WTF Dailies July 9, 2025
Asian markets took a weak lead-in from Wall Street, which logged a muted overnight session as Trump threatened more trade tariffs, this time on copper and pharmaceutical imports. Trump’s threat came after he began issuing letters to major economies outlining U.S. tariffs on their imports.
- US stock futures wavered as President Trump ratcheted up trade tensions with US trade partners. Stocks teetered lower on Tuesday as Trump spoke during a wide-ranging cabinet meeting, where he said a 50% tariff on copper was in the works and threatened 200% duties on pharmaceuticals. The president also reaffirmed that the pause he placed on "reciprocal" tariffs in April will end August 1, saying "no extensions will be granted" to countries that have not struck deals before then.
- On Wednesday, Wall Street is looking forward to the release of the minutes from the Federal Reserve's June meeting. Fed officials held interest rates steady in June and indicated two rate cuts this year are likely.
- Most Asian stocks moved in a flat-to-low range on Wednesday as investors remained uncertain over the full scope of U.S. President Donald Trump’s trade tariffs, while mixed inflation data from China also weighed.
- Asian markets took a weak lead-in from Wall Street, which logged a muted overnight session as Trump threatened more trade tariffs, this time on copper and pharmaceutical imports. Trump’s threat came after he began issuing letters to major economies outlining U.S. tariffs on their imports.
- Regional markets were also caught off guard by the Reserve Bank of Australia not cutting rates as expected on Tuesday, with Australian stocks extending their losses.
- China’s Shanghai Shenzhen CSI 300 and Shanghai Composite indexes rose about 0.2% apiece, while Hong Kong’s Hang Seng index sank about 0.9%.
- Government data released on Wednesday showed Chinese consumer price index inflation improved marginally in June, beating expectations but still remaining relatively subdued. While consumer inflation did take some support from government subsidies and e-commerce shopping events in June, Capital Economics analysts expect this boost to fade out in the coming months.
- Producer price index inflation shrank more than expected and marked a 33rd consecutive month of contraction. The print was also at its lowest level since July 2023.
- Wednesday’s inflation data showed China’s deflationary trend still remained largely in play, despite efforts by Beijing to shore up local spending. Local producers are also grappling with sluggish overseas demand, amid relatively high U.S. tariffs on the country.
- China on Tuesday warned that U.S. against reigniting a trade war between the two countries, especially as Trump harshened his tariff rhetoric this week.
- Broader Asian markets moved in a tight range on Wednesday, as traders sought more clarity on Trump’s tariff plans. The president on Monday released letters outlining steep tariffs against several Asian economies, although he also postponed the effective date of his tariffs to August 1 from July 9. This spurred some hopes that trade deals with Washington could be reached, although the outlook still remained unclear.
- South Korea’s KOSPI rose 0.2% and Japan’s TOPIX rose 0.3% on Wednesday, while the Nikkei 225 traded flat. Australia’s ASX 200 fell 0.3% as Trump’s copper tariff threat pressured local mining stocks. Australian shares were also rattled by the RBA unexpectedly leaving interest rates unchanged on Tuesday, against broad market expectations for a 25 basis point cut.
- Singapore’s Straits Times index rose 0.2%.
- Gift Nifty 50 Futures for India’s Nifty 50 index pointed to a flat open. India was not named in Trump’s first batch of tariff letters, spurring some hopes that a Washington-New Delhi trade deal was near.
Market Close
- Equity markets closed higher on Wednesday, as President Trump announced new tariffs on seven countries. Utility and technology stocks led to the upside, while the consumer staples and energy sectors lagged. In international markets, Asia finished mixed overnight, as China's CPI inflation rose to 0.1% annualized in June, above forecasts for a smaller increase to 0.0%. The U.S. dollar declined against major international currencies. In commodity markets, WTI crude oil traded lower, as U.S. supply stocks rose unexpectedly.
- President Trump has announced new tariffs on 21 countries this week, with tariff rates in the 20%-40% range. For countries not reaching trade deals, new tariffs are scheduled to be applied on August 1, which is an extension from the previously announced July 9 end to the 90-day pause. The new tariffs are modestly lower overall — by about three percentage points on average — from those announced on April 2, perhaps signaling some flexibility.
- Vietnam secured a trade deal with the U.S. on July 2 that imposes a 20% tariff on imported goods originating within that country, a significant drop from the 46% figure announced in April.
- The U.K. previously reached a trade agreement that charges 10% duties on exports to the U.S. Based on announced trade deals, though a small sample size of just two, reductions from announced tariff rates appear to be achievable, in our view.
- Bond yields fell, with the 10-year Treasury yield at 4.34%. The U.S. Treasury auctioned $39 billion of 10-year notes and $65 billion of four-month bills today, which were well-received by markets. Over the coming months, the Treasury will seek to replenish its general account, which was drawn down over the first half of the year. Since reaching the debt ceiling in January, government budget deficits have been funded by account balances and investments. The new tax and spending package – the One Big Beautiful Bill Act – raised the debt ceiling by $5 trillion on July 4, allowing for the Treasury to issue new debt to fund deficits.
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This daily briefing is curated from a wide range of reputable sources including news wires, research desks, and financial data providers. The insights presented here are a synthesis of key developments across global markets, intended to inform and spark thought.
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