📆 Monday, June 02
► European equities trade mixed amid trade uncertainty & rising oil prices
European markets opened June on a cautious note. The Stoxx 600 slipped 0.15%, with Germany’s DAX down 0.3% and France’s CAC 40 falling 0.45%. The FTSE 100 managed a modest gain of 0.1%, helped by higher energy & metal prices supporting energy and materials stocks. Defense stocks also outperformed. Geopolitical tension and renewed US-EU trade strain weighed on sentiment after Trump announced a doubling of steel tariffs. Poland’s WIG Index dropped 1.5% following a surprise nationalist presidential victory, raising concerns about EU cooperation and fiscal policy direction.
► US equity futures slip as tariff noise & uncertainty returns after weeks of optimism
S&P 500 and Nasdaq 100 futures fell 0.3% and 0.5%, respectively, while Dow Jones futures lost 0.2% as traders digested Trump’s renewed steel and aluminum tariff threats. Uncertainty deepened with faltering China talks and mutual accusations of trade violations. Meanwhile, oil prices surged 4.3% to above $63.0 after OPEC+ confirmed a modest output rise – not more than markets priced in. Treasury yields moved higher across the curve, with the 10-year at 4.43%, as market participants reassessed the likelihood of rate cuts ahead of Friday’s key nonfarm payrolls report.
► Asian stocks fell broadly on tariff fallout & geopolitical jitters
Asian markets began the week in the red. Japan’s Nikkei 225 tumbled 1.3%, while Taiwan’s TAIEX sank 1.61% and Hong Kong’s Hang Seng slipped 0.57%. Tech and auto exporters were hit hardest by renewed trade tensions. South Korea’s Kospi eked out a small gain (+0.05%) while China’s CSI 300 dropped 0.47% amid inflation concerns sparked by rising energy costs and the latest OPEC+ decision. Chinese, especially Hong Kong equities recovered from even worse initial losses. Australia’s ASX 200 bucked the regional trend, rising 0.3% thanks to gains in mining stocks. Volatility spiked across the region ahead of fresh US economic data and possible retaliation from trade partners.
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