Global equities continued their rally as bulls drew fresh conviction from signs the US may strike more trade deals soon after clinching a pact with Japan. A gauge of the world’s stocks hit a new record high, helped by a 1% gain in Asia. Japanese benchmarks jumped as much as 2%, fueled by the financial sector, while the yen rose as investors speculated the trade deal will make an interest-rate hike more likely. Nasdaq 100 contracts rose 0.3% after Alphabet Inc.’s earnings. Tesla Inc. shares dropped in after-hours on a weak forecast. Futures for European stocks advanced 1.3% following reports the US was closing in on an agreement with the European Union that would set a 15% tariff for most products after the accord with Japan. The European Central Bank is expected to leave interest rates untouched for the first time in more than a year later Thursday. The de-escalation in global trade tensions has reassured investors, easing fears of a prolonged trade war and fueling gains across global markets. Investors have bet that Washington would adopt a pragmatic approach before tariffs meaningfully impact corporate profits. Trump suggested that he would not go below 15% as he sets so-called reciprocal tariff rates ahead of an Aug. 1 deadline. The US will evaluate the implementation of the trade agreement every quarter, and if Trump is unhappy, tariffs will go back to the 25% rate both for cars and the rest of Japan’s products, US Treasury Secretary Scott Bessent warned. Bessent is scheduled to meet with Chinese officials in Stockholm next week for discussions aimed at extending a tariff truce. In a sign of stability, the market’s so-called fear gauge — the VIX — collapsed to 15 after topping 52 at the height of April’s tariff-fueled turmoil.Meanwhile, a gauge of the dollar retreated after US Commerce Secretary Howard Lutnick said Federal Reserve Chair Jerome Powell “has got to go.” President Donald Trump will visit the Federal Reserve Thursday, according to the White House. US After Hours GOOG +1.7%, MXL +23.4%, ICLR +13.8%, NOW +7.2% higher on earnings; CYH -17.8%, CMG -9.5%, IBM -4.9% lower on earnings.
Nikkei +1.67% Hang Seng +0.38% CSI +0.40% Shanghai +0.37% Shenzen +0.67%
Eur$ 1.1777 CNH 7.1476 CNY 7.1511 JPY 146.04 GBP 1.3579 CHF 0.7924 RUB 78.3976 TRY 40.4603 WTI$ 65.56 +0.48% Gold 3,380 -0.21 BTC 117,665 -0.25% ETH 3,581 +0.32%
S&P +0.05% Nasdaq +0.29% EuroStoxx +1.29% FTSE +0.45% Dax +1.27% SMI +0.91%
Macro :
- EU June Car Registrations Drop 7.3% Y/y to 1.010m Units
Keep an eye on :
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- ECONB BB : Econocom 1H Organic Revenue +5.9%
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- FNAC FP : Fnac Darty 1H Revenue Meets Estimates
- FCX US : Freeport Projects $1.7 Billion Sales Bump From US Copper Premium
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- IBM US : IBM 2Q Revenue Beats Estimates: Snapshot
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- WG/ LN : Sidara Mulls Lowering Wood Group Bid After FCA Probe: FT