Asian shares dropped along with US stock-index futures as trade tensions worsened, prompting investors to hold back on taking risky bets. Gold rose on demand for haven assets. A gauge of Asian stocks fell as much as 1.1%, the most in more than a month, while S&P 500 futures slipped 0.4%. China and the US accused each other of violating their trade agreement last month, sending Hong Kong shares down 2.2%. President Donald Trump also said he would double tariffs on steel and aluminum imports. Treasuries dropped, with the yield on the 10-year rising two basis points. A gauge of the dollar dipped 0.1% and the yen strengthened. Crude oil climbed 2.9% after OPEC+ agreed to lift output by less than some investors had expected. Gold gained 0.8%. Tariff headlines are once again dominating markets after a legal back-and-forth last week on the status of Trump’s century-high levies, which investors say may push the US into a recession. Amid the uncertainty about US trade policy and negotiations with countries including China, market participants are also monitoring a sweeping tax bill that threatens to boost the US deficit. Trump had said China “violated a big part of the agreement we made” in Geneva. The Chinese Ministry of Commerce issued a statement on Monday rebuking the US president’s claim and vowed to take measures to defend its interests, dimming the prospect of an immediate leadership call that Trump wants to have to further bilateral talks. The dust-up threatened to upend trade relations even as Trump expressed hope Friday he will speak with Chinese President Xi Jinping, with White House economic adviser Kevin Hassett expecting a call to take place this week. The tariff announcement capped a tumultuous stretch that saw a trade court rule Trump’s sweeping “reciprocal” tariff regime illegal, only for an appeals court to offer a stay keeping the levies temporarily in place.
The dollar slipped against the Group-of-10 peers Monday amid escalating trade tensions and as Federal Reserve Governor Christopher Waller indicated rate cuts later this year. The currency will tumble to levels last seen during the Covid-19 pandemic by the middle of next year, hit by interest rate cuts and slowing growth, according to predictions by Morgan Stanley. The greenback fell in May for a fifth consecutive month, matching a similar losing streak in 2020. The yen strengthened for a third day. Meanwhile, Asian steel and aluminum shares mostly declined after Trump said he would hike tariffs on steel and aluminum to 50% from 25%. Some market participants see the volatility as temporary. US Treasuries delivered their first monthly loss this year in May, buffeted by renewed tariff uncertainty and growing anxiety over mounting levels of government debt. The 30-year yield rose for a third consecutive month, its longest losing streak since 2023, as Trump wrestles with Congress over a bill that promises to cut taxes. Treasury Secretary Scott Bessent at the weekend said the US “is never going to default” as the deadline for increasing the federal debt ceiling gets closer. In geopolitical news, Ukraine staged a dramatic series of strikes across Russia, deploying drones hidden in trucks deep inside the country to hit strategic airfields as far away as eastern Siberia. More than 40 Russian aircraft, are reported to have been damaged in the operation on Sunday. Also, a nationalist candidate backed by Trump won Poland’s presidential election, defeating the centrist mayor of Warsaw in a blow to the country’s pro-European Union government. The zloty weakened 0.4% against the euro and 0.3% against the dollar in Asian trading. Meanwhile, New World Development Co. Hong Kong developer New World Development Co. is sliding deeper into distress after jolting investors by delaying interest payments on some bonds, marking the latest flashpoint in a years-long crisis in China’s property market.
