Tariff delays already, ahead of today's deadline.
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Why did President Trump announce a 90‑day tariff delay for Mexico?
There will be no delays, said President Trump yesterday before announcing a ninety-day delay on tariffs with Mexico. But will anyone be getting a letter today? Could Australia get one, for example? And just how is the US doing? We know big tech is getting bigger. Microsoft hitting a new high in terms of market cap today. But what about the rest of the economy? In particular, jobs with non-farm payrolls out tonight. It's Friday, it's the first of August 2025. It's the morning call. Good morning. Well, US stocks closed lower today. The Nasdaq just in the red, the S P down almost naught point four percent, the Dow down three quarters of one percent. Some interesting shifts though. Nvidia is down one percent, Microsoft is up four point one percent, its market cap getting over four trillion for a short while uh in this session.
Uh Meta is up almost twelve percent because of course both Meta and Microsoft beating expectations on their earnings results that we talked about uh on yesterday's morning's podcast. But what of Apple earned? And Amazon will stay tuned for that because they've announced their results. Equity's down in Europe, 1.4% off the Eurostocks 50, 1.1% low for the CatCarrant, and 0.8% off the DAX. The US dollar is up again, getting back over 100 for a short while on the DXY for the first time since mid-May. The Aussie is down 0.1% to 64.3 US cents. The yen is down 0.8%. The Euro, though, up 0.2%. The pound down naught point two percent. And bond movements relatively constrained. Ten year treasury yields down just one basis point, the same in Germany, France, Italy, and Spain, but down three basis points in the UK.
Aussie ten years finished at four point two six percent yesterday on futures now, closer to four point three percent. And oil is lower, one point three percent off WTI, one percent off Brent, which is now around seventy two fifty a barrel, and copper falling. Further, it's down 20% now. So it is tariff day, but not yet in the United States.
How are US stock markets reacting to the latest earnings from Microsoft, Meta, Amazon and Apple?
So there is big news still to come, I fear. Here's Nabs Ken Compton in Sydney's talk all about it. So just yesterday on the podcast we talked about it, uh President Trump said the deadline stands strong and will not be extended. But then today, the news for Mexico, the deadline stand Yeah, good morning, Phil.
I think um yeah whether it's going to be another another taco moment I guess is still up for debate. This is obviously potentially the the third such extension if that happens. I mean I guess something pointing against that would be that um obviously the the Mexican deal was sorry, the the Mexican ext extension as well as the the China extension. They've got a separate deadline of next week that's already been rolled. I guess the thing you can point to is that both of those have been you know, the president has cited sort of active ongoing negotiations. There is a reason why he's been willing to uh to see their to see theirs rolled. Um we haven't necessarily seen quite so much um in in the case of a lot of other countries and there have been a few deals um sort of settled um in i in in the past week or so as well.
So a few a few things are happening. So this this could be the day when a bunch of letters get dropped on uh on on Truth Social or Twitter or X I should say, or it could be the day where we see another role. But obviously it it's gonna be a key day for for all that as well as the the the the the the deluge of data we're getting.
And the big question mark is Canada, isn't it? So uh they have been warned D Donald Trump has said it's very hard to come to a deal when they are calling for an independent Palestinian state, Canada is that is. Uh and uh for that reason uh maybe they might not reach a deal. So uh that could mean what is it? Thirty five percent I think is where it stands, isn't it? On uh on many many of its goods for Canada. So that could be what they're landed with. Okay.
Yeah, it's a bit of a mix of um there's a few exemptions and stuff from Canadian energy and stuff in there in the in the current deal as well.
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Chapters
8 chapters
1
Why did President Trump announce a 90‑day tariff delay for Mexico?
0:01–1:52
2
How are US stock markets reacting to the latest earnings from Microsoft, Meta, Amazon and Apple?
1:52–4:29
3
What impact could Canada’s stance on Palestine have on the US tariff regime?
4:29–6:26
4
How are non‑farm payrolls and US personal income data shaping today’s market outlook?
6:26–8:47
5
What are the implications of the Bank of Japan’s policy stance for global tariffs?
8:47–11:23
6
How is Australia’s retail sales performance linked to tariff expectations?
11:23–14:03
7
What does the ISM manufacturing index reveal about potential tariff effects?
14:03–15:45
8
How did Amazon and Apple earnings influence market sentiment amid tariff uncertainty?
15:45–18:18