29/07/2025
Wall St futures steady as trade optimism fades.
U.S. stock futures were little changed on Monday evening after the S&P 500 and Nasdaq notched fresh record closes with marginal gains, as investor enthusiasm over the U.S.-EU trade deal showed signs of fading.
Investors shift attention to a busy week of economic data and major corporate earnings. The spotlight remains on the Federal Reserve’s policy meeting, which begins on Tuesday.
Focus shifts to key economic data and Fed meeting
In the regular trading session on Monday, the S&P 500 rose marginally but still reached another all-time closing high. The NASDAQ Composite closed 0.3% higher, also extending its record run. The Dow Jones Industrial Average edged 0.1% lower on Monday.
Gold prices near 3-week lows.
Gold prices were steady near three-week lows in Asian trading on Tuesday, as a stronger dollar and easing global trade tensions limited demand for the safe-haven metal, while investors awaited a key U.S. Federal Reserve policy decision due this week.
Spot Gold edged up 0.2% to $3,319.25 an ounce, while Gold Futures also gained 0.2% to $3,374.70/oz by 01:12 ET (05:12 GMT).
Bullion has fallen for the past four consecutive sessions as recent U.S. trade progress eroded demand for haven assets.
Stronger dollar, US-EU deal dulls gold’s shine
The dollar firmed after the United States and the European Union reached a framework trade agreement on Sunday, reducing the threat of higher tariffs.
The US Dollar Index remained in positive territory after jumping more than 1% on Monday.
A stronger dollar makes gold more expensive for overseas buyers and tends to weigh on demand for the metal.
Analysts said the easing trade tensions between the two major economies diminished near-term appetite for safe-haven assets like gold.
Oil slips amid economic concerns.
Oil prices slipped on Tuesday amid uncertainty about the global economic outlook following the U.S.-EU trade deal, and as investors awaited the U.S. Federal Reserve’s interest rate decision.
Brent crude futures were down 6 cents, or 0.1%, to $69.98 a barrel at 0425 GMT, while U.S. West Texas Intermediate crude was at $66.60, down 11 cents, or 0.2%.
Both contracts settled more than 2% higher in the previous session, and Brent touched its highest level since July 18 on Monday.
The trade agreement between the United States and the European Union, while imposing a 15% import tariff on most EU goods, sidestepped a full-blown trade war between the two major allies that would have rippled across nearly a third of global trade and dimmed the outlook for fuel demand.
The agreement also calls for $750 billion of EU purchases of U.S. energy in the coming years, which analysts say the EU has virtually no chance of meeting, while European companies are to invest $600 billion in the U.S. over the course of President Donald Trump’s second term.
While the U.S.-EU trade deal finalisation came as a relief for global markets amid heightened uncertainty, the timeline and milestones targeted for the investments are unclear, said ANZ analysts in a note.
“We think the 15% rate will pose headwinds to the Euro area’s growth outlook but is unlikely to push the economy into recession.”
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