Daily Report

9 de Julho de 2025
Financial Markets | daily report 09.07.2025
  • Markets were mixed in yesterday's session as investors digested Trump's delay of the tariff deadline to August 1. The main U.S. stock indices were little changed, while European stocks rose across the board. The USD was stable against a basket of currencies and the EUR continued to fluctuate around $1.17.
  • Sovereign yields advanced both in the U.S. and the euro area, and peripheral spreads were stable. Ahead of today's release of the Fed's June meeting minutes, investors continue to expect a 25bp rate cut in September (70% probability) and another one in December (95%). Regarding the ECB, markets price only one more cut (50% prob. in September, 98% by December).
  • On the data front, Ireland's Q1 GDP growth was revised from 9.7% qoq to 7.4% in its final estimate. Irish figures have added significant volatility to euro area data in the last quarters, and this revision would mechanically lower euro area Q1 GDP growth from 0.6% qoq to 0.5% (Eurostat will release its final estimate on July 21).