U.S. Indices closed mixed and within contained ranges, amid limited trade updates on Tuesday, albeit still a couple of worthy updates. Recapping, the US implemented a review on pharmaceutical and semiconductor imports ahead of Trump’s planned tariff announcements on the separate sectors, while reports suggested China has ordered a halt to Boeing jet deliveries. Canada provided a temporary six-month relief from counter-tariffs for goods imported from the US that are used in manufacturing, processing and food and beverage packaging, and the US announced most tomatoes imported from Mexico to face a 21% duty from July 14th. However, the EU reportedly expects US tariffs to remain as talks make little progress. There was no Fed speak ahead of Chair Powell on Wednesday, while US data was mixed. New York Fed Manufacturing headline was better than expected as were some of the internals, although prices paid rose back into expansionary territory and the 6-month economic outlook deteriorated. Import prices marginally unexpectedly declined, while exports were as expected, flat. Sectors see a downward bias, with Consumer Discretionary the laggard and Real Estate/Financials sitting atop the pile, with the latter buoyed by continued strong bank earnings (BAC & C). The Dollar Index snapped a 3-day losing streak, as Antipodeans outperformed, while both the Canadian Dollar and Swiss Franc lagged, with the former weighed on by a cooler-than-expected inflation report ahead of the Bank of Canada rate decision this afternoon. T-Note bid continues in wake of Treasury Official commentary on buybacks and SLR talks. The crude complex saw slight losses, albeit in choppy trade, as the focus centred around further trade retaliation from China, IEA OMR, and geopolitical updates. Ahead, participants await US retail sales, Fed Chair Powell speaking, and earnings on Wednesday, in addition to any further trade rhetoric. The U.S. implemented a review of pharmaceutical and semiconductor imports ahead of Trump’s planned tariff announcements on the separate sectors. Meanwhile, reports suggested China has ordered a halt to Boeing (BA) jet deliveries as the trade war expands. In later trade, the White House press secretary stated the ball is in China’s court, they don’t have to make a deal with them, and US President Trump is open to deal with China. Canada has provided a temporary six-month relief from counter-tariffs for goods imported from the US that are used in manufacturing, processing and food and beverage packaging. The US announced most tomatoes imported from Mexico to face a 21% duty from July 14th. India said it has signed terms of reference for a trade deal with the US. The EU, however, reportedly expects US tariffs to remain as talks make little progress, according to Bloomberg, with US officials indicating that most US tariffs on the EU will not be removed. Separately, White House press secretary Leavitt said over 15 trade deal proposals are actively being considered and they believe they can announce some very soon. New York Fed Manufacturing for April was better than feared, albeit still negative, as the headline rose to -8.1 from -20.0, against the expected -14.5. Within the release, new orders and employment improved to -8.8 (prev. -14.9) and -2.6 (prev. -4.1), respectively, while prices paid lifted back into expansionary territory at 50.8 from 44.9. Shipments rose, while inventories fell. Looking ahead, six-month business conditions index plunged to -7.4 from +12.7, which continues to highlight the obvious uncertainty consumer have regarding tariffs. Richard Deitz, Economic Research Advisor at the NY Fed, said “After declining sharply last month, business activity continued to contract modestly in New York State in April. Input and selling price increases picked up to the fastest pace in more than two years. Firms turned pessimistic about the outlook for the first time since 2022.” Note, survey responses were collected between April 2nd-9th. U.S. Import Prices fell by 0.1% in March (prev. 0.4%, rev. 0.2%), slightly shy of the unchanged print analysts had forecasted. The move was led by a 2.3% decrease in import fuel prices (prev. 1.6%), its largest monthly drop since September 2024, as lower prices for petroleum and natural gas weighed. Export prices were unchanged M/M as expected (prev. 0.1%, rev. 0.5%). Lower prices for nonagricultural industrial supplies and materials and nonagricultural foods more than offset higher prices for capital goods, consumer goods, and automotive vehicles. Agricultural export prices were unchanged (prev. 0.6%); higher prices for soybeans offset lower prices for wheat and rice. Elsewhere, Oil closed flat while Gold was firmer ending Tuesday with a 0.58% gain.
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For anyone following my Platinum Service it made 110 points yesterday and is now ahead by 6455 points for April after closing March with a gain of 2254 points while closing February with a gain of 4180 points. January ended with a gain of 2768 points while 1997 points were gained in December. October ended with a gain of 2179 points, after closing September with a gain of 4402 points, following a loss of 301 points in August. July gained 1908 points while June saw a gain of 2074 points. The Platinum Service made a record 9619 points in October 2022. Since I started this New Platinum Service in June 2015 it has averaged a monthly gain of over 1900 points. I have a YouTube Channel which contains recent interviews I have given This can be viewed by clicking HERE Please subscribe to this for new interview notification
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