The Overnight News Roundup - July 11

Your Daily Edge: Overnight Headlines for Traders, Analysts, and Market Observers

Jul 11, 2025

PiQ and Zack Eiseman provide you with a consolidated roundup of the overnight news that matters most to markets.

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TRADE:

Trump posted a tariff letter to Canada charging a 35% tariff on Canadian goods sent to the US starting August 1st separate from sectoral tariffs. (Truth Social)
Trump told NBC News on Thursday that the EU will receive a letter notifying them of new tariff rates today or tomorrow. Talking about remaining nations, Trump said, “We're just going to say all of the remaining countries are going to pay, whether it’s 20% or 15%. We’ll work that out now”. (NBC)
US Secretary of State Rubio will meet Chinese Foreign Minister Wang Yi in Kuala Lumpur on Friday, their first in-person meeting at a time of simmering trade tensions between the two major powers. (RTRS)
The US has demanded South Korea join efforts to curb China in trade talks, as the countries discuss cooperation in shipbuilding, a senior official from Seoul's trade ministry said on Friday. (RTRS)
Trafigura, Mercuria, Glencore and IXM could reap bumper profits of more than $300mn after shipping record amounts of copper into the US ahead of tariffs on the metal. (FT)
Brazilian President Lula said he wanted to find a diplomatic solution to Trump’s threat of 50% tariffs on Brazilian exports, but vowed to reciprocate like-for-like if they take effect on August 1. (RTRS)
Japanese PM Ishiba said his country needed to wean itself from U.S. dependence in such key areas as security, food and energy, as Tokyo faces the prospect of new U.S. tariffs in three weeks. (RTRS)
Japan's farm ministry said on Friday that an animal health and quarantine agreement between Japan and China had come into force, paving the way towards the resumption of Japanese beef exports to China halted since 2001. (RTRS)

MACRO:

The White House launched a fresh attack on Fed Chair Powell, with a top Trump administration official saying Powell had "grossly mismanaged" the central bank, chastising him for running a deficit and for extensive cost overruns for building renovations. (RTRS)
The US state department has notified its staff that it will fire hundreds of US-based employees “in the coming days”, following the Supreme Court’s decision this week allowing Trump’s administration to proceed with mass job cuts across federal agencies. (FT)
Japan's June core inflation likely slowed but remained above the central bank's 2% target, a Reuters poll showed, keeping it under pressure to resume rate hikes as U.S. trade tariffs threaten an already fragile economy. (RTRS)
China should add as much as 1.5 trillion yuan ($209 billion) in fresh stimulus to boost consumer spending and maintain currency flexibility to counter US tariffs’ drag on growth, academics including an adviser to the country’s central bank said. (BBG)
A Shanghai regulator said it held a meeting this week for local government officials to consider strategic responses to stablecoins and digital currencies - a marked shift in tone for China where crypto trading is banned. (RTRS)
Chinese brokerage stocks posted their biggest jump in nearly nine months on growing optimism that more firms may get crypto-trading licenses. (BBG)
Chinese state-owned banks have gradually shifted from wanting dollars to reducing their demand for it, to offering it out, according to traders cited by Bloomberg. (BBG)
Chinese banks are struggling to comply with new Beijing guidelines to boost consumer credit as they reel from a surge of defaults on personal loans and have a hard time finding households in good financial shape that want to borrow. (RTRS)
China's export growth likely edged higher in June, according to a Reuters poll of economists, buoyed by exporters rushing to front-load shipments on fears that a fragile trade truce with the US could unravel and see Trump reinstate extra tariffs on Chinese goods. (RTRS)
Goldman Sachs Group Inc. strategists raised their forecast for Asian stocks, citing a more favorable macro environment and greater certainty around tariffs. (BBG)
The UK economy contracted unexpectedly for a second month running in May, underlining worries about momentum going into the second half of the year in an increasingly uncertain global environment. (RTRS)
UK Chancellor Reeves is examining reforms to her budget regime to avoid another unexpected springtime fiscal repair, including recommendations from the IMF. (FT)
UK Chancellor Reeves will next week put the brakes on plans to reform cash ISAs, after a fierce backlash from building societies and consumer champions. (FT)
The number of families living in temporary accommodation in England has more than doubled since 2010 due to a lack of affordable housing and high rents and the problem could worsen without government action, a think tank warned. (RTRS)
Chip firms in Malaysia are holding back on investment and expansion as they await clarity on tariffs from the US, according to Malaysia Semiconductor Industry Association President Wong Siew Hai. (BBG)
Malaysia’s industrial production grew at a slower-than-expected pace for the second straight month, adding to signs of an economic slowdown that prompted the central bank to cut interest rates this week. (BBG)
Argentina’s Senate passed three bills that significantly hike spending on social security and other programs, measures that threaten to derail the austerity drive championed by President Milei ahead of October’s midterm elections. Milei pledged to veto the legislation and possibly ask courts to intervene. (BBG)

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GEOPOLITCAL:

Trump said he plans to make a “major statement” on Russia on Monday, as the US prepares to send more American weapons to Ukraine via purchases from NATO allies. (NBC)
A resurgent campaign by Yemen’s Houthi rebels against commercial ships in the Red Sea is set to deter many shipowners from returning to the key trade route without the promise of naval protection. (FT)
Germany plans to buy 15 additional F-35 fighter jets, a move that would increase the country's planned fleet of the U.S.-made jet to 50. (Politico)
South Korea, Japan and the US conducted a joint air drill on Friday involving a US B-52 strategic bomber and fighter jets of the three allies over international waters, the South's defence ministry said. (RTRS)
EQUITIES:
Google will heavily discount cloud computing services for the US government, as the Trump administration pressures technology groups to slash prices on long-standing, lucrative contracts. (FT)
Levi Strauss raised its fiscal-year guidance as its direct-to-consumer business flourishes despite tariff concerns. (WSJ)
Panasonic Holdings will postpone its plan to bring its new U.S. electric vehicle battery plant to full capacity by March 2027 as Tesla, its main customer, is experiencing sluggish sales. (Nikkei)
Tesla will open its first India showroom in Mumbai next week, having imported $1 million worth of cars and merchandise, marking its entry into the world's third-largest car market despite CEO Elon Musk's complaints about high import tariffs. (RTRS)
China's Chery, BYD may have to repay subsidies after audit finds irregularities. (RTRS)
Mitsubishi UFJ Financial Group plans to expand its securitisation business globally, with a focus on North America, and will increase headcount in this area by around 25%. (RTRS)
BP Plc said it expects to report rising production and a strong result from its oil trading business for the second quarter, offering a potential boost for the energy major struggling to reverse years of underperformance. (BBG)