US Equity markets closed out the week strongly, supported by growing confidence in global trade and the conclusion of tariff wars with the US. There is a long way to go, but the pattern is certainly set, delivering a whole new global trading system. European equities are drifting under the pressure of a marginal trade agreement and the prospect of a conclusion to the Ukraine war. The US and Russia are scheduled for a summit between Presidents Trump and Putin, which could signal the end of the long and bloody war in the Ukraine. This hit European and British Defence Company stock prices hard. The US Dollar was steady, with the EUR trading 1.1650, while the GBP pushed to 1.3450.The return of certainty to global trade and markets allowed a stabilisation in the commodity currencies, with the AUD consolidating above 0.6500, while the NZD pushed back towards 0.5950. This coming week will see a surge in global economic data releases, lead by GDP growth and Inflation measures, from both sides of the Atlantic. The Australian market is looking forward to a further rate cut, from the RBA, this coming Tuesday.
