US and European equity-index futures climbed as President Donald Trump extended a deadline on aggressive European tariffs, boosting optimism after whipsawing on Friday. Contracts for the S&P 500 and the Nasdaq 100 advanced 1% and those for the Euro Stoxx 50 jumped 1.5%. Trump earlier said he had agreed to delay the date for a 50% tariff on goods from the European Union to July 9 from June 1. Asian shares edged up 0.1%, paring most of their gains at the start. A gauge of the dollar retreated 0.2% to its lowest level since December 2023. Oil was slightly higher. US Treasury futures declined and gold slipped 0.2% on weak demand for haven assets. Treasuries won’t be trading during Asian hours Monday due to the Memorial Day holiday in the US. Trump’s moves reflected the increasing uncertainty in markets, with his broadside against Europe on Friday a harsh reminder of the president’s volatile policy making. The tariff war has returned to the fore as the major driver of markets once again after concerns about Trump’s proposed tax cuts, and their impact on the US deficit, churned markets much of last week. Trump’s decision to extend the deadline came after a phone call with European Commission President Ursula von der Leyen. Von der Leyen, who heads the EU’s executive arm, said earlier Sunday in a post on X that “Europe is ready to advance talks swiftly and decisively,” but “a good deal” will need “time until July 9.” That’s the date that Trump’s 90-day pause of his so-called reciprocal tariffs had originally been set to end. Trump’s tariff threats on Friday also included a 25% levy on smartphones if companies including Apple Inc. and Samsung Electronics Co. failed to move production to the US. Shares of Samsung dropped 0.2%. Weak demand for US assets is showing up in the dollar. Trump’s tariff threats and the risk of a widening fiscal deficit are weighing on the currency’s appeal. Enthusiasm has faded for the world’s reserve currency this year. Speculative traders remained bearish on the dollar but trimmed their positioning to $12.4 billion in the week ending May 20 from $16.5 billion in the week prior, according to CFTC data reported Friday. Investors are also gearing up for the Federal Reserve’s preferred inflation measure, the US personal consumption expenditures price index excluding food and energy, which will be released Friday. The April reading is forecast to rise 0.1% based on consensus expectations. Elsewhere, signs of port congestion in northern Europe and other hubs suggests trade wars could lead to maritime disruptions around the world, increasing shipping rates. Meanwhile, Japan’s chief trade negotiator Ryosei Akazawa indicated his aim to resolve tariff talks in time for a June meeting between Trump and Japan’s Prime Minister Shigeru Ishiba following the president’s surprise pivot to allow a partnership between two of the countries’ steelmakers. Trump on Friday announced a partnership between United States Steel Corp. and Japan’s Nippon Steel Corp., shocking markets with an agreement he said would keep the once-iconic American firm in the US, but otherwise providing no specifics. Nippon Steel shares jumped as much as 7.4% in Tokyo, while shares in US Steel rose 21% Friday.
Nikkei +0.97% Hang Seng -1.21% CSI -0.76% Shanghai -0.20% Shenzen -0.27%
Eur$ 1.1412 CNH 7.17 CNY 7.1742 JPY 142.47 GBP 1.3579 CHF 0.8203 RUB 79.5316 TRY 39.0165 WTI$ 61.71 +0.29% Gold 3,348 -0.28% BTC 109,645 +1.81% ETH 2,559.50 +1.39%
S&P +1.02% Nasdaq +1.13% EuroStoxx +1.47% FTSE +0.00% Dax +1.40% SMI +0.86%
Macro :
- Trump Extends Deadline for 50% Tariffs on EU Goods to July 9
- Scientists have lost their jobs or grants in US cuts. Foreign universities want to hire them
- Former Goldmans economist splits from market, predicts big rate cuts
- Here’s What’s in the EU Trade Proposal That Trump Just Rejected
- FTSE Russell Begins Annual Russell US Indexes Reconstitution
- FTSE Russell Begins Annual Russell US Indexes Reconstitution
- Israel Set to Hold Rates as Inflation Spikes, Gaza War Escalates
- Energy Chief Issues Order to Minimize Blackout Risk in Midwest
- EU’s Maros Sefcovic Spoke With Jamieson Greer and Howard Lutnick
- EU Weighs Cutting 20 Banks From SWIFT in New Russia Sanctions
- Canadian pension giant to invest more than £8bn in UK - FT
- DR Congo eyes US minerals deal tied to peace in rebel-hit east by end of June - FT
- A public dispute has erupted between Fitch and Kroll over the reliability of private credit ratings, after a withdrawn study suggested smaller agencies issue more generous, less transparent scores to insurers. The key risk is that insurance companies may be relying on inflated and opaque private credit ratings, primarily issued by smaller agencies, which could mask the true level of credit risk in their portfolios — potentially threatening financial stability if defaults rise and these risks are not properly monitored or disclosed - FT
Keep an eye on :
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- ASML NA : Quoted in Barrons
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- 3750 HK : CATL -6%
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- HEIA NA : Heineken is growing in China - FT
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- KMCP NO : KMC Properties Names New CEO
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- X US : Nippon Steel Calls Deal Turning Point for US Industry: Kyodo
- X US : Trump Received CFIUS Recommendation on US Steel-Nippon Steel Bid
- X US : *NIPPON STEEL SHARES RISE 6%; TRUMP BACKS US STEEL PARTNERSHIP
- TNDM US : Tandem Diabetes Care discloses in SEC filing that it and Roche (RHHBY) entered into a settlement, mutual release, and cross-license agreement to resolve all patent disputes related to the company's t:slim X2 pump
- TSLA US : Musk Vows to be ‘Super Focused’ on Companies Amid X Outages
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- TKO FP : Wereldhave, Tikehau’s Sofidy Buy Dutch Shopping Mall for €150m
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- WH AN : Wereldhave, Tikehau’s Sofidy Buy Dutch Shopping Mall for €150m
- WNS US : WNS Shares Fall on Report Deal Talks With Capgemini Paused