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Yahoo
12 minutes ago
- Yahoo
Europe Welcomes US Trade Fight Pause Despite Critic Warnings
(Bloomberg) -- European capitals defended the trade deal struck with President Donald Trump, which will see the European Union accept a 15% tariff on most of its exports to the US while reducing levies on some American products to zero. The High Costs of Trump's 'Big Beautiful' New Car Loan Deduction Can This Bridge Ease the Troubled US-Canadian Relationship? Budapest's Most Historic Site Gets a Controversial Rebuild Trump Administration Sues NYC Over Sanctuary City Policy European Commission President Ursula von der Leyen, who met with Trump in his golf club in Turnberry, Scotland, on Sunday, hailed the agreement for the stability and predictability it will offer businesses and consumers. The EU knew that the deal would favor the US, but von der Leyen urged reporters to 'not forget where we came from,' referencing tariff rates Trump threatened that were as high as 50%. Subscribe to the Bloomberg Daybreak Podcast on Apple, Spotify and other Podcast Platforms. The lower rate came as a relief to member states that are dependent on exports, especially Germany, which exported $34.9 billion of new cars and auto parts to the US in 2024. 'The agreement has succeeded in averting a trade conflict that would have hit the export-oriented German economy hard,' German Chancellor Friedrich Merz said in a statement late Sunday. 'This has enabled us to safeguard our core interests, even if I would have liked to have seen further easing in transatlantic trade.' Without a deal, Bloomberg Economics estimated that the total US average effective tariff rate would rise to nearly 18% on Aug. 1 from 13.5% under current policies. The new deal brings that number down to 16%. Prior to Trump's latest trade fight, the EU estimated the average tariff rate to be about 1% on both sides. The pact removes a major risk for markets and the global economy, given the transatlantic partners did €1.7 trillion ($2 trillion) worth of cross-border commerce in 2024. European stocks and US equity futures climbed on Monday with the Stoxx 600 index gaining 0.7%. Industry officials in Germany, however, warned that the deal leaves the auto industry exposed and will make companies in Europe less competitive. 'The agreement is an inadequate compromise and sends a disastrous signal to the closely intertwined economies on both sides of the Atlantic,' said Wolfgang Niedermark, a member of the executive board of Germany's BDI industry federation. 'The EU is accepting painful tariffs. Even a 15% tariff will have immense negative consequences for Germany's export-oriented industry.' France, which took a more hawkish approach to the negotiations, highlighted the stability the agreement would bring, but also recommended triggering the EU's anti-coercion instrument, which would initiate a massive retaliation against the US, hitting American technology companies and blocking US firms from public procurement projects in Europe. 'Let's be clear: the current situation is not satisfactory and cannot be sustainable,' French Minister for European Affairs Benjamin Haddad said in a social media post. 'The free trade that has brought shared prosperity to both sides of the Atlantic since the end of the Second World War is now rejected by the United States, which is choosing economic coercion and complete disregard for WTO rules.' Dutch Minister for Foreign Trade Hanneke Boerma said the deal was 'not ideal' and called on the commission to continue negotiations with the US. Hungarian Prime Minister Viktor Orban, who has long been a thorn in the sides of the Brussels' institutions, took an even tougher line, in part criticizing von der Leyen while praising the American president. 'What's clear is that this isn't a deal Donald Trump struck with Ursula von der Leyen,' Orban said in an online interview with a pro-government influencer on Monday. 'Donald Trump ate Ursula von der Leyen for breakfast. The American president is a heavyweight negotiator, Madam President is featherweight.' Slovak Prime Minister Robert Fico, who typically joins Orban in criticizing the EU, said that 15% is 'a good negotiation result,' though he warned that the devil is 'hidden in the details.' Slovakia's car industry accounts for about 10% of the country's GDP and is home to plants owned by VW, Stellantis, Kia and Jaguar Land Rover, plus an extensive network of suppliers. Trade accords typically require years of negotiations and can run thousands of pages long. The deal reached between the EU and US was thin on details and so far hasn't produced any written details. 'The focus will now turn to interpretation and implementation risk, posing a mix of political and technical questions,' Carsten Nickel, deputy director of research at Teneo, wrote in a note. 