European shares are set for a firmer open Friday, tracking a rally in Japanese equities as signs of easing trade tensions with the US and upbeat tech earnings lifted sentiment. Equity-index futures for Europe advanced 0.2%. Contracts for US stocks also rose by a similar level after the Nikkei-225 index advanced 1.8%. Japan’s trade negotiator said the US agreed to end so-called stacking on universal tariffs and cut car levies. SoftBank Group Corp. jumped to a record. A gauge of the dollar rose 0.1% while Asian shares were flat after they erased all their morning gains. Gold futures in New York surged following a Financial Times report that said bullion bars face US tariffs. The most-active contract jumped to an all-time intraday high above $3,534 an ounce in New York, widening its premium over the spot price in London. Oil headed for the biggest weekly loss since June. Asian shares are on track for their best week since June, buoyed by growing speculation of a Federal Reserve interest-rate cut, even as tariff headlines continue to jolt sentiment. In his latest trade salvo, President Donald Trump escalated tensions by targeting India and imposing a 39% levy on Swiss exports to the US, while saying he’s “getting very close to a deal” with China. The US confirmed it would end stacking of universal tariffs on Japan and cut car levies as promised, Tokyo’s top trade negotiator Ryosei Akazawa said after a meeting on Thursday with his counterparts in Washington. American officials expressed regret that the stacking rule had been applied to Japan despite a verbal agreement, and said Washington would refund any overpaid levies, he said. No time frame was agreed for the implementation, Akazawa said after the meetings. Toyota Motor Corp., Honda Motor Co. and other carmakers jumped on the comments. Technology companies also helped the rally in Japanese stocks. SoftBank shares surged to a record after it swung to a quarterly profit. Sony shares extended gains after boosting its operating income guidance. In geopolitical news, Israeli Prime Minister Benjamin Netanyahu secured cabinet approval on Friday for a military takeover of Gaza City, which he described as part of a final push to topple Hamas after 22 months of fighting and recover its last 50 hostages, dead or alive. Also, Trump said he’d be willing to meet with Vladimir Putin, even if the Russian leader hadn’t yet agreed to also sit down with Ukrainian President Volodymyr Zelenskiy. Johanna Chua of Citigroup Global Markets says the view that the US Federal Reserve will resume cutting rates in September remains in place. Meanwhile, Fed Governor Christopher Waller is emerging as a top candidate to serve as the central bank’s chair among President Trump’s advisers as they look for a replacement for Jerome Powell, according to people familiar with the matter. Trump said he had chosen Council of Economic Advisers Chairman Stephen Miran to serve as a Fed governor. The US president said that Miran, who will need to be confirmed by the Senate, would only serve the expiring term of Adriana Kugler, which expires in January. US After Hours TRUP +19%, LASR +18.4%, EXPE +16.9%, FROG +15.4%, DOCS +7.3% higher on earnings; TTD -28.7%, SG -25.7%, SEZL -22.2%, XPOF -19.5%, TWLO -10.8%, PINS -10.3% lower on earnings.
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Macro :
- Japan Hurries to Ascertain Details Around US Chip Tariff Threat
- Trump Signs Order on Banks For Discrimination: Financials Wrap
Keep an eye on :
Keep an eye on :
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