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Stock markets in Europe and Asia shot high on Monday after signing a trade deal with the Trump administration ahead of this week’s deadline.
US futures and oil prices were rising more than in Stockholm’s trade talks between US and Chinese officials.
Germany’s DAX scored 24,359.81 from 0.6%, while Paris’ CAC 40 went from 0.8% to 7,900.48. The UK FTSE 100 scored 9,148.34 from 0.3%.
The agreement between the EU and US President Donald Trump called for a 15% tariff on most EU exports to the US, with a level of 1% before Trump began increasing tariffs.
The deal came after Trump and European Commission’s Ursula von der Leyen met briefly at the Scotland president’s Turnberry Golf Course. It maintains much higher import obligations on both sides that could have sent shockwaves through economies around the world.
Tokyo’s Nikkei 225 Index lost 1.1% to 40,998.27 after questions came to light about the trade ceasefire between Japan and Trump, particularly Japan’s $550 billion investment pledge to the United States, from 1.1% to 40,998.27 after questions came to light about the exact repetition of the trade ceasefire between Japan and Trump, particularly Japan’s $550 billion investment pledge into the United States.
The terms of the contract are still negotiated and nothing has been formalized in writing, said an official who insisted anonymity to detail the terms of the consultation. Officials suggested that the target was $550 billion in funding to invest in Trump’s directions.
Hong Kong’s Hangsen index rose from 0.7% to 25,563.32, while the Shanghai Composite index rose 0.1% to 3,597.94. Taiwan’s polar regions rose 0.2%.
CK Hutchison, a Hong Kong conglomerate selling ports on the Panama Canal, said it is seeking Chinese investors to join a consortium of buyers in a move that may please Beijing, but could bring more scrutiny to geopolitical random transactions. CK Hutchison shares fell 0.6% in Hong Kong on Monday.
Elsewhere in Asia, Korean Kospi climbed 0.4% to 3,209.52, while Australia’s S&P/ASX 200 rose 0.4% to 8,697.70. India’s Sensex slipped 0.3%.
Thai markets closed on holidays.
On Friday, the S&P 500 rose from 0.4% to 6,388.64, setting its fifth time in a week. The Dow Jones industrial average rose from 0.5% to 44,901.92, while the Nasdaq Composite added 0.2% and closed at 21,108.32 to raise its own record.
Deckers, the company behind Ugg Boots and Hoka Shoes, jumped to 11.3% after reporting stronger profits and revenues than analysts had expected. That growth was particularly strong outside the US, where revenues have skyrocketed nearly 50%.
Bill Sandweg, co-owner of Copper Star Coffee in Phoenix, explained that his cafe has already seen the impact from tariffs.
However, Intel fell 8.5% after analysts reported losses in the most recent quarter when they were looking for profit. The struggling chipmaker also said it would cut thousands of jobs and eliminate other costs as it attempts to turn its fortunes around. Helping to launch Silicon Valley as a US technology hub, Intel has lagged behind rivals such as Nvidia and Advanced Micro Devices, as demand for artificial intelligence chips skyrockets.
Companies are under pressure to bring about strong profit growth in profits to justify the large profits of stock prices.
Wall Street has expanded in response to President Donald Trump’s hopes of reaching a trade contract with other countries that lowered his tough proposed tariffs, and that it could cause a recession and drive inflation. Trump recently announced a deal with Japan and the Philippines. The next big deadline is approaching on Friday, August 1st.
Apart from trade talks, this week will also feature a Federal Reserve meeting on interest rates. On Thursday, Trump again lobbyed to the Fed to cut back.
Fed Chairman Jerome Powell said he is waiting for more data on how Trump’s tariffs will affect the economy and inflation before it moves. The broad expectations on Wall Street are to wait for the Fed to resume cut interest rates until September.
In other deals early Monday, US benchmark crude garnered between 40 cents and $65.56 per barrel. International standard Brent Crude added 40 cents to $68.06 per barrel.
The dollar rose from 147.71 yen to 147.85 yen. The euro fell from $1.1758 to $1.1719.
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