Overview

• President Trump threatened new tariffs of up to 35% on major trading partners including Canada starting August 1 and delayed reciprocal levies to extend negotiations.
• European equities led by Spain’s IBEX 35 opened lower as U.S. futures dipped, the dollar strengthened and Bitcoin climbed past $118,000 on safe-haven flows.
• After Argentina lifted foreign exchange controls on July 11, the official peso settled at around 1225/1275 per dollar while the parallel “blue” rate jumped to approximately 1300 following political setbacks in Congress.
• The Mexican peso depreciated 0.48% to 18.70 per dollar as investors factored in heightened trade risks from U.S. tariff measures and expanded duties on copper imports.
• Argentina’s S&P Merval index fell 3% and its New York-listed ADRs dropped up to 6% on combined external and domestic policy shocks.