Walmart worried, Trump mentions China deal
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What did President Trump say about a possible China trade deal and how did markets react?
So yes, Donald Trump is being Donald Trump again today. But the bit the markets seem to like today is the news that maybe there will be some sort of deal with China. But is that an overreaction to a passing comment from the president? Walmart shares took a hit today after they warned future profits are gonna be affected by tariffs and all the geopolitical uncertainties. And aside from that, uh a lot of America, the sort of people who shop in Walmart, are clearly hurting. No big surprise in Australian employment numbers yesterday. The jobs are rising, but not inflationary, it seems. No doubt Michelle Bullock will be asked about that when she talks in front of the House of Rep standing committee today.
It's Friday, it's the twenty first of february twenty twenty five. It's the morning call from NAB. Good morning. Well, a bit of a fall in the US dollar. It's down almost naught point eight percent on the DXY, below one hundred and six point four now. The Aussie though is up naught point nine percent at sixty four US cents. The pound is up naught point seven per cent, naught point eight percent higher for the euro. The yen is up one point two percent this morning. And on stocks, well the US is on the slide, one percent off the down, naught point four percent off the S P, half a percent off the Nasdaq and the Russell two thousand, down nine. tenths of one percent, all of those at the close in the US. Uh Europe is also lower, although the Eurostocks fifty is flat, but 0.6% off the FTSE one hundred, half percent off the DAX.
How did the US dollar, global currencies and major indices perform this morning?
And bond yields are lower. Ten year treasuries down four basis points, down two or three across much of Europe, but the UK ten year guilt yields are flat. And Australian bonds, well they were fairly flat yesterday at four uh four point five three percent on futures today yields Slipping uh below four and a half percent. An oil higher, although it's retraced some of its earlier rises, uh Brent and WTI were both up more than one point three percent. Now we're just not point six percent for Brent at seventy six fifty a barrel and uh less than half percent up for WTI. So Nabs Rodrigo Catrill is with me today. So I wonder just on all this uh that what you know where oil is going now. I mean we we thought Thought a deal over Ukraine was likely, so that um uh th that impacted all prices a little bit.
I wonder whether the fact now they're creeping up is because th you know, it's not quite as certain. It's more complicated, isn't it, than we perhaps thought.
Yeah, morning filled is is definitely more complicated. Um and and certainly it's it's just playing to the volatility and and you probably need to add as well that you're seeing commodities higher across the board and that is a reflection as well of the weakness or the broad weakness of the US dollar as well. So um there there's a few moving parts but certainly um i in terms of All the comments and market reaction um and and even the comments that President Trump has made that a deal with the the China is possible. Um yeah, sure it's possible, but uh it's it's complicated and it's very, very unlikely to to be reached on on the first of April as well.
So I mean the um you know the the Trump factor, the exceptionalism Seems to have waned a bit, doesn't it? In that uh, you know, markets aren't totally embracing where we're heading. I mean stocks are down, crypto isn't having a good run either, the dollar is weaker, uh, and um yeah, e today, you know, the S and P if we look since election day, the S and P is trailing the Eurostocks five hundred, uh and the Hang Seng. Um so yeah, I mean quite I mean, obviously there's inflation worries as part and parcel of the This plus all that uncertainty, isn't it? But it's it's not the rosy picture it was at the beginning of the year, let's put it that way.
Uh there's a few things to unpack from from your comment. I I think that uh you know you you should also add that when you look at that in terms of Trump popularity um is actually pr pretty solid. So in terms of what Trump is doing and the political support that he's getting uh at home
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Chapters
5 chapters
1
What did President Trump say about a possible China trade deal and how did markets react?
0:01–1:19
2
How did the US dollar, global currencies and major indices perform this morning?
1:19–5:41
3
Why did Walmart’s earnings warning cause a slide in US stocks?
5:41–10:20
4
Is US consumer confidence waning and what does that mean for ‘American exceptionalism’?
10:20–16:02
5
What are analysts saying about bond yields, short‑term debt issuance and inflation risk?
16:02–17:15