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Top Stories
Trump to Issue Tariff Letters to Countries, Market Braces for Impact
President Trump announces plans to send letters regarding tariffs to various countries, starting Friday. The announcement comes on the eve of Independence Day, with Trump wishing a "Happy 4th of July to the RoW (Rest of World)." Explore more at MarketFlux
Trump's Tariff Plans and Tax Bill Passage Rattle Global Markets
President Trump prepares to send tariff letters, suggesting rates between 10%-70%. His controversial tax bill passes the House, featuring cuts to social programs and extending 2017 tax cuts. Explore more at MarketFlux
Other News
Stock Markets Events
Block Trades and Market Manipulation Claims Shake Indian Stocks as European Markets Tumble
Large block trades occurred in several Indian stocks, including Gail India, Emcure Pharma, PowerGrid, Ola Electric, and ICICI Prudential Life. A potential market manipulation scandal involving Jane Street in the Indian stock market emerged.
Geopolitics Events
Trump's Tariff Plans and Tax Bill Passage Shake Global Markets and Domestic Policy
President Donald Trump's administration is set to initiate a significant trade policy shift, with plans to send out tariff letters to trading partners as early as Friday. The proposed tariffs range from 10% to 70%, ahead of a July 9 deadline for negotiations. This move has sparked concerns in global markets, with Indian equities slipping and the FTSE 100 experiencing a downturn.
China Welcomes US Export Ban Lift, Calls for Further Cooperation in Trade Relations
China's Commerce Ministry has responded to the United States' decision to lift export restrictions on American jet engine components and technology to China. The ministry emphasized the mutually beneficial nature of China-US economic relations and expressed hope for further cooperation.
Trump to Sign Massive Tax Bill Amid Trade Tensions and Tariff Threats
President Trump is set to sign a major $3.3 trillion tax-cut and spending bill into law on Friday, sparking concerns about its impact on vulnerable Americans and state budgets. The bill includes a controversial tax break for private jet purchases, benefiting the ultra-wealthy.
Trump and Zelensky Agree to Bolster Ukraine's Air Defenses Amid Russian Strikes
President Trump and Ukrainian President Zelensky held a significant phone conversation today. The call, described as "good" by sources, focused on Ukraine's air defense capabilities amid escalating Russian strikes.
Russia Escalates Chemical Weapons Use in Ukraine, Dutch Intelligence Reveals
Ukraine reports a tough night of Russian strikes, while its drones damage power infrastructure near Moscow. The Dutch military intelligence agency reveals Russia's large-scale chemical weapons production for use in Ukraine.
China-Germany Relations Strengthen as Brandy Dispute Eases; Ukraine Air Defense Discussed
China's Foreign Minister met with Germany's Merz, emphasizing that China-Germany relations are independent of third parties. China expressed willingness for close high-level exchanges with Germany.
China Seeks Expanded Cooperation with France Amid Trade Tensions
China's Foreign Minister Wang Yi expresses readiness to collaborate with France across various industries, including nuclear power, aviation, AI, green energy, and biotechnology.
Trump Unveils New Tariff Strategy, Threatens Up to 70% on Imports
President Trump announces a significant shift in trade policy on Independence Day. The administration will begin sending letters to 10-12 countries, detailing new tariff rates on US imports.
Trump Discusses Ukraine Defense, Pushes Domestic Bill, and Announces New Tariffs Amid Russian Attacks
President Trump has been at the center of several significant developments today. He discussed escalating Russian strikes on Ukraine and air defense supply with President Zelenskiy, as reported by Axios. Trump also had a phone conversation with Germany's Merz about Ukraine's air defense and trade issues.
Air France-KLM Seeks Majority Control of SAS in Strategic European Aviation Move
Air France-KLM initiates a strategic move to increase its stake in SAS to 60.5%.
House Passes Trump's Controversial "Big Beautiful Bill" as Kremlin Reacts to Presidential Call
In a significant legislative victory, the U.S. House of Representatives passed Donald Trump's "Big, Beautiful Bill" on July 3, 2025. The $3.4 trillion package, approved by a narrow margin of 218-214, includes extensive cuts to Medicaid and nutrition assistance programs while extending the 2017 tax cuts.
Trump Awaits Hamas Response on Peace Proposal, Hints at Diplomatic Moves
President Trump anticipates a decision from Hamas within 24 hours regarding a "final" peace proposal with Israel. The announcement comes amidst ongoing efforts to broker a ceasefire deal.
Macro Events
Trump's Tariff Plans and Tax Bill Passage Shake Global Markets and Domestic Policy
President Donald Trump's administration is set to initiate a significant trade policy shift, with plans to send out tariff letters to trading partners as early as Friday. The proposed tariffs range from 10% to 70%, ahead of a July 9 deadline for negotiations. This move has sparked concerns in global markets, with Indian equities slipping and the FTSE 100 experiencing a downturn.
European Economic Data Shows Mixed Results as Industrial Output Falters in France and Germany
European economic indicators released today paint a mixed picture. France's industrial production declined 0.9% year-on-year, falling short of the estimated 0.1% growth. Monthly figures showed a 0.5% decrease, contrary to the expected 0.3% increase. Germany's factory orders unexpectedly dropped 1.4% month-on-month, missing forecasts.
