Newsquawk Rundown, Daily Podcast podcast

US Market Open: Stocks subdued and DXY firm ahead of potential US/EU trade letter

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  • US President Trump announced a 35% tariff for Canada and flagged a potential 20% blanket tariff for other countries; US is set to keep the tariff exemption for USMCA goods, according to a US official.
  • Trump also noted the EU will receive a letter by Friday. Ahead of this, European bourses are in the red with sectors (ex-energy, post-BP) following suit.
  • Stateside, futures are lower into a docket headlined by potential trade developments, ES -0.6%.
  • USD extends on its recent recovery, resilient to trade updates. DXY notched a 97.89 peak, G10s broadly under pressure with the JPY lagging.
  • Fixed was lifted by the above updates, since pulled back and moved into the red, a pullback intensified by a hawkish interview with ECB's Schnabel.
  • Choppy trade for crude awaiting developments on numerous in-play factors, precious metals glean from the risk tone while base peers are tarnished.
  • Looking ahead, highlights include Canadian Jobs, Fitch on Germany, DBRS on Sweden, Speakers including ECB's Cipollone.
  • Click for the Newsquawk Week Ahead.

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