The US Supreme Court struck down the Trump administration’s global tariffs, ruling that Trump had exceeded his legal authority. In response, he said he would invoke alternative legislation to levy tariffs and announced a blanket 15% tariff on imports from all other countries.
In markets, the week ended with equities closing higher. In the US, the ruling overshadowed the weaker-than-expected Q4 2025 GDP print, which came in at 1.4% annualised QoQ (vs 4.4% previously). US Treasury yields edged slightly higher. In the euro area, stronger business activity data (PMIs) supported a decline in yields.
Brent crude remained above USD 71 per barrel amid rising tensions between Iran and the US. Gold prices climbed back above USD 5,000 per ounce.
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.