05/03/2025 Evening Reports
US Futures Waver Amid Weak Jobs Data and Trade War Fears; European Stocks Rally on German Spending Plans
- US stock futures trimmed gains as weak employment data and uncertainty over President Donald Trump’s trade tariffs weighed on sentiment.
- The S&P 500 futures were little changed, while Nasdaq 100 futures rose 0.3% after US hiring slowed to its weakest pace since July.
- Meanwhile, two-year Treasury yields climbed seven basis points, and the dollar fell 0.5% as investors reassessed the economic outlook.
- European equities surged, with the Stoxx 600 jumping 1.5%, as Germany’s chancellor-in-waiting Friedrich Merz unveiled a sweeping fiscal overhaul to boost the region’s economy.
- The announcement triggered a bond selloff, sending 10-year yields in France, Italy, and Spain up 20 basis points, while the euro marked its best three-day run since November 2022.
- Commerce Secretary Howard Lutnick suggested a moderated approach to tariffs on Mexico and Canada, but markets remained uneasy about potential trade disruptions.
- In Asia, Hong Kong stocks outperformed after China’s National People’s Congress set an ambitious 5% growth target for 2025, fueling expectations of further stimulus.
- On the corporate front, BlackRock led a major acquisition of Panama port assets, marking a geopolitical win for Trump.
- In commodities, oil extended its decline, gold steadied near record highs, and Bitcoin remained volatile.
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