(Corrects date of payrolls release and column dateline)
By Amanda Cooper
LONDON (Reuters) -What matters in U.S. and global markets today by EMEA markets breaking news editor Amanda Cooper.
Intro
Donald Trump’s “One Big Beautiful Bill” is heading towards a final yes-or-no vote this morning, after House Republicans advanced the U.S. president’s landmark tax but and spending legislation. Markets are in something of a holding pattern ahead of monthly jobs data, while UK bondholders are recovering after a nasty reminder of what concern about the long-term fiscal picture can do to government borrowing costs.
Mike Dolan is enjoying some well-deserved time off over the next two weeks, but the Reuters markets team is here to provide you with all the information you need to start your day.
Today’s Market Minute
* Republicans in the House of Representatives advanced U.S. President Donald Trump’s massive tax-cut and spending bill toward a final yes-or-no vote early Thursday morning, appearing to overcome internal party divisions over its cost.
* Big investors are mobilising to trade through weeks packed with wild-card events that may shatter the calm in stock markets and drive big swings for assets they see as exposed to both positive or negative surprises, from gold to corporate credit.
* The U.S. has lifted restrictions on exports to China for chip design software developers and ethane producers, a further sign of de-escalating U.S.-Sino trade tensions including concessions from Beijing over rare earths.
* The tariff deal between the United States and Vietnam will impact the energy generation mix that powers the fast-growing Vietnamese economy, says ROI columnist Gavin Maguire.
*Is gold the next metal to be added to the list of “critical minerals”? ROI columnist Clyde Russell argues that gold may not be a vital component of advanced manufacturing, but the precious metal appears to be undergoing a subtle shift in how it is viewed by governments and investors.
The bond vigilantes are resting, for now
As the OBBB heads towards approval, it might be time for investors to think about what the fiscal implications are. The bill, which guts a number of key social benefits for some of the poorest Americans to pay for tax cuts, cleared a final procedural hurdle needed to begin debate on its content, with a final vote expected today.
Non-partisan analysts say the bill will add $3.4 trillion to the nation’s $36.2 trillion debt pile over the next decade. When Trump started floating the basics of the bill on the campaign trail last year, bond yields began to grind higher, reaching a peak of 4.8% around the time he took office in January, as investors began to price in the impact of the legislation on the country’s already-strained finances.
(Corrects date of payrolls release and column dateline)
By Amanda Cooper
LONDON (Reuters) -What matters in U.S. and global markets today by EMEA markets breaking news editor Amanda Cooper.
Intro
Donald Trump’s “One Big Beautiful Bill” is heading towards a final yes-or-no vote this morning, after House Republicans advanced the U.S. president’s landmark tax but and spending legislation. Markets are in something of a holding pattern ahead of monthly jobs data, while UK bondholders are recovering after a nasty reminder of what concern about the long-term fiscal picture can do to government borrowing costs.
Mike Dolan is enjoying some well-deserved time off over the next two weeks, but the Reuters markets team is here to provide you with all the information you need to start your day.
Today’s Market Minute
* Republicans in the House of Representatives advanced U.S. President Donald Trump’s massive tax-cut and spending bill toward a final yes-or-no vote early Thursday morning, appearing to overcome internal party divisions over its cost.
* Big investors are mobilising to trade through weeks packed with wild-card events that may shatter the calm in stock markets and drive big swings for assets they see as exposed to both positive or negative surprises, from gold to corporate credit.
* The U.S. has lifted restrictions on exports to China for chip design software developers and ethane producers, a further sign of de-escalating U.S.-Sino trade tensions including concessions from Beijing over rare earths.
* The tariff deal between the United States and Vietnam will impact the energy generation mix that powers the fast-growing Vietnamese economy, says ROI columnist Gavin Maguire.
*Is gold the next metal to be added to the list of “critical minerals”? ROI columnist Clyde Russell argues that gold may not be a vital component of advanced manufacturing, but the precious metal appears to be undergoing a subtle shift in how it is viewed by governments and investors.
The bond vigilantes are resting, for now
As the OBBB heads towards approval, it might be time for investors to think about what the fiscal implications are. The bill, which guts a number of key social benefits for some of the poorest Americans to pay for tax cuts, cleared a final procedural hurdle needed to begin debate on its content, with a final vote expected today.
Non-partisan analysts say the bill will add $3.4 trillion to the nation’s $36.2 trillion debt pile over the next decade. When Trump started floating the basics of the bill on the campaign trail last year, bond yields began to grind higher, reaching a peak of 4.8% around the time he took office in January, as investors began to price in the impact of the legislation on the country’s already-strained finances.
Leave feedback about this