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US index futures are extending gains despite pressure from today’s Fed meeting and upcoming Wednesday earnings from the Magnificent 7 (US100 +0.6%, US2000 and US500 +0.4%, US30 +0.3%).
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US Treasury Secretary Scott Bessent said Donald Trump held a phone call with Canadian Prime Minister Mark Carney following yesterday’s wave of trade threats aimed at Canada. Carney later commented that Trump’s rhetoric is largely part of a negotiating strategy.
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Donald Trump announced plans to raise tariffs on South Korean goods from 15% to 25% (autos, lumber, pharmaceuticals) in response to the continued failure of parliament to ratify the negotiated trade agreement.
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Asian markets followed yesterday’s strong rally on Wall Street, driven by solid US corporate earnings. Japan’s JP225 is up 1.45%, South Korea’s Kospi jumps as much as 2.6% despite Trump’s tariff threats, and HK.cash gains 1%, while sentiment in mainland China was mixed. Strength in the tech sector offset weakness in autos.
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On FX: USDJPY is halting its decline after three days of a sharp selloff driven by concerns about potential currency intervention in Japan (-2.7% from Friday to yesterday; +0.3% today). The dollar index is flat, while AUD is again the strongest G10 currency at the start of the session (AUDJPY +0.4%, AUDCAD +0.3%). EURUSD is steady around 1.187.
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Precious metals show no signs of pausing, supported by renewed trade tensions: gold gains 1.5% to $5,087, while silver surges 5.8% to $110. Platinum rebounds 4.6% after yesterday’s correction.
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Energy commodities are slightly lower: Brent and WTI crude fall around 0.7–0.8%, while NATGAS drops for a second straight day, down another 2.7%.
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Crypto volatility is muted: Bitcoin rises 0.2% to $88,300, while Ethereum trades flat near $2,925.
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