Tuesday saw stock markets rise as investors took in impressive bank profits. Shares of many car titans climbed on expectations that US President Donald Trump might ease tariffs. Following last week’s wild ride over Trump’s stop-start tariff pronouncements, markets have stabilised somewhat, but there is still concern due to rumours of new taxes on luxury goods and medications.
David Morrison, senior financial services company Trade Nation analyst, stated, “Even though financial markets have stabilized and many appear to be consolidating at current levels, this feels like the calm before the storm.
He stated, “Investors feel safer sitting on their hands for the time being, hoping that last week’s concerning disruptions return to normal, as markets remain cautious. Wall Street’s major indexes were up in late-morning trading as investors watched corporate profits. The banking behemoths’ strong earnings results caused shares of Citigroup and Bank of America to rise.
After Bloomberg revealed that Beijing had instructed airlines not to accept any further supplies from the US aviation giant due to an intensifying trade conflict, Boeing fell as Trump claimed China had “reneged” on a significant agreement with the business. Airbus, a competitor in Europe, saw an increase in shares.
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