TARIFFS: Trump And Starmer Tout "Breakthrough" US-UK Trade Deal
May-08 15:09
US President Donald Trump, speaking at the Oval Office alongside UK Prime Minister Sir Keir Starmer on a telephone link, have touted a new trade agreement characterised by Trump as the "first in a series of agreements on trade" that the administration has been negotiating over the "past four weeks."
- Trump describes the deal with the UK as a "breakthrough trade deal" and says the UK's participation affirms that "reciprocity and fairness is an essential and vital principle of international trade."
- Trump claims that the agreement facilitates 'billions of dollars of increased market access" for US exports, "especially in agriculture... [that covers] virtually all products" produced by US farmers.
- Trump says the "final details are being written up in the coming weeks", suggesting that the UK deal is a framework that could be used as a template for other countries rather than a comprehensive trade agreement.
- Trump and Commerce Secretary Howard Lutnick note that steel was a big factor in the agreement, citing the UK decision to nationalise British Steel as a pillar of the deal.
- At the top of the remarks, Trump noted that the 'rare earth deal' with Ukraine is now "fully approved and ratified" by the Ukrainian parliament. He adds that he will speak with Ukrainian President Voldymyr Zelenskyy "in a little while". Trump says the US now has "access to a massive amount of very high quality rare earth."
Want to read more?
Find more articles and bullets on these widgets:
Historical bullets
US STOCKS: Early Equities Roundup: Off Morning Highs, No Near Term Exemptions
Apr-08 15:05
- Stocks have bounced amid hopes of progress on US tariff negotiations early Tuesday, still off last week's levels prior to Pres Trump's sweeping tariff announcement. Indexes pared gains at midmorning after Pres Trump said he would not do tariff exemptions in the near term.
- Currently, the DJIA trades up 1000.21 points (2.63%) at 37,814.14 (39,426.60 high), S&P E-Minis up 142 points (2.79%) at 5078.5 (5,305.25 high), Nasdaq up 513.8 points (3.3%) at 15551.09 (16,316.16 high).
- Information Technology and Financial sectors outperformed in the first half, chip stocks and hardware makers buoyed the Tech sector: Palantir Technologies +9.75%, Western Digital +9.58%, Broadcom +8.99%, Arista Networks +7.86% and NVIDIA +7.53%.
- Banks led gainers in the Financial sector: JPMorgan Chase +5.60%, Citigroup +5.59%, Capital One Financial +5.41%, Charles Schwab +5.38% and Discover Financial Services +5.36%.
- Reminder, banks kick off the latest earnings cycle this Friday with Bank of New York Mellon, Wells Fargo & Co, JPMorgan Chase and Morgan Stanley reporting.
- On the flipside, Materials and Energy sectors underperformed in the first half, Albemarle -1.58%, International Paper -0.32% weighed on the Materials sector while oil and gas shares hampered gains in the Energy sector: APA Corp -0.53%, EOG Resources +0.12%, Occidental Petroleum +0.59%, Devon Energy +0.59% and ConocoPhillips +0.77%.
GILT AUCTION PREVIEW: On offer next week
Apr-08 14:31
The DMO has announced it will be looking to sell GBP4bln of the 4.50% Mar-35 Gilt (ISIN: GB00BT7J0027)at its auction next Tuesday, April 15.
STIR: BLOCK UPDATE: Jun'25 SOFR Call Spread
Apr-08 14:27
- 37,000 SFRM5 96.50/97.25 call spds from 5.0 to 4.5 ref 96.015 to 96.00
Related bullets
Related by topic
Energy Data
Gasoil
Marine Oil
Oil Positioning
OPEC
Freight
Jet Fuel
Gasoline
Fuel Oil
Diesel
Oil Options
US Natgas
TTF ICE
Asia LNG
Gas Positioning
