
Europe Market Open: Trump threatens 35% tariff on Japan; US Senate passes Trump tax bill
7/2/2025
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5:25
- APAC stocks were mixed following a similar handover from the US where participants digested data, trade commentary and a slew of central bank rhetoric.
- US President Trump said he doubts the US will have a deal with Japan but will possibly have an agreement with India.
- US Senate narrowly passed President Trump's sweeping tax and spending bill; House to vote by Thursday "at the latest".
- European equity futures indicate a positive cash market open with Euro Stoxx 50 futures up 0.6% after the cash market closed with losses of 0.4% on Tuesday.
- DXY is modestly firmer, JPY narrowly lags on negative trade headlines, EUR/USD is lingering just below the 1.18 mark.
- Looking ahead, highlights include EU & Italian Unemployment Rate, US Challenger Layoffs, ADP National Employment, Canadian Manufacturing PMI, NBP Policy Announcement, ECB’s de Guindos, Cipollone, Lane, Lagarde & BoE's Taylor, Supply from UK & Germany.
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