European Stocks Rise as Trump Tariffs Are Temporarily Reinstated

Economic

Summary:

European markets were higher on Friday after an appeals court agreed to pause a trade court ruling that had blocked the enforcement of US President Donald Trump's sweeping trade levies.

A Federal appeals court temporarily blocked a ruling from the Court of International Trade that barred most of the Trump administration’s sweeping tariffs on global trading partners. The legal development reignited uncertainty, sparking renewed sell-offs in US stock markets. However, European markets rose on Friday despite the reinstatement.

The decision provides the White House with additional time to defend the legality of the president’s efforts to reshape global trade relations. Federal officials signalled that the same level of import levies could be reintroduced under alternative legal authorities, although enacting tariffs via other sections of the Trade Act could take several months.

“I can assure the American people that the Trump tariff agenda is alive, well, healthy and will be implemented to protect you, to save your jobs and your factories, and to stop shipping foreign wealth — our wealth — into foreign hands,” Peter Navarro, Trump’s top trade adviser, said on Thursday.

Trump had invoked the International Emergency Economic Powers Act (IEEPA) to impose the so-called reciprocal tariffs announced in early April. However, on Wednesday, the trade court ruled that the president does not have the authority to impose such broad levies under the IEEPA.

“America cannot function if President Trump — or any other president, for that matter — has their sensitive diplomatic or trade negotiations railroaded by activist judges,” said White House Press Secretary Karoline Leavitt. “Ultimately, the Supreme Court must put an end to this for the sake of our Constitution and our country.”

Wall Street pares early gains as European markets rise

The US stock markets initially jumped on the original court ruling, alongside positive quarterly earnings results from Nvidia. However, major indices gave up early gains despite a higher close on Thursday. During Friday’s Asian session, US stock futures continued to fall as risk-off sentiment prevailed.

As of 04:00 CEST, Dow Jones Industrial Average futures were down 0.08%, while the S&P 500 and Nasdaq 100 futures both declined 0.26%.

European markets, however, were higher on Friday with the Euro Stoxx 50 up 0.54%, Germany’s DAX up 0.95% and France's CAC 40 rising 0.32% by 13:30 CEST. Investors will be closely watching the progress of US-EU trade talks, though the legal battle surrounding the Trump administration’s tariffs is adding complexity to the outlook.

Asian equity markets traded mostly lower on Friday morning. Hong Kong’s Hang Seng Index fell 1.4%, Japan’s Nikkei 225 lost 1.39%, and South Korea’s Kospi dropped 0.61%. Australia’s ASX 200 was flat as of 03:10 CEST.

The US dollar tumbles as haven assets rise

The latest court developments have once again dented investor confidence in US assets, particularly the dollar. Yields on US government bonds initially jumped to 4.5% but later pulled back to 4.42% as Treasury prices came under renewed pressure.

Meanwhile, haven assets have rallied. Gold jumped, and the euro, the Swiss franc, and the Japanese yen all strengthened significantly. The euro rebounded sharply from an intraday low against the dollar on Thursday after the tariff ruling was paused. The EUR/USD pair fell as low as 1.1210 before surging to 1.1353 as of 03:11 CEST on Friday. Gold futures also swung higher, climbing to $3,321 per ounce from an intraday low of $3,269 on Thursday.

Source: Euronews

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Glendon

Forex

Economic

Equity markets are back to where they were, and the US dollar is 0.5% softer than when a court ruled the majority of US tariffs illegal on Wednesday evening. An appeals court yesterday intervened in favour of White House policy, but it seems like softer US consumption data in the GDP report made its mark. We have more US personal spending data today

USD: April Spending and Inflation Data In Focus

Yesterday’s dollar rally didn’t last long. It quickly became clear that the Trump administration would pursue other trade laws to enact its tariffs, and later, the US Court of Appeals proposed a delay in the original court ruling that tariffs were illegal. The suggestion now is that a further presentation of evidence could last up until 9 June in the appeals court.

What weighed on the dollar more yesterday seemed to be the US macro data. Personal consumption got revised down to 1.2% from 1.7% quarter-on-quarter annualised in the first quarter GDP release. And a pick-up in initial claims didn’t help either. In effect, we saw a return to traditional correlations, where US Treasury yields dropped 5bp and the dollar weakened.

