Source: cbsnews.com
Image content: The image shows shoppers selecting packaged meat from a refrigerated aisle in a grocery store. One person holds a red shopping basket while examining a tray, and the shelves are filled with various cuts of meat in yellow packages.
Summary
Global financial markets advanced on tech-led momentum and political developments in Asia despite mounting macroeconomic headwinds. The OECD warned of a notable U.S. slowdown in 2025–2026 alongside an inflation spike driven by tariffs, with global growth easing to 2.9%. Australia’s economy remained subdued at 1.3% year-on-year growth amid weak demand, reduced public spending, and weather disruptions, bolstering expectations for further rate cuts after May’s easing. Asian equities rallied, led by South Korea following a presidential victory for opposition leader Lee Jae-myung, while European markets looked set to open higher, buoyed by Wall Street’s gains. Tariff tensions resurfaced as the EU readied countermeasures to U.S. metals duties, even as some European manufacturers could benefit from lower regional steel prices.
Key Points
- OECD projects slower U.S. and global growth with higher U.S. inflation due to tariffs.
- Australia’s weak 1.3% growth and soft demand support prospects for more RBA rate cuts.
- Asian stocks rally on tech surge and South Korea’s political shift; Nvidia leads gains.
- European markets set to open higher despite tariff tensions and potential EU countermeasures.
- Tariff dynamics may pressure global prices while benefiting some European steel users.