As the August 1 trade negotiation deadline approaches, investors' concerns about trade tariffs have resurfaced, leading to doubts about the sustainability of the current record rally in U.S. stocks. Meanwhile, they are awaiting earnings reports from major tech companies like Tesla and Google this week to find clues about corporate performance under tariff pressures.
On Tuesday, the 22nd, most Asia-Pacific stock indices faced pressure, with the MSCI Asia index down 0.4%, and the Japanese stock market declining alongside the yen. U.S. stock futures were basically flat, while European stock index futures weakened. The U.S. dollar index strengthened slightly. Additionally, gold and crude oil prices fell, and Bitcoin surpassed $117,000.
Here are the movements of core assets:
<blockquote>
S&amp;P 500 futures were basically flat, while Nasdaq 100 futures fell about 0.1%.
European stocks opened lower, with the pan-European index down over 0.2% and German stocks down over 0.3%.
The MSCI Asia index fell 0.4%, and the Nikkei 225 index closed down 0.1%.
The yen fell over 0.3% against the dollar. The dollar index rose over 0.1%. The euro fell about 0.1% against the dollar. The dollar was basically flat against the offshore yuan.
U.S. Treasury prices rose slightly, with the benchmark 10-year Treasury yield remaining flat.
Spot gold fell over 0.3%, while spot silver turned slightly higher, remaining basically flat.
U.S. oil fell about 0.9%, and Brent oil fell about 0.7%.
The cryptocurrency market continued to diverge, with Bitcoin rising 0.2% to above $117,000, while Ethereum fell 1.9% to $3,685.85.
Soda ash futures main contract hit the daily limit, rising 8% to 1,375 yuan/ton.
</blockquote>
<h2>U.S. stock futures basically flat, European stock index futures weaken</h2>
U.S. stock futures were basically flat, with Nasdaq 100 futures down 0.1%.
<img src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/b4e8feb9-6a25-429c-b37c-fa5e86b03d31.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/b4e8feb9-6a25-429c-b37c-fa5e86b03d31.png"/>
European stock index futures weakened, with the Euro Stoxx 50 futures down 0.5%. In response to potential import drug tariff threats, European pharmaceutical giants are ramping up their investment in the U.S. market. AstraZeneca announced plans to invest $50 billion in the U.S. by 2030, becoming the latest European pharmaceutical company to significantly increase spending in the U.S. Meanwhile, the global M&amp;A market remains active. French pharmaceutical company Sanofi announced the acquisition of biotechnology company Vicebio for $1.15 billion.
The Nikkei 225 index closed down 0.1%, the Tokyo Stock Exchange index closed up 0.1%, and the Seoul Composite Index fell 1.3%.
<img src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/7b058f45-92f4-470a-a74f-22026a33954c.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/7b058f45-92f4-470a-a74f-22026a33954c.png"/>
<h2>Yen falls against the dollar, dollar index rises slightly</h2>
The yen fell over 0.3% against the dollar.
<img src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/40642086-90a1-4d19-8b4a-b425a6c7d4ca.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/40642086-90a1-4d19-8b4a-b425a6c7d4ca.png"/>
The US dollar index rose by more than 0.1%.
<img src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/baf856be-a227-4fb4-92a8-c4a990aea404.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/baf856be-a227-4fb4-92a8-c4a990aea404.png"/>
<h2>Trump may issue more tariff orders before August 1</h2>
Recent news shows that US President Trump’s trade war may escalate significantly. August 1 is not only the effective date for the newly set reciprocal tariffs but also the deadline for a large number of industry tariffs to be announced.
According to CCTV News, the President of Brazil stated that if President Trump does not change his mind, when Brazil responds, the &#34;tariff war&#34; between the two sides may begin.
Michael Brown, Senior Research Strategist at Pepperstone, stated that the market will closely monitor the earnings reports of Alphabet and Tesla, and then shift attention to the employment report and the tariff deadline. Assuming all these pass smoothly, there should be a slow but steady upward trend during the summer.
Pruksa Iamthongthong, Deputy Head of Asia-Pacific Equities at Aberdeen Investments, indicated that the market trend is not very clear in relation to the fundamentals. Tariffs as high as 20% will impact demand, and the market will need to wait several quarters after August 1 to see the specific effects on inflation

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GBTC

S&P 500 futures are basically flat, the pan-European stock index fell more than 0.2%, and the MSCI Asia stock index dropped 0.4%. U.S. Treasury prices rose slightly. The Japanese yen fell more than 0.3% against the U.S. dollar. The U.S. dollar index rose more than 0.1%. Spot gold fell more than 0.3%. U.S. oil fell about 0.9%. Bitcoin rose 0.2% to above $117,000

- As the August 1 trade negotiation deadline approaches, investor concerns about trade tariffs are rising, casting doubt on the sustainability of the current record gains in U.S. stocks.  
- Most Asia-Pacific stock indices are under pressure, with the MSCI Asia index down 0.4%, while European stock futures are also weakening amid potential import drug tariff threats.  
- U.S. President Trump may announce additional tariffs before August 1, prompting market analysts to closely monitor upcoming earnings reports from major tech companies like Alphabet and Tesla.

U.S. stock futures are flat, European stocks are weakening, Japanese stocks and the yen are both declining, and gold has fallen below $3,400