10/02/2025 Daily Reports
- US equity futures rebounded after a sharp Friday selloff as President Trump’s announcement of a 25% tariff on steel and aluminum imports buoyed US metals stocks, with United States Steel Corp. surging 15% and Alcoa Corp. up 5%.
- The dollar climbed against key peers amid fears that rising tariffs could fuel inflation and limit Fed rate cuts. While European markets saw modest gains—with the Stoxx 600 rising 0.1% despite pressure on mining stocks. Asian shares fell the most in a week.
- Gold advanced to record highs, and Treasury yields remained steady, even as traders anticipate Federal Reserve Chair Powell’s upcoming testimony and further US economic data.
Analysts view Trump’s tariff move as a bargaining tactic likely to cause volatility, but not a sustained negative impact on risk assets
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Dollar and Gold Hit Record Highs
- President Trump’s plan to impose a 25% tariff on steel and aluminum imports has increased demand for safe-haven assets.
- The US dollar strengthened, while the Japanese yen and the Canadian dollar weakened.
- Gold surged 1.5% to $2,905 per ounce, reaching an all-time high.
US Stock Futures Show Signs of Recovery
- S&P 500 futures gained 0.4 percent, while Nasdaq 100 rose 0.6 percent.
- Dow Jones climbed 0.5 percent, signaling a rebound after last week’s losses.
- US steel and aluminum producers saw strong gains, with United States Steel Corp. jumping 15 percent and Alcoa rising 5 percent in premarket trading.
Cryptocurrency Market Rallies
- Bitcoin rose 2.3 percent to $97,453, while Ethereum surged 3.7 percent to $2,647.
- Market uncertainty is driving increased investor interest in digital assets.
Commodity Markets See Strong Moves
- WTI crude oil prices increased by 1.3 percent to $71.92 per barrel.
- European natural gas prices hit a two-year high as cold weather depletes storage levels.
- Aluminum futures in London remained steady, with traders awaiting further tariff details.
A Critical Week Ahead for Markets
- Monday: Details on Trump’s new tariffs, China’s retaliatory tariffs take effect.
- Tuesday: Federal Reserve Chair Jerome Powell testifies before the Senate, Bank of England Governor Andrew Bailey speaks.
- Wednesday: US inflation data (CPI), Powell’s testimony before the House Financial Services panel.
- Thursday: Germany inflation data, UK industrial production and GDP, Eurozone industrial production.
- Friday: Eurozone GDP figures.
What’s Next?
- The latest trade tensions have reignited uncertainty, fueling risk-off sentiment in some areas while creating opportunities in others.
- Gold’s rally and the dollar’s strength reflect investors’ search for safety, while stock futures suggest optimism may not be entirely lost.
- With key economic data and central bank speeches ahead, this week could set the tone for market direction in the coming months.
