Equity markets are tumbling with less than 2 hours ahead of the much anticipated Jackson Hole speech from FOMC chairman after China said it would introduce retaliatory tariffs on imports from the US and German official said the country would defend a policy of balanced budget at the G7 meeting. The China move is particularly painful as it includes oil and reinstalls tariffs on autos. DE30 falls by more than 100 points. We will see if Jerome Powell is able to reverse those moves during his speech that begins at 4pm CEST (3pm BST).
Daily Summary: Equities rally on not-so-hawkish Fed and AI trade revival, Yen dominates FX, oil retreats (30.07.2026)
Nasdaq futures rally more than 3% 🚀
US OPEN: Nasdaq rebounds! Microsoft and Lam Research earnings revive AI trade!
Daily Summary - The market starts to doubt rate hikes after Warsh, but Trump destroys the rebound