'Given the nature of the deal, major uncertainties are likely to persist.' The EU agreed to purchase $750 billion in American energy products, invest $600 billion in the US on top of existing expenditures, open up countries' markets to trade with the US at zero tariffs and purchase 'vast amounts' of military equipment, Trump said. Key to getting the 15% rate to apply to pharmaceuticals and semiconductors was the bloc's promise to make US investments, according to people familiar with the matter. Clemens Fuest, president of Germany's Ifo Institute for Economic Research, called the deal a 'humiliation' that reflects the imbalance of power between the EU and US. 'The Europeans need to wake up, focus more on economic strength and reduce their military and technological dependence on the US,' Fuest said on social media. 'Then they can renegotiate.' French Prime Minister Francois Bayrou had even stronger words when discussing the new deal. 'It's a dark day when an alliance of free peoples, united to affirm their values and defend their interests, opts for submission,' he wrote on social media. --With assistance from Kamil Kowalcze, Alberto Brambilla, Zoltan Simon, Daniel Hornak, Sarah Jacob, James Regan and William Wilkes. (Updates with industry comment in the ninth paragraph.) Burning Man Is Burning Through Cash It's Not Just Tokyo and Kyoto: Tourists Descend on Rural Japan Elon Musk's Empire Is Creaking Under the Strain of Elon Musk Confessions of a Laptop Farmer: How an American Helped North Korea's Wild Remote Worker Scheme Scottish Wind Farms Show How to Counter Nimby Opposition ©2025 Bloomberg L.P. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
12 minutes ago
- Yahoo
Stock market today: Dow, S&P 500, Nasdaq futures nudge higher as Trump-EU trade deal kicks off huge week in markets
US stock futures pointed higher on Monday after the US and European Union struck a trade pact to lead off a packed week of Big Tech earnings, a Federal Reserve meeting, inflation data, the July jobs report, and President Trump's Aug. 1 deadline to lock in key trade deals. Contracts on the S&P 500 (ES=F) and the tech-heavy Nasdaq (NQ=F) put on roughly 0.2% and 0.4%, respectively, after closing out Friday at fresh record highs. Dow Jones Industrial Average futures (YM=F) floated just above the flatline as stocks pared earlier premarket gains. The US and EU have agreed the outlines of a deal setting tariffs on Europe's goods at a baseline 15%, compared with the 30% threatened. Trump called the pact 'the biggest of them all,' while von der Leyen said that "15% is not to be underestimated, but it is the best we could get." An initial boost to market sentiment faded in early morning trading as investors digested the conflicting details in the US-EU deal framework. But stocks are still just about on track to resume a rally that saw the S&P 500 (^GSPC) notch its fifth all-time high in a row on Friday. Read more: The latest on Trump's tariffs At the same time, hopes are rising for a US-China talks in Stockholm on Monday, which could reportedly extend the existing tariff truce by three months beyond its current Aug, 12 deadline. Meanwhile, Trump has frozen US tech export curbs to help secure a China deal and help efforts to book a meeting with President Xi. Investor eyes are now turning to a jam-packed week on Wall Street. Heavyweight earnings highlight the most intense stretch of the season, with more than 150 S&P 500 companies set to report. Meta Platforms (META) and Microsoft (MSFT) lead off Wednesday, followed by Amazon (AMZN) and Apple (AAPL) on Thursday. Read more: Full earnings coverage in our live blog Beyond earnings, the Fed begins its two-day policy meeting on Tuesday, with an interest-rate decision expected Wednesday afternoon. While the central bank is expected to keep rates at 4.25%-4.50%, the watch is on for signs that policymakers are warming to a rate cut in September. It all comes alongside legal battles to open up the Fed's meetings to investor eyes, as well as Trump's general pressure on the central bank and Chair Jerome Powell. On the data front, inflation and labor will be in the spotlight. The July reading of the personal consumption expenditures (PCE) index, the Fed's preferred inflation gauge, is forecast to show a modest monthly and annual uptick on its release on Thursday. Also on deck: a flurry of jobs data. Tuesday's JOLTS update and Wednesday's ADP private payrolls print will set the stage for the crucial July jobs report on Friday. Dollar strengthens, euro slips on trade deal The US dollar index ( rose 0.6% on Monday following news that the United States and European Union struck a trade deal. The euro (EURUSD=X) slipped 0.7% against the dollar at $1.16. While the framework's added clarity brought some relief to the trading partners, the deal was seen as more mixed in Europe, which was angling for free trade. Under the deal, European goods bound for the US will face a 15% tariff, and the EU will spend $600 billion on US investments, though some details remain unclear. Together, the US and EU account for about a third of all global trade. How ethereum rose to become a mainstream cryptocurrency The Ether Machine is preparing to go public after raising the equivalent of $1.5 