The US Supreme Court raised fresh doubts over the legality of President Trump’s tariffs, with one conservative justice calling them “an imposition of taxes on Americans that has always been the power of Congress.” The remarks injected new uncertainty into the trade measures at the heart of Trump’s economic agenda.
In the corporate sphere, US companies announced 157,000 layoffs in October, the highest monthly total in two decades, as firms grapple with AI-driven restructuring and cost-cutting pressures.
Meanwhile, the government shutdown has become the longest in US history, with the FAA set to cut national flights by 10% starting tomorrow, raising concerns over broader economic disruptions.
In Europe, the Nexperia dispute shows little sign of resolution as the company suspends supplies to its Chinese plant, adding further tension to the global semiconductor supply chain.
Markets remain resilient. US stocks advanced 0.5% yesterday, resuming their upward trend. European equities are modestly lower, while Asian markets rallied on gains in Chinese tech shares. US futures point to a slightly weaker open.
Gold climbed back above $4,000 an ounce, while the dollar softened slightly against major peers.