Trump-Putin Summit
US
Stocks rise on rate hopes
The S&P 500 climbed on rate cut bets and chip tariff exemptions. Over 80% of S&P 500 companies beat earnings expectations.
Tariffs on China may be delayed, with a 90-day extension in focus this week. Trump–Putin talks sparked ceasefire hopes in the Russia–Ukraine conflict. CPI, PPI, and retail sales may be key for the next Fed move.
Europe
Eurozone: soft data, inflation pressure, and trade deal concerns
PMI came in soft at 50.9. PPI rose 0.8%, but retail sales fell 0.7%.
Sentiment dropped on the EU–US trade deal favouring the U.S.
UK: BoE cuts again amid inflation and jobs worries
The Bank of England cut rates by 25bps to 4.00% in its fifth cut, driven by a 4.7% jobless rate and 3.6% inflation.
The next cut is priced for 2026, as inflation remains sticky.
Asia
India hit hard
A new 25% tariff on Indian goods will take effect from August 28. This brings the total U.S. tariff on India to 50%, the highest in Asia. While China is still negotiating, India has already been penalized.
Global realignment underway, thanks to Trump tariffs.
Modi will visit China this month, signalling shifting alliances.
BRICS nations, led by Brazil, may draft a joint response to U.S. tariffs.
Geopolitics
Tariff Peaks, Shifting Alliances
Global tariffs hit 100-year highs; US signed deals with 69 countries — only 7 have real frameworks. Switzerland faces unilateral 39% tariff while EU and Japan face negotiated terms.
Modi’s upcoming China visit signals shifting alliances; BRICS drafting joint response to U.S. tariffs.
FX
USD slips as Fed eyes cuts
USD weakened on soft ISM Services data and dovish Fed comments, with Daly hinting at cuts at “every meeting.”
CHF slides despite strong CPI; hit by new 39% US tariffs.
GBP gains vs EUR/USD after BoE’s 25bps cut seen as hawkish.
Commodities
OPEC+ supply boost and tariff plans pressure oil
Oil prices fell, with WTI and Brent down on news of an OPEC+ supply boost.
Media reports suggest that President Trump plans to meet with Russian President Putin.
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