
Its the Tariff Trading Week! You get a deal – you get a deal – we all get a deal! By deal, I mean a letter from the Bully-in-Chief stating what tariff you have to accept, since there’s been less than three US trade deals actually made in the last 90 days. Stock markets in Asia have responded with mild selloffs while the USD has soared back into strength although Euro is holding onto strength while the Australian dollar almost drops below the 65 cent level.
Oil markets are seeing a gap lower on the bigger than expected OPEC+ production increases with Brent crude trading just below the $68USD per barrel level while gold is failing to make a comeback as it almost drops below the $3300USD per ounce level:

Mainland Chinese share markets are down slightly with the Shanghai Composite pushing 0.2% lower but remaining well above the 3400 point level while the Hang Seng is off by more than 0.5% to remain below the 24000 point level. Meanwhile Japanese stock markets are suffering a similar fate as the Nikkei 225 ticks below the 40000 point barrier with the USDPY pair finding some strength to get back above the down to the 145 level:

Australian stocks are again just treading water with the ASX200 likely to close slightly lower while the Australian dollar is breaking down fast to almost cross the 65 cent level against USD amid the tariff threat as the RBA is likely to cut further tomorrow:

S&P and Eurostoxx futures are up slightly going into the London session with the S&P500 daily chart showing the market clearly overextended but still turning any news into positive returns after breaking right through the 6300 point level:

The economic calendar includes the latest Euro wide retail sales figures and some US Treasury auctions.