Zürcher Nachrichten - Stocks diverge after Trump's latest tariff warning

EUR -
AED 4.24773
AFN 80.384061
ALL 97.499063
AMD 443.961879
ANG 2.070022
AOA 1060.630893
ARS 1493.782855
AUD 1.773839
AWG 2.084828
AZN 1.9581
BAM 1.956166
BBD 2.337388
BDT 142.223975
BGN 1.956419
BHD 0.436059
BIF 3403.387612
BMD 1.156631
BND 1.490395
BOB 8.000119
BRL 6.447645
BSD 1.157642
BTN 100.435124
BWP 15.671015
BYN 3.78817
BYR 22669.973557
BZD 2.325516
CAD 1.591901
CDF 3342.665178
CHF 0.930273
CLF 0.028326
CLP 1111.221666
CNY 8.301031
CNH 8.302236
COP 4784.405389
CRC 585.022051
CUC 1.156631
CUP 30.65073
CVE 110.979007
CZK 24.590618
DJF 205.556842
DKK 7.463528
DOP 70.554298
DZD 150.819293
EGP 56.274973
ERN 17.34947
ETB 159.861315
FJD 2.606818
FKP 0.863685
GBP 0.865473
GEL 3.1201
GGP 0.863685
GHS 12.175149
GIP 0.863685
GMD 83.2775
GNF 10011.800835
GTQ 8.883122
GYD 242.201577
HKD 9.079382
HNL 30.477424
HRK 7.536031
HTG 151.821018
HUF 399.790192
IDR 18943.018338
ILS 3.894846
IMP 0.863685
INR 100.74357
IQD 1515.187008
IRR 48708.636091
ISK 142.207991
JEP 0.863685
JMD 185.464684
JOD 0.820026
JPY 171.172133
KES 149.782829
KGS 100.99288
KHR 4649.65779
KMF 493.302804
KPW 1040.919428
KRW 1598.175794
KWD 0.353223
KYD 0.964735
KZT 628.814779
LAK 24954.320584
LBP 103562.784204
LKR 349.752968
LRD 232.48248
LSL 20.692417
LTL 3.415232
LVL 0.699635
LYD 6.257721
MAD 10.513196
MDL 19.755805
MGA 5123.876337
MKD 61.656021
MMK 2427.779304
MNT 4152.911373
MOP 9.360877
MRU 46.057159
MUR 53.309244
MVR 17.824513
MWK 2008.492048
MXN 21.663472
MYR 4.898333
MZN 73.977687
NAD 20.691564
NGN 1769.413086
NIO 42.505702
NOK 11.782695
NPR 160.700168
NZD 1.937646
OMR 0.444722
PAB 1.157707
PEN 4.108935
PGK 4.802309
PHP 66.196323
PKR 327.384233
PLN 4.277974
PYG 8671.071404
QAR 4.211005
RON 5.076915
RSD 117.178103
RUB 93.393939
RWF 1665.549078
SAR 4.338149
SBD 9.535457
SCR 16.360287
SDG 694.551229
SEK 11.141997
SGD 1.487387
SHP 0.908931
SLE 26.602577
SLL 24253.984693
SOS 661.017173
SRD 42.525843
STD 23939.932762
STN 24.809741
SVC 10.129332
SYP 15037.93509
SZL 20.691855
THB 37.478284
TJS 11.02732
TMT 4.059776
TND 3.348436
TOP 2.708948
TRY 46.932394
TTD 7.857639
TWD 34.356525
TZS 2972.54252
UAH 48.397143
UGX 4149.95549
USD 1.156631
UYU 46.321065
UZS 14573.55425
VES 141.903914
VND 30335.547524
VUV 137.989576
WST 3.173101
XAF 656.130759
XAG 0.03031
XAU 0.000348
XCD 3.125854
XCG 2.08638
XDR 0.802019
XOF 646.556702
XPF 119.331742
YER 278.342693
ZAR 20.655232
ZMK 10411.062041
ZMW 26.599044
ZWL 372.434808
  • SCU

    0.0000

    12.72

    0%

  • CMSC

    0.1100

    22.61

    +0.49%

  • SCS

    -0.3400

    10.51

    -3.24%

  • CMSD

    0.2200

    23.12

    +0.95%

  • BCC

    -0.6000

    86.14

    -0.7%

  • RIO

    0.0800

    62.27

    +0.13%

  • NGG

    0.2000

    70.52

    +0.28%

  • GSK

    0.2200

    37.67

    +0.58%

  • RBGPF

    -3.5200

    74.03

    -4.75%

  • JRI

    0.0300

    13.06

    +0.23%

  • BCE

    -0.1700

    23.66

    -0.72%

  • BTI

    0.9900

    52.77

    +1.88%

  • VOD

    -0.0500

    11.11

    -0.45%

  • BP

    0.2900

    32.96

    +0.88%

  • AZN

    2.1500

    73.98

    +2.91%

  • RELX

    0.1500

    51.92

    +0.29%

  • RYCEF

    0.3500

    13.5

    +2.59%

Stocks diverge after Trump's latest tariff warning
Stocks diverge after Trump's latest tariff warning / Photo: Tom Nicholson - POOL/AFP