Traditional macro correlations could be in store for the dollar today. The focus here is on the April PCE data. Perhaps most important will be the personal spending number, which is expected to soften to 0.2% month-on-month from 0.7%. Any downside miss here would hit the dollar. The market will also be looking at the price data. This is expected to be very benign, with the core deflator still at 0.1% MoM, bringing the year-on-year rate to 2.5% – the lowest since 2021.

This might increase pressure on the Federal Reserve to ease, at a time when the White House is piling the pressure on Chair Jay Powell to cut rates (note the White House briefing on the Trump-Powell meeting yesterday). The topic of the end of Powell’s term, ending in May 2026, will no doubt start to weigh on the dollar early next year.

Friday is also our day to report on Fed Custody holdings of US Treasuries for foreign official accounts. In the week to Wednesday, these actually rose $10bn. So no evidence this week of a further divestment in US assets. Remember, the Fed thinks it’s hedging, not divestment, that has been driving the dollar lower recently.

DXY could make a run back to 98.70 should personal spending disappoint today.

EUR: Soft Activity and Prices Across The Region

While EUR/USD may be rallying on the travails of the dollar, the macro support for the euro is not particularly strong. Today, we’ve already seen some soft German retail sales data for April (although the March number was revised higher), and later today, we could see the May harmonised CPI data for Germany returning to 2.0% YoY.

This would mark perfect timing for next week’s European Central Bank meeting, where the market fully prices a 25bp cut in the deposit rate to 2.00%. For reference, the market currently prices 58bp of ECB easing this year versus 50bp for the Fed. That’s broadly in line with our house forecasts and suggests interest rate differentials (which currently suggest EUR/USD should be trading lower) may not be moving much from current levels.

As above, the US personal spending data may be the biggest driver of EUR/USD today and may keep it supported in the confines of a 1.1300-1.1400 short-term range.

Elsewhere, Swedish first-quarter GDP has disappointed at -0.2% QoQ and could bring forward expectations for another Riksbank rate cut – now only expected in September. The news is slightly bullish for EUR/SEK.

JPY: Tokyo Inflation Data Warns of July BoJ Rate Hike

Tokyo May inflation data surprised on the upside. At the 3.6% YoY, the ex-food reading was the highest since early 2023. As Min Joo Kang outlines here, the data supports her view that the risk of a Bank of Japan rate hike in July is underpriced by the market. Currently, investors only attach a 14% probability to such an outcome.

A hike in July would certainly support the yen. It would also make it a little less expensive for Japanese holders to FX hedge their US assets. This interesting study on FX hedging suggests those investors from a low interest rate region (i.e., Japan) tend to have lower hedge ratios on US assets. Clearly, a reduction in hedging costs would add to the current narrative that the global investor community wants to raise its dollar hedge ratios. We have a 140-year-end forecast for USD/JPY. But the risks are clearly skewed to the downside here.

CEE: Polish Inflation to Be Released Before New President Is Elected

Most of this week’s data in the CEE region is due to be released today. We will see GDP data in the Czech Republic and Turkey this morning. In the Czech Republic, this is the second estimate for the first quarter; we shouldn’t see many changes, and the focus will be on the GDP breakdown. The consumer likely remained at the forefront of the economic rebound, while fixed investment remained rather dormant once again. In Turkey, we will only see a flash estimate, where we expect GDP to increase by 2.1% YoY in the first quarter, while there are signs of weakness for the second quarter.

Later today, May inflation will be released in Poland, first in the region as always. Headline inflation should be broadly similar to April at 4.3%, while core inflation probably increased slightly. Upward pressure from core inflation was compensated for by even deeper declines in fuel prices in annual terms, in our view. However, yesterday’s announcement of lower household gas prices pulls roughly 0.3ppt off the inflation profile from July – and that should push inflation towards the National Bank of Poland’s target even faster than we had previously expected.

More interesting will be the second round of the presidential elections in Poland this weekend. Yesterday’s polls show a very tight race with no clear favourite. From a market perspective, the election result will be pivotal for both the future of the current government and the direction of fiscal policy.

The outcome will therefore have a medium-term impact mainly on the bond market, while the impact on FX and rates ahead of the curve should fade quickly regardless of the election winner. Given the declining inflation profile, the NBP should deliver rate cuts in any case, negatively weighing on PLN, whose valuation appears quite tight in our view.

