
Europe Market Open: Trump sends out trade letters, EU not a recipient but reportedly offered 10% rate with caveats
8.07.2025
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5:56
- US President Trump sent tariff letters to 14 countries, including Japan, South Korea, South Africa, and Thailand, with tariff rates ranging between 25%-40%.
- Trump also warned against retaliation, although he also delayed the tariff deadline to August 1st - leaving room for negotiation.
- APAC stocks mostly traded with cautious gains as participants digested the Trump letters; Wall Street closed lower.
- RBA defied the broad consensus and instead decided to pause on rates through a 6-3 majority vote.
- European equity futures indicate a lower cash market open with Euro Stoxx 50 futures down 0.2% after the cash market closed with gains of 1.0% on Monday.
- DXY is steady, AUD is the clear outperformer across the majors, USD/JPY sits on a 146 handle.
- Looking ahead, highlights include German Trade, US NY Fed SCE, NFIB Business Optimism, EIA STEO, RBA's Bullock, ECB's Nagel & de Guindos, Supply from Netherlands, UK, Germany & US.
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