EUROPE Trade deals bring happy days again
You get a trade deal! You get a trade deal! Everybody gets a trade deal!
Well, it's not quite like Oprah doling out new cars, but trade agreements to avert the punishing tariffs from U.S. President Donald Trump are popping up all over the place, and markets are welcoming each with relief and enthusiasm.
Stock indexes in Tokyo and Singapore followed in the footsteps of Wall Street to chart new all-time highs. The Trump administration reached trade pacts with Japan, the Philippines and Indonesia, and the European Union and South Korea could be next in line.
The EU and U.S. are closing in on a deal that would impose 15% tariffs on European imports, while waiving duties on some items, according to officials from the European Commission. Meanwhile, Treasury Secretary Scott Bessent said U.S. and Chinese officials will meet in Stockholm next week.
Earnings season is under way in the U.S., with 23% of the companies in the S&P 500 having reported. Of those, 85% have beaten Wall Street expectations, according to LSEG data.
Results from Magnificent Seven members - a group of high-performing tech stocks that powered Wall Street's rally for years - are in the spotlight for guidance on spending and returns surrounding artificial intelligence (AI).
Nasdaq and S&P futures rose after Google parent Alphabet (GOOGL.O), opens new tab posted a beat on earnings after the bell and outlined an expanded capital spending plan. Equity futures are pointing to strong openings across Europe.
But it's not all sunshine and lollipops. Luxury goods giant LVMH (LVMH.PA), opens new tab is expected to report another drop in quarterly sales, deepening investor worries about a prolonged downturn in the $400 billion market in the face of U.S. tariffs.
The results will likely show that any revival in demand for pricey fashion in the key U.S. and Chinese markets remains elusive. French luxury group Kering (PRTP.PA), opens new tab will report next week.
And the White House said overnight that Trump will go to the Federal Reserve on Thursday, a visit that follows his threats to fire Fed Chair Jerome Powell that have rattled U.S. bonds markets.
Key developments that could influence markets on Thursday:
- European earnings: LVMH, Deutsche Bank, BNP Paribas, Roche Holding, Nestle, Lloyds Banking Group
- U.S. earnings: Blackstone, Honeywell International, American Airlines
- European Central Bank monetary policy meeting, followed by comments from President Christine Lagarde
- July flash PMIs for the euro zone, Britain and the U.S.
- European data: Germany GfK consumer sentiment for August, UK GfK consumer confidence for July
- U.S. data: initial jobless claims, new home sales
- Canada retail sales
Trying to keep up with the latest tariff news?
Our new daily news digest offers a rundown of the top market-moving headlines impacting global trade. Sign up for Tariff Watch here.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Daily Mirror
41 minutes ago
- Daily Mirror
Donald Trump branded a ‘baby with a hand grenade in shop specialising in glass'
The unflattering description of the US President from Neil Kinnock came as the ex-Labour leader hit out at the Mr Trump's 'completely inexcusable' global tariff policy. Donald Trump has been branded a "baby with a hand grenade in a shop specialising in crockery and glass". The unflattering description of the US President from Neil Kinnock came as the ex-Labour leader hit out at the Mr Trump's "completely inexcusable" global tariff policy. He warned it will inflict "terrible damage" on world trade and the American public. But he praised Keir Starmer, who has negotiated a deal with the US, for "playing a very, very difficult hand, extremely well" in relations with the erratic American President. Lord Kinnock said: "It's a recognition of where Britain really is in the modern world. The Prime Minister knows when he's dealing with a capricious, immature, ultimately powerful man, then he's not dealing with anything remotely normal in international relations. "He knows Donald Trump could on a tantrum and inflict terrible damage on our country. If he can keep Trump near stability and consistency he's done very well." It comes as Mr Trump prepares to jet to the UK on Air Force Once for an "unprecedented" second state visit in September. He was handed the invitation from King Charles during his first face-to-face meeting with Mr Starmer in the Oval Office back in February. Asked whether the PM was right to extend the invitation, Lord Kinnock told The Mirror: "We use whatever means we have." Recalling a tip from his late wife, Glenys Kinnock, he said: "I remember I had broken the radiator belt in my mini, and Glenys came up with a brilliant idea of using her tights, which I did, and it got us home. "The tights, I could tie them tight enough to replicate the belt. And got me home. International politics is a bit like that with Donald Trump around. "I mean he's a baby with a hand grenade in a shop specialising in crockery and glass." He added: "He's got to be dealt with in the same way that the brave people who defuse bombs do it. Quite extraordinary in their courage. Keir doesn't have to show quite the level of bravery, but he's got to be just as delicate with his spanner and his screwdriver."
BBC News
2 hours ago
- BBC News
Godstone sinkhole: Businesses affected six months after road closure
Business owners in Surrey blighted by a massive sinkhole say they are fed up of people thinking their village is closed six months in Godstone say shops, pubs and restaurants are continuing to see a downturn in trade due to ongoing repairs to a large sinkhole in the High Street, which formed in landlord Mark Cullinan said he was facing a 40% downturn in footfall, as businesses stress that Godstone is open for trade.A Surrey County Council spokesperson said it hoped to reopen the road in December and investigations on the "highly complex incident" were continuing. Mr Cullinan, who runs the Hare and Hounds in Godstone, said: "Normally we are very busy in the week – it's a prime location but we are down on where we were last year."Businesses are fine but they need help." Will McLean, of Dorwyn Doors and Windows, said: "The perception is that Godstone is closed and it's not – it's very much open."Residents woke on 17 February to find a sinkhole outside their homes which grew to 65ft (20m), engulfed the road and sparked house road has been closed since, with pavements allowing people to walk along the road opening this week. Road traffic is still subject to a three-mile (4.8km) diversion, which Godstone Parish Council chairman Steve Beagley described as a "considerable disadvantage".He added: "Our message to customers is the village is open – we are here so support us."A Surrey County Council spokesperson said work was under way to reconstruct the road, adding it was "continuing surveys and other investigations".It said: "We hope to have the road re-opened during December this year, but our focus will be on ensuring the road is safe to use so the exact date will be confirmed once we are fully assured of this."
Reuters
2 hours ago
- Reuters
US-India trade talks scheduled for August called off, source says
Aug 16 (Reuters) - A planned visit by U.S. trade negotiators to New Delhi from August 25-29 has been called off, a source said, delaying talks on a proposed trade agreement and dashing hopes of relief from additional U.S. tariffs on Indian goods from August 27. The current round of negotiations for the proposed bilateral trade agreement is now likely to be deferred to another date that has yet to be decided, the source with direct knowledge of the matter said. The U.S. embassy in New Delhi said it has no additional information on the trade and tariff talks, which are being handled by the United States Trade Representative (USTR). India's trade ministry did not immediately reply to a Reuters email seeking comments. Earlier this month, U.S. President Donald Trump imposed an additional 25% tariff on Indian goods, citing New Delhi's continued imports of Russian oil in a move that sharply escalated tensions between the two nations. The new import tax, which will come into effect from August 27, will raise duties on some Indian exports to as high as 50% - among the highest levied on any U.S. trading partner. Trade talks between New Delhi and Washington collapsed after five rounds of negotiations over disagreement on opening India's vast farm and dairy sectors and stopping Russian oil purchases. India's Foreign Ministry has said the country is being unfairly singled out for buying Russian oil while the United States and European Union continue to purchase goods from Russia.