Stocks diverge after Trump's latest tariff warning

Major stock markets diverged and the dollar largely steadied Monday after President Donald Trump's latest trade war salvos that saw him threaten to hit the European Union and Mexico with 30 percent tariffs.

Text size:

Trump's move followed his warnings last week of potential 50 percent levies on copper and Brazilian goods, 35 percent on Canadian goods, and a possible 200 percent charge on pharmaceuticals.

While observers warn the measures could deal a hefty blow to the global economy, investors are largely optimistic that governments will hammer out agreements before the White House's August 1 deadline.

Eurozone stock markets declined in midday trading Monday after leading Asian indices closed mixed.

London climbed with Britain no longer part of the European Union, while comments from Bank of England governor Andrew Bailey hinting at more cuts to UK interest rates boosted sentiment.

"Investors are lurching from hopes that Trump's (tariff) threats are just a big negotiating tactic, to fears that his impatience will turn more vengeful and big hikes will come into force in August," noted Susannah Streeter, head of money and markets at Hargreaves Lansdown.

Traders were awaiting news following Trump's meeting due Monday with NATO chief Mark Rutte in Washington after the president teased a "major statement" on Russia's war in Ukraine, with senior Republicans preparing an arsenal of sanctions against Moscow.

The prospect of additional sanctions on Russian crude sent oil prices climbing 1.5 percent.

Meanwhile bitcoin struck a record-high above $123,000.

- Tariffs reaction -

Regarding tariffs, Trump on Saturday cited Mexico's role in illicit drugs flowing into the United States and a trade imbalance with the European Union.

The move threw months of painstaking talks with Brussels into disarray.

European Commission chief Ursula von der Leyen has insisted the bloc still wants to reach an accord -- and on Sunday delayed retaliation over separate US duties on steel and aluminium as a sign of goodwill.

EU officials threatened in May to impose tariffs on US goods worth around 100 billion euros ($117 billion), including cars and planes, should talks fail.

Heading into Brussels talks with EU trade ministers Monday, the bloc's trade chief Maros Sefcovic said despite Trump's latest threat he "felt" Washington was ready to continue negotiating -- and he planned to speak with his US counterparts later in the day.

Analysts pointed out that the levies against Mexico and Canada come even after Trump agreed a trade deal with the two during his first administration.

Tensions, meanwhile, have eased between the United States and China.

Official data Monday showed Chinese exports jumped more than expected in June after Washington and Beijing agreed a tentative deal to lower swingeing levies on each other.

That included a 32.4 percent surge in shipments to the United States, having dropped in May.

Traders are also keeping a nervous eye on the Federal Reserve as Trump continues to berate boss Jerome Powell for not cutting interest rates soon enough, saying Sunday "I hope he quits", and adding "He should quit".

Reports also said the president's allies were targeting the Fed chief over his handling of an expensive renovation at the bank's headquarters, with some suggesting they were building a case to have him removed over it.

However, strategists warned that such a move would bring the independence of the central bank into question and send US Treasury yields soaring and the dollar plunging.

- Key figures at around 1045 GMT -

London - FTSE 100: UP 0.4 percent at 8,977.21 points

Paris - CAC 40: DOWN 0.5 percent at 7,793.51

Frankfurt - DAX: DOWN 0.9 percent at 24,028.60

Tokyo - Nikkei 225: DOWN 0.3 percent at 39,459.62 (close)

Hong Kong - Hang Seng Index: UP 0.3 percent at 24,203.32 (close)

Shanghai - Composite: UP 0.3 percent at 3,519.65 (close)

New York - Dow: DOWN 0.6 percent at 44,371.51 (close)

Euro/dollar: UP at $1.1692 from $1.1690 on Thursday

Pound/dollar: DOWN at $1.3489 from $1.3497

Dollar/yen: DOWN at 147.24 yen from 147.38 yen

Euro/pound: UP at 86.69 pence from 86.59 pence

Brent North Sea Crude: UP 1.4 percent at $71.37 per barrel

West Texas Intermediate: UP 1.5 percent at $69.47 per barrel

R.Bernasconi--NZN