OPEC+ Moves July Output Call By One Day To May 31, Delegates Say

Commodity

Summary:

OPEC+ brought forward a video-conference that will decide July oil production levels for eight key members by one day to May 31, delegates said.

The eight-nation sub-group led by Saudi Arabia and Russia held preliminary talks last week on making another bumper output increase of about 411,000 barrels a day for a third consecutive month, to be finalized during its conference call. One delegate, who asked not to be identified, said the date change was simply a reflection of scheduling issues.

The Organization of the Petroleum Exporting Countries and its partners sent crude prices plunging to a four-year low below $60 a barrel in early April by announcing it would revive supplies at triple the planned speed this month, and doubled down on the move with another surge set for June. Crude futures have since recovered to near $65.

The supply hikes by OPEC+, coming at a time of faltering demand and concern over President Donald Trump’s trade wars, took most crude traders by surprise, marking a distinct rupture with years of action by the alliance to shore up world oil markets.

Late schedule changes have become increasingly common in recent years for OPEC+, and easier to arrange as the coalition holds meetings online rather than at its headquarters in Vienna.

The full 22-nation alliance is also due to hold a set of virtual meetings on May 28, with the opportunity to review group-wide output quotas that underlie the latest supply restraints.

Source: Bloomberg Europe

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Warren Takunda

Stocks

European stocks climbed along with US equity futures after President Donald Trump extended a deadline on aggressive euro area tariffs, reinforcing a pattern of leaving markets guessing by making trade threats before backtracking.

The Stoxx Europe 600 index erased Friday’s losses sparked by Trump’s threat of 50% tariffs on the European Union. The US President later said he had agreed to delay the date for the levies to July 9 from June 1. Contracts for the S&P 500 and the Nasdaq 100 advanced more than 1%. A gauge of the dollar hovered near its lowest level in almost two years. Cash Treasuries didn’t trade due to holidays in the UK and US.

The tariff war has returned as the major driver once again after concerns about Trump’s proposed tax cuts, and their impact on the US deficit, churned markets much of last week. Trump’s whiplash moves have increased uncertainty in markets and his broadside against Europe on Friday, followed by a backtrack, was a stark reminder of the president’s volatile policy making.

“The stock market seems to dance to Trump’s tune: first a threat, then a pullback, quickly followed by a rebound as speculative investors anticipate a concession from the U.S. President,” said Jochen Stanzl, chief market analyst at CMC Markets. “This morning’s confirmation of such expectations reinforces the so-called ‘Trump Pattern,’ which is increasingly seen as a successful strategy for risk-tolerant investors.”

Trump’s decision to extend the deadline came after a phone call with European Commission President Ursula von der Leyen.

Von der Leyen, who heads the EU’s executive arm, said earlier Sunday in a post on X that “Europe is ready to advance talks swiftly and decisively,” but “a good deal” will need “time until July 9.” That’s the date on which Trump’s 90-day pause of his so-called reciprocal tariffs had originally been set to end.

“One thing that is starting to concern us a bit is the fact that the rebounds that follow these selloffs are losing strength as we go on,” said Frederic Rozier, a portfolio manager at Mirabaud France. “We can sense investor fatigue about this back-and-forth and there’s a risk sentiment will erode as markets run in circles on tariffs. The only thing we know is that even if there’s an agreement, there will be a cost for European stocks.”

Trump’s tariff threats on Friday also included a 25% levy on smartphones if companies including Apple Inc. and Samsung Electronics Co. failed to move production to the US.

Among individual movers in Europe, Thyssenkrupp AG jumped more than 7% after a report that the firms chief executive plans to turn it into a holding company, allowing it to cut overhead costs as it divests further units. Volvo Car AB climbed as much as 4.9% after announcing plans to eliminate around 7% of its global workforce to cut costs and protect profits.

The trade tensions and weak demand for US assets are showing up in the dollar. Bloomberg’s dollar spot index was track for its lowest close since July 2023, while the greenback is at or approaching key levels against a host of currencies including the euro, British pound, yen and Swiss franc.

Enthusiasm has faded for the world’s reserve currency this year. Speculative traders remained bearish on the dollar but trimmed their positioning to $12.4 billion in the week ending May 20 from $16.5 billion in the week prior, according to CFTC data reported Friday.

A key event this week will be Nvidia Corp.’s results on Wednesday. The chip-making giant is seen as a bellwether for so called growth stocks and the sustainability of the artificial intelligence boom. Its outlook will be crucial given macro risks and tariff uncertainty.

