World stocks slip as US tariff threats heat up
The pan-European STOXX 600 index was last down 0.3 per cent in morning trade on Monday.
Other regional indices also declined, barring the UK's FTSE 100, which was up 0.4 per cent.
MSCI's broadest index of world shares dipped 0.1 per cent.
Trump on Saturday said he would impose a 30 per cent tariff on most imports from the European Union and Mexico from August 1, even as they are locked in long negotiations.
The EU said it would extend a suspension of countermeasures to US tariffs until early August and continue to press for a negotiated settlement, though Germany's finance minister called for firm action if the levies went ahead.
German 10-year government bond yields briefly hit their highest since early April on Monday after settling back to 4.63 per cent.
Yields move inversely to price.
"To use the biggest cliche in the book, it continues to be a rollercoaster ride for all of us following the trade story, even if the market has increasingly overcome its queasiness and ensured it has been well stocked up on motion sickness tablets," said Deutsche Bank strategist Jim Reid in a note to clients.
A rise in Japanese government bond yields also added to upward pressure on borrowing costs elsewhere, said Jens Peter Soerensen, chief analyst at Danske Bank.
Japanese bond yields surged as concerns grew that an upcoming election could pave the way for increased fiscal spending.
Chinese blue chips closed 0.1 per cent higher as data showed annual export growth topped forecasts at 5.8 per cent in June, even as exports to the US fell almost 10 per cent.
Retail sales figures, industrial output and gross domestic product are due Tuesday.
S&P 500 futures and Nasdaq futures both eased 0.4 per cent.
Earnings season kicks off this week with the major banks leading the pack on Tuesday.
In bond markets, Treasuries got a very marginal safety bid and 10-year yields held at 4.41 per cent.
US consumer prices data for June are due on Tuesday and could finally start to show early upward pressure from tariffs, though retailers still have pre-levy inventory to draw on and some companies are absorbing the costs into margins.
The impact on supply chain costs could show in producer price and import price figures this week, while a reading on retail sales will indicate how consumers are faring.
Among currencies, the euro dipped 0.1 per cent to $US1.1684, edging away from its recent four-year top of $US1.1830.
The dollar lost 0.1 per cent on the yen to 147.29 while the dollar index was little changed about 97.89.
Bitcoin crossed the $US120,000 level for the first time to reach a top around $US123,153.
Gold picked up a modest safe-haven bid and rose 0.1 per cent to $US3,359 an ounce.
Oil prices rose more than one per cent on speculation Trump could announce stiffer sanctions on Russia later on Monday, including levies on major customers buying Russian oil.
Brent jumped 67 cents to $US71.03 a barrel, while US crude added 70 cents to $US69.15 per barrel.
World shares are ticking lower, with European shares slipping as the latest salvo of threats in the US President Donald Trump's tariff wars keep investors on edge.
The pan-European STOXX 600 index was last down 0.3 per cent in morning trade on Monday.
Other regional indices also declined, barring the UK's FTSE 100, which was up 0.4 per cent.
MSCI's broadest index of world shares dipped 0.1 per cent.
Trump on Saturday said he would impose a 30 per cent tariff on most imports from the European Union and Mexico from August 1, even as they are locked in long negotiations.
The EU said it would extend a suspension of countermeasures to US tariffs until early August and continue to press for a negotiated settlement, though Germany's finance minister called for firm action if the levies went ahead.
German 10-year government bond yields briefly hit their highest since early April on Monday after settling back to 4.63 per cent.
Yields move inversely to price.
"To use the biggest cliche in the book, it continues to be a rollercoaster ride for all of us following the trade story, even if the market has increasingly overcome its queasiness and ensured it has been well stocked up on motion sickness tablets," said Deutsche Bank strategist Jim Reid in a note to clients.
A rise in Japanese government bond yields also added to upward pressure on borrowing costs elsewhere, said Jens Peter Soerensen, chief analyst at Danske Bank.
Japanese bond yields surged as concerns grew that an upcoming election could pave the way for increased fiscal spending.
Chinese blue chips closed 0.1 per cent higher as data showed annual export growth topped forecasts at 5.8 per cent in June, even as exports to the US fell almost 10 per cent.
Retail sales figures, industrial output and gross domestic product are due Tuesday.
S&P 500 futures and Nasdaq futures both eased 0.4 per cent.
Earnings season kicks off this week with the major banks leading the pack on Tuesday.
In bond markets, Treasuries got a very marginal safety bid and 10-year yields held at 4.41 per cent.
US consumer prices data for June are due on Tuesday and could finally start to show early upward pressure from tariffs, though retailers still have pre-levy inventory to draw on and some companies are absorbing the costs into margins.
The impact on supply chain costs could show in producer price and import price figures this week, while a reading on retail sales will indicate how consumers are faring.
Among currencies, the euro dipped 0.1 per cent to $US1.1684, edging away from its recent four-year top of $US1.1830.
The dollar lost 0.1 per cent on the yen to 147.29 while the dollar index was little changed about 97.89.
Bitcoin crossed the $US120,000 level for the first time to reach a top around $US123,153.
Gold picked up a modest safe-haven bid and rose 0.1 per cent to $US3,359 an ounce.
Oil prices rose more than one per cent on speculation Trump could announce stiffer sanctions on Russia later on Monday, including levies on major customers buying Russian oil.
Brent jumped 67 cents to $US71.03 a barrel, while US crude added 70 cents to $US69.15 per barrel.
