Morning wrap (10.07.2025)

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 1.174. 10-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 low – NATGAS 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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