- Macro: Equity markets had a mixed day yesterday with the S&P500 down -0.79% and the Nasdaq falling -0.92%, as Trump announced the imposition of 25% tariffs on Japan, and South Korea, as well as the extension of the negotiation deadline to August 1st. Europe rose +0.44% before the deadline announcement. Economic releases today include Germany’s May Trade and Current Account balance. From the US, we get June’s NFIB Small Business Optimism index (est. 98.6 and 98.8 previously), followed by the NY Fed’s 1-Year Inflation Expectations for June (est. 3.13%, 3.2% previously). Then later, May’s US Consumer Credit data is released (est. $10.55tr). From the central bankers, only Nagel from the ECB is speaking.
- Stock: We have an update on Apple. (see page 2)
- Debt: Core bond market fell yesterday as Trump announced the imposition of tariffs on some trading partners and a further extension to August 1st that allow negotiations to continue
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