China Slaps Hefty Tariffs on EU Brandy Imports
China announces anti-dumping duties on EU brandy imports, effective July 5. The tariffs, ranging up to 34.9%, will be imposed for five years.
US Threatens EU with Significant Tariff on Food Exports
The United States is reportedly threatening the European Union with a 17% tariff on food exports, according to the Financial Times.
BoE's Taylor Warns of Economic Risks, Advocates for Lower Neutral Rates
Bank of England's Taylor warns of economic challenges ahead. He emphasizes the need to reach a lower neutral policy rate over 2026-2027, highlighting that there's still "a long way to go" to achieve this.
India Challenges U.S. Auto Tariffs with Retaliatory Measures at WTO
India proposes retaliatory duties at the WTO against U.S. tariffs on auto parts and vehicles. The country claims the 25% import tariff imposed by the U.S. amounts to safeguard measures.
ECB Officials Stress Inflation Control as US Proxy Index Drops
ECB President Lagarde reaffirms commitment to maintaining 2% inflation target. Governing Council member Makhlouf notes well-anchored inflation expectations, emphasizing the need for ECB agility in forward guidance. He also highlights AI and demographics as factors in inflation volatility.
ECB Officials Diverge on Inflation Outlook as European Economic Indicators Show Mixed Results
Europe's PPI for May showed a year-on-year increase of 0.3%, meeting expectations but lower than the previous 0.7%. Month-on-month, it decreased by 0.6%.
ECB's Lagarde Reiterates Commitment to Inflation Target
ECB President Christine Lagarde reaffirms the bank's commitment to its 2% inflation target in an ARD TV interview. She emphasizes that the current interest rate position is appropriate and the ECB will take necessary actions to maintain price stability.
ECB's Villeroy Cautions on Strong Euro's Impact on Inflation, Urges Vigilance
ECB's Villeroy warns that a strong euro may increase the risk of inflation undershoot, noting its clear disinflationary effect. He emphasizes close monitoring of exchange-rate volatility.
Trump Unveils New Tariff Strategy, Threatens Up to 70% on Imports
President Trump announces a significant shift in trade policy on Independence Day. The administration will begin sending letters to 10-12 countries, detailing new tariff rates on US imports.
Carmakers Strategize to Mitigate Tariff Impact as EU-US Trade Talks Conclude
As EU-US trade talks approach conclusion, carmakers are reportedly seeking ways to offset potential tariffs.
Global Markets Tense as Tariff Deadlines Loom and Trade Disputes Escalate
European stocks retreat as the tariff deadline approaches, with China imposing duties on brandy. Poland's NBP projects inflation to reach its target by Q1 2026 in the worst-case scenario.
Germany Bolsters Ukraine's Defense, Reports Russian Chemical Weapon Use
Germany is in talks with the US to purchase Patriot air defense systems for Ukraine. Simultaneously, Germany prepares a €25 billion tank order to strengthen NATO brigades.
UK Construction Sector Shows Signs of Improvement Amid Mixed Eurozone Performance
UK Construction PMI for June 2025 rises to 48.8, surpassing expectations of 48.6 and previous 47.9.
TSMC Prioritizes U.S. Expansion, Delays Japan Plant Amid Tariff Concerns
TSMC is postponing the construction of its second chip plant in Japan. The company is prioritizing its U.S. expansion efforts to avoid potential tariffs under the Trump administration.
Oil And Gas Events
OPEC Boosts Oil Output as Russian Crude Narrows Price Gap and Angola Hikes Diesel Costs
OPEC's oil production has seen significant changes, with output rising by 270,000 barrels per day in June to 27.02 million bpd. Saudi Arabia and the UAE led this increase, with Saudi Arabia's production reaching 9.30M barrels, up from 9.10M.
UK Secures Deal to Resume Fuel Deliveries from Lindsey Refinery
The UK government has reached a deal to restart fuel deliveries from the Lindsey oil refinery. Woodmac consultancy reports the refinery has enough crude to operate for several weeks.
Technology Events
US Tightens AI Chip Export Controls to Southeast Asian Countries
The United States is planning to impose restrictions on AI chip shipments to Malaysia and Thailand. This move is part of a broader effort to prevent semiconductor smuggling into China.
Google Hit with EU Antitrust Complaint over AI Overviews by Independent Publishers
Google faces a new challenge in the EU as independent publishers file an antitrust complaint against the tech giant's AI Overviews feature.
Environment Events
Hamas Accepts Framework for New Gaza Cease-Fire Deal, Sparking Hope for Peace Talks
Hamas has accepted the framework for a new 60-day cease-fire and hostage release deal in Gaza. The proposal, brokered by the U.S., could lead to talks aimed at ending the war.
Crypto Events
Bitcoin Nears All-Time High as Crypto Market Shows Strength Amid Economic Uncertainties
Bitcoin's price hovers around $109,000, showing resilience amid market jitters. The cryptocurrency approaches its all-time high, with potential for further gains if it breaks the $113,000 resistance.
Dormant Bitcoin Whale Wallets Awaken, Moving Billions in Cryptocurrency
A series of dormant Bitcoin wallets from the Satoshi era have suddenly reactivated after 14 years of inactivity.
Other Events
Alstom Lands Massive $2.4 Billion Contract with New York's MTA
French train manufacturer Alstom secures a major contract worth 2 billion euros ($2.4 billion) from New York's Metropolitan Transportation Authority.
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