Daily Bulletin

Good morning. Despite the gains observed yesterday in the U.S. and European markets, global risk appetite is losing momentum this morning. The announcement by the U.S. to impose a 35% tariff on Canada, coupled with President Trump’s remarks suggesting that general tariffs of 15%–20% could be applied to countries that did not receive formal notification, have reignited trade-related concerns. Turning to Borsa...
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Good morning. The minutes from the Federal Reserve (FOMC) meeting revealed more clearly the divergence of views among committee members regarding interest rate cuts and inflation. Meanwhile, U.S. President Trump intensified his calls for rate cuts, raising his demand to 300 basis points. The trade tariff agenda appears to be heating up again. In addition to the letters sent to 14 countries earlier this week, it was...
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Good morning. Global risk appetite remains balanced, while inconsistent statements from the U.S. are contributing to a lack of clear direction in the markets. Although markets were encouraged by suggestions that the deadline for tariffs—extended from July 9 to August 1—could be further relaxed, President Trump’s assertion that “there will be no extension” dampened sentiment. Nonetheless, we believe these...
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Good morning. As the United States clarifies its country-specific customs practices, market concerns around tariffs are currently balanced. Yesterday, the U.S. announced new customs duties ranging between 25% and 40% on 14 additional countries, separate from previously announced sectoral tariffs. These new rates will come into effect as of August 1. U.S. equity futures are showing a mixed outlook this morning,...
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Good morning. The new week begins with U.S.-centered headlines. The key developments can be summarized as follows: i) A threat from the U.S. to impose an additional 10% tariff on BRICS countries and those aligning with their anti-U.S. trade policies; ii) President Trump is expected to send letters this evening at 19:00 local time (TSI) to several countries, proposing new tariffs and trade agreements; iii) The...
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Good morning. Global risk appetite is weakening this morning. While there is no clear trigger behind this move, the underperformance of recent expectations and the postponement of anticipated Fed rate cuts to later dates are contributing factors. On the other hand, yesterday’s stronger-than-expected employment data in the U.S., along with progress in the legislative process of a plan that includes tax cuts and...
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Good morning. Global risk appetite continues to remain on the positive side. Concrete progress in the United States’ trade negotiations with individual countries, alongside tax cuts and spending plans, has reinforced expectations that the pressure on the Fed will persist through year-end, likely culminating in rate cuts. This outlook is fueling buying activity across global equity markets, led by U.S. stock...
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Good morning. Global risk appetite is starting the new day on a positive note. A dense news flow is being monitored both in the U.S. and consequently in global markets, including: i) President Trump’s pressure on the Fed for interest rate cuts, ii) tax cuts and spending packages, iii) extensions and exemptions in trade negotiations. As expectations on these fronts mostly point to optimistic scenarios, the positive...
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