Latest news with #WIG20
Yahoo
3 days ago
- Business
- Yahoo
Revved-Up Polish Assets Dip as Election Erodes Pro-EU Tilt
(Bloomberg) -- Polish stocks and bonds — among the world's stand-out performers of 2025 — dipped after a nationalist unexpectedly won the presidential election, dealing a blow to the government. Billionaire Steve Cohen Wants NY to Expand Taxpayer-Backed Ferry Where the Wild Children's Museums Are Now With Colorful Blocks, Tirana's Pyramid Represents a Changing Albania The Economic Benefits of Paying Workers to Move NYC Congestion Toll Brings In $216 Million in First Four Months Investors are concerned that the victory by the resurgent right, which has been emboldened by Donald Trump, may unravel Poland's pro-European Union tilt — impacting both fiscal and monetary policy and imperiling the rally in the nation's assets. Warsaw stocks slumped 3.4% on Monday before recouping about half of the losses, while the sovereign's dollar bonds were among the biggest losers in emerging markets. The zloty weakened 0.2% against the euro, trading in the middle of a pack of 31 major currencies. Now, traders will be watching how Prime Minister Donald Tusk works with incoming President Karol Nawrocki, which will dictate where the Polish 'risk premium lands,' according to Adnan El-Araby, a fund manager at Barings Emerging EMEA Opportunities. 'The outcome of the elections might harm the positive sentiment of this year, but there are always well managed companies that have the ability to grow earnings,' he said. 'We now have to be more selective.' Nawrocki, a conservative historian and former boxer, won 50.9% of Sunday's runoff ballot, while centrist Warsaw Mayor Rafal Trzaskowski took 49.1%, according to unofficial tallies from the electoral commission. More Downside Henrik Gullberg, a macro strategist at Coex Partners, said the market-leading performances by Polish stocks and the zloty mean there's more downside to a Nawrocki win than upside had Trzaskowski come through. Poland's WIG20 equity index traded 2.1% lower as of 1 p.m. in Warsaw, with banks leading the selloff. The gauge was up 40% in dollar terms this year as of Friday's close, one of the strongest rallies globally. 'A Nawrocki win is thought to revive tensions with Brussels, stall judicial reforms, and therefore jeopardize access to over €130 billion ($148 billion) in crucial EU funding,' Gullberg said. The yield on benchmark 10-year local-currency government bonds increased 11 basis points to 5.47% on Monday. The asset class had returned nearly 16% in dollars since December — the best performance among developing markets after Brazil and Mexico until just before the ballot. Poland's fiscal deficit is front and center for investors. At more than 6% of economic output it's the largest in the EU after Romania's. Election-campaign promises risk further deepening the budget hole. The election 'will hinder the implementation of necessary reforms and may favor the maintenance of an excessively loose fiscal policy,' said Piotr Bujak, chief economist at PKO Bank Polski SA. This 'may worry foreign investors,' he said. Thwarted Agenda Tusk's agenda has been largely thwarted by the outgoing president, who, like Nawrocki, is backed by the opposition Law & Justice party. The election of a more radical successor could exacerbate the paralysis. 'It is feared that this stalemate will continue,' Commerzbank AG currency analysts Michael Pfister and Charlie Lay said. 'Similarly, the disbursement of EU funds, from which Poland has benefited significantly in recent years, is likely to be further delayed,' given the conflict between Law & Justice and the EU Commission. Piotr Matys, a strategist at In Touch Capital Markets Ltd., said the result creates the risk 'that Tusk's coalition may collapse, leading to early general elections,' which would otherwise be due in 2027. The premier, who will have a televised address at 8 p.m., may call a parliamentary vote of confidence in his cabinet, reported Monday. The ballot could also make Polish policymakers more reluctant to extend interest-rate cuts, according to economists at Morgan Stanley, Citigroup Inc. and Banco Santander SA. Derivatives used to wager on Polish interest rate levels ticked higher, signaling bets on less easing this year. State Assets Minister Jakub Jaworowski, who oversees the government's controlling stakes in seven of the companies in the WIG20 index, said Nawrocki's victory will prolong a period of 'elevated instability.' 'It has been difficult, but it will be now even harder,' he told a financial congress in Sopot, northern Poland, on Monday. He vowed to continue with the government's agenda focused on improving corporate governance and building shareholder value. --With assistance from Matthew Burgess, Joanna Ossinger, Maciej Martewicz, Andras Gergely, Peter Laca, Piotr Bujnicki and Agnieszka Barteczko. (Updates with new comments and market moves and political developments throughout.) YouTube Is Swallowing TV Whole, and It's Coming for the Sitcom Millions of Americans Are Obsessed With This Japanese Barbecue Sauce Mark Zuckerberg Loves MAGA Now. Will MAGA Ever Love Him Back? Trump Considers Deporting Migrants to Rwanda After the UK Decides Not To Will Small Business Owners Knock Down Trump's Mighty Tariffs? ©2025 Bloomberg L.P. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
