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US President Trump confirmed that tariffs on Canada and Mexico, which were initially delayed in early February, are still on track and will now take effect on March 4.
Meanwhile, the US is reportedly pushing for tighter restrictions on the export of high-end semiconductor chips and manufacturing equipment to China, targeting US allies like Japan and the Netherlands. Companies such as Tokyo Electron and ASML Holding NV are in the spotlight, as their engineers are involved in maintaining semiconductor manufacturing gear. Additionally, there are discussions around further restricting Nvidia chip exports, according to unnamed sources cited by Bloomberg.
In a surprising move, the US withdrew its condemnation of Russia’s 2022 invasion of Ukraine at both the United Nations and among the G-7 countries. Instead, the US and Russia approved a US resolution at the UN calling for a quick resolution to the conflict without placing blame.
On the diplomatic front, Ukraine and the US are reportedly close to striking a deal that would grant the US access to Ukraine’s natural resources in exchange for a commitment to a "free, sovereign, and secure" Ukraine, along with investments in the country and the goal of "lasting peace."
In Germany, Chancellor-in-waiting Friedrich Merz is already in discussions with the left-center Social Democrats about approving a EUR 200 billion defense fund, even before the two parties have formed a government.
Today, we face a notably light data schedule. BOE MPC member Pill is scheduled to speak on current monetary policy at 2:00 pm.
Later, at 3:00 pm, the U.S. consumer confidence survey is due to be released, with a slight decline of -2 expected.
GER: 07:00 GDP (Q4: Detailed Reading)
IRL: 11:00 Earnings & Labour Costs (Q4 2024)
US: 14:00 Case-Shiller House Prices (December)
US: 15:00 Conference Board Consumer Confidence
As ever we look forward to keeping you in the loop and look out for our next update.
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