billion, with its promise of offering the public a new way to access cryptocurrency yields. It's the latest sign of ethereum's move out of bitcoin's shadow and into mainstream adoption. Yahoo Finance's Nina Moothedath reports: Here's what to know about ethereum and what sets it apart from other blockchains. ASML's stock is in focus after US/EU trade deal Semiconductor play ASML (ASML, getting a lot of mentions on the Street this morning as a winner from the US/EU trade deal. Shares were up nearly 5% at one point in premarket trading. (I would note ASML just a week ago issued weak guidance that hammered the stock, so be mindful of that.) Here's what JP Morgan had to say this morning: Good morning. Here's what's happening today. Economic data: Dallas Fed manufacturing activity (July) Earnings: Tilray (TLRY), Waste Management (WM), Whirlpool (WHR) Here are some of the biggest stories you may have missed overnight and early this morning: Fed meeting, July jobs report and Big Tech earnings: Week ahead Health insurers have a problem that's squeezing their earnings Musk hails $16.5B Samsung deal to make Tesla's AI chips Trump looms large over defiant Fed's meeting this week Eyes on US-China talks after EU strikes 15% tariff deal Oppenheimer lifts S&P 500 target to call third year of 20% gains US LNG producers soar as EU agrees $250B in annual purchases Japan: Only 2% of $550 billion US fund will be investment Fed meeting, jobs report, Big Tech earnings — and Trump's deadline: What to watch this week The impact of President Trump's policies on the economy is about to get a lot clearer. Yahoo Finance's Josh Schafer takes a look at what to expect this week and why it matters: Read more here. Trending tickers: Nike, Samsung Electronics and US liquefied natural gas stocks Here are some top stocks trending on Yahoo Finance in premarket trading: Nike (NKE) shares were up over 3% before the bell on Monday after receiving an upgrade from JPMorgan (JPM), moving its rating from neutral to overweight and setting a new price target of $93, up from the previous $64. Samsung Electronics ( stock rose 6% after announcing that it had secured a 16.5 billion deal to make Tesla's next-generation AI chip. Shares in US liquefied natural gas developers surged in premarket trading on Monday, after the European Union pledged to purchase $750 billion worth of the super-cooled fuel over the next three years as part of a sweeping trade pact. NextDecade (NEXT), Venture Global (VG), and Cheniere Energy (LNG)jumped between 7% and 8.8%. Samsung to make AI chips for Tesla under $16.5 billion deal Samsung Electronics ( SSNLF) has landed a $16.5 billion deal to make Tesla's (TSLA) next-generation AI chip. The agreement, which runs through the end of 2033, will see the South Korean company produce the AI6 semiconductor at an upcoming plant in Texas. Shares of Tesla stepped up 1.5% in premarket trading, after its CEO Elon Musk confirmed on X that the EV maker had struck the multibillion-dollar deal. Meanwhile, Samsung's Seoul-traded stock rose almost 7% to its highest level since September. 'The strategic importance of this is hard to overstate,' Musk wrote. "The $16.5B number is just the bare minimum. Actual output is likely to be several times higher." Bloomberg reports: Read more here. Oil rises with EU-US trade deal locked in Oil prices eked out gains as the US and the EU finalized details of a trade deal ahead of Trump's Aug. 1 deadline. Bloomberg reports: Read more here. European stock futures rise on US-EU trade deal announcement Futures in European stock indexes saw positive bumps early morning Monday as the markets reacted to the announcement of a tariff deal between the US and the EU Interest in individual stocks in carmakers, luxury goods makers, and alcohol conglomerates is rising ahead of the market open Monday with those industries the most impacted by the deal. Bloomberg reports: Read more here. Dollar strengthens, euro slips on trade deal The US dollar index ( rose 0.6% on Monday following news that the United States and European Union struck a trade deal. The euro (EURUSD=X) slipped 0.7% against the dollar at $1.16. While the framework's added clarity brought some relief to the trading partners, the deal was seen as more mixed in Europe, which was angling for free trade. Under the deal, European goods bound for the US will face a 15% tariff, and the EU will spend $600 billion on US investments, though some details remain unclear. Together, the US and EU account for about a third of all global trade. The US dollar index ( rose 0.6% on Monday following news that the United States and European Union struck a trade deal. The euro (EURUSD=X) slipped 0.7% against the dollar at $1.16. While the framework's added clarity brought some relief to the trading partners, the deal was seen as more mixed in Europe, which was angling for free trade. Under the deal, European goods bound for the US will face a 15% tariff, and the EU will spend $600 billion on US investments, though some details remain unclear. Together, the US and EU account