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US Market Open: Tentative mood with Tariff letters expected after midday, Trump threatens 10% tariff on those aligned with BRICS

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  • US President Trump said 12 nations will receive tariff letters on Monday (deliveries to start from 17:00BST). Also, threatened 10% additional tariff for those aligned with BRICS.
  • US Treasury Secretary Bessent said letters to trading partners will notify them that if no deal is reached, they will revert to April 2nd tariff levels; tariffs to take effect on August 1st.
  • European bourses began the day with modest gains but action is tentative, Euro Stoxx 50 +0.3%; ES -0.4% amid trade uncertainty, NQ -0.5% underperforms on TSLA -6.5%
  • USD firmer vs all major peers. Antipodeans hit by the tone, JPY on the USD strength and soft domestic wage data, Cable below 1.36 and EUR/USD at a 1.1723 low
  • Fixed benchmarks contained and experiencing two-way trade into the tariff letters, USTs near-enough unchanged, Bunds lower but off worst
  • Crude began on the backfoot after OPEC+ eight agreeing to increase output by 548k (prev. 411k); since, benchmarks off lows and modestly firmer. Metals dented by the USD.
  • Looking ahead, highlights include supply from the UK (BoE Gilt sale), US President Trump meeting Israeli PM Netanyahu & US tariff letters
  • Click for the Newsquawk Week Ahead.

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