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Markets Update: Further tariff announcements from President Trump are anticipated in the coming days. Federal Reserve Chairman Powell indicates that the Fed is not in a hurry to reduce short-term interest rates again, citing overall economic strength. Oil prices rebound due to concerns over supply from Russia and Iran.
Global Markets Roundup: 11 February 2025
FESX1! | Z1! | NI225 | NQ1! | ES1! | EURUSD | USDJPY | DXY | GOLD | CL1! | ZC1! | ZS1! HG1!
Equity Markets
Global stock indices experienced a slight decline while U.S. Treasury yields rose on Tuesday as investors anticipated the impact of the latest U.S. tariff announcements and analysed comments from Federal Reserve Chair Jerome Powell. President Donald Trump announced an increase in tariffs on steel and aluminium imports to 25%, removing previous country and product-specific exemptions. He promised further global reciprocal tariffs within days. However, he signalled a potential exemption for Australia, suggesting the tariffs could be a strategic negotiation tool. Mexico, Canada, and the European Union criticized the move, with the EU pledging "firm and proportionate countermeasures."
On Wall Street, stocks reduced losses slightly as investors monitored Powell's comments for any indication that the tariffs might influence U.S. monetary policy. In his prepared remarks for the Senate Banking Committee, Powell stated that the Federal Reserve was not in a hurry to lower short-term interest rates again, citing the overall strength of the economy, low unemployment, and inflation above the 2% target. The Dow Jones Industrial Average fell 35.11 points, or 0.08%, to 44,434.21, the S&P 500 decreased 5.56 points, or 0.09%, to 6,060.98, and the Nasdaq Composite dropped 13.62 points, or 0.06%, to 19,701.77. MSCI's global stock gauge declined 0.89 points, or 0.10%, to 872.90, while the pan-European STOXX 600 index rose by 0.2%, reaching an intraday record for the second consecutive session. The DAX increased by approximately 0.6% to close at 22,034 on Tuesday, marking a new record high, fueled by technology stocks and banks.
Currencies
The dollar index (DXY), which gauges the U.S. currency against a basket of others, declined by 0.24% to 108.10. Concurrently, the euro EURUSD appreciated by 0.34% to $1.034. The U.S. dollar also strengthened by 0.39% against the (USDJPY) Japanese yen, reaching 152.58, while the British pound GBPUSD rose by 0.38% to $1.2412.
Commodities
In the commodities market, oil prices rose due to concerns over Russian and Iranian supply disruptions, although the tariff announcement limited gains. U.S. crude prices increased by 1.05%, reaching $73.08 per barrel, while Brent crude saw a 1.16% rise, settling at $76.74 per barrel. Spot gold decreased by 0.1% to $2,903.74 per ounce, after reaching a peak of $2,942.70 earlier in the session. In the agricultural commodities markets, the most-active corn contract on the Chicago Board of Trade (CBOT) rose 0.3% to $4.93. Soybean futures increased by 0.4% to $10.54 per bushel, while wheat futures advanced by 0.8% to $5.84 per bushel. BRN1! | CL1! | GOLD | HG1! | KC1! | RC1! | CC1!
Looking forward refer to the economic calendar below to see the upcoming events scheduled for today and the rest of the week.
General news - Information source from multiple newswires.
The article and the data is for general information use only, not advice!
The Trade Academy Team