The trade war has begun, the battle over Ukraine defences continues.
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What are the key headlines of the US‑China‑Canada‑Mexico trade war and its impact on Ukraine aid?
Tariffs, trade war, Ukraine, the announcements, the retaliation, the impact on markets, and what next? Donald Trump is talking to Congress later today with supposedly a big announcement. Can we really take any more right now? One thing is clear though, it is bringing Europe together with more spending on the way. But that said, why are European equity down so much today if that's the case? It's Wednesday, it's the fifth of March, twenty twenty five. It's the morning call from Nab. Good morning. So the US dollar is down again, losing more than one percent on the DXY today. It's lowest since early December. But still it is quite a lot higher than it has been over the last few years. The Euro is up one point two percent, the Aussie up just 0.4%, 62.5 US cents.
So the Aussie continuing to weaken against the Euro and the pound. Stocks are lower again. Actually, they were much lower than they were in the green for a while, but now back in the Uh so roller coaster rise ride, but the Nasdaq finished down naught point four percent, one point two per cent lower for the S P at the close and one point six per lower percent lower for the Dow. Um much bigger falls in Europe though, the DAX closed down three and a half percent, the FTSE one hundred down one point three percent, the Eurostocks fifty down two point eight percent, shares well down in Canada as well as you might expect, but uh not as much as they are in Europe and movements in Bond yields, ten-year treasuries are up four basis points.
They're flat in Germany. Ten year guilt yields in the UK are down two basis points. In Canada, ten-year yields are down only one basis point. And oil continues to creep lower, although WTI has recovered from earlier losses and is fairly flat right now. And uh 1.7% off Brent at $71.15 a barrel. WTI uh has pushed back over sixty eight dollars a barrel. So tariffs, tariffs, tariffs, Ukraine. Uh random comments from JD Vance. This is becoming the uh new normal. Here's Nab Jatrel. So China and Canada both announcing retaliatory measures now. Mexico is leaving it to the weekend.
How have US, European and Asian equity markets reacted to the new tariffs?
Uh but those who thought, you know, you should take Trump seriously, but not literally, I think they have to eat their words, don't they? You've got to take him seriously and literally. So We're markets ready for this? I mean stocks are down the world over it seems and yet, you know, some people would say, Well he's po he promised this since before the election.
Yeah, morning Phil. I mean I think the answer is that you know, we knew that markets were partly discounting these actions, which we did which is why we didn't see particularly violent moves following confirmation. Um you know, that we had a few hours beforehand in some uh comments from Trump that um you know there was no rowing back effectively from them. So they have come in uh on queue and we did see a little bit of uh you know an extension. So there was some sort of knee jerk weakness in the Mexican peso in the Canadian dollar. It hasn't really um gone that far. I think the bigger I mean looking across markets, I'd say the biggest reaction to the news yesterday has actually been in European stocks.
Now, you know, there's a bit going on vis vis vis Ukraine there, but you know, one you know comment that I've read, well look if Trump is putting twenty five percent tariffs on Canada and Mexico, is he really going to do anything less than that when it comes Less than that when it comes to To Europe, which seems to be the uh you know the object of his particular wrath at the moment. So um, you know, in that sense I think it it probably makes sense that a little bit of the steam uh has come out of the uh European stock markets which have just really been outperforming for quite some time. Um you know, against that which we need to talk about, there do seem to be some very positive developments vis vis commitments on uh
sharply stepped up defence spending so we'll come to that uh shortly. Yeah. But I was as for the retirement. But on the on the on
on the tariffs, just on the dates on the tariffs, because you m you you mentioned the EU story.
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Chapters
8 chapters
1
What are the key headlines of the US‑China‑Canada‑Mexico trade war and its impact on Ukraine aid?
0:01–1:59
2
How have US, European and Asian equity markets reacted to the new tariffs?
1:59–4:34
3
Why are European stocks falling harder than US stocks after the tariff announcements?
4:34–7:41
4
What is the effect of the trade‑war tariffs on the US dollar, euro, yen and commodity prices?
7:41–10:39
5
How are oil prices responding to the combined shock of tariffs and OPEC+ production changes?
10:39–12:39
6
What new defence‑spending commitments are European countries making in response to Ukraine?
12:39–14:59
7
How might the tariff‑driven slowdown influence the Fed’s and RBA’s interest‑rate outlook?
14:59–17:55
8
What can investors expect from Donald Trump’s upcoming congressional speech and US policy shifts?
17:55–19:11