China vowed to “fight any trade war with the US to the end,” as Beijing introduced special port fees on vessels owned by American entities — a reciprocal measure following Washington’s recent tariff hike.
Markets staged a recovery yesterday, clawing back about half of Friday’s steep losses, but sentiment remains fragile amid renewed geopolitical and trade tensions.
In France, newly reappointed Prime Minister Sébastien Lecornu is set to address parliament today in a bid to pass the government’s budget. His position appears shaky, with both Marine Le Pen’s far-right National Rally and Jean-Luc Mélenchon’s far-left France Unbowed pledging to bring a no-confidence motion later this week.
Meanwhile, gold’s historic rally shows no sign of slowing, surging past US$4,100 for the first time ever. The metal is now up 50% year-to-date, buoyed by investors seeking refuge from mounting fiscal deficits and record global debt levels.
European equities and US futures slipped roughly 0.7% in early trading, as China’s defiant stance against Washington reignited concerns of a prolonged standoff between the world’s two largest economies.