3 days ago
- Business
- Yahoo
Morning Bid: Dollar slides on trade and tax fears
A look at what matters in U.S. and global markets today from Mike Dolan, Editor-At-Large, Finance and Markets LONDON, June 2 (Reuters) - The U.S. dollar plunged anew to its lowest level in six weeks on Monday as June got underway, with U.S. tariff concerns back on the boil after last week's legal confusion and military tensions rising across the globe. The euro led the charge, undaunted by the prospect of another interest rate cut from the European Central Bank on Thursday. Germany's new chancellor, Friedrich Merz, will travel to Washington to meet U.S. President Donald Trump on Thursday as trade talks between Europe and America are watched closely. With markets still on edge about elements of the U.S. fiscal bill going through the Senate that give the administration the option of taxing companies and investors from countries deemed to have 'unfair foreign taxes', the dollar is vulnerable to worries about foreign capital flight. But the attention on Monday seemed back on the tariff push, with an assumption President Donald Trump will push through levies one way or another despite the legal pushback last week. The greenback was hit after the weekend by Trump's plan to double duties on imported steel and aluminum to 50% from Wednesday and as Beijing hit back against accusations it violated an agreement on critical minerals shipments. It was also a weekend of significant geopolitical tensions and bellicose warnings. Gold crept higher. U.S. Defense Secretary Pete Hegseth warned on Saturday that the threat from China was real and potentially imminent as he pushed allies in the Indo-Pacific to spend more on their own defence needs. The Ukraine-Russia war continued to rage, with Ukrainian drones hitting dozens of Russian bombers deep inside Russian territory. The Gaza conflict shows no sign of ending. Major countries are building armaments at pace. Britain will expand its nuclear-powered attack submarine fleet as part of a defence review, one designed to prepare the country for modern war and counter the Russian threat. Oil prices jumped by about 3% on Monday after producer group OPEC+ kept output increases in July at the same level as the previous two months. In a big week for U.S. labor market data, there was some encouragement on the interest rate front. Federal Reserve Governor Christopher Waller said on Monday that rate cuts remain possible in the second half of the year. Given that a rise in inflation pressures tied to Trump's import tax increases is unlikely to be persistent, "I support looking through any tariff effects on near term-inflation when setting the policy rate," Waller told a gathering in South Korea. Elsewhere, China's manufacturing activity shrank for a second month in May, as expected. Stocks in Poland .WIG20 fell 1.4%, after nationalist opposition candidate Karol Nawrocki won the second round of the country's presidential election. Ahead of Monday's bell, U.S. stock futures were down about half a percent, with stocks in Europe and Japan down too. U.S. Treasury yields nudged back higher. Today's column looks at the week's big monetary decision in Europe, with the European Central Bank widely expected to lower rates for the eighth time in the cycle and the euro rising regardless. ECB FACES SURGING EURO CONUNDRUM While the European Central Bank keeps cutting interest rates, the euro keeps rising, as a transatlantic capital reversal upends relative rate shifts and threatens to force the ECB into further easing. The ECB is widely expected to lower its main borrowing rate on Thursday to 2%, half what it was at its peak a year ago and less than half the Federal Reserve equivalent. It's also back to what the central bank broadly considers a 'neutral' level, meaning it neither spurs nor reins in the economy. Real, or inflation-adjusted, ECB rates will be back to zero for the first time in almost two years. What's remarkable is that after eight consecutive ECB cuts and with the prospect of zero or even negative real rates ahead, the euro has surged more than 10% against the dollar in just four months and 5% against a trade-weighted currency basket of the euro zone's major trading partners. That nominal effective euro index is now at record highs, with the 'real' version at its strongest level in more than 10 years. The currency has surged even though there has been no net change in the gap between two-year government bond yields on either side of the Atlantic - usually a