Source: Investing

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Adam

Bond

U.S. Treasury yields held steady on Friday as investors awaited inflation data and considered the latest news on U.S. President Donald Trump’s “reciprocal” tariffs.

The 30-year Treasury yield was up less than a basis point to 4.927%. The 10-year Treasury yield was also little changed at 4.422%. The 2-year yield also was similarly near flat at 3.939%.

One basis point is equivalent to 0.01%, and yields and prices move in opposite directions.

A federal appeals court on Thursday granted the Trump administration’s request to pause a ruling by a trade court that struck down the reciprocal tariffs on international trade partners that went into effect in April.

The Trump administration had earlier told the U.S. Court of Appeals for the Federal Circuit that it was going to seek “emergency relief” from the Supreme Court by Friday if the tariff ruling wasn’t paused.

That’s adding to investors’ uncertainty about international trade and how it will affect the U.S. economy. Additionally, despite the pause, Trump officials are insistent that tariffs will still be imposed via alternative routes. The administration is now considering using a provision of the Trade Act of 1974 to implement tariffs of up to 15% for 150 days, according to The Wall Street Journal.

On the economic data front, investors will parse fresh inflation data, with the personal consumptions expenditures index — the Federal Reserve’s favored inflation gauge — set to be released on Friday at 8:30 a.m. ET.

source : cnbc

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Warren Takunda

Stocks

Wall Street inched toward tiny losses early Friday as markets digested a mixed bag of corporate earnings ahead of the government’s latest inflation data.

Futures for the S&P 500, the Dow Jones Industrial Average and Nasdaq were all down 0.1% or less before the bell.

The Gap was one of the biggest decliners in premarket, tumbling 15% despite beating Wall Street’s sales and profit targets. Investors were more concerned with the retailer’s prediction that if tariffs on China and other countries remain, it could cost the company between $250 million and $300 million this year.

Another mall-based retailer, Ulta Beauty, rose 8% after it reported stronger sales and profit than analysts forecast and raised its full year guidance.

Shares of Google parent Alphabet were largely stagnant ahead of closing arguments in a legal proceeding that will determine the changes imposed upon the company after being declared an illegal monopoly by a federal judge last year.

The Commerce Department releases its latest data on consumer spending Friday morning. The report covering April also includes the Federal Reserve’s preferred measure of inflation, which analysts forecast retreated closer to the U.S. Central Bank’s target of 2%.

The Fed has left its benchmark borrowing rate steady at its last three meetings, in part due to uncertainty about how tariffs will impact prices.

Investors will be paying close attention as three Fed members are scheduled to make public comments on Friday.

Markets were boosted this week after the U.S. Court of International Trade said that the 1977 International Emergency Economic Powers Act that Trump cited for ordering massive increases in taxes on imports from around the world does not authorize the use of tariffs.

The ruling initially raised hopes that Trump would not be able to drive the economy into a recession with his tariffs, which had threatened to grind down global trade and raise prices for consumers already sick of high inflation.

But the tariffs remain in place for now while the White House appeals the ruling, and the ultimate outcome is still uncertain.

In Europe at midday France’s CAC 40 rose 0.3%, while Germany’s DAX jumped 0.8%. Britain’s FTSE 100 added 0.6%.

Japan’s benchmark Nikkei 225 lost 1.2% to finish at 37,965.10. Government data showed Tokyo core inflation, excluding fresh food, rising to a higher-than-expected 3.6% in May. Some analysts say that makes it more likely the Bank of Japan will raise interest rates.

Australia’s S&P/ASX 200 rose 0.3% to 8,434.70. South Korea’s Kospi declined 0.8% to 2,697.67, ahead of a presidential election set for next week.

Hong Kong’s Hang Seng slipped 1.2% to 23,289.77, while the Shanghai Composite shed 0.5% to 3,347.49.

Earlier this week, The court’s ruling also affects only some of Trump’s tariffs, not those on foreign steel, aluminum and autos, which were invoked under a different law.

The Court of Appeals for the Federal Circuit on Thursday allowed the president to temporarily continue collecting the tariffs under the emergency powers law while he appeals the trade court’s decision.

In energy trading, benchmark U.S. crude dipped 7 cents to $60.87 a barrel. Brent crude, the international standard, lost 10 cents to $63.25 a barrel.

In currency trading, the U.S. dollar declined to 143.68 Japanese yen from 144.12 yen. The euro cost $1.1344, down from $1.1367.

