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Europe Market Open: Europe primed for a firmer open, EU said to be talking car import quotas; US confirms copper tariff

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  • US President Trump announced tariff rates for seven countries and later announced a 50% tariff for Brazil; President Trump also announced the US is to impose a 50% tariff on copper, effective August 1st.
  • The EU is discussing car import quotas and export credits with the US in trade talks, according to sources cited by Reuters.
  • A muted reaction was seen across markets following the FOMC minutes; FOMC Minutes stated that most saw some reduction in the Fed funds rate this year as appropriate.
  • European equity futures indicate a mildly higher cash market open with Euro Stoxx 50 futures up 0.2% after the cash market closed with gains of 1.4% on Wednesday.
  • Looking ahead, highlights include German CPI final, Norwegian CPI, Swedish GDP, US Weekly Claims, Chinese M2/New Yuan Loans, OPEC WOO, Speakers including Fed’s Musalem, Waller & Daly, ECB’s Cipollone & BoE’s Breeden, Supply from US, Earnings from Delta & Conagra Brands.

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