See the ‘Market Data’ post.
Good evening,
Trump’s latest tariff headlines on Canada made US stocks decline from their record highs to end the week marginally lower. European indices underperformed today but gained around 1% on the week. In the US, Energy was the best-performing sector this week with a 2.4% gain, while Financials lagged behind, falling 2%. The $ index appreciated this week mainly against a weaker ¥ and £ and Treasury yields reversed their recent downward trend to close higher by 10-18bp across tenors on the week.
Late Thursday, Trump announced that the U.S. will raise tariffs on Canadian imports to 35%, up from the current 25%. A White House official noted that, for now, goods compliant with the U.S.-Mexico-Canada Agreement will remain exempt. Meanwhile, the European Union said it is ready to finish an outline trade deal with Washington and is waiting to hear from the Trump administration.
Crude oil prices rose 3% on Friday after the International Energy Agency said the market was tighter than it appeared and Trump anticipated major statement on Russia on Monday which could include further sanctions. The Houthi rebels attacks to ships in the Red Sea earlier on the week also impacted prices.
Among other commodities, the notable mover today was the precious metals complex, with silver gaining 5% to $39, platinum climbing 4% to $1,473, a 10-yr record and palladium rallying over 7% to $1,286, the highest in 2-yrs, amid worsening "tightness" in London metals market, where supply constraints show up in elevated lease rates and backwardated forward curves.
Bitcoin climbed to an all-time high above $118k accumulating a 26% gain this year to a total market cap of $2.3tn and a 63% dominance of the whole crypto market. Ethereum, the world’s second-largest coin, rallied 6.5% on Friday to finish this week 20% higher but is still down by 10% in 2025 with a total market value of $360bn. Trump’s pro-crypto stance, promising a national crypto reserve and signalling regulatory support, bolstered investor confidence.
ℹ️ Free subscribers only have full access to unlocked posts.
US lawmakers will discuss the Genius Act, the Clarity Act and the Anti-CBDC Surveillance State Act during the "Crypto Week" that starts on Monday. Additional regulatory clarity could encourage more companies to adopt crypto currencies in their treasury strategies.
Economics: UK GDP fell 0.1% MoM in May and missed growth expectations of 0.1%, following a sharper 0.3% decline in April, marking two consecutive months of contraction. On a yearly basis, the British economy expanded 0.7%, the slowest in twelve months. Chancellor Reeves described the figures as “disappointing”. The downturn was driven largely by declines in industrial production and construction while the services sector edged up slightly. This has significantly rolled up expectations that the Bank of England will cut interest rates in August. Sterling fell 0.6% today to a 3-week low and lost over 1% against the $ this week.
Corporate deals: Packaged foods giant Kraft Heinz (mcap $32bn, TTM P/E 12x) is considering breaking-up a decade after Berkshire Hathaway (owns ~27%) and Brazil’s 3G Capital merged the two companies. Shares rose 2.5% today but remain 12% lower this year and have lost 70% from their 2017 record high.
-Walgreens Boots Alliance (mcap $10bn) shareholders voted in favour of private equity firm Sycamore Partners’ $10bn acquisition to delist the company. The deal was first announced on March 6. Terms: $14.45/share including a dividend following the sale of certain holdings.
-Flutter Entertainment (mcap £38bn), the world's leading online sports betting operator, will buy Boyd Gaming's (mcap $6.5bn) 5% stake in sports betting co FanDuel in a deal worth ~$1.7bn at a $31bn valuation, giving it complete ownership. Flutter shares have gained 37% in the LTM.
There were no relevant earnings reports or monetary policy decisions to highlight today.
Lastly, the preliminary report on the Air India flight 171 plane crash investigation (by India’s Aircraft Accident Investigation Bureau), suggests the incident was caused by a fuel supply cut, with no current indication of fault attributed to Boeing or GE Aerospace, the engine manufacturer. The update was released before the US market open. Boeing shares gained 5% WTD and GE Aerospace 3.5%.
Enjoy your weekend.
Copyright © 2025 Succinct.
All rights reserved. This publication contains proprietary content and is intended solely for the recipient's personal use. Disclaimer: Our service is for informational purposes only and does not constitute personal financial advice.