Source: Sharecast

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Glendon

Economic

Forex

Canada's economy in the first quarter grew faster than expected, data showed on Friday, primarily driven by exports as companies in the United States rushed to stockpile before tariffs by President Donald Trump.

But an increase in imports that led to inventory build-up, lower household spending and weaker final domestic demand indicate that the economy was battling on the domestic front. Economists have warned that as tariffs continue on Canada, this trend will persist.

The gross domestic product in the first quarter grew by 2.2% on an annualized basis as compared with the downwardly revised 2.1% growth posted in the previous quarter, Statistics Canada said.

This is the final economic indicator before the Bank of Canada's rates decision on Wednesday and will help determine whether the central bank will cut or stay pat on rates.

Currency swap markets were expecting around 75% chance the bank would hold its rates at the current level of 2.75%, before the GDP data was released. (0#CADIRPR)

Trump's repeated threats and flip-flops on tariffs since the beginning of the year led to an increase in exports and imports to and from the U.S.

Trump imposed tariffs on Canada in March, first on a slew of products and later specifically on steel and aluminum.

The GDP grew by 0.1% in March after a contraction of 0.2% in February. The economy is likely expected to expand by 0.1% in April, the statistics agency said referring to a flash estimate.

The March growth was primarily driven by a rebound in the mining, quarrying, and oil and gas extraction and construction sectors.

Analysts polled by Reuters had expected the first quarter GDP to expand by 1.7% and by 0.1% in March.

The quarterly GDP figure is calculated based on income and expenditure while the monthly GDP is derived from industrial output.

The tariffs and the uncertainty around them started showing early signs of impact as the final domestic demand, which represents total final consumption expenditures and investment in fixed capital, did not increase for the first time since the end of 2023, Statscan said.

Growth in household spending also slowed to 0.3% in the first quarter, after rising 1.2% in the prior quarter.

The first quarter growth was led by a rise in exports, which jumped by 1.6% after increasing by 1.7% in the fourth quarter of 2024. Business investment in machinery and equipments also increased by 5.3% which pushed the quarterly GDP higher.

Source: TradingView

To stay updated on all economic events of today, please check out our Economic calendar

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Warren Takunda

Stocks

London stocks had extended gains by midday on Friday despite tariff uncertainty.

The FTSE 100 was 0.7% higher at 8,785.25.

Russ Mould, investment director at AJ Bell, said: "The story on tariffs has more twists than an M. Night Shyamalan film, with a federal court providing the latest plot point overnight.

"The relatively muted response to the US Court of International Trade ruling apparently wiping out tariffs on Wednesday betrayed an understandable scepticism about that being the end to the story and sure enough a federal appeals court has decided the tariffs can stay while the Trump administration’s appeal is heard.

"As well as being difficult for investors to navigate, the uncertainty makes it very tricky for businesses to make decisions and specifically to allocate investment. Clearly, a lot of companies and the financial markets would prefer a situation with zero tariffs but at this point just knowing where we will land in the long term would almost be welcomed more.

"A rally on Wall Street ran out of steam overnight and futures markets are pointing to declines later for the main indices. The FTSE 100 managed gains on Friday morning despite the miners trading lower amid the continuing economic turmoil."

Corporate news was thin on the ground, but M&G surged to the top of the FTSE 100 after it was announced that Japan’s Dai-ichi Life will take a stake in the investment manager after the two firms agreed a long-term strategic partnership.

Under the terms of the deal, the blue chip will become Dai-chi’s preferred asset management partner in Europe, while the mutual insurer will acquire a shareholding of around 15% in M&G.

The partnership is expected to generate at least $6bn in new business flows into funds managed by M&G over the next five years, the British firm said.

Elsewhere, Hiscox rallied after an upgrade to ‘outperform’ by BNP Paribas Exane. It and Beazley were also boosted by reinstatements of coverage at ‘buy’ by Berenberg.

Weir Group was also in the black, after an upgrade to ‘buy’ at Kepler Cheuvreux.

Alpha Group gained after saying it has extended possible takeover discussions with Corpay just weeks after the fintech rebuffed an initial offer from the US business payments giant.

Source: Sharecast

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Adam

Economic

China–U.S. Trade War

This week's U.S. tariff whiplash has left financial markets dazed, as anxiety about foreign capital taxes and fresh rate cut hopes add to the confusion. June promises to be a tense month in an already turbulent year.