reliable indicator of shifts in the euro/dollar exchange rate. The culprits behind this trend are pretty clear: Donald Trump's tariff wars, fears of capital flight from dollar assets due to a host of concerns about U.S. policies and institutions, and Germany's historic fiscal boost that has transformed the continent's outlook. But if even a fraction of the trillions of dollars of European investment capital in the United States is indeed coming back home as many suspect, the ECB has a curious conundrum ahead. How does it handle both the disinflationary effects of such a rapid currency rise alongside the domestic demand it could catalyse? Lower rates with the prospect of further easing ahead are clearly having little impact on the euro. Most ECB watchers expect one or two more cuts after Thursday while money markets have a 'terminal rate' around 1.75%, the low end of the ECB's estimated range of 'neutral'. Indeed, if much of the capital repatriation from overweight U.S. holdings is in equity investments, then lower ECB rates may even accelerate the outflows from the U.S. by lifting growth prospects for cheaper stocks in Europe. The prospect of higher German and pan-European borrowing should sustain longer-term fixed income returns as well, expanding the pool of 'safe' investments. 'GLOBAL EURO MOMENT' The ECB could revert to protesting about 'excessive' euro gains, although the impact might be limited unless it is prepared to back its words with action, and there is a risk it could backfire for the reasons just mentioned. If anything, the ECB appears to be encouraging the investment shift and the euro's role as a reserve currency - in part to help with the bloc's massive capital needs in retooling its military, digital and energy sectors. In a pointed speech in Berlin last week, ECB chief Christine Lagarde insisted there was an opening for a "global euro moment", where the single currency becomes a viable alternative to the dollar, earning the region immense benefits if governments can strengthen the bloc's financial and security architecture. The scenario may be seen as a nice problem to have, but there will be more than a little disquiet among the region's big exporting nations about a soaring exchange rate in the middle of a trade war. ECB hawks and doves will also have to thrash out whether continued easing to offset disinflationary currency risks only stokes domestic inflation over the longer term - not least with a fiscal lift coming down the road into next year. What seems clear is that the ECB's new economic forecasts due for release on Thursday will have taken into account the 7% euro/dollar gain and near 10% drop in global oil prices since its last set of projections in early March. Morgan Stanley economists reckon that even if the central bank tweaks its core inflation forecasts higher, the new outlook could well show headline inflation undershooting its 2% target from mid-2025 to early 2027 - even while nudging up 2025's GDP growth view. In truth, any forecasts at this point are fingers in the wind with few central banks or major investors having a clue where U.S. tariffs or retaliatory trade war actions will end up. But while global trade and investment nerves abound, the ECB may be relatively powerless to cap the euro. Whether that argues for stasis or even more easing is the big headache it faces. Chart of the day U.S. gross domestic product readings have been bamboozled this year by tariff-related import skews. Again last week, models tracking GDP inputs were jarred by a sharp contraction in the goods trade deficit for April as front-running of imports to beat tariffs in the first quarter faded. With many tariffs in place, imports plunged and helping to compress the goods trade deficit by 46% to $88 billion, according to the Commerce Department's Census Bureau. Imports fell $68 billion to $276 billion while exports rose $6.3 billion to $188.5 billion. The shrinking goods deficit, if sustained, suggests the net trade component of GDP calculations will spur a significant rebound in growth this quarter, much like it sliced a record 4.9 percentage points from Q1 GDP - leading to a headline contraction in the overall economy. Flattered by the trade numbers, the Atlanta Federal Reserve's 'GDPNow' tracker now sees a whopping Q2 real GDP rebound of 3.8%. However, there is caution. Businesses do not appear to be restocking, with wholesale inventories unchanged last month and stocks at retailers down 0.1% and there is concern stockpiles may well drop sharply over the remainder of the quarter. Today's events to watch * US May manufacturing surveys from S&P Global (0930EDT) and ISM (1000EDT), April construction spending (1000EDT) * Federal Reserve Chair Jerome Powell gives opening remarks at Fed event in Washington; Fed Board Governor Christopher Waller, Dallas Fed President Lorie Logan and Chicago Fed President Austan Goolsbee all speak; Bank of England policymaker Catherine Mann speaks * US corporate earnings: Campbell's 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. (By Mike Dolan) Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Reuters
