Morning Bid: Trade relief, business lift and market high
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Morning Bid: Trade relief, business lift and market high
All eyes will be on the European Central Bank as it announces its latest policy decision. Reports of a Brussels-Washington trade deal that will halve threatened U.S. tariffs to 15% is likely to embolden the ECB to stand pat on rates. China’s yuan was one of the big movers early on Thursday, surging to its strongest level this year as China’s central bank guided the currency higher. Tesla shares sank nearly 7% in premarket trading on Thursday as the EV giant grapples with sinking sales and mounting doubts over its future under CEO Elon Musk. The automaker reported one of its most difficult quarters in over a decade, marked by a second consecutive revenue slide. Read the latest from ROI energy columnist Ron Bousso on Exxon Mobil and Chevron’s recent major acquisitions. Follow the Daily Discussion on Twitter @reutersdotcom and on Facebook at www.reuters.com/daily-doubleday. Back to the page you came from. Follow us on Facebook!
LONDON, July 24 (Reuters) – What matters in US and global markets today
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Early in the day, all eyes will be on the European Central Bank as it announces its latest policy decision. Reports of a Brussels-Washington trade deal that will halve threatened U.S. tariffs to 15% is likely to embolden the ECB to stand pat on rates even as the euro strengthens back toward $1.18 for the first time in three weeks.
* U.S. trade deal reports drove European stocks (.STOXXE) , opens new tab up almost 1% to 6-week highs, with quarterly results from Deutsche Bank and BNP Paribas lifting both those stocks even as chipmaker STMicro STMPA.PA slumped 10.5% on its earnings.
* China’s yuan was one of the big movers early on Thursday, surging to its strongest level this year as China’s central bank guided the currency higher and worldwide trade hopes fed expectations of a detente between Washington and Beijing. U.S. Treasury Secretary Bessent said China trade talks were in a ‘good place’ just as Chinese leaders met with European Union counterparts in Beijing.
Today’s column takes a look at U.S. financial conditions, which – despite what White House pressure might suggest – are actually the loosest they’ve been since 2021 by some measures.
Today’s Market Minute
* Chinese President Xi Jinping urged top European Union officials on Thursday to “properly handle differences and frictions” as he criticised Brussels’s recent trade actions against Beijing at a tense summit dominated by concerns on trade and the Ukraine war.
* Exxon Mobil and Chevron’s recent major acquisitions raise a provocative question: does the U.S. still need two energy titans, or might it be more efficient for the two to join forces? Read the latest from ROI energy columnist Ron Bousso.
* Surging investment into Hong Kong by mainland Chinese investors is increasing market liquidity and depth. Short-term headwinds could slow this capital flood, but Emmer Capital Partners Ltd. CEO Manishi Raychaudhuri writes that market innovation and the push for diversification are likely to propel this trend over time.
Chart of the day
Tesla’s regulatory credit revenue drops sharply from 2024 peak
Tesla shares sank nearly 7% in premarket trading on Thursday as the EV giant grapples with sinking sales and mounting doubts over its future under CEO Elon Musk , deepening investor anxiety after another shaky quarter. Musk warned of a “few rough quarters” ahead for Tesla, as cuts in the Trump administration’s EV incentives compound its challenges. The automaker reported one of its most difficult quarters in over a decade, marked by a second consecutive revenue slide.
Today’s events to watch
* European Central Bank policy decision (8:15 AM EDT) and press conference by ECB President Christine Lagarde (8:45 AM EDT)
* U.S. weekly jobless claims (8:30 AM EDT), Chicago Federal Reserve June national activity index (8:30 AM EDT), Flash July U.S. business surveys from S&PGlobal (9:45 AM EDT), June new home sales (10:00 AM EDT), Kansas City Fed July business surveys (11:00 AM EDT)
* U.S. corporate earnings: Intel, Dow, Honeywell, Allegion, Newmont, CenterPoint, Ameriprise, Nasdaq, Mohawk, Keurig Dr Pepper, Westinghouse, Union Pacific, Valero, Dover, Textron, West Pharmaceutical, VeriSign, Southwest Airlines, Weyerhaeuser, AO Smith, L3Harris, Labcorp, Deckers Outdoor, LKQ, Pool
* U.S. Treasury sells $21 billion of 10-year inflation-protected securities
* European Commission President Ursula von der Leyen and European Council President Antonio Costa meet Chinese President Xi Jinping and Chinese Premier Li Qiang in Beijing
Opinions expressed are those of the author. They do not reflect the views of Reuters News, which, under the Trust Principles , opens new tab , is committed to integrity, independence, and freedom from bias.
by Mike Dolan; editing by William Maclean
Our Standards: The Thomson Reuters Trust Principles. , opens new tab
Opinions expressed are those of the author. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.
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Source: https://www.reuters.com/business/finance/global-markets-view-usa-2025-07-24/