Newsquawk Rundown, Daily Podcast podcast

US Market Open: Constructive risk environment focusing on tariff extension to August 1st; AUD outperforms on unexpected hold

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  • US President Trump said the August 1st tariff deadline is firm, but he is open to other ideas.
  • European bourses began on the front foot, digesting the deadline pushback and reports that the US offered the EU a 10% tariff deal, via Politico.
  • Since, benchmarks have eased off best with the tone now mixed, Euro Stoxx 50 +0.1%. Stateside, non-tariff updates limited, ES +0.1%.
  • DXY is giving back some of Monday's gains. AUD outperforms on a surprise RBA hold. EUR and GBP both firmer, but off best.
  • Fixed benchmarks hit by the tariff deadline extension and a packed supply docket.
  • Crude in the red but within familiar ranges, pressure intensified on reports that Doha talks recommenced. Metals follow the risk tone.
  • Looking ahead, highlights include US NY Fed SCE, NFIB Business Optimism, EIA STEO, ECB's Nagel & de Guindos, Supply from the US
  • Click for the Newsquawk Week Ahead.

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