- TRADING DAY -Making sense of the forces driving global markets By Alden Bentley, Editor in Charge, Americas Finance and Markets Jamie is enjoying some well-deserved time off, but the Reuters markets team will still keep you up to date on what markets were focused on today and why they took a breather. I’d love to hear from you so please feel free to reach out at Today’s Key Market Moves * On Wall Street the S&P 500 and Nasdaq were almost flat * U.S. Treasury yields rose slightly * The dollar inched higher * Crude oil rose * Gold fell Today’s Key Reads From ’fantastic’ to ’spoiled’: How Japan’s trade effort to woo Trump backfired Gold ETFs drew largest inflow in five years during first half of 2025, WGC say In the Fed’s hunt for a reason to cut rates, surveys and tariffs make answers elusive Investors put ’Liberation Day’ lessons to work, scarred by tariff tumult Trump says steep copper tariffs in store as he broadens his trade war No tariff clarity, or market movement Investors let the fluid tariff situation simmer on Tuesday, sitting on their hands a day after knocking stock indexes back from record highs as U.S. President Donald Trump warned that new levies would hit a range of trading partners, including Japan and Korea. While Wall Street was in sideways mode seemingly fatigued by tariff headlines, the beaten down dollar posted the second of back-to-back gains and Treasury yields ticked higher for the fifth day running. The new date to watch is August 1 with Trump showing again his eagerness to allow time to reach deals by pushing back the deadline, which had been Wednesday since he postponed April’s ill-received opening tariff gambit. In the meantime the market will stay ready for surprising turns from the White House and otherwise be waiting for economic data, the Federal Reserve and other known unknowns to incentivize trade. No major indicators are on the calendar this week, and the only set pieces to look for Wednesday are the auction of $39 billion of 10-year notes, the Treasury’s benchmark U.S. debt instrument, and the release of minutes from the Fed’s last meeting when they held the policy rate at 4.25%-4.5%, where it has been since December. Futures show investors expect cuts beginning in September. Last week, we saw the unemployment rate fell in June, while inflation has ticked up, also the wrong direction for easing soon. The June transcript won’t reveal policymakers in great discord. They weren’t very divided in their economic projections, with 10 seeing several cuts this year and nine effectively pushing easier monetary policy into 2026. Powell has insisted that any cuts will depend on the data. Meanwhile, the market will wait for the numbers and probably take the minutes in stride too. What could move markets tomorrow? * US Treasury auctions $39 billion of 10-year Treasury notes * Minutes from Federal Open Market Committee June meeting Opinions expressed are those of the author. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias. Trading Day is also sent by email every weekday morning. Think your friend or colleague should know about us? Forward this newsletter to them. They can also sign up here. With valuations skyrocketing in 2024, many investors are uneasy putting more money into stocks. Unsure where to invest next? Get access to our proven portfolios and discover high-potential opportunities. In 2024 alone, ProPicks AI identified 2 stocks that surged over 150%, 4 additional stocks that leaped over 30%, and 3 more that climbed over 25%. That's an impressive track record. With portfolios tailored for Dow stocks, S&P stocks, Tech stocks, and Mid Cap stocks, you can explore various wealth-building strategies.

Discover how rising U.S. tariffs could impact Shopify merchants in 2025. Stay informed and adapt your e-commerce strategy effectively.

The positive headlines on a US-EU trade deal continue to filter through. Trump has already signed an executive order on Monday which extended the deadline for tariffs to August 1 (as widely expected). The EU sources also told Reuters that they won't be among the recipients of the tariff letters as they continue to work toward a deal. It looks like a deal could really be within reach and that's what kept European stocks supported in recent trading sessions. This article was written by Giuseppe Dellamotta at www.forexlive.com.

(Reuters) -European shares nudged higher on Monday, after registering a second consecutive weekly gain, as investors looked ahead to potential tariff developments and a busy week of earnings and economic data. The pan-European STOXX 600 index was up 0.5%, as of 0709 GMT, with other regional indexes also in positive territory. Market sentiment was supported by signs of easing U.S.-China trade tensions last week. However, conflicting communication on trade-related progress from the world’s two largest economies continues to keep investors on the edge. U.S. Treasury Secretary Scott Bessent said on Sunday that he has not discussed tariffs with Chinese officials and doesn’t know if President Donald Trump had talked to his Chinese counterpart Xi Jinping. China has repeatedly denied Trump’s claims that tariff-related negotiations were ongoing. Though China on Friday exempted some U.S. goods from its 125% tariffs, according to businesses that have been notified, in the clearest sign yet of Beijing’s concerns about the trade war’s fallout. Shares of Deliveroo (OTC:DROOF) rose 16.3% after the British meal delivery company said on Friday that it received a takeover proposal from DoorDash (NASDAQ:DASH) on April 5. Airbus rose 1.6% after it finalized an agreement to take some assets from Spirit AeroSystems (NYSE:SPR), both companies said. Italian bank Mediobanca (OTC:MDIBY) announced a 6.3 billion-euro ($7.15 billion) offer for private bank Banca Generali (BIT:GASI). Investors also await inflation reports from the euro zone and the United States, scheduled for release later in the week. ($1 = 0.7517 pounds)

India welcomes upcoming Trump-Putin summit in Alaska, hopeful for peaceful resolution in Ukraine and supports diplomatic efforts.

US Stocks Climb as Traders Sift Tariff News, Look to Fed Minutes  Bloomberg.com

What are tariffs? What is the difference between a duty and a tariff? What do international trade tariffs mean for me and my business? Read on to find out.

Stocks were falling again Monday on tariff news. Add consumer confidence and jobless claims data into the mix, and it appears volatility will be the norm in the short term.

Investing.com -- Treasury Chief Bessent stated Friday that the United States is now seeing de-escalation with China, noting that China will allow magnets to flow to all previous recipients. Speaking on Fox Business, Bessent expressed confidence that "China magnets will flow" and referenced Lutnick’s statement that 10 trade deals are expected. Despite the improving relations, Bessent confirmed that the 20% fentanyl tariffs on China remain in place. Regarding the broader tariff situation, Bessent pointed out that U.S. tariffs on China currently stand at 30%, while Chinese tariffs on American goods are at 10%. When asked about reciprocal tariffs, he emphasized that "we don’t want to decouple" from China and added that his sense is that China wants to be a "responsible partner." On tax matters, Bessent revealed that the U.S. would have lost $100 billion from the Pillar-2 tax accord and described Section 899 as a "weapon" to push against unfair taxes. He mentioned meeting with "SALT Republicans" on Wednesday night and stated they are "very close" to a deal on SALT in the tax bill. Looking ahead to ongoing negotiations, Bessent noted that many countries feel pressure before deadlines and added that after completing 10 or 12 deals, there are 20 more important ones still to address. This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.