Daily Updates

US stocks shrugged off this week’s tariff news, rising to fresh record highs overnight. US Treasury yields picked up across the yield curve, despite mixed Fedspeak, while the US dollar appreciated.

US stocks saw some volatility overnight before closing higher, as US President Donald Trump sent tariff letters to more countries, including Brazil, which was hit with a 50% tariff rate. Market participants remained concerned about President Trump’s proposal for sectoral tariffs – 50% on copper and 200% on pharmaceuticals.

The S&P 500 ebbed yesterday, as US President Donald Trump ruled out extending the tariff pause beyond 1 August and said he is planning to impose a 50% tariff on copper. The surprise decision from the RBA to keep rates on hold led to an adjustment in cash rate expectations.

US shares saw decent declines at the start of the trading week, as US President Donald Trump announced new tariff rates for 14 countries and extended the reciprocal tariff pause to 1 August to allow for further trade negotiations, while warning of additional 10% tariffs on countries cooperating with BRICS on ‘anti-American’ policies.

Friday was a quiet day on the global financial markets, with US investors away for the Independence Day holiday. The ASX 200 closed 0.1% higher on Friday, reaching a fresh record high. The Australian dollar is down against all the major currencies. Commonwealth bond yields declined across the yield curve, similarly to their equivalents in other advanced economies.

The S&P 500 rose to a fresh record high, as US labour market figures exceeded expectations.