Key Takeaways
- U.S.–EU tariff deal introduces 15% baseline, drawing sharp criticism from European leaders.
- U.S.–China trade truce talks resume in Stockholm with August 12 deadline looming.
- Bitcoin struggles below $119K as bulls test resistance amid cautious risk tone.
- Gold edged down to $3,318 as a stronger dollar and easing demand for safe havens kept prices under pressure.
Global markets showed a mixed performance on Tuesday, July 29, as major trade developments continued to capture investor attention.
A newly announced U.S.–EU trade pact offered partial relief by introducing a 15% baseline tariff on EU exports, reduced from the previously threatened 30%.
However, the agreement drew criticism across Europe. French officials described it as a “dark day” for Europe, while German industry leaders warned the terms could undermine competitiveness.
Although the deal helped avert a near-term escalation, it raised fresh concerns about rising costs and long-term pressure on eurozone growth.
Meanwhile, U.S. and Chinese officials met in Stockholm for over five hours, aiming to extend a temporary tariff truce by an additional three months.
While no breakthrough was announced, both sides emphasized the importance of stable supply chains and ongoing cooperation on critical minerals, with Talks to be resumed later this week.
It’s worth noting that failure to reach an agreement by the August 12 deadline could reinstate triple-digit tariffs, posing risks to global trade flows.
Despite persistent trade pressures, U.S. equity markets remained resilient. The Nasdaq rose, supported by gains in large-cap technology stocks. Tesla advanced 3% following a multibillion-dollar chip supply deal with Samsung, while Nvidia gained 1.9% on continued strength in the AI sector.
Reacting to these developments, the U.S. dollar strengthened, gaining broadly as the U.S.–EU trade agreement offered clarity and tempered global uncertainty. Gold slipped on faded demand for safe-haven assets, while Bitcoin edged higher to $118,430, as bulls struggled to push it above the $118,500 level, aiming to ignite upward momentum.
Looking ahead, traders are shifting their focus to a series of key economic updates and policy decisions that could set the tone for markets in the days to come.
The Federal Reserve’s rate decision and remarks from Chair Jerome Powell, due Wednesday, will be closely followed for any shift in the central bank’s outlook.
Also on the radar are the advance reading of second-quarter U.S. GDP and the core PCE index, the Fed’s preferred inflation measure.
Meanwhile, in Europe, preliminary eurozone GDP data will offer fresh clues on the region’s growth momentum amid stubborn inflation and slowing domestic demand.
Global Indices
S&P 500 (SPX): 6,389.76 ▲ 0.02%
Dow Jones (DJI): 44,837.56 ▼ 0.14%
Nasdaq Composite (IXIC-D): 21,178.58 ▲ 0.33%
Nikkei 225 Futures (NK2251D): 40,580.0 ▼ 0.81%
Euronext 100 (N100-D): 1,588.36 ▼ 0.18%
FTSE 100 (FTSE): 9,093.3 ▲ 0.06%
Cryptocurrencies
Bitcoin (BTCUSD): 118,810▲ 0.63%
Ethereum (ETHUSDT): 3,803.99 ▲ 0.13%
Binance Coin (BNBUSDT): 832.38 ▲ 1.01%
Solana (SOLUSDT): 184.64 ▲ 0.84%
Commodities
Gold (GOLD): 3,318.12 ▲ 0.13%
Silver (SILVER): 38.186 ▲ 0.03%
WTI Crude (USOIL): 65.30 ▼ 0.42%
Brent Crude (BRENT3!): 68.99 ▲ 0.30%
Major Stocks
NVIDIA (NVDA): 176.75 ▲ 1.87%
Tesla (TSLA): 325.59 ▲ 3.02%
Microsoft (MSFT): 512.50 ▼ 0.24%
Meta (META): 717.63 ▲ 0.69%
Apple (AAPL): 214.05 ▲ 0.08%
Amazon (AMZN): 232.79 ▲ 0.58%
Forex
U.S. Dollar Index (DXY): 98.211 ▲ 0.03%
EUR/USD: 1.1582 ▼ 0.05%
GBP/USD: 1.33499 ▼ 0.02%
USD/JPY: 148.244 ▼ 0.17%
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