Economy Update
Bourses have a positive bias inherited from yesterday’s move. Alphabet shares pushed on by 3.0% in pre-market as revenue grew 14% YoY, but Tesla shares fall 6% as Musk admits there could be a "few rough quarters". Trade talks drown out much as US/EU deal looks set to go to the wire although Trump says there will be a simple tariff of between 15 and 50%, but if the EU opens up it will receive a lower levy. Australia expands; however, Japanese, French and German Manufacturing PMI slightly disappoint but Services and Composites remain sturdy. DAX +0.61%, CAC -0.03%, FTSE +0.31%, Euro STOXX600 +0.47%. FX in tight paring ranges as trade talks dominate and USD worried by Trump criticism of Powell. ECB almost certain to keep rates unchanged, DXY 97.38. Gold 3363. BTC $118,467.
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