The dollar weakened for a second session while equities slipped, as large market moves earlier in the week driven by the US-China tariff truce moderated. The greenback fell against major currencies, with the yen and Swiss franc among the beneficiaries. The 10-year Treasury yield was slightly lower after declining 10 basis points Thursday, as traders priced in two Federal Reserve rate cuts this year. Australian and New Zealand yields fell. The tepid action signaled caution after a strong week for risk assets following US-China trade talks. Coming into Friday’s session, a gauge of global stocks had advanced for seven days in a row to a level not seen since February when it set a record.
Shares in Taiwan, Australia and South Korea rose, while those in Japan whipsawed and stocks in China fell. US equity futures were flat after the S&P 500 gained 0.4% on Thursday, helped along by defensive dividend-payers that had underperformed in the past month. Meta Platforms Inc. paced losses in Big Tech on Thursday after a news report it was delaying the rollout of a flagship AI model. Alibaba Group Holding Ltd. shares fell as much as 6.7% in Hong Kong after quarterly revenue disappointed. Gains for Treasuries partly reflected economic data showing prices paid to US producers unexpectedly declined by the most in five years suggesting companies are absorbing some of the hit from higher tariffs. Separate US data showed growth in retail sales decelerated. Factory production declined for the first time in six months while New York state manufacturing contracted again. And confidence among homebuilders slumped. The market moves reflect a “benign backdrop,” supported by expectations the Fed will cut rates later this year, according to Frances Cheung, rates strategist for Oversea-Chinese Banking Corp Limited, speaking on Bloomberg Television. “The Fed would like to have a couple more months of data to give them the green light to cut interest rates,” she said. Elsewhere, Japan’s economy shrank for the first time in a year, illustrating its vulnerability even before sustaining the impact of Trump’s tariff measures. The yen gained 0.2% on Friday to trade around 145 per dollar. Bank of Japan official Toyoaki Nakamura will speak later in the day. Stocks are now trading like last month’s rout never happened. The S&P 500 is about 4% away from an all-time high, while the Nasdaq 100 swung from a bear market back into a bull market. The advance is building as economic tensions between the US and China ease and the White House appears to be softening its approach to trade negotiations. Still, there’s little clarity over how the existing levies might impact the US economy or the trajectory the global trade war will take in coming months.
Fed Governor Michael Barr said the economy is on solid ground, but warned tariff-related supply-chain disruptions could lead to lower growth and higher inflation. Recession remains a possibility as tariff fallout continues to buffet global economies, according to JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon. Wells Fargo Investment Institute sees economic growth, clarity around Trump’s tariffs and continued earnings growth driving further stock-market gains through the rest of this year and next. In commodities, oil edged higher Friday after slumping in its previous session as President Donald Trump said the US and Iran are getting closer to a deal regarding Tehran’s nuclear program. Gold fell. US After Hours GLOB -26.8%, DOCS -23.6%, AMAT -5.6%, CAVA -4.3%, TTWO -3% lower on earnings; RKT +5.4% as ValueAct Capital increases stake to 9.9%.
Nikkei -0.07% Hang Seng -0.48% CSI -0.52% Shanghai -0.42% Shenzen +0.47%
Eur$ 1.1207 CNH 7.1970 CNY 7.2002 JPY 145.32 GBP 1.3321 CHF 0.8341 RUB 80.0016 TRY 38.8500 WTI$ 61.84 +0.36% Gold 3,214 -0.79% BTC 104,000 +0.52% ETH 2,585 +1.87%
S&P -0.03% Nasdaq -0.06% EuroStoxx +0.13% FTSE +0.14% Dax +0.18% SMI +0.23%
Macro :
- ECB’s Villeroy Doesn’t Reckon the World Is in a Currency War
