Memorial Day quiets trade
US markets were closed on Monday in observance of Memorial Day, with the London Stock Exchange also shut for the Spring Bank Holiday. That left Europe and Asia carrying the weight of global trading, in a session defined less by new developments than by relief from those that didn’t come to pass.
European rebound after tariff delay
European stocks posted strong gains, rebounding from Friday’s sharp losses after US President Donald Trump agreed to postpone a 50% tariff on European Union goods. The tariffs, originally scheduled to take effect June 1, have now been pushed to July 9 following a call between Trump and European Commission President Ursula von der Leyen.
The Stoxx Europe 600 rose 1%, with all sectors finishing in positive territory. France’s CAC 40 added 1.2%, while Germany’s DAX climbed 1.6%. Auto stocks led the rally, up 1.7%, as fears of immediate tariff impacts on EU vehicle exports eased. BMW and Mercedes-Benz each gained around 2%, and Volkswagen rose 2.6%.
Zealand Pharma surges on analyst call
Among individual movers, Denmark’s Zealand Pharma topped the Stoxx 600 with a 10% jump. The rally came after Cantor Fitzgerald reiterated its overweight rating on the stock, citing undervaluation relative to upcoming milestones.
Asia mixed, US futures higher
Asian markets were mixed overnight. Japan and South Korea edged higher, while Hong Kong and Chinese stocks slipped. US stock futures pointed upward in thin holiday trade, reflecting cautious optimism.
Commodities and the dollar
Brent crude is 0.06% lower at US$64.74 a barrel.
WTI crude is flat at US$61.53 a barrel.
Spot gold is 0.41% lower at US$3,343.84 an ounce.
Gold futures (COMEX) is 0.7% lower at US$3,370.90 an ounce.
One Australian dollar is buying 64.85 US cents.
Futures
The SPI futures are pointing to a 24 point rise.
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