Profit-taking on the markets with tariffs and US labour figures

Eurizon Weekly, 04.08.2025. A week characterised by the announcement of new tariffs by the US administration against countries with which an agreement has not yet been reached, surprising markets that had expected a more constructive continuation of the negotiation phase. Positive US quarterly figures and US GDP data supported markets during the first part of the week.  The weakening labour market, however, led to a drop in US government bond yields and consequently in the dollar, which interrupted the phase of rapid consolidation that had begun at the start of the week. Investors now expect the Fed to cut rates as early as September. We’ll take a deep dive with Stefano Cucchi from Eurizon's Product Specialist & Macro Research team. Audio recorded on 04 August 2025.

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