Investors are also gearing up for the Federal Reserve’s preferred inflation measure, the US personal consumption expenditures price index excluding food and energy, which will be released Friday. The April reading is forecast to rise 0.1% based on consensus expectations.

Elsewhere, signs of port congestion in northern Europe and other hubs suggests trade wars could lead to maritime disruptions around the world, increasing shipping rates.

Source: Yahoofinance

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Warren Takunda

Economic

The euro could become a viable alternative to the dollar, earning the 20-nation bloc immense benefits, if governments could only strengthen the bloc's financial and security architecture, ECB President Christine Lagarde said on Monday.

Unnerved by erratic U.S. economic policy, global investors have been reducing their exposure to dollar assets in recent months but many have opted for gold instead, not seeing a direct alternative.

In fact, the euro's global role has been stagnant for decades now since the European Union's financial institutions remain unfinished and governments have shown little appetite to embark on more integration.

"The ongoing changes create the opening for a 'global euro moment,'" Lagarde said at a lecture in Berlin. "The euro will not gain influence by default - it will have to earn it."

For this, Europe needs a deeper, more liquid capital market, must bolster its legal foundations and needs to underpin its commitment to open trade with security capabilities, Lagarde argued.

The dollar's role has been on the decline for years and now makes up 58% of international reserves, the lowest in decades, but still well above the euro's 20% share.

Any enhanced role for the euro must coincide with greater military strength that can back up partnerships, Lagarde said.

"This is because investors – and especially official investors – also seek geopolitical assurance in another form: they invest in the assets of regions that are reliable security partners and can honour alliances with hard power," Lagarde said at a Hertie School lecture.

Europe should also make the euro the currency of choice for businesses invoicing international trade, she said. This could be supported by forging new trade agreements, enhanced cross-border payments and with liquidity agreements with the ECB.

Reforming the domestic economy may be more pressing, however, Lagarde said. The euro area capital market is still fragmented, inefficient and lacks a truly liquid, widely available safe asset investors could flock to, she said.

"Economic logic tells us that public goods need to be jointly financed. And this joint financing could provide the basis for Europe to gradually increase its supply of safe assets."

Joint borrowing has been a taboo for some key euro zone members, particularly Germany, which fears that its own taxpayers could end up having to pay for the fiscal irresponsibility of others.

If Europe succeeded, the benefits would be large, Lagarde said. The investment inflow would allow domestic players to borrow at lower cost, insulate the bloc from exchange rate movements and protect it against international sanctions.

Source: Reuters

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Warren Takunda

Cryptocurrency

Key points:

US President Donald Trump has extended the deadline of a proposed 50% tariff on EU goods to July 9.

A temporary easing in trade tensions could help fuel Bitcoin’s rally to new all-time highs.

Bitcoin’s price climbed back above $109,000 during the late trading hours on May 25, as traders responded to President Donald Trump’s decision to delay the implementation of tariffs on EU goods until July 9.

Data from Cointelegraph Markets Pro and TradingView revealed that BTC rose by as much as 3.2% to an intraday high of $110,100 on May 26 from a low of $106,660 on May 25. Bitcoin Price Levels to Watch as Trump Delays EU Tariffs_1

Bitcoin Price Levels to Watch as Trump Delays EU Tariffs_1

BTC/USD daily chart. Source: Cointelegraph/TradingView

Trump extends EU tariff deadline

Bitcoin’s recovery above $109,000 followed Trump’s decision to delay a proposed 50% tariff on European Union goods, easing trade tensions and fueling renewed optimism across risk assets.

This decision came after a call with European Commission President Ursula von der Leyen, who said that the EU needed until July 9 to “reach a good deal” with the United States.

Trump had initially proposed a 20% tariff on most EU imports in April, later reducing it to 10% to allow time for talks.

On May 23, he threatened to raise tariffs to 50% by June, causing Bitcoin to dip below $108,000, reflecting market sensitivity to trade tensions.

Market participants said the extension placed Bitcoin back on track to continue its uptrend.

“Bitcoin will pump again,” said pseudonymous BTC investor Random Crypto Pal in response to the news.

“Bitcoin is gaining momentum because of Europe tariffs delays (July 9),” said fellow Kevin T, adding:

“I hope they settle everything and let the market go super bullish.”

