Daily Report

10 de Julho de 2025
Financial Markets | daily report 10.07.2025
  • Stocks rallied across advanced economies in yesterday's session, with investors shrugging off Donald Trump's latest round of tariff announcements, but emerging market equities dropped. Sovereign yields declined after a few sessions on the rise.
  • In commodity markets, copper has risen by 10% since Tuesday evening, when Trump announced that the plans to set a 50% tariff on copper imports. Also, the U.S. continued to unveil tariff letters with levies set to hit in August unless a deal is agreed: yesterday's included Brazil (50% tariff), Algeria, Libya and Iraq (30%) and the Philippines (20%), among others.
  • Minutes from the Fed's June meeting showed that officials expect tariffs to raise inflation, but there is uncertainty about the timing and size of the effect. "Most participants" saw some reduction in rates as "likely appropriate", "a couple" were open to a July cut, and "some" saw no need to cut at all in 2025. "Several" argued that rates are not far above their neutral level. Fed funds rate futures see a 5% probability of a July cut and price two rate cuts in 2025 (September and December).