It's Friday, so today I'll provide a quick overview of what's happening in global markets and then offer you some weekend reading suggestions away from the headlines.

Today's Market Minute

* A federal appeals court temporarily reinstated the most sweeping of President Donald Trump's tariffs on Thursday, a day after a U.S. trade court ruled that Trump had exceeded his authority in imposing the duties and ordered an immediate block on them.

* The Trump administration's trade war has cost companies more than $34 billion in lost sales and higher costs, according to a Reuters analysis of corporate disclosures.

* The safety of Germany's gold reserves held overseas and in New York in particular, until recently mainly a talking point for the country's far-right party and gold bugs, is becoming a matter of public debate with Donald Trump back in the White House.

* While we may not see a full-blown debt crisis in the U.S., there's a growing sense that "the fiscal" matters for markets more now than it has for decades. Reuters columnist Jamie McGeever explores the assumptions baked into the current U.S. debt and deficit projections.

* Reuters columnist Gavin Maguire explains why developers and exporters of natural gas should be alarmed by the decline in thermal coal exports coming out of Indonesia.

Tariffs return along with capital tax fears

A federal appeals court temporarily reinstated the most sweeping of Donald Trump's import tariffs late on Thursday.

Allowing the stay while the case progresses, the court ordered the plaintiffs in the cases to respond by June 5 and the administration by June 9. Trump has promised to take the matter all the way to the Supreme Court.

Thursday's rally in stocks (.SPX), and the dollar (.DXY) , faded quickly, with many investors convinced the administration would seek other routes to impose the levies even if it loses its case.

The whole episode raises as many questions as answers, not least regarding when tariffs will be imposed and which ones will eventually come to pass. This heightens business uncertainty as much as it offers any marginal relief.

Countries in bilateral trade talks may be emboldened to avoid making concessions until there is more clarity around the legal issue, meaning we could see a shortening of the already narrow six-week negotiating period left before July 9's re-imposition of "reciprocal tariffs".

Meanwhile, there are also questions over the U.S. fiscal bill now heading through the Senate, including how much delayed or reduced tariffs will impact revenue estimates and deficit calculations.

What's more, investors are increasingly concerned about provisions in the bill - namely Section 899 - that allow the administration to impose taxes of up to 20% on foreign asset holdings. Some fear this could cause the tariff war to morph into a capital war, unnerving overseas investors anew.

Resorting to non-tariff threats would only up the ante in tough trade talks with Europe, which is already countering with threats against U.S. tech firms.

On top of all this, we have next month's annual Treasury review of overseas currency manipulation.

In short, we could soon seen more trade weapons drawn into the fray.

There's even growing angst overseas that foreign holdings of gold at the U.S. central bank could be at risk.

But amid all the speculation, U.S. Treasuries rallied sharply on Thursday.

Some of that was down to signs of weakening economic activity, with weekly jobless claims rising, pending homes sales weakening and first quarter GDP revisions cutting consumer spending estimates and showing a drop in corporate profits.

That was enough to nudge Federal Reserve easing hopes back up, with futures now pricing in two full rate cuts by yearend.

The drop in Treasury yields was helped by a robust auction of 7-year notes, which Morgan Stanley said left primary dealers with just 4.8% of the paper, the lowest primary dealer takedown on record for any Treasury auction.

Amid all this, Trump called Fed Chair Jerome Powell to the White House on Thursday for their first face-to-face meeting since he took office in January. He told the central bank chief he was making a "mistake" by not lowering interest rates.

Underscoring its independence, the Fed issued a statement after the meeting saying it "will set monetary policy, as required by law, to support maximum employment and stable prices and will make those decisions based solely on careful, objective, and non-political analysis."

The April reading for the Fed's favored inflation gauge is due for release on Friday.

Ahead of the open, U.S. stock futures were back slightly in the red, 10-year Treasury yields flirted with their lowest in a fortnight and the dollar (.DXY) , was firmer after Thursday's sharp reversal.

Elsewhere, European stocks (.STOXXE), were higher, but Japan's Nikkei (.N225) , relapsed more than 1%. Tokyo core inflation readings for May came in higher than forecast at 3.6%, the most in two years, upping speculation that there will be more Bank of Japan interest rate hikes ahead.

European inflation updates for this month were much softer, buoying hopes of further European Central Bank easing as the ECB gets set to meet again next week.

