Market Commentary: Thursday 24th July

There are signs of renewed trade deal optimism. It was reported that the EU and the US are progressing towards an agreement that would set a 15% tariff for most imports, following the announcement of the US-Japan trade agreement yesterday. Risk assets rallied in the Asia session — the Nikkei 225 Index gained 1.9%, rising above 41,900, and the Hang Seng Index rose above 25,700, extending gains for the fifth straight session and holding at its highest level in nearly four years. Spot gold saw a $28 drop on the EU-US trade deal news and is currently trading at $3,375.52.

From earnings yesterday, Tesla slid post-market after Musk warned of some "rough quarters" as EV credits in the US disappear. Alphabet gained as sales beat expectations and it reaffirmed its commitment to stay competitive in the AI race.

Back in Europe, the ECB is expected to leave rates on hold, with the rate decision at 1:15 PM. Meanwhile, Turkey’s central bank is poised to make its first rate cut since the political crisis in March, with that decision due just before the ECB's, at 12:00 PM.

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