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S&P 500, Nasdaq, and Dow Jones futures are retreating about 0.2% from yesterday’s gains; a larger correction is seen on the Russell 2000 (US2000: approx. -0.4%).
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Donald Trump announced broad 35% tariffs on Canada, in addition to previously imposed sectoral tariffs, accusing the neighbor of engaging in “financial retaliation.” In an interview with NBC, the U.S. president added that other countries will face tariffs of 15–20%.
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According to Chicago Fed President Austan Goolsbee, tariffs have not so far had the expected impact on inflation, but further piling on of new duties hinders the possibility of rapid rate cuts. Goolsbee also said he "doesn’t understand" Trump’s argument about interest rates and U.S. debt servicing costs, emphasizing that the Fed’s mandate is inflation and employment, not fiscal policy.
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Asia-Pacific markets are reacting mixed to the latest developments in U.S. trade policy. Chinese index futures are mostly higher (Hang Seng: +1.7%, HSCEI: +1.5%), while Japan’s Nikkei 225 (-0.15%), Australia’s S&P/ASX 2000 (-0.3%), and India’s Nifty 50 (-0.75%) are trading in the red.
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A PBOC adviser and economists are calling on China to implement a stimulus package of up to 1.5 trillion yuan ($209 billion) to offset U.S. tariffs, boost consumption, and maintain currency flexibility. They also recommend interest rate cuts, tax reforms, and better credit risk management for SMEs.
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Electric truck sales in China rose by 175% year-on-year in H1 2025, reducing demand for diesel and crude oil. The growth is mainly driven by subsidies and rapid development of charging infrastructure.
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New Zealand’s manufacturing PMI rose to 48.8 in June (previously 47.5).
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Forex market: The dollar index rebounds in response to Trump’s new tariffs (USDIDX: +0.2%). The biggest losers are the Japanese yen (USDJPY: +0.4%), Canadian dollar (USDCAD: +0.25%), and New Zealand dollar (NZDUSD: -0.25%). EURUSD falls 0.2% to 1.168. The Swiss franc sees a smaller correction (USDCHF: +0.1%). The Australian dollar (AUD) remains flat.
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Precious metals continue their climb: Gold adds 0.3% to $3340 per ounce, while silver hikes 1% to $37.38 per ounce.
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Brent and WTI crude futures have paused yesterday’s declines and are trading flat at the start of the day. Natural gas (NATGAS) is also unchanged from yesterday's close.
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The cryptocurrency market continues its euphoric rally. Futures on Bitcoin (+1.5% to 118,360), Ethereum (+1.75%), Solana (+1.7%), and Ripple (+1.8%) are all in the green.
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