Morning wrap (10.07.2025)

7:00 AM 10 July 2025
  • Wall Street index futures pull back slightly after yesterday’s gains. The US500 is down 0.2%. European index futures also show minor declines. Today, the key data points the market is waiting for are:

    • U.S. jobless claims (12:30 PM GMT)

    • EIA natural gas storage change (2:30 PM GMT)

    • Speeches by Fed members: Waller, Daly, and Musalem

  • Bitcoin briefly hit a new all-time high at $111,900, driven by growing risk appetite. It has since corrected to $111,000.

  • The US dollar is weakening (USDIDX -0.12% to 97), while EURUSD ticks up to 1.17410-year US Treasury yields have dropped below 4.34%, still 12 bps above June 30 levels.

  • Donald Trump imposes a 50% tariff on Brazil, citing digital restrictions on US companies, trade and social media. The Brazilian real weakens in response.

  • Gold gains nearly 0.3%, leading a rise in precious metals. Oil and natural gas volatility remains lowNATGAS stabilizes near $3.20 per MMBtu.

  • Brussels and Washington are in trade talks to protect the EU auto industry. Proposals include:
    Tariff cuts
    Import quotas
    Export credits tied to EU carmakers’ US sales.

  • The goal is to finalize a draft deal quickly before Trump potentially announces broad new tariffs in the coming days.

  • The EU aims to avoid steep US tariffs on vehicles, which could hurt exports and competitiveness.
    According to sources, the US has recently shown a more open stance.

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