Global Market Awaits Tariff Reveal and Job Data
Markets held steady after Monday’s turbulent session as investors brace for tariff announcements from the Trump administration and the upcoming Friday’s jobs data.
Scott Bessent, the Treasury Secretary, informed Fox News on Monday that the tariff announcements are expected at 1900 GMT on Wednesday. The uncertainty around the tariffs continues to boost safe haven bonds and gold.
In Europe, U.S. stock futures were basically unchanged after a rebound in the S&P 500 on Monday, which marked its worst quarter since 2022. Asian equities trended better, with China leading the gains. Major European stock markets kicked off the day positively; France’s CAC 40 and Germany’s DAX were up by 0.7% and 0.9% respectively.
U.S. Treasury yields, which dropped on Monday, continued their descent during European opening hours, led by the long end of the curve. The five-year Treasury yield fell four basis points to 3.938%, while the 10- and 30-year yields dropped five basis points. Yields on Eurozone government bonds also traded lower.
The dollar steadied and remained flat against a basket of major currencies. Gold prices surged, reaching a new record high of $3,177 per troy ounce.
Brent crude slightly rose by 0.1% to $74.83 a barrel, while WTI crude also increased by 0.1% to $71.57 a barrel. The European benchmark price for natural gas, the Dutch futures contract TTF, surged 0.8% to 41 euros a megawatt hour.
The euro slightly dipped ahead of eurozone inflation data and following the news of French far-right leader Marine Le Pen’s conviction for embezzling European parliament funds.
Bitcoin dropped by 1% to $81,677.08.
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