3 days ago
- Business
- Reuters
Morning Bid: Dollar slides on trade and tax fears
A look at what matters in U.S. and global markets today from Mike Dolan, opens new tab, Editor-At-Large, Finance and Markets LONDON, June 2 (Reuters) - The U.S. dollar plunged anew (.DXY), opens new tab to its lowest level in six weeks on Monday as June got underway, with U.S. tariff concerns back on the boil after last week's legal confusion and military tensions rising across the globe. The euro led the charge, undaunted by the prospect of another interest rate cut from the European Central Bank on Thursday. Germany's new chancellor, Friedrich Merz, will travel to Washington to meet U.S. President Donald Trump on Thursday as trade talks between Europe and America are watched closely. With markets still on edge about elements of the U.S. fiscal bill going through the Senate that give the administration the option of taxing companies and investors from countries deemed to have 'unfair foreign taxes', the dollar is vulnerable to worries about foreign capital flight. But the attention on Monday seemed back on the tariff push, with an assumption President Donald Trump will push through levies one way or another despite the legal pushback last week. The greenback was hit after the weekend by Trump's plan to double duties on imported steel and aluminum to 50% from Wednesday and as Beijing hit back against accusations it violated an agreement on critical minerals shipments. It was also a weekend of significant geopolitical tensions and bellicose warnings. Gold crept higher. U.S. Defense Secretary Pete Hegseth warned on Saturday that the threat from China was real and potentially imminent as he pushed allies in the Indo-Pacific to spend more on their own defence needs. The Ukraine-Russia war continued to rage, with Ukrainian drones hitting dozens of Russian bombers deep inside Russian territory. The Gaza conflict shows no sign of ending. Major countries are building armaments at pace. Britain will expand its nuclear-powered attack submarine fleet as part of a defence review, one designed to prepare the country for modern war and counter the Russian threat. Oil prices jumped by about 3% on Monday after producer group OPEC+ kept output increases in July at the same level as the previous two months. In a big week for U.S. labor market data, there was some encouragement on the interest rate front. Federal Reserve Governor Christopher Waller said on Monday that rate cuts remain possible in the second half of the year. Given that a rise in inflation pressures tied to Trump's import tax increases is unlikely to be persistent, "I support looking through any tariff effects on near term-inflation when setting the policy rate," Waller told a gathering in South Korea. Elsewhere, China's manufacturing activity shrank for a second month in May, as expected. Stocks in Poland .WIG20 fell 1.4%, after nationalist opposition candidate Karol Nawrocki won the second round of the country's presidential election. Ahead of Monday's bell, U.S. stock futures were down about half a percent, with stocks in Europe and Japan down too. U.S. Treasury yields nudged back higher. Today's column looks at the week's big monetary decision in Europe, with the European Central Bank widely expected to lower rates for the eighth time in the cycle and the euro rising regardless. While the European Central Bank keeps cutting interest rates, the euro keeps rising, as a transatlantic capital reversal upends relative rate shifts and threatens to force the ECB into further easing. The ECB is widely expected to lower its main borrowing rate on Thursday to 2%, half what it was at its peak a year ago and less than half the Federal Reserve equivalent. It's also back to what the central bank broadly considers a 'neutral' level, meaning it neither spurs nor reins in the economy. Real, or inflation-adjusted, ECB rates will be back to zero for the first time in almost two years. What's remarkable is that after eight consecutive ECB cuts and with the prospect of zero or even negative real rates ahead, the euro has surged more than 10% against the dollar in just four months and 5% against a trade-weighted currency basket of the euro zone's major trading partners. That nominal effective euro index is now at record highs, with the 'real' version at its strongest level in more than 10 years. The currency has surged even though there has been no net change in the gap between two-year government bond yields on either side of the Atlantic - usually a reliable indicator of shifts in the euro/dollar exchange rate. The culprits behind this trend are pretty clear: Donald Trump's tariff wars, fears of capital flight from dollar assets due to a host of concerns about U.S. policies and