nasdaq -0.20% EuroStoxx -0.40% FTSE -0.08% Dax -0.48% SMI -0.35%
Macro :
- Turkey Gazettes Presidential Decision Increasing Various Withholding Tax Rates
- Fed’s Waller Says Balance Sheet Can Drop to About $5.8 Trillion
- Mali Seizes $117 Million of Gold From Barrick’s Giant Mine
- Trump Agenda Still Being Blocked by Judges Despite Supreme Court
- Egypt Halts Rate Cuts as Caution Outweighs Lower Inflation (1)
- Trump Threatens 35% Canada Tariff, Floats Higher Blanket Rates
Keep an eye on :
Keep an eye on :
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