The Overnight News Roundup - July 8
Your Daily Edge: Overnight Headlines for Traders, Analysts, and Market Observers
PiQ and Zack Eiseman provide you with a consolidated roundup of the overnight news that matters most to markets.
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TRADE:
The US has offered an agreement to the EU that would keep a 10% baseline tariff on all EU goods, with some exceptions for sensitive sectors such as aircraft and spirits, an EU diplomat and a national official told POLITICO. (Politico)
Trump said the August 1 effective date for U.S. tariffs was firm, but that he was open to extensions if countries made proposals. Asked if the deadline was firm, Trump said: "I would say firm, but not 100% firm. If they call up and they say we'd like to do something a different way, we're going to be open to that." (RTRS)
China warned the Trump administration against reigniting trade tension by restoring tariffs on its goods next month, and threatened to retaliate against nations that strike deals with the US to cut China out of supply chains. (RTRS)
Japanese PM Ishiba said the latest US tariff announcement on Monday was “truly regrettable,” while stressing that he would continue negotiations with the U.S. government, according to local media reports. (CNBC)
South Korea said it planned to intensify trade talks with the US and considered Trump's plan for a 25% tariff from August 1 as effectively extending a grace period on implementing the levies. (RTRS)
Trump said he was close to making a trade deal with India. (RTRS)
Thailand said it is preparing a back-up plan to deal with the 36% tariff imposed on its exports to the US. An official said he was confident that Thailand would be able to get a competitive tariff similar to those imposed on other countries. (RTRS)
Indonesia's top negotiator is headed to Washington on Tuesday to meet with trade representatives of the US, Indonesia also said it will maximize its opportunity to negotiate trade tariffs. (RTRS)
Vietnam and China agreed to boost trade and investment ties as their leaders met on the sidelines of the BRICS summit in Brazil. (RTRS)
MACRO:
The RBA surprised and left rates on hold, saying it could afford to take a little more time to assess the economic outlook. However, Governor Bullock's presser saw her affirm an easing bias. (Newswires)
Australia Treasurer Jim Chalmers said the RBA's decision to hold rates steady at 3.85% was not the result millions of Australians were hoping for or what the market was expecting. (RTRS)
Goldman Sachs has raised its three-, six- and 12-month return forecasts for the S&P 500, citing expectations of U.S. interest rate cuts and continued fundamental strength of major large-cap stocks as key drivers of its positive outlook. (RTRS)
Japan’s exports edged up in the first 20 days of June ahead of the Trump administration’s scheduled imposition of higher tariffs as US policy continues to impact trade flows. (BBG)
China's President Xi Jinping stressed the need for the country to develop the real economy and traditional industries during an inspection tour in northern China's Shanxi province. (Xinhua)
China has strongly criticised companies and local governments for fuelling overproduction that it blames for driving down prices ahead of inflation data this week. (FT)
Germany’s exports fell for a second straight month in May in response to higher U.S. tariffs as Europe’s largest economy looks set for another year of little or no growth. (WSJ)
UK finance and arms bosses have backed calls for the government to make it easier for City firms and banks to provide support to the defence industry by providing a 10-year outlook of its investment projects. (FT)
Canada’s Finance Minister issued letters Monday to his cabinet colleagues instructing them to find savings in their departments to fund any new priority initiatives. (WSJ)
Australian bonds attracted the largest inflow from Japanese investors in more than two years as lower currency hedging costs boosted the attractiveness of the Antipodean bonds. (BBG)
The top funds in Australia’s A$4.1 trillion ($2.7 trillion) pension industry are eyeing opportunities beyond the US, saying stock valuations there look stretched and President Donald Trump’s policies are increasing volatility. (BBG)
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GEOPOLITICAL:
Trump said Monday the U.S. would resume providing Ukraine with arms to help it withstand Russian attacks. (WSJ)
Israeli PM Netanyahu said he wanted peace with Palestinians but described any future independent state as a platform to destroy Israel and for that reason sovereign power of security must remain with Israel. (RTRS)
EQUITIES:
Mark Zuckerberg added another big name to Meta Platforms’ new “Superintelligence” AI division, hiring a top Apple AI researcher as part of a weekslong recruitment push, according to a WSJ source. (WSJ)
Exxon Mobil signaled that lower oil and gas prices could cut its second-quarter earnings by about $1.5 billion from the previous quarter's level. (RTRS)
Trump called for new rules that would restrict access to tax incentives for solar and wind projects that already had been pared back by his $3.4 trillion budget bill designed to end green energy incentives. (BBG)
S&P Global Ratings said it’s considering cutting Centene Corp.’s credit ratings to junk, citing the health insurer’s suspending its 2025 profit outlook. (BBG)
Shein has filed for an IPO in Hong Kong to accelerate the listing process and pressure Britain's regulators to approve its planned London debut. (FT)
Samsung Electronics expects its second-quarter operating profit to more than halve from a year earlier, a much sharper drop than market consensus, hurt by U.S. trade curbs on China and its delayed sales of advanced AI chips to Nvidia. (WSJ)
Nissan Motor’s credit-default swaps widened to the highest level since 2009 after the automaker began preparing a $4 billion foreign-currency bond sale, stoking concerns about rising interest expenses. (BBG)
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