26/11/2024 Daily Reports
Could Trump’s tariff threats spark a prolonged trade war, and how might this impact global economic recovery efforts?
Trump Targets Tariffs on Mexico, Canada, and China
- In a late-night Truth Social post, Trump warned of 25% tariffs on Mexico and Canada over border control issues and hinted at additional tariffs on China.
Market Chaos in Asia
- The Mexican peso plunged more than 2%, while Japan’s Nikkei index fell nearly 2%, led by automakers:
- Toyota: down 3%
- Nissan: down nearly 5%
Unpredictable Trump Era Returns
- Investors must now react to unscheduled, market-moving posts, evoking memories of Trump’s first term. Analysts joke about downloading Truth Social to stay ahead of
Key Market Events Today
- BoE’s Huw Pill addresses UK economic concerns in the House of Lords.
- ECB’s McCaul speaks in Frankfurt, and Centeno presents Portugal’s financial stability report.
- Fed minutes to shed light on the November rate cut and future policy outlook.
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US Stock Futures Dip as Tariff Plans Raise Concerns
U.S. stock futures inched lower Tuesday after a strong rally on Monday, sparked by President-elect Donald Trump’s announcement of a 25% tariff on all imports from Mexico and Canada.
Trump declared that the tariffs would stay in place until decisive measures are taken by both countries to combat drug trafficking and illegal migration.
Monday’s session saw the Dow soar 0.99% to a fresh all-time high, while the S&P 500 and Nasdaq Composite posted smaller gains of 0.3% and 0.27%, respectively. Optimism surged after Trump’s Treasury Secretary pick, Scott Bessent, was viewed as a signal for market-friendly policy approaches that could balance out extreme protectionism.
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