📊 Gold at a high, S&P 500 near record — markets finish the week on a high note
🟡 Gold:
Gold futures in New York surged to an all-time high — $3,534 per ounce 📈
The reason — tariffs on bullion introduced by the USA. This hit exports from Switzerland and other hubs. The spread between futures and spot prices has sharply increased.
💬 “This shows how chaotic Trump's tariff policy is driving the market into panic,” — Jochen Stanzl, CMC Markets
📈 Markets:
• Stoxx 600 +0.2% — the best week since May
• S&P 500 futures +0.2%, index near record — up 30% since April
• Nikkei 225 +1.8% — Japan received a promise from the USA to cancel double tariffs
• The dollar is stable, treasury yields have hardly changed
• Oil has fallen for the seventh consecutive day — the worst streak since 2021
💼 Market fundamentals:
• Corporate profits are holding steady — margins are not declining
• Many companies have already accounted for the impact of tariffs and adapted
• However, some analysts warn of an imminent correction due to inflated valuations
💬 “Firms continue to show resilience, but the market is too optimistic,” — Barclays
🪙 Federal Reserve:
• The next rate cut is expected in September
• Trump's new favorite for the Fed chair position — Christopher Waller
• He also appointed Stephen Miran as a candidate for new Fed board members (until January)
💬 “A more dovish Fed composition is a plus, but the key is still in the data,” — Ivy Ng, DWS
🌍 Geopolitics:
• Israel announced a military takeover of Gaza — the latest stage in the war with Hamas
• Trump stated that he is ready to meet with Putin (even without Zelensky's participation)
• Tariffs:
• Switzerland — +39% on exports to the USA
• India — another blow from tariffs
• Japan — positive: "stacking" abolished and tariffs on cars reduced
• However, this raises doubts about the agreement with the EU — rules are not the same, confusion is growing
📌 Conclusions:
✅ Gold — safe haven No. 1 amid tariff chaos
✅ S&P 500 is rising due to profits, but is already overheated
✅ Focus is shifting to the Fed in September, new appointments could change the rhetoric
✅ Geopolitical tension — a risk factor, but so far it does not scare the markets
