The exemption of some electronics products from the reciprocal US tariffs has provided some relief on the stock market, although expectations were quickly dampened again by the threat that the products would soon be subject to sectoral tariffs, Commerzbank's commodity analyst Thu Lan Nguyen notes.
Last week after business hours on Friday, Standard & Poor’s issued a downgrade of outlook on Hungary’s sovereign debt from stable to negative. S&P already rates the issuer at 'BBB-/A-3', the lowest within investment grade, which highlights the significance of a negative outlook from here.
Oil prices rose marginally higher yesterday despite OPEC trimming demand estimates. ICE Brent settled just below US$65/bbl. The market is digesting fast-moving policy developments on the tariff front, while balancing them with nuclear talks between the US and Iran.