US equity-index futures edged down along with the dollar after President Donald Trump dialed-up trade tensions once again with a 50% tariff on copper and issued a new round of letters imposing higher levies on countries. Contracts for the S&P 500 index fell 0.2% and a gauge of the dollar dipped by 0.1% Thursday. Asian shares were flat. Bitcoin held near a record high it hit on Wednesday. Earlier, Brazilian assets plunged after Trump announced new tariff letters, including imposing 50% levy on goods from the country. Meanwhile, an auction of 20-year government notes in Japan drew a demand ratio that was lower than its 12-month average of 3.29. Copper prices moved higher after Trump said the US would begin levying a 50% tariff on copper imports from Aug. 1, confirming a move, which will hurt producers who rely on the industrial material. Copper futures on the London Metal Exchange — the global benchmark — gained 0.4% to $9,664.50 a ton, while contracts on Comex rose almost 3%. Trump has signaled a renewed determination to push ahead with his plans to heavily tax foreign imports after pausing his so-called ‘reciprocal’ tariffs until July 9. Even so, investors have been piling back into stocks - the S&P 500 hit a record last week - as traders brush off fears that the levies would lead to a meaningful slowdown for the global economy or company earnings. Global producers have raced to get ahead of Trump’s planned copper levies, including in recent days shifting deliveries to Hawaii and Puerto Rico to cut shipment times. Investors bearish on US assets had sold the dollar as part of the ‘Sell America’ trade. A gauge of the currency has declined 8.7% this year. Trump also said Wednesday he would levy a 30% rate on Algeria, Libya, Iraq and Sri Lanka, with 25% duties on products from Brunei and Moldova and a 20% rate on goods from the Philippines. The levies were largely in line with rates Trump had initially announced in April against those countries, though Iraq’s duties are down from 39% and Sri Lanka’s reduced from 44%. Brazil’s 50% rate marked one of the highest levies announced so far, and is set to hit in August. Trump cited the treatment of former President Jair Bolsonaro in his letter to the nation, calling on authorities to drop charges against him over an alleged coup attempt. Brazil will respond to the US using its reciprocity law, President Luiz Inacio Lula da Silva said. To be sure, even with the recent increase in tariff angst, stocks have run up. The MSCI All Country World Index hit a record last week and the S&P 500 closed Wednesday near the record achieved last week. In Japan, demand at the 20-year government bond auction was lower than the average over the past 12 months, as an upcoming election highlights the likelihood that the nation’s sovereign debt will keep rising. The Ministry of Finance has adjusted its issuance to reduce the amount of longer-maturity bonds it sells, which has shown some signs of curbing bond-market volatility. Yet investors are concerned about the market impact of rising debt levels, which are in the spotlight as politicians seek to woo voters with more government spending or tax cuts ahead of an election of the Upper House later this month. US After Hours KLG +54.3% surging on WSJ report that Ferrero nearing deal to acquire KLG; NRIX +10.7% higher on earnings; MEI -14.2%, AXTI -11.8% lower on earnings/guidance.
Nikkei -0.66% Hang Seng +0.34% CSI +0.64% Shanghai +0.58% Shenzen +0.15%
Eur$ 1.1735 CNH 7.1819 CNY 7.1781 JPY 146.26 GBP 1.3605 CHF 0.7941 RUB 78.1343 TRY 40.0408 WTI$ 68.45 +0.13% Gold 3,322 +0.25% BTC 111,182 +0.38% ETH 2,780 +1.50%
S&P -0.23% Nasdaq -0.28% EuroStoxx +0.20% FTSE +0.36% Dax +0.21% SMI +0.41%
Macro :
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Keep an eye on :
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- APPL US : Apple Should Consider Replacing Tim Cook as CEO, LightShed Says
- AAPL US : Meta Poached Apple’s Pang With Pay Package Over $200 Million
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- BARN SW : Swiss Cocoa Grinder Barry Callebaut Cuts Guidance Again
- BBVA SM : EU to Open Infringement Probe Against Spain Over BBVA: Expansion
- 1211 HK : BYD, Other EV Battery Makers Face More Pressure to Cut Emissions
- GOOS CN : Canada Goose’s Private Equity Backer Is Said to Weigh Stake Sale
- CAN LN : Apple’s Formula 1 US Rights Bid in $150m-$200m/Yr Range: Puck
- EMBR3 BZ : Embraer Leads Drop in Brazil ADRs as Trump Unveils 50% Tariff
- EPR NO : Europris 2Q Gross Margin Misses Estimates
- FIE GY : Fielmann Prelim 1H Sales About EU1.2B
- FNOX SS : Fortnox Applies for Delisting From Nasdaq Stockholm
- GXI GY : Gerresheimer 2Q Adjusted Ebitda EU118.9M
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- ALLEC FP : Legrand to Buy Majority Stake in Cogelec at €254m Valuation
- CIRSA SM : Blackstone-Backed Casino Firm Finishes Flat in Spain Debut
- CE IM : Credito Emiliano Appoints Stefano Morellini as Director General
- GILT IT : Gilat Shares Rise as Satellite Company Provides Order Update
- KLG US : Ferrero Is Said to Near $3 Billion Deal for WK Kellogg
- KLG US : Option Traders Loaded Up on WK Kellogg Calls Before Deal News
- KEMIRA FH : Kemira Cuts FY Revenue Forecast
- LR FP : Legrand to Buy Majority Stake in Cogelec at €254m Valuation
- FII FP : LISI in Exclusive Talks With SK Capital for LISI Medical
- META US : Meta Notified of Potential Antitrust Violation by French Agency
- META US : Meta Poached Apple’s Pang With Pay Package Over $200 Million
- MSFT US : Microsoft Touts $500 Million in AI Savings While Slashing Jobs
- MBLY US : Mobileye Prices Offering of 50m Class A Shares at $16.50/Shr
- NWL IM : Kraft Heinz Agrees Latina Food Plant Sale to Italy’s NewPrinces
- NVDA US : Nvidia’s Huang Plans to Meet Top China Leaders in Beijing: FT
- NVDA US : Nvidia Challenger Groq Discusses $6 Billion Valuation
- PGHN SW : Partners Group Agrees to Buy Majority Stake in Infinity Fincorp
- PRX NA : Prosus CFO Exercises Restricted Share Units Awarded on June 21
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- PYRUM NO : Pyrum Innovations Offers Shares at EU28/Share to Trade July 22
- RSGN SW : R&S Group Holder Offers 1M Shares: Terms
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- TECN SW : Tecan Names Monica Manotas new CEO
- TSLA US : Musk Says Robotaxi Expanding Austin Service Area This Weekend
- TSLA US : Tesla Shareholders Press Board to Schedule Annual Meeting -- WSJ
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