Market Commentary: Friday 30th May

Yesterday’s risk rally was short-lived, as most investors digested that the US Trade Court’s tariff ruling does not resolve the broader uncertainty around trade. The US administration has not backed down and intends to either maintain the levies or pursue alternative measures.

This came alongside news that the US economy shrank at the start of the year, with consumer spending reported to be weaker than initially estimated.

Asian equities came under pressure after Scott Bessent commented that trade talks with China were “a bit stalled.” The MSCI Asia Pacific Index fell 0.4% as a result.

• Bitcoin is trading at $106,101

• Ether is trading at $2,639

Most of yesterday’s market moves reversed, with WTI crude falling back toward the $60 mark, now at $60.79. Tomorrow’s OPEC+ meeting will be closely watched. Although stockpiles have shrunk over the past week, supply is expected to continue rising.

Gold (XAU) has climbed back above the $3,300 level after coming under pressure yesterday.

Data-wise, we have German CPI and US personal spending and income data due this afternoon.

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