institutions, and Germany's historic fiscal boost that has transformed the continent's outlook. But if even a fraction of the trillions of dollars of European investment capital in the United States is indeed coming back home as many suspect, the ECB has a curious conundrum ahead. How does it handle both the disinflationary effects of such a rapid currency rise alongside the domestic demand it could catalyse? Lower rates with the prospect of further easing ahead are clearly having little impact on the euro. Most ECB watchers expect one or two more cuts after Thursday while money markets have a 'terminal rate' around 1.75%, the low end of the ECB's estimated range of 'neutral'. Indeed, if much of the capital repatriation from overweight U.S. holdings is in equity investments, then lower ECB rates may even accelerate the outflows from the U.S. by lifting growth prospects for cheaper stocks in Europe. The prospect of higher German and pan-European borrowing should sustain longer-term fixed income returns as well, expanding the pool of 'safe' investments. The ECB could revert to protesting about 'excessive' euro gains, although the impact might be limited unless it is prepared to back its words with action, and there is a risk it could backfire for the reasons just mentioned. If anything, the ECB appears to be encouraging the investment shift and the euro's role as a reserve currency - in part to help with the bloc's massive capital needs in retooling its military, digital and energy sectors. In a pointed speech in Berlin last week, ECB chief Christine Lagarde insisted there was an opening for a "global euro moment", where the single currency becomes a viable alternative to the dollar, earning the region immense benefits if governments can strengthen the bloc's financial and security architecture. The scenario may be seen as a nice problem to have, but there will be more than a little disquiet among the region's big exporting nations about a soaring exchange rate in the middle of a trade war. ECB hawks and doves will also have to thrash out whether continued easing to offset disinflationary currency risks only stokes domestic inflation over the longer term - not least with a fiscal lift coming down the road into next year. What seems clear is that the ECB's new economic forecasts due for release on Thursday will have taken into account the 7% euro/dollar gain and near 10% drop in global oil prices since its last set of projections in early March. Morgan Stanley economists reckon that even if the central bank tweaks its core inflation forecasts higher, the new outlook could well show headline inflation undershooting its 2% target from mid-2025 to early 2027 - even while nudging up 2025's GDP growth view. In truth, any forecasts at this point are fingers in the wind with few central banks or major investors having a clue where U.S. tariffs or retaliatory trade war actions will end up. But while global trade and investment nerves abound, the ECB may be relatively powerless to cap the euro. Whether that argues for stasis or even more easing is the big headache it faces. Chart of the day U.S. gross domestic product readings have been bamboozled this year by tariff-related import skews. Again last week, models tracking GDP inputs were jarred by a sharp contraction in the goods trade deficit for April as front-running of imports to beat tariffs in the first quarter faded. With many tariffs in place, imports plunged and helping to compress the goods trade deficit by 46% to $88 billion, according to the Commerce Department's Census Bureau. Imports fell $68 billion to $276 billion while exports rose $6.3 billion to $188.5 billion. The shrinking goods deficit, if sustained, suggests the net trade component of GDP calculations will spur a significant rebound in growth this quarter, much like it sliced a record 4.9 percentage points from Q1 GDP - leading to a headline contraction in the overall economy. Flattered by the trade numbers, the Atlanta Federal Reserve's 'GDPNow' tracker now sees a whopping Q2 real GDP rebound of 3.8%. However, there is caution. Businesses do not appear to be restocking, with wholesale inventories unchanged last month and stocks at retailers down 0.1% and there is concern stockpiles may well drop sharply over the remainder of the quarter. Today's events to watch * US May manufacturing surveys from S&P Global (0930EDT) and ISM (1000EDT), April construction spending (1000EDT) * Federal Reserve Chair Jerome Powell gives opening remarks at Fed event in Washington; Fed Board Governor Christopher Waller, Dallas Fed President Lorie Logan and Chicago Fed President Austan Goolsbee all speak; Bank of England policymaker Catherine Mann speaks * US corporate earnings: Campbell's Opinions expressed are those of the author. They do not reflect the views of Reuters News, which, under the Trust Principles, opens new tab, is committed to integrity, independence, and freedom from bias.
