Chris Becker

Risk markets were relatively benign overnight as the ECB meeting came and went without any movement in interest rates as expected while the latest US initial jobless claims didn’t surprise either with the USD putting in a very small rally after a week or more of weakness.

Asian share markets like other equities are doing the FOMO trade as it looks apparent that everyone is going to get a new baseline 10-15% tariff rate from the Trump regime with news that the EU is likely to be next, enshrining higher prices for US consumers for almost everything they buy.

Everything is awesome for stock markets as Wall Street pushed through more record highs as earnings surprised to the upside for everyone, except Tesla!

A better mood on Asian share markets today bolstered by the new US-Japan “deal” which sent Japanese stocks more than 2% higher but has resulted in pushback from US car makers due to the details surrounding metal tariffs.

Last night saw risk markets unable to make headway again, although European stocks sold off across the calendar as the lack of any progress on any trade deals with the Trump regime continues to weigh.

A soft risk taking mood on Asian share markets today following yesterday’s quiet sessions as concerns continue over the inability of the Trump regime to get any trade “deals” cut before the August 1st deadline, with India and Japan effectively ruling out any such notion.

Last night saw risk markets barely move on a quiet economic calendar or geopolitical catalysts with only the USD having any reactions as continued trade concerns with the Trump regime pushing for a baseline 15-20% tariff on all EU products sending King Dollar down against everything.

Asian share markets are quite mixed in the first trading session of the week as concerns over the Trump regimes bullying of the EU in its “negotiations” over the looming August 1st trade deal are spilling over.

Friday night saw risk markets hinge on more trade concerns with the Trump regime pushing for a baseline 15-20% tariff on all EU products while at the same time obfuscating any real chance of a deal with Japan, which went into the final session of the trading week under an election cloud.

Most share markets in Asia are lifting going into the final trading session of the week although Japanese bourses are cautious given the domestic election this weekend and the concern over inflation after today’s June print.