Asian shares rallied overnight while US equities continue to move higher, with S&P500 climbing towards all-time highs. The equity rallies are largely tariff talk-driven with the hopes the delayed timelines will give negotiations more time to blunt the impact. As much as 92% of 153 respondents to a Bloomberg survey expect US tariffs of some sort to be implemented within six months.
USD weakened, as the recent Dollar gains have been primarily driven by tariffs threats. Jefferies Financial Group Inc. warned retail funds flowing into the India’s equity mutual funds is at risk of abating as market returns decline. The ongoing decline in Indian shares has erased more than $600 billion in market value since hitting a peak in late September. Trump and Indian Prime Minister Narendra Modi agreed to begin negotiations to address the US trade deficit, with US president seeking to reduce import taxes and Modi focused on growing overall trade between the countries. Overnight currencies were relatively unchanged.
Bitcoin rose 0.3% to $96,749.14
Ethereum rose 1.2% to $2,699.16
Litecoin rose 0.4% to 127.23
US Core Retail Sales is the most impactful data release for the day.
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