The week kicked off to a mixed start. US Treasury yields rose after Trump announced on the weekend the US will raise tariffson steel and aluminium (25% to 50%) and accused China of breaching the trade truce agreement. Separately, the ISM andPMI 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 HCPIinflation 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 tariffsweighed on the USD, which weakened against the euro, and pushed up other havens, such as gold. In commodities, oil pricesrose despite the OPEC+ agreement to rise production in July, due to wildfires in a Canadian oil producing province.
BANCO BPI, S.A., com sede na Avenida da Boavista, 1117, 4100-129 Porto; Capital Social: € 1 293 063 324,98; matriculada na CRC Porto sob o número de matrícula PTIRNMJ 501 214 534, como o número de identificação fiscal 501 214 534. Intermediário financeiro registado na CMVM com o n° 300 e no Banco de Portugal sob o código n° 10. Agente de Seguros n.º 419527591, registado junto da Autoridade de Supervisão de Seguros e Fundos de Pensões em 21/01/2019, e autorizado a exercer atividade nos Ramos de Seguro Vida e Não Vida.