- Qatar’s Wealth Fund Plans $500 Billion US Push Over Next Decade
- NFL’s 49ers to Sell Stakes at Record $8.5 Billion Valuation
- NFL’s 49ers to Sell Stakes at Record $8.5 Billion Valuation
- France and Spain Want to Impose Age Limits on US Tech Firms
- Trump Touts $200 Billion in UAE Deals in Wrapping Mideast Trip
- Mercuria Builds Massive Aluminum Bet on a Russia Peace Deal
- US Treasury Warns Hong Kong Banks Over Funding Iran Oil Trades
- Trump to Keep 30% China Tariffs Till Late 2025, Analysts Say (1)
- France’s Unemployment Rate Increased to 7.4% in Early 2025
- UK Taxman Could Squeeze More From Richest 1%, Watchdog Says
Keep an eye on :
Keep an eye on :
- AGN NA : Aegon 1Q Adjusted Operating Capital Generation EU267M, Aegon ‘Not a Fan’ of Mandatory UK Pension Investment, CEO Says
- AKZA NA : JSW nears deal to buy 75% stake in Dulux paints maker AkzoNobel India
- BNTX US : CureVac Gets 2nd Positive Decision From EPO in Suit vs BioNTech
- CAVA US : Cava Stockpiles Equipment So It Can Keep on Building -- WSJ
- CAVA US : Cava Group 1Q Revenue Beats Estimates *CAVA GROUP FALLS 5% POSTMARKET AFTER RESULTS
- SRZ US : *CONSTELLATION BRANDS GAINS 2% AS BERKSHIRE REPORTS 6.6% STAKE
- CLIMEB SS :Climeon Offers SEK30 million Shares via Vator Securities Climeon Offering of 6.96m Shares Prices at SEK4.31/Share
- CLIMEB SS :Climeon Offers SEK30 million Shares via Vator Securities Climeon Offering of 6.96m Shares Prices at SEK4.31/Share
- CRWV US : Nvidia Reports 7% Stake in CoreWeave in Regulatory Filing
- EDP PL : EDP Signs Asset Rotation of Wind Portfolio in France, Belgium
- ENGI FP : Engie to Sell Stake in Battery Storage Assets in US to CBRE
- ENI IM : ENI to Start Up to €1.5 Billion Buyback Program
- EPEN SS : Ependion Offers SEK300 million Shares via Danske Bank Ependion Offering of 2.9m Shares Prices at SEK103/Share
- EPEN SS : Ependion Offers SEK300 million Shares via Danske Bank Ependion Offering of 2.9m Shares Prices at SEK103/Share
- ETL FP : Eutelsat 3Q Like-for-Like Sales -1.9%
- FI US : Fiserv Sinks as Clover Growth Comments Disappoint: Street Wrap
- GFC FP : Gecina Agrees to Buy Paris Office Complex for €435M
- HELN SW :Helvetia Board of Directors Approves Merger of Spanish Units
- INCY US : Incyte Gets FDA Zynyz Approval to Treat Advanced Anal Cancer
- INGA NA : ING’s Bester Sees Bank Participating in Sector Consolidation
- ISB IR : Iceland Set to Exit Islandsbanki Stake in Upsized Share Sale (1)
- LAND LN : Land Sec. FY Net Rental Income Meets Estimates
- LDO IM : Europe’s Big Defense Deals Will Find a Way, Leonardo CEO Says
- META US : ByteDance Aims to Match Meta Sales in 2025 as TikTok Gains Steam
- META US : Meta Drops as Report Says ‘Behemoth’ AI Model Release Delayed
- B4B GY : Metro AG 2Q Revenue EU7.06B
- NWOR LN : EMH Does Not Intend to Make an Offer for National World
- 7201 JP : Nissan Doesn’t Need a Savior to Get Back on Track, CEO Says
- NP3 SS ; NP3 Fastigheter Offers 12m Preferred Shares NP3 Fastigheter Offering Prices at SEK28.75/Preferred Share
- NVDA US : Nvidia Seeks to Build Research Center in Shanghai: FT
- PIRC IM : Pirelli Says Proposals to Sinochem Were in Interest of Company
- PRX NA : Despegar Says Prosus Completed Its Acquisition at $19.5/Share
- RAN AI : Chipmaking Startup Rain AI Explores Sale: NYP
- REGN US : Regeneron Gets About $400m in Damages in Amgen Antitrust Lawsuit
- CFR SW : Richemont FY Operating Profit Misses Estimates
- RUI FP : Rubis Gets Request for Molis Appointment to Supervisory Board
- SREN SW : Swiss Re 1Q Net Income Beats Estimates
- TKO FP : Musca Joins Tikehau Capital as Chairman of Supervisory Board
- TOKMAN FH : Tokmanni 1Q Net Sales Miss Estimates
- 2330 TT : TSMC Supplier GlobalWafers Hikes US Spending to $7.5 Billion
- UBI FP : Guillemot Brothers Extends Ubisoft Share Purchase Agreement
- UNI IM : Unipol 1Q Direct Insurance Income EU4.99B Vs. EU4.20B Y/y
- SPCE US : Virgin Galactic to Increase Price for Space Tourism Flights
- VST US : Vistra Makes AI Power Bet With $1.9 Billion Gas Deal