Ian Reynolds
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Overnight
TACO Trump strikes again. Tariffs now come into effect 1st August. Despite the Trump narrative that all countries are desperately trying to get a deal, it seems that some countries haven't even contacted them, only 12 letters are going out today and only UK, China and Vietnam have any sort of agreement. Actually only the UK seems to be confirming that agreement.
Meanwhile in Brazil..........
The 17th BRICS Summit is currently underway in Rio de Janeiro, Brazil, from July 6 to 7, 2025. This marks Brazil's second time hosting the summit, with President Luiz Inácio Lula da Silva chairing the event.
Expanded Membership and Representation
BRICS has expanded from its original five members—Brazil, Russia, India, China, and South Africa—to include Egypt, Ethiopia, Indonesia, Iran, Saudi Arabia, and the United Arab Emirates, bringing the total to 11 full members. Additionally, countries like Vietnam, Nigeria, and Malaysia have been admitted as partner nations, reflecting the bloc's growing influence in the Global South.
BRICS finance ministers make unified proposal for IMF reforms [Reuters]
Breaking
Stock futures fall after Trump says tariffs to go into effect Aug. 1, not July 9: Live updates [CNBC]
Bessent: Tariffs will ‘boomerang’ back to April levels by Aug. 1 for countries without deals [CNBC]
Several rate cuts on the way after RBA meets this week [AFR]
Bitcoin
BTC brushing off the reappearance of 50k Bitcoins over the weekend and the FUD around Satoshi / FBI or whoever.
Commodities
Silver starting the week positively towards $39.
Foreign Exchange
Euro best performing major currency at the moment. Unlike others seems to have delinked from USD to some extent.
EUR/USD Daily
Bonds
10 year JGB yields back at the middle of the channel. BoJ talking wider ownership and rules of engagement has taken some of the contagion from the failed 20 year auction, out of the price.
Japan 10 Year Government Bond Yield Daily
Equities
Despite falling out with Trump/setting up new political party/EV government benefits potentially disappearing, price is still bullish.
TESLA Daily
Interesting
Japan to export used destroyers to Philippines to deter China, Yomiuri reports [Reuters]
Economic Indicators Today