Weekend reading suggestions

Here are some articles away from the day-to-day headlines that you may find interesting.

* GENDER Z: In democracies worldwide, a political gender divide is intensifying among Gen Z voters, with young men voting for right-wing parties and young women leaning left, a break from pre-pandemic years when both tended to vote for progressives. Reuters' Heejung Jung, Mark Bendeich and Thomas Escritt examine this trend.

* RESERVE SWITCH: Just over half of 88 central bank reserve managers said they expected the pace of reserve diversification to accelerate over the next 12 months, according to the annual HSBC Reserve Management Trends survey. Almost 80% of respondents thought de-dollarisation was increasing, though on a gradual basis.

* DEFENSE HELP WANTED: While the European Union's 800 billion euro defense spending push is expected to create hundreds of thousands of jobs over the next decade, specially trained AI engineers, data scientists, welders and mechanics are in short supply. Reuters' Michael Kahn, Christoph Steitz, Dominique Patton spoke to more than a dozen companies, recruiters and workers who said that along with hiking wages and benefits, arms makers are poaching from other sectors.

* MGGA: Making Germany Grow Again is the theme of an IMF podcast with Ulrike Malmendier, a professor at University of California, Berkeley and member of the German Council of Economic Advisors. Malmendier explains how ageing Germany needs to attract more skilled migrants, rethink its capital markets and pensions system and address energy supply problems in order to resume its role as Europe's powerhouse economy.

* FUZZY FEDSPEAK: Households and professional forecasters often hear Federal Reserve speeches on inflation and monetary policy in different ways, according to a paper on Fed communications published on CEPR's VoxEU site.

* EV EVERGRANDE?: An intensifying auto industry price war in China has stoked fears of a long-anticipated shake-out in the world's largest car market. Reuters' Norihiko Shirouzu reveals how steep price cuts may signal a potential tipping point, where weaker players can no longer sustain deepening losses.

* 'SACRIFICE RATIOS' AND PRICE LEVEL: Central bank research show how 'sacrifice ratios' - or output losses per inflation reduction - were historically low during post-pandemic monetary tightening. But it ignores politically toxic price level increases, something that should be included in the list of 'tradeoffs' assessed when conducting policy, according to an NBER paper by economists Kristin Forbes, Jongrim Ha and Ayhan Kose.

* DOLLAR SACRIFICE?: Donald Trump's erratic U.S. trade threats against Europe and de-funding of universities are the sorts of policies that come at a price, not least damaging the dollar's cyclical and structural outlook. Writing on Project Syndicate, former Goldman Sachs global economist and UK Treasury minister Jim O'Neill explains why he thinks the implications for the future of American power are profound.

* DRONE WARS: Indian and Pakistani militaries have deployed high-end fighter jets, conventional missiles and artillery during decades of clashes, but the four days of fighting in May marked the first time New Delhi and Islamabad utilized unmanned aerial vehicles at scale against each other. Read the fascinating report by Reuters' Devjyot Ghoshal, Ariba Shahid and Shivam Patel.

* INDUSTRIAL POLICY REDUX: Government subsidies, investment incentives, and other industrial-policy actions have almost quadrupled since 2017 - mostly in critical industries such as defense, chips and high-end equipment, according to research from the consulting firm McKinsey.

Chart of the day

Morning Bid: Tariffs return along with capital tax fears_1

How companies are navigating US tariff uncertainty - Most companies have disclosed plans to adjust product pricing as costs rise

Companies are struggling to give guidance on the rest of the year's earnings given the high level of uncertainty related to U.S. tariff policy.

Today's events to watch

* U.S. April personal consumption and spending and personal consumption expenditures inflation gauge (8:30 AM EDT), April international goods trade (8:30 AM EDT), April wholesale/retail inventories (8:30 AM EDT), May Chicago business survey (9:45 AM EDT) University of Michigan final May household sentiment survey (10:00 AM EDT); Canada Q1 GDP revision (8:30 AM EDT)

* San Francisco Federal Reserve President Mary Daly, Dallas Fed President Lorie Logan, Atlanta Fed chief Raphael Bostic and Chicago Fed boss Austan Goolsbee all speak.

* U.S. corporate earnings: Marvell Technology

Opinions expressed are those of the author. They do not reflect the views of Reuters News, which, under the Trust Principles , is committed to integrity, independence, and freedom from bias.