Nikkei -1.29% Hang Seng -1.56% CSI -0.48% Shanghai -0.47% Shenzen -1.06%
Eur$ 1.1372 CNH 7.2164 CNY 7.1990 JPY 143.46 GBP 1.3494 CHF 0.8217 RUB 77.5113 TRY 39.2615 WTI$ 62.49 +2.80% Gold 3,318.20 BTC 104,850-0.15% ETH 2,495 -1.26%
S&P -0.53% Nasdaq -0.68% EuroStoxx -0.54% FTSE +0.33% Dax -0.44% SMI -0.16%
Macro :
- Germany Plans Corporate Tax Breaks to Spur Investment, DPA Says
- French May New Car Registrations Fall 12.3%, Led by Stellantis
- US Plans Wider China Tech Sanctions With Subsidiary Crackdown
- US Plans Wider China Tech Sanctions With Subsidiary Crackdown
- Trump Wants $1 Billion for Private-Sector-Led Mars Exploration
- Steel Maker Stocks Jump as Trump Plans Tariff Hike
- Trump Says He Will Speak With Xi, Work Things Out
- British fighter jets to carry nuclear bombs
Keep an eye on :
Keep an eye on :
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- AMS SW : AMS Osram Bondholders Adopt Changes to Terms on 2027 Debt
- AAL LN : Anglo American’s $11bn platinum spin-off makes London market debut ( VALT LN)
- ATO FP : France to Buy Some Atos Adv. Computing Ops at €410M Ent. Value
- AZN LN : Astra’s Imfinzi Regimen Shows Reduced Cancer Progression Risk
- BAS GY : BASF Is Said to Kick Off €6 Billion Sale of Coatings Business
- BPMC US : Sanofi to Buy Blueprint Medicines for $129 Per Share in Cash
- BLK US : MSC, BlackRock Held Talks With China’s SAMR on Ports Deal: FT
- BA US : Boeing Says New Model to Replace 737 Max Not a Priority: FT
- BYS SW : Bystronic Names Javier Perez-Freije as CFO From Dec. 1
- BWO NO : BW Offshore 1Q Ebitda Beats Estimates
- CAST SS : Castellum Chair Richnau to Leave Board After Investor Seeks EGM
- DIOR FP : Dior Names Anderson Designer for Women, Menswear, Haute Couture
- DBK GY : Deutsche Bank Unit Plans Extra €50m IT Cost Savings From ‘26: FT
- EMN US : Eastman Shares Drop Most in Materials as Trump Cancels Funding
- ETL FP : Eutelsat in Talks to Double France’s Stake in €1.5 Billion Raise
- FIA1S FH : Finnair Cancels ~50 Flights on Monday Due to Industrial Action
- FM CN : First Quantum Gets OK For Panama Program Funded by Copper Export
- FNOX SS : Fortnox’s Shareholder AMF Rejects Consortium’s Bid, DI Reports
- GAPB MM : Airport Group Gap Announces Drawdown of MXN3.4B Credit Facility
- HOLN SW : Holcim Plans Amrize Spin-Off for June 23
- JUVE IM : Juventus Appoints Damien Comolli as General Manager
- KYMR US : Kymera jumps 16% as it prepares to release phase 1 data on inflammatory diseases asset
- LI US : Li Auto May Vehicle Deliveries 40,856 Units Vs. 35,020 Y/y
- LQDA US :
- MC FP : Mid-Tier Luxury Brands Are Surviving the Fashion Downturn
- MBTN SW : Meyer Burger to Delay Results as Two Units File for Insolvency
- BMPS IM : Monte dei Paschi ready to accept less than 50% of Piazzetta Cuccia
- NWG LN : UK Fully Divests Its NatWest Stake, 17 Years After Bailout
- NWG LN : UK Fully Divests Its NatWest Stake, 17 Years After Bailout
- NFE US : Puerto Rico Agency Halts Work For New Fortress Energy Subsidiary
- 17 HK : New World’s Distress Worsens After Shock Delay on Bond Interest
- NIO US : NIO Inc. May Deliveries 23,231 Vs. 23,900 M/M
- NOKIA FH : Nokia Gets Order From Vodafone Qatar for 5G Coverage
- NOVN SW : Novartis Phase 3 Pluvicto PSMAddition Trial Met Primary Endpoint
- NVDA US : *TSMC IS SAID TO WEIGH BUILDING ADVANCED CHIP PLANT IN THE UAE
- PUBLI NO : PPI Buys Seven Nursing Homes for NOK410m in Cash, SharesB
- RWE GY : RWE Completes First Tranche of Share Buyback Program
- SDZ SW : Sandoz Starts Interchangeable Denosumab Biosimilars in US
- SAN FP : Sanofi to Buy Blueprint Medicines for $129 Per Share in Cash
- SENTIA IPO : Sentia IPO Shares to Be Offered at Fixed Price of NOK50/Share
- STRZ US : Starz Soars After Adding 530,000 Streaming Subscribers in US
- STLA IM : French May New Car Registrations Fall 12.3%, Led by Stellantis
- NOVA US : Sunnova Files for Bankruptcy in Texas Amid Rooftop-Solar Slump
- TSLA US : Sales in France -67% In May vs last year
- UBER US : How a decade-old patent dispute could upend Uber’s business - TechCrunch
- UBER US : How a decade-old patent dispute could upend Uber’s business - TechCrunch
- VALT LN :
- VPK NA : Vopak Says Joint Venture AVTL Listed in India at INR 235/Share
- WAWI NO : Wallenius Wilhelmsen Extends Logistics Contract With Auto OEM
- 9868 HK : XPeng :
- ZEAL DC : Zealand Submits European Marketing Application for Glepaglutide