⚠️ A U.S. federal court has blocked President Donald Trump's trade tariffs, ruling that the president overstepped his authority by imposing duties on foreign imports;

📰 The Trump administration has suspended sales of critical U.S. technologies to China, including technologies related to jet engines, semiconductors and certain chemicals;

🏛 Minutes from the Fed's latest meeting released yesterday showed that ongoing uncertainty over Trump's trade policies supports the regulator's cautious approach to rate changes;

🛢According to the American Petroleum Institute (API), U.S. oil inventories fell by 4.2 million barrels last week, compared to a rise of 2.4 million barrels two weeks earlier.

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#sp500

📈 The S&P 500 index is testing 5,960.

🏛 A U.S. federal court ruled that President Trump's reciprocal tariffs will be blocked because Trump exceeded his authority by imposing across-the-board duties on imports from U.S. trading partners. The ruling underscores that the president cannot unilaterally and without a clear legislative basis impose sanctions on a wide range of countries and goods. It is reported that the Trump administration has already filed an appeal. Nevertheless, analysts admit that now Trump's protectionist rhetoric will become less “tough”.

📰 Additional support for the index is provided by reports from the Chinese Ministry of Commerce that China and the U.S. continue to communicate at various levels in order to create conditions for a bilateral trade agreement.

📈 Given the above, the S&P 500 retains upside potential.

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⚠️ The Trump administration is considering imposing 15% tariffs on some countries for 150 days;

📊 The number of initial jobless claims in the United States rose by 240,000 last week after increasing by 226,000 two weeks earlier;

🇺🇸 US GDP fell by 0.2% in the first quarter;

🛢According to the Energy Information Administration, US oil inventories fell by 2.7 million barrels last week, despite a forecast for growth of 1 million barrels;

🇯🇵 The Tokyo consumer price index, excluding food and energy prices, rose in April from 2% to 2.1% year-on-year.

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#wti #brent

🛢 WTI crude oil is trading at $61.90 per barrel.

🛢 The upcoming OPEC+ meeting, scheduled for Saturday, remains the focus of traders. OPEC+ countries are expected to agree to increase production by 411 thousand barrels per day in July. In the context of limited demand, the increase in supply will most likely cause an oil surplus.

📊 Macroeconomic data from the US and the eurozone confirm this view. US GDP contracted by 0.2% in the first quarter, while consumer spending declined. It seems that businesses and consumers are postponing their purchasing decisions, fearing Trump's unpredictable trade policy.

📰 In addition, market participants are expecting the sixth round of talks between the US and Iran, which may take place in two weeks. If the parties sign an agreement on the nuclear deal, Iran will also increase hydrocarbon exports.

📉 According to analysts, oil retains the potential for decline.

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💡 Rollovers, holidays and dividends in the following week
📆 June 2 – June 7, 2025

Dear clients❗️

Please note that this schedule is intended for informational purposes only and may be subject to change.

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