for about a third of all global trade. How ethereum rose to become a mainstream cryptocurrency The Ether Machine is preparing to go public after raising the equivalent of $1.5 billion, with its promise of offering the public a new way to access cryptocurrency yields. It's the latest sign of ethereum's move out of bitcoin's shadow and into mainstream adoption. Yahoo Finance's Nina Moothedath reports: Here's what to know about ethereum and what sets it apart from other blockchains. The Ether Machine is preparing to go public after raising the equivalent of $1.5 billion, with its promise of offering the public a new way to access cryptocurrency yields. It's the latest sign of ethereum's move out of bitcoin's shadow and into mainstream adoption. Yahoo Finance's Nina Moothedath reports: Here's what to know about ethereum and what sets it apart from other blockchains. ASML's stock is in focus after US/EU trade deal Semiconductor play ASML (ASML, getting a lot of mentions on the Street this morning as a winner from the US/EU trade deal. Shares were up nearly 5% at one point in premarket trading. (I would note ASML just a week ago issued weak guidance that hammered the stock, so be mindful of that.) Here's what JP Morgan had to say this morning: Semiconductor play ASML (ASML, getting a lot of mentions on the Street this morning as a winner from the US/EU trade deal. Shares were up nearly 5% at one point in premarket trading. (I would note ASML just a week ago issued weak guidance that hammered the stock, so be mindful of that.) Here's what JP Morgan had to say this morning: Good morning. Here's what's happening today. Economic data: Dallas Fed manufacturing activity (July) Earnings: Tilray (TLRY), Waste Management (WM), Whirlpool (WHR) Here are some of the biggest stories you may have missed overnight and early this morning: Fed meeting, July jobs report and Big Tech earnings: Week ahead Health insurers have a problem that's squeezing their earnings Musk hails $16.5B Samsung deal to make Tesla's AI chips Trump looms large over defiant Fed's meeting this week Eyes on US-China talks after EU strikes 15% tariff deal Oppenheimer lifts S&P 500 target to call third year of 20% gains US LNG producers soar as EU agrees $250B in annual purchases Japan: Only 2% of $550 billion US fund will be investment Economic data: Dallas Fed manufacturing activity (July) Earnings: Tilray (TLRY), Waste Management (WM), Whirlpool (WHR) Here are some of the biggest stories you may have missed overnight and early this morning: Fed meeting, July jobs report and Big Tech earnings: Week ahead Health insurers have a problem that's squeezing their earnings Musk hails $16.5B Samsung deal to make Tesla's AI chips Trump looms large over defiant Fed's meeting this week Eyes on US-China talks after EU strikes 15% tariff deal Oppenheimer lifts S&P 500 target to call third year of 20% gains US LNG producers soar as EU agrees $250B in annual purchases Japan: Only 2% of $550 billion US fund will be investment Fed meeting, jobs report, Big Tech earnings — and Trump's deadline: What to watch this week The impact of President Trump's policies on the economy is about to get a lot clearer. Yahoo Finance's Josh Schafer takes a look at what to expect this week and why it matters: Read more here. The impact of President Trump's policies on the economy is about to get a lot clearer. Yahoo Finance's Josh Schafer takes a look at what to expect this week and why it matters: Read more here. Trending tickers: Nike, Samsung Electronics and US liquefied natural gas stocks Here are some top stocks trending on Yahoo Finance in premarket trading: Nike (NKE) shares were up over 3% before the bell on Monday after receiving an upgrade from JPMorgan (JPM), moving its rating from neutral to overweight and setting a new price target of $93, up from the previous $64. Samsung Electronics ( stock rose 6% after announcing that it had secured a 16.5 billion deal to make Tesla's next-generation AI chip. Shares in US liquefied natural gas developers surged in premarket trading on Monday, after the European Union pledged to purchase $750 billion worth of the super-cooled fuel over the next three years as part of a sweeping trade pact. NextDecade (NEXT), Venture Global (VG), and Cheniere Energy (LNG)jumped between 7% and 8.8%. Here are some top stocks trending on Yahoo Finance in premarket trading: Nike (NKE) shares were up over 3% before the bell on Monday after receiving an upgrade from JPMorgan (JPM), moving its rating from neutral to overweight and setting a new price target of $93, up from the previous $64. Samsung Electronics ( stock rose 6% after announcing that it had secured a 16.5 billion deal to make Tesla's next-generation AI chip. Shares in US liquefied natural gas developers surged in premarket trading on Monday, after the European Union pledged to purchase $750 billion worth of the super-cooled fuel over the next three years as part of a sweeping trade pact. NextDecade (NEXT), Venture Global (VG), and Cheniere Energy (LNG)jumped between 7% and 8.8%. Samsung to make AI chips for Tesla under $16.5 billion deal Samsung Electronics ( SSNLF) has landed a $16.5 billion deal to make Tesla's (TSLA) next-generation AI chip. The agreement, which runs through the end of 2033, will see the South Korean company produce the AI6 semiconductor at an upcoming plant in Texas. Shares of Tesla stepped up 1.5% in premarket trading, after its CEO Elon Musk confirmed on X that the EV maker had struck the multibillion-dollar deal. Meanwhile, Samsung's Seoul-traded stock rose almost 7% to its highest level since September. 