NICHOLAS KAMM/AFP/Getty ImagesHere is what you need to know.
1. Trump has no deadline for striking a trade deal with China — and says it might be “better to wait until after the election.” The US president told reporters in London on Tuesday that an agreement is “dependent on one thing — do I want to make it.”
2. French luxury stocks are diving after Trump threatens $2.4 billion in tariffs on champagne and handbags. The proposed retaliatory duties wiped about $9 billion from the combined market capitalizations of LVMH, Kering, Hermès, and Christian Dior.
3. The NATO summit started as uncomfortably as expected, with Trump slamming Macron’s “very, very nasty” statement on the group being brain-dead. NATO leaders are meeting in England on Tuesday and Wednesday, and leaders within the alliance have been arguing recently.
4. France and the EU vowed to fight Trump’s tariffs as one expert sees the “weaponization of trade.” “It’s not the behavior we expect from the US toward one of its main allies,” Bruno Le Maire, France’s finance minister, said.
5. Bullish entrepreneurs and investors say esports will end up like European soccer, dominated by elite teams and big money. Nicolas Maurer, Team Vitality’s CEO, and Karen McCormick, an investor behind Fnatic’s recent fundraise, both see esports mirroring European soccer.
6. Family offices and the ultra wealthy are piling into investments in European tech. It’s another sign that the continent is becoming more like Silicon Valley.
7. The tariff fight over the world’s biggest plane makers is heating up after the US claimed Boeing’s rival Airbus was given ‘market-distorting subsidies’. The World Trade Organization rejected the EU’s claim that it has ended subsidies to French planemaker Airbus, giving the US fresh ammunition in the dispute.
8. Stocks are slipping on Tuesday. US futures underlying the Dow (-0.3%), S&P 500 (-0.3%) and the Nasdaq (-0.3%) are falling. European stocks are rising, with the DAX (+0.6%) and the Euro Stoxx 50 (+0.3%) on the up. Asian stocks closed mixed, with the Nikkei (-0.6%) and Hang Seng (-0.2%) down, while the Shanghai Composite (+0.3%) rose.
9. Today is a quieter day for earnings. Workday is the standout.
10. Tuesday is a muted day for data. The Redbook Index is the key piece of data.