Japan’s Nikkei Drops as Markets Await Key U.S. Inflation Data 
Australia’s Economic Growth Slows in Q3 Despite Strong Investment Activity 
RBI Cuts Repo Rate to 5.25% as Inflation Cools and Growth Outlook Strengthens 
Dollar Slides to Five-Week Low as Asian Stocks Struggle and Markets Bet on Fed Rate Cut 
BOJ Governor Ueda Highlights Uncertainty Over Future Interest Rate Hikes 
Asia’s IPO Market Set for Strong Growth as China and India Drive Investor Diversification 
IMF Deputy Dan Katz Visits China as Key Economic Review Nears 
Europe Confronts Rising Competitive Pressure as China Accelerates Export-Led Growth 
Asian Currencies Steady as Rupee Hits Record Low Amid Fed Rate Cut Bets 
Dollar Holds Steady as Markets Shift Focus to 2026 Rate Cut Expectations 
China’s Services Sector Posts Slowest Growth in Five Months as Demand Softens 
Gold Prices Steady as Markets Await Key U.S. Data and Expected Fed Rate Cut 
Oil Prices Rise as Ukraine Targets Russian Energy Infrastructure 
Germany’s Economic Recovery Slows as Trade Tensions and Rising Costs Weigh on Growth 
Citi Sets Bullish 2026 Target for STOXX 600 as Fiscal Support and Monetary Easing Boost Outlook 
U.S. stocks closed lower Friday, with the S&P 500 and NASDAQ pulling back from record highs, after President Donald Trump unveiled a 35% tariff on Canadian goods starting August 1. The move triggered renewed fears of a global trade war, weighing on investor sentiment.
The S&P 500 fell 0.4%, the Dow Jones Industrial Average dropped 279 points (0.6%), and the NASDAQ Composite declined 0.2% by market close.
Trump said the steep tariff targets both illegal fentanyl imports through Canada and what he called Ottawa’s “unfair” trade practices, including excessive duties on U.S. industries. This latest action follows Trump’s earlier announcements of 25% tariffs on Japan and South Korea and a 50% tariff on Brazil. Brazil has threatened retaliation if the tariffs are enacted. The European Union may also face a similar measure, with Trump hinting at a tariff letter pending.
Wall Street now shifts its focus to the start of Q2 earnings season, with top banks including JPMorgan Chase, Citigroup, Wells Fargo, and Bank of New York Mellon reporting Tuesday. Meanwhile, Levi Strauss shares rose after raising its sales outlook, saying it would absorb short-term tariff impacts. In contrast, PENN Entertainment dropped over 7% on concerns over declining gaming revenue from states like Iowa and Indiana.
Markets are also bracing for next week’s consumer price index (CPI) report, expected to show a 0.3% monthly increase. Federal Reserve minutes released earlier this week showed most officials remain cautious about cutting rates, citing inflation risks tied to Trump’s aggressive trade policy. Rate cuts are unlikely in July, but futures suggest a possible easing in September.