'The strategic importance of this is hard to overstate,' Musk wrote. "The $16.5B number is just the bare minimum. Actual output is likely to be several times higher." Bloomberg reports: Read more here. Samsung Electronics ( SSNLF) has landed a $16.5 billion deal to make Tesla's (TSLA) next-generation AI chip. The agreement, which runs through the end of 2033, will see the South Korean company produce the AI6 semiconductor at an upcoming plant in Texas. Shares of Tesla stepped up 1.5% in premarket trading, after its CEO Elon Musk confirmed on X that the EV maker had struck the multibillion-dollar deal. Meanwhile, Samsung's Seoul-traded stock rose almost 7% to its highest level since September. 'The strategic importance of this is hard to overstate,' Musk wrote. "The $16.5B number is just the bare minimum. Actual output is likely to be several times higher." Bloomberg reports: Read more here. Oil rises with EU-US trade deal locked in Oil prices eked out gains as the US and the EU finalized details of a trade deal ahead of Trump's Aug. 1 deadline. Bloomberg reports: Read more here. Oil prices eked out gains as the US and the EU finalized details of a trade deal ahead of Trump's Aug. 1 deadline. Bloomberg reports: Read more here. European stock futures rise on US-EU trade deal announcement Futures in European stock indexes saw positive bumps early morning Monday as the markets reacted to the announcement of a tariff deal between the US and the EU Interest in individual stocks in carmakers, luxury goods makers, and alcohol conglomerates is rising ahead of the market open Monday with those industries the most impacted by the deal. Bloomberg reports: Read more here. Futures in European stock indexes saw positive bumps early morning Monday as the markets reacted to the announcement of a tariff deal between the US and the EU Interest in individual stocks in carmakers, luxury goods makers, and alcohol conglomerates is rising ahead of the market open Monday with those industries the most impacted by the deal. Bloomberg reports: Read more here. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
12 minutes ago
- Yahoo
Marex to buy Winterflood Securities for £103.9m
Financial services company Marex Group has brokered a deal to acquire Winterflood Securities, a UK equity market maker, from Close Brothers Group for approximately £103.9m ($139.5m) in cash. Winterflood provides execution services to more than 400 institutional clients. It has a market share of around 15% by volume on the London Stock Exchange. In addition to its market-making activities, Winterflood operates Winterflood Business Services, which offers outsourced dealing, settlement, and custody services to a variety of clients. The clients include large institutions, investment platforms, wealth managers, and retail aggregators. Winterflood Securities CEO Bradley Dyer said: 'We're delighted to become part of Marex, which is a high-growth, global financial services company with a strong balance sheet. 'Our clients will continue to be served by the same team, while also benefitting from the backing of a large and growing company as well as access to a broader range of products and services from Marex.' The acquisition is anticipated to strengthen Marex's existing UK cash equities operations. This move is also expected to broaden Marex's distribution capabilities, particularly in servicing the UK institutional sector, which includes asset and wealth management firms. Marex Group CEO Ian Lowitt said: 'This acquisition gives us an opportunity to transform our existing equity market making business into a leading franchise, utilising the technology and connectivity of what is the leading brand in this market. 'This deal is consistent with our strict financial criteria, and we see opportunities to materially improve Winterflood's profitability and pay back its premium within two to three years.' The completion of the acquisition is contingent upon regulatory approval and is expected to be finalised in early 2026. Marex Group is a diversified global financial services platform that provides essential liquidity, market access, and infrastructure services across energy, commodities, and financial markets. It offers a wide range of services, including clearing, agency and execution, market making, and hedging and investment solutions. "Marex to buy Winterflood Securities for £103.9m" was originally created and published by Private Banker International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
