Global Markets Mixed as Focus Shifts to Trump Bill

By Dow Jones Newswires Staff

U.S. stock futures were a touch lower after more records were hit on Wall Street on Monday. Global stock markets were mixed, while the dollar remained close to three-year lows early Tuesday in Europe. The resumption of U.S.-Canada trade talks boosted sentiment at the start of the week, while focus has shifted to the Senate's marathon session to pass Trump's "big, beautiful bill" ahead of his July 4 deadline.

In terms of data, Tuesday brings the June ISM report on manufacturing activity.

• U.S. futures for the S&P 500 and Dow Jones Industrial Average edged down 0.1%, while Nasdaq futures fell 0.2%.
• In Europe, the Stoxx Europe 600 gained 0.1% in morning trading. France's CAC 40 decreased 0.1%; Renault shares fell 1% after it said it would be book an $11 billion noncash charge for changes in the way it accounts for its Nissan stake. Germany's DAX held steady and the U.K.'s FTSE 100 added 0.3%.
• Asian shares mostly closed higher, following Wall Street. South Korea's Kospi continued to rally, boosted by electronics and auto stocks. Mainland Chinese markets were mixed; the tech-heavy ChiNext fell 0.2%, while Shanghai and Shenzhen indexes rose 0.4% and 0.2%, respectively. A private survey of China's manufacturing activity indicated the sector returned to expansion in June. The Hang Seng was closed for a public holiday.
• The dollar hovered near three-year lows as investors continue to shift capital out of the U.S. in reaction to policy uncertainty. The euro edged down 0.1% to $1.1778 after reaching its highest level since September 2021 at $1.1807 overnight, according to LSEG. The DXY dollar index against a basket of major currencies was last down 0.1% to 96.789, near a low of 96.614 hit late Monday.
• Long-dated U.S. Treasury yields eased, as "various indicators suggest that foreign investors continue to play a diminishing role in both the primary and secondary markets," according to analysts at Danske Bank Research. The 10-year Treasury yield was down 1.4 basis points to 4.211%, and the 30-year yield was about 2 basis points lower at 4.756%, according to LSEG data.
• Oil prices edged lower as concerns over OPEC+'s production plans and unresolved trade tensions continued to cloud sentiment. Brent crude eased 0.4% to $66.58 a barrel, while WTI fell 0.5% to $64.81 a barrel. "OPEC+ appears set on a course that could tilt the global oil market towards a bearish outlook," Yan Rong Fong, analyst at data provider Kpler, said.

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