Daily Report

3 de Junho de 2025
Financial Markets | daily report 03.06.2025

The week kicked off to a mixed start. US Treasury yields rose after Trump announced on the weekend the US will raise tariffs
on steel and aluminium (25% to 50%) and accused China of breaching the trade truce agreement. Separately, the ISM and
PMI surveys for May showed delivery times increasing, while prices paid by suppliers remained elevated.

Eurozone sovereign yields rose too, with PMI final readings for May signaling some stabilization in the manufacturing sector
(Eurozone Manufacturing PMI at 49.4 from 49.0 in April). Eurozone investors were mostly focused on today's release of HCPI
inflation data for May, and on Thursday's ECB meeting. Investors discount the ECB will cut rates by 25bps again.

Stocks were mixed in the Eurozone, while US blue chip indices rose, pushed up by tech companies. In FX, Trump's new tariffs
weighed on the USD, which weakened against the euro, and pushed up other havens, such as gold. In commodities, oil prices
rose despite the OPEC+ agreement to rise production in July, due to wildfires in a Canadian oil producing province.