Last week's U.S. non-farm data showed clear signs of economic slowdown, and the market is betting that the Federal Reserve will implement interest rate cuts to stimulate the economy. U.S. stock futures rebounded moderately on Monday, European markets saw slight recoveries, and Asian markets stabilized.
Additionally, Federal Reserve Governor Christopher Waller announced his resignation last Friday before the end of his term, which creates conditions for Trump to place supporters of interest rate cuts within the Federal Reserve. Meanwhile, hours after the non-farm data was released, Trump fired the head of the U.S. Bureau of Labor Statistics, Erika McEntarfer. Trump is expected to announce new nominees for the Federal Reserve Governor and the head of the Bureau of Labor Statistics in the coming days, and these two key appointments could reshape his economic policy agenda for the remainder of his term.
According to CCTV News, Trump imposed a 39% tax rate on Switzerland on the country's National Day, causing Swiss citizens to feel &#34;defensive.&#34; The Swiss stock market fell nearly 2% during trading, and the Swiss franc dropped over 0.5%. The economic slowdown in the U.S. weakened expectations for interest rate hikes by the Bank of Japan, leading to a drop of over 1% in Japanese stocks, with bank stocks leading the decline. In other assets, U.S. Treasury yields and the U.S. dollar index rose slightly, while spot gold retreated and crude oil prices increased.
Here are the movements of core assets:
<blockquote>
U.S. stock futures rose slightly, with S&amp;P 500 futures up over 0.5%, attempting to recover the losses from last Friday's sharp decline.
European stocks opened higher collectively, with the Euro Stoxx 50 index rising 0.6% at the open, Germany's DAX index up 0.3%, the UK's FTSE 100 index up 0.3%, and France's CAC 40 index up 0.5%.
The Nikkei 225 index closed down 1.2%. Japan's Topix index closed down 1.1%. South Korea's Seoul Composite Index closed up 0.9%.
The Swiss stock market reopened, falling 1.9% due to tariff impacts.
U.S. Treasury yields generally rose, with the benchmark 10-year Treasury yield increasing by more than 2 basis points.
The U.S. dollar index rose over 0.2%, the Japanese yen fell over 0.3%, and the euro fell over 0.2%. The Swiss franc fell over 0.5%.
Spot gold fell slightly by 0.2% to below $3,360, while spot silver rose slightly by over 0.4%.
U.S. crude oil rose over 0.5%, and Brent crude rose over 0.4%, as OPEC+ ended a series of significant production increases.
</blockquote>
<h2>S&amp;P 500 futures rose over 0.5%, attempting to recover the losses from last Friday's sharp decline</h2>
In the stock market, Nasdaq 100 futures rose over 0.6%, S&amp;P 500 futures rose over 0.5%, and Dow futures rose over 0.3%.
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In pre-market trading, most Chinese concept stocks rose, with Bilibili up about 2%, Baidu up about 2%, and XPeng up about 3%.
Market expectations for a rate cut by the Federal Reserve in September have increased, with overnight swap trading indicating a probability of over 80% for a rate cut. The market has fully priced in the expectation of another rate cut before the end of the year, with some observers even predicting that the Federal Reserve may cut rates by 50 basis points in one go.
Jamie Cox of Harris Financial Group stated, &#34;A rate cut in September is a foregone conclusion, and it could even be a significant cut of 50 basis points to make up for lost time.&#34;
Morgan Stanley strategists believe that the Federal Reserve will eventually shift to rate cuts, and the current pullback presents a buying opportunity. The firm maintains a bullish outlook on U.S. stocks for the next 12 months.
European markets have slightly rebounded, with UK bank stocks leading the way. UK bank stocks performed well, receiving significant relief in a key auto finance case. Lloyds Banking Group's stock surged over 5%, while Barclays rose nearly 2%.
However, the Swiss stock market fell after opening. Meanwhile, on Switzerland's National Day, Trump imposed a punitive export tariff of 39% on the country, one of the highest levels globally.
Analysts at Swiss asset management company Vontobel warned that if the U.S. imposes a 39% high tariff on Swiss goods, the profits of companies in related industries will be significantly impacted, potentially triggering a relocation of manufacturing. Currently, one-fifth of Switzerland's watch and jewelry products are exported to the U.S. market.
Analysts emphasized that while the entire watch industry may be affected, the degree of market impact will vary significantly, with high-end luxury brands expected to withstand pressure better than mid- to low-end product manufacturers.
Despite the challenges, analysts remain hopeful for a trade agreement between the U.S. and Switzerland, believing that the tariff level may be reduced to a baseline of 15%, consistent with other countries.
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Japanese stocks fell over 1% on Monday, with bank stocks being particularly hard hit, as the Tokyo Stock Exchange Bank Index plummeted 3.2%, marking the largest single-day decline since April 11. Analysts pointed out that the uncertain economic outlook in the U.S. will weaken market expectations for a recent interest rate hike by the Bank of Japan, putting pressure on bank stocks. Overnight index swaps showed that the market's expectation for a rate hike by the Bank of Japan before October dropped from 43% last Friday to 36%

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U.S. stock futures rose slightly, with S&P 500 futures up over 0.5%, attempting to recover the losses from last Friday's sharp decline. In pre-market trading, most Chinese concept stocks rose, with Bilibili up about 2%, Baidu up about 2%, and XPeng up about 3%. European stocks opened higher collectively, with the Euro Stoxx 50 index opening up 0.6%. The Swiss stock market reopened, experiencing a drop of 1.9% at one point during the day due to tariff impacts

- Recent U.S. non-farm payroll data indicates a clear economic slowdown, prompting market speculation that the Federal Reserve will implement interest rate cuts.  
- Fed Governor Kuegler's resignation and President Trump's dismissal of the Labor Statistics Bureau head may reshape economic policy, with expectations of a potential 50 basis point rate cut in September.  
- Global markets reacted variably, with U.S. stock futures rising, European stocks recovering slightly, and Japanese markets declining over 1% amid concerns about the Fed's impact on the Bank of Japan's rate hike expectations.

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Expectations for a Federal Reserve interest rate cut are rising, global stock markets are rebounding, S&P 500 futures are up more than 0.5%, and spot gold is hovering above $3,350