TRUMP HITS LOWEST APPROVAL OF SECOND TERM AT 37%
Six months in and the honeymoon's over. Independents crashed from 45% to 29% - that's the real story here. Republicans still at 89% (cult-like loyalty intact). Democrats at 2% (shocking absolutely nobody). The independent collapse matters most. They decide elections, and they're abandoning ship at record pace... Source: Gallup Poll, @AFpost thru Mario Nawfal
German benchmark index Dax jumps in AH trading after headlines the EU and the US are progressing toward an agreement that would set a 15% tariff for most products.
Member states could be ready to accept a 15% tariff and EU officials are pushing to have that cover sectors including cars. Steel and aluminium imports above a certain quota would face the 50% duty. Source: Bloomberg, HolgerZ
BREAKING >>>
U.S. President Donald Trump on Tuesday stateside announced that he had completed a “massive Deal” with Japan, that involves “reciprocal” tariffs of 15% on the country’s exports to the U.S. Nikkei 225 index is up more than 3pct on the news! In a post on Truth Social, Trump also said that Japan will invest $550 billion dollars into the United States, adding that the U.S. will “receive 90% of the Profits.” Trump also said that Japan will “open their Country to Trade including Cars and Trucks, Rice and certain other Agricultural Products, and other things.“ The U.S. president added that the deal would also create “Hundreds of Thousands of Jobs.” Source: CNBC
The French government has launched a criminal investigation into Elon Musk’s X over 'the alleged manipulation of its algorithm' and 'fraudulent' data extraction, the social media platform said
Source: FT
⚠️ Japan House of Councillors Election – Key Takeaways for Markets & Policy
▶️ Political Setback: PM Shigeru Ishiba’s LDP-led coalition failed to secure a majority, increasing political uncertainty and likely altering fiscal and monetary trajectories. ▶️ Market Impact: Greater opposition influence may push for looser monetary policy, pressuring the BOJ to delay rate hikes. This could weaken the Yen further (note that this is NOT market's first reaction as the yen is strengthening today) and push JGB yields higher ▶️Fiscal Concerns: Opposition-backed tax cuts and cash handouts could deepen Japan’s already high public debt burden, risking credit rating downgrades and higher borrowing costs. ▶️ Geopolitical Risks: A weakened coalition may delay or derail a U.S.-Japan trade agreement ahead of the August 1st deadline, worsening trade tensions. 👉Investor Outlook: Expect a more fragmented & uncertain policy landscape. This could mean higher JPY & JGB volatility during the Summer.
Goldman Sachs analysis suggests that the share of tariff costs that fell on consumers rose from 0% in the first month of implementation to 10% after two months.
It then rose to 40% after three months, it is still too early to see the full pass-through of tariffs on inflation. Source: Markets & Mayhem
US tariff revenues hit a new record in June, reaching $26.6bn – up from $22.2bn in May.
Since the fiscal year began in Nov, total customs revenue has climbed to $108bn, w/most of it collected in recent months as Trump’s tariffs take effect. Source: HolgerZ, Yahoo Finance
😨 President Trump informs Canada PM Mark Carney they'll be TARIFFED at 35%.
If Canada raises their tariffs, it will be whatever that rate is PLUS 35%. "Thank you for your attention to this matter." Source: Eric Daugherty on X
