- The US stock exchange was closed today due to Memorial Day. Trading was also closed on the UK stock exchange due to the spring Bank Holiday.
- Donald Trump announced that the introduction of the 50% EU tariffs proposed on Monday would be postponed to July 9 from the previous date of June 1. The postponement is intended to give the EU and the US more time to agree on better terms and conduct negotiations.
- In response to the postponement of the risk of 50% EU trade tariffs, European indices gained strongly today, making up for Friday's declines. The DAX rose almost 1.7%, the CAC40 gained 1.2% and the SMI gained almost 1%. The STOXX Europe 600 rose 1%.
- Thyssenkrupp rose more than 8% today after news of plans to change the company's structure. The company wants to withdraw investments in the following segments: vehicles, materials trading and green technologies.
- Volvo gained about 3% today after announcing budget cuts. The company plans to lay off about 7% of its employees.
- On the currency market, we see continued declines in the US dollar, which has reached its lowest level (excluding the April decline after the announcement of retaliatory tariffs) relative to the currency basket since April 2022.
- Among the G10 currencies, the strongest today is the New Zealand dollar, which is gaining over 0.23%. The euro and the British pound are also growing, gaining slightly less than 0.2%.
- Today's speech by Christine Lagarde strengthened the belief in the ECB's desire to strengthen the euro's importance on the international stage. In the face of Trump's volatility, stable European policy is to be the support sought by investors around the world. Among the key strategic goals, the ECB President indicated: strengthening EU trade based on win-win agreements, developing capital markets, and building safe assets thanks to Europe's consistent financial and fiscal policy.
- Fewer concerns about lower EU-US tariff risks have led to slight declines in precious metals futures. Gold is down about 0.5% today, while silver is down about 0.1%. Cryptocurrency markets also saw gains today. Bitcoin is up over 1.2%, testing $110,000, and Ethereum is up about 0.4% today.
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