Public Markets 8-Hour Briefing
×Global Markets
The S&P 500 fell as tariff uncertainty rattled investors, with gold jumping to new heights while the dollar slid against major currencies. Copper remained supported as traders weighed shifts in US trade policy, while European stocks retreated on renewed trade uncertainty.
Trade Policy
The US Supreme Court struck down President Trump's emergency tariffs, prompting him to impose a 15% global duty instead. US Customs announced it would stop collecting these tariffs from February 24, though businesses face more litigation in seeking refunds. The EU stated it would accept no increase in US tariffs, emphasizing "a deal is a deal."
Regional Markets
Asian stocks shrugged off US tariff uncertainties, with South Korea and Taiwan setting records. Chinese stocks in Hong Kong rallied after the court ruling, while the Thai baht strengthened as a tariff reset improved demand outlook for AI equipment. Delta Electronics became Thailand's first $100 billion company following the ruling.
Corporate Developments
Johnson Matthey slashed the price of its catalyst technologies unit being sold to Honeywell to £1.3 billion from £1.8 billion. Renault will acquire Volvo AB's 45% stake and CMA-CGM's 10% stake in electric-van joint-venture Flexis. Rolls-Royce is seeking UK funding for a £3 billion engine project as it plans to re-enter the narrow-body market.
Commodities & Energy
Oil prices slipped amid US-Iran nuclear talks and tariff uncertainty, though Fesharaki warned an open conflict could push prices to $75-$90 per barrel. US natural gas jumped on a powerful winter storm boosting heating demand while LNG exports also climbed. Gold has entered a "storybook stage" with prices far above fundamental levels.