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Weekly Macro & Markets View

What were the key global economic data releases, what is Zurich’s view and what does this mean for financial assets?

Weekly Macro and Markets View, Week 31

Highlights and View

  • The US and EU agree on a trade deal, with a 15% US import tariff rate across most products
    While a decrease in uncertainty is welcome, the reality is that the EU now faces persistently worse trade conditions with minimum US concessions.
  • The US and Japan strike a trade deal slashing US tariffs on Japanese autos from 25% to 15%
    Despite the good news and the subsequent relief rally in Japanese stocks, tariffs remains higher than pre-trade war norms and for Japan’s automakers, it is a case of ‘less bad, but not truly better’.
  • The US economy remains resilient in the face of rising tariffs and elevated policy uncertainty
    Services activity has picked up markedly in July while manufacturing dipped back into contraction.

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