Although there were some expectations that President Donald Trump’s latest round of threats in the US tariff battles would turn out to be just bluster, US futures pointed to a weaker Wall Street opening Monday. Futures for the Nasdaq and S&P 500 both decreased by 0.3%. The big banks will lead the charge on Tuesday as earnings season begins this week.
According to LSEG IBES, S&P businesses are predicted to have a 5.8% increase in earnings over the same period last year, which is less than the 10.2% growth that was anticipated on April 1. The pan-European STOXX 600 index fell 0.4%, while MSCI’s broadest index of global equities fell 0.1%.
Except the UK’s FTSE 100.FTSE, which increased by 0.4%, other regional indices similarly saw declines. Despite their protracted discussions, Trump said on Saturday that he will put a 30% tax on the majority of imports from the EU and Mexico starting on August 1. The EU said it will continue to push for a negotiated settlement and suspend responses to US tariffs until early August, although Germany’s finance ministry.
German 10-year government bond rates returned to 4.60% on Monday after briefly reaching their highest level since early April. Price moves in opposition to yields. “To use the most cliche in the book, the trade story continues to be an emotional rollercoaster for all of us.
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