World shares are ticking lower, with European shares slipping as the latest salvo of threats in the US President Donald Trump's tariff wars keep investors on edge.
The pan-European STOXX 600 index was last down 0.3 per cent in morning trade on Monday.
Other regional indices also declined, barring the UK's FTSE 100, which was up 0.4 per cent.
MSCI's broadest index of world shares dipped 0.1 per cent.
Trump on Saturday said he would impose a 30 per cent tariff on most imports from the European Union and Mexico from August 1, even as they are locked in long negotiations.
The EU said it would extend a suspension of countermeasures to US tariffs until early August and continue to press for a negotiated settlement, though Germany's finance minister called for firm action if the levies went ahead.
German 10-year government bond yields briefly hit their highest since early April on Monday after settling back to 4.63 per cent.
Yields move inversely to price.
"To use the biggest cliche in the book, it continues to be a rollercoaster ride for all of us following the trade story, even if the market has increasingly overcome its queasiness and ensured it has been well stocked up on motion sickness tablets," said Deutsche Bank strategist Jim Reid in a note to clients.
A rise in Japanese government bond yields also added to upward pressure on borrowing costs elsewhere, said Jens Peter Soerensen, chief analyst at Danske Bank.
Japanese bond yields surged as concerns grew that an upcoming election could pave the way for increased fiscal spending.
Chinese blue chips closed 0.1 per cent higher as data showed annual export growth topped forecasts at 5.8 per cent in June, even as exports to the US fell almost 10 per cent.
Retail sales figures, industrial output and gross domestic product are due Tuesday.
S&P 500 futures and Nasdaq futures both eased 0.4 per cent.
Earnings season kicks off this week with the major banks leading the pack on Tuesday.
In bond markets, Treasuries got a very marginal safety bid and 10-year yields held at 4.41 per cent.
US consumer prices data for June are due on Tuesday and could finally start to show early upward pressure from tariffs, though retailers still have pre-levy inventory to draw on and some companies are absorbing the costs into margins.
The impact on supply chain costs could show in producer price and import price figures this week, while a reading on retail sales will indicate how consumers are faring.
Among currencies, the euro dipped 0.1 per cent to $US1.1684, edging away from its recent four-year top of $US1.1830.
The dollar lost 0.1 per cent on the yen to 147.29 while the dollar index was little changed about 97.89.
Bitcoin crossed the $US120,000 level for the first time to reach a top around $US123,153.
Gold picked up a modest safe-haven bid and rose 0.1 per cent to $US3,359 an ounce.
Oil prices rose more than one per cent on speculation Trump could announce stiffer sanctions on Russia later on Monday, including levies on major customers buying Russian oil.
Brent jumped 67 cents to $US71.03 a barrel, while US crude added 70 cents to $US69.15 per barrel.
World shares are ticking lower, with European shares slipping as the latest salvo of threats in the US President Donald Trump's tariff wars keep investors on edge.
The pan-European STOXX 600 index was last down 0.3 per cent in morning trade on Monday.
Other regional indices also declined, barring the UK's FTSE 100, which was up 0.4 per cent.
MSCI's broadest index of world shares dipped 0.1 per cent.
Trump on Saturday said he would impose a 30 per cent tariff on most imports from the European Union and Mexico from August 1, even as they are locked in long negotiations.
The EU said it would extend a suspension of countermeasures to US tariffs until early August and continue to press for a negotiated settlement, though Germany's finance minister called for firm action if the levies went ahead.
German 10-year government bond yields briefly hit their highest since early April on Monday after settling back to 4.63 per cent.
Yields move inversely to price.
"To use the biggest cliche in the book, it continues to be a rollercoaster ride for all of us following the trade story, even if the market has increasingly overcome its queasiness and ensured it has been well stocked up on motion sickness tablets," said Deutsche Bank strategist Jim Reid in a note to clients.
A rise in Japanese government bond yields also added to upward pressure on borrowing costs elsewhere, said Jens Peter Soerensen, chief analyst at Danske Bank.
Japanese bond yields surged as concerns grew that an upcoming election could pave the way for increased fiscal spending.
Chinese blue chips closed 0.1 per cent higher as data showed annual export growth topped forecasts at 5.8 per cent in June, even as exports to the US fell almost 10 per cent.
Retail sales figures, industrial output and gross domestic product are due Tuesday.
S&P 500 futures and Nasdaq futures both eased 0.4 per cent.
Earnings season kicks off this week with the major banks leading the pack on Tuesday.
In bond markets, Treasuries got a very marginal safety bid and 10-year yields held at 4.41 per cent.
US consumer prices data for June are due on Tuesday and could finally start to show early upward pressure from tariffs, though retailers still have pre-levy inventory to draw on and some companies are absorbing the costs into margins.
The impact on supply chain costs could show in producer price and import price figures this week, while a reading on retail sales will indicate how consumers are faring.
Among currencies, the euro dipped 0.1 per cent to $US1.1684, edging away from its recent four-year top of $US1.1830.
The dollar lost 0.1 per cent on the yen to 147.29 while the dollar index was little changed about 97.89.
Bitcoin crossed the $US120,000 level for the first time to reach a top around $US123,153.
Gold picked up a modest safe-haven bid and rose 0.1 per cent to $US3,359 an ounce.
Oil prices rose more than one per cent on speculation Trump could announce stiffer sanctions on Russia later on Monday, including levies on major customers buying Russian oil.
Brent jumped 67 cents to $US71.03 a barrel, while US crude added 70 cents to $US69.15 per barrel.
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