Yahoo
3 days ago
- Business
- Yahoo
Revved-Up Polish Assets Dip With Nationalist Winning Ballot
(Bloomberg) -- Polish stocks and bonds — among the world's stand-out performers of 2025 — declined after a nationalist unexpectedly won the presidential election, dealing a blow to the government. Billionaire Steve Cohen Wants NY to Expand Taxpayer-Backed Ferry Where the Wild Children's Museums Are Now With Colorful Blocks, Tirana's Pyramid Represents a Changing Albania The Economic Benefits of Paying Workers to Move NYC Congestion Toll Brings In $216 Million in First Four Months Markets are concerned that the win by the resurgent right, which has been emboldened by Donald Trump, may unravel Poland's pro-European Union tilt and cut short the rally. Warsaw's benchmark stock index dropped as much as 3.4% in early trading, while the zloty and government bonds were also in the red. Karol Nawrocki, a conservative historian and former boxer, won 50.9%, while centrist Rafal Trzaskowski took 49.1%, according to Bloomberg News calculations based on data from 100% of precincts reported by the electoral commission. His win may jeopardize Prime Minister Donald Tusk's ambition to return Warsaw to the EU mainstream and maintain bloc funding. The premier may call a parliamentary vote of confidence in his cabinet, website reported on Monday. 'This election result may worry foreign investors,' said Piotr Bujak, chief economist at PKO Bank Polski SA. The outcome 'will hinder the implementation of necessary reforms and may favor the maintenance of an excessively loose fiscal policy. As a result, the zloty and bonds may come under some pressure,' he said. More Downside Henrik Gullberg, a macro strategist at Coex Partners, said there was more downside if Nawrocki wins than upside in case of a Trzaskowski victory, 'given that both Polish stocks and currency are among the top performers year-to-date.' Poland's WIG20 equity index traded 2.1% lower as of 9:14 a.m. in Warsaw, with banks leading the selloff. The gauge was up 40% in dollar terms this year as of Friday's close, one of the strongest rallies globally. Poland's dollar-denominated bonds were among the worst performers among developing-market peers on Monday. The zloty slipped as much as 0.6% against the euro to 4.2765, the weakest level since May 19, before paring the slide. 'A Nawrocki win is thought to revive tensions with Brussels, stall judicial reforms, and therefore jeopardize access to over €130 billion ($148 billion) in crucial EU funding,' Gullberg said. The yield on benchmark 10-year local-currency government bonds increased 10 basis points to 5.46% on Monday. The asset class has returned nearly 16% in dollars since December, the best performance among developing markets after Brazil and Mexico. Poland's fiscal deficit is front and center for investors: at more than 6% of economic output it's the largest in the EU after Romania's. Election-campaign promises risk further deepening the budget hole. 'The political backdrop means little chance of fiscal consolidation in the coming years, whatever is the outcome of the presidential elections,' Mai Doan, an economist at Bank of America Corp., said before the ballot. She expects only a short-lived impact on markets from Sunday's election. Feared Stalemate The election outcome is likely to exacerbate Poland's problems, according to Commerzbank AG currency analysts Michael Pfister and Charlie Lay. Tusk's policy agenda has been largely thwarted by outgoing President Andrzej Duda, who, like Nawrocki, is backed by the Law & Justice party. 'It is feared that this stalemate will continue,' they wrote in a note on Monday. 'Similarly, the disbursement of EU funds, from which Poland has benefited significantly in recent years, is likely to be further delayed,' given the conflict between Law & Justice and the EU Commission. Piotr Matys, a strategist at In Touch Capital Markets Ltd., said selling pressure on the zloty may increase on Monday if Nawrocki wins. The result creates a tail risk 'that Tusk's coalition may collapse leading to early general elections,' he said. --With assistance from Matthew Burgess, Joanna Ossinger, Maciej Martewicz, Andras Gergely, Peter Laca and Piotr Bujnicki. (Updates with latest market reactions from the first paragraph, adds report on potential vote of confidence in the prime minister.) YouTube Is Swallowing TV Whole, and It's Coming for the Sitcom Millions of Americans Are Obsessed With This Japanese Barbecue Sauce Mark Zuckerberg Loves MAGA Now. Will MAGA Ever Love Him Back? Will Small Business Owners Knock Down Trump's Mighty Tariffs? Trump Considers Deporting Migrants to Rwanda After the UK Decides Not To ©2025 Bloomberg L.P. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Bloomberg
3 days ago
- Business
- Bloomberg
Stock Movers: Babcock, WIG20 Index, LVMH
On this episode of Stock Movers: - European defense stocks are outperforming this morning as the UK plans to spend £1.5 billion to build six munitions factories, expand its fleet of attack submarines and invest in its nuclear deterrent. - Global stocks started the new month under pressure as a flare-up in global trade tensions and geopolitical uncertainty dampened investors' appetite for risk. - Warsaw WIG20 index drops as much as 3.4% in early trading after the nationalist opposition candidate wins Poland's presidential election; results are seen as a blow for pro-EU cabinet and its delayed reforms agenda as well as a test for this year's rally on local assets.
