Euro Weakens Against dollar Amid Trade Tariff Fears; Gas Prices Surge
The euro continued its downward trend against the dollar,falling to 1.158 as concerns mount over the potential negative impact of the US-EU trade tariff agreement on European economic growth. The single currency also depreciated against the Yen, trading at 171.61, a 0.31% drop.
simultaneously occurring, gas prices in Amsterdam experienced a critically important increase, exceeding 33 euros per megawatt-hour, marking a rise of over 1%. Oil prices remained relatively stable, with Brent crude trading around $70 per barrel and WTI above $66.
In bond markets, Eurozone government bonds saw a decline. The 10-year BTP yield decreased to 3.53% from 3.58% at yesterday’s close, and the spread against the German equivalent narrowed to 84 points from 86.
Asian Markets Dip as focus Shifts to US-China Trade Talks
Asian stock markets experienced a downturn, with Tokyo’s Nikkei index closing down 0.79% at 40674.55 points, marking its third consecutive day of losses.the Topix index also fell by 0.75% to 2908.64 points. Analysts attribute the decline to investor attention shifting back to corporate earnings and the ongoing trade negotiations between the United States and China.
Other Asian equity indices, including those in China and Hong Kong, also traded in negative territory. The Hang Seng index slid to the 25,408-point level. the current round of high-level trade talks between the US and China, which began on July 29th, aims to extend the tariff truce beyond August 12th by another 90 days, facilitating continued negotiations and paving the way for a potential summit between Presidents Donald Trump and Xi Jinping later this year.
