Wall Street retreats, ASX set to slip
Wall Street’s Trump administration drew attention to the introduction of new tariff threats and the upcoming corporate earnings reporting season, the US sale spent an unequal week in the market.
The administration initially set up on Wednesday as a deadline for countries to make agreements with the USA or to face heavy increases in tariffs. However, since April, only two trade agreements, one with the United Kingdom and one by Vietnam, has been extended until August 1.
Earlier this year, the first release of Trump’s tariff policies launched financial markets. However, Wall Street has increased relatively stable and stock to record levels in recent weeks. This shows that the market mostly adapted to the unpredictability of Trump’s rapidly changing tariffs. However, some market observers are not so sure.
Capital Economics, North American economist Paul Ashworth, said on Friday, the market’s tariff rise this week, “surprisingly silent. Markets seem to believe Trump will withdraw again,” he wrote. “We’re not so sure.”
Eric Teal, the Chief Investment Officer of the Comerica Asset Management, said that despite the uncertainty about tariffs, Wall Street’s 10 percent tariffs have already come to accept the “basic case”.
Orum To the extent that this expands, I think the market priced most of it, ”he said.
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Aside from the trade policy, the Sunday will change at least a part of its focus on companies due to three -month earnings in the next few weeks.
In the meantime, Bitcoin remains close to record peaks in the midst of the rise acceleration between risk assets and coincides with Nvidia’s rise to a $ 4 trillion valuation. In addition, the US Congress will discuss a series of invoices that can define the regulatory framework for the industry, days before the Crypto Week.
Reuters with AP