BTC price headed for an 8-week win streak

BTC’s close above $109,000 on May 25 was the seventh consecutive bullish weekly close, as shown in the chart below.

If Bitcoin continues to maintain its upward trajectory, it is likely to close green for the eighth consecutive week on June 1. Bitcoin Price Levels to Watch as Trump Delays EU Tariffs_2

Bitcoin Price Levels to Watch as Trump Delays EU Tariffs_2

BTC/USD weekly close. Source: Cointelegraph/TradingView

Historically, such a scenario has preceded six to 12 months of positive price action.

“Since 2014, an 8-week streak of green weekly closes has occurred only three times,” said crypto analyst and trader Carpe Noctom in a May 26 post on X, adding:

“Following eight consecutive positive weekly closes, the market has historically been negative one week later, but has always been positive 6 months and 1 year later.”

BTC performance following eight straight bullish closes/ Source: Carpe Noctom

If history repeats itself, BTC could continue rising this week, then drop or consolidate next week to retest key support levels before entering a parabolic phase for the rest of the year.

Key Bitcoin price levels to watch

Bitcoin must flip the all-time high at $111,900 into support to continue its price discovery.

As Cointelegraph reported, BTC price could rally to fresh record highs of $130,000 if the bulls push above the $109,588 to $111,980 overhead resistance zone, BTC/USD must hold above the weekly close at $109,0 for this to happen00. Below that is a major demand zone from $104,500 to $106,000.

Other levels to watch on the downside are the daily support at $102,500, which supported the price between May 9 and May 19, and the psychological level at $100,000. Bitcoin Price Levels to Watch as Trump Delays EU Tariffs_4

Bitcoin Price Levels to Watch as Trump Delays EU Tariffs_4

Bitcoin daily chart. Source: Cointelegraph/TradingView

Trader Micky Bull said it was “very critical” for the BTC/USD pair to close the day above the previous all-time high of $109,000 reached on Jan. 20.

MN Capital founder Michael van de Poppe pointed out that if Bitcoin continued “holding on to the point of interest” between $105,500 and $107,000, it could see fresh all-time highs over the next few days.“On to $125,000 into June.

Bitcoin Price Levels to Watch as Trump Delays EU Tariffs_5

”BTC/USD four-hour chart. Source: Michael van de Poppe

Source: Cointelegraph

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Warren Takunda

Economic

The Pound to Euro exchange rate (GBP/EUR) rose through the key 1.19 barrier in Friday trade after U.S. President Donald Trump threatened to impose a 50% tariff on all European Union imports starting June 1, accusing the bloc of unfair trade practices.

In a Truth Social post, Trump claimed the EU was “formed for the primary purpose of taking advantage of the United States on trade,” citing “powerful trade barriers” and “unjustified lawsuits against American companies.”

Derek Halpenny, Head of Research for Global Markets EMEA at MUFG Bank Ltd, says the Euro "has dropped sharply" in reaction to the news, as investors bet a tariff hit will force the European Central Bank into cutting interest rates more than currently anticipated.

"A 50% tariff could result in a big hit on euro-zone GDP and would likely prompt the ECB to cut the policy rate more aggressively," he says.

The developments sent a jolt through markets, where investors were getting used to the idea that the worst had passed on the trade war front.

GBP/EUR was higher 0.20% at 1.1918, ensuring our Week Ahead Forecast published on Monday is playing out beautifully: Pound-to-Euro Through 1.19 After Trump Lashes Out at EU_1

Pound-to-Euro Through 1.19 After Trump Lashes Out at EU_1

Above: GBP/EUR at daily intervals with annotations sketched in Monday's Week Ahead Forecast.

U.S. equity markets reacted swiftly, with S&P 500 and Nasdaq 100 futures falling 1.1% and 1.3%, respectively. Trump also warned he would apply a 25% tariff on Apple Inc. products if the company failed to manufacture iPhones in the U.S., sending Apple shares lower.

The move came just days after the EU offered a new trade proposal that included tariff reductions and cooperation on issues like energy and AI. However, U.S. Commerce Secretary Howard Lutnick dismissed the EU effort, calling negotiations “impossible.”

In response, the EU is preparing retaliatory tariffs targeting €95 billion ($107 billion) of U.S. exports, even as it temporarily delayed a separate set of duties on U.S. steel and aluminium.

Dr. Christoph Swonke at Germany's DZ Bank says:

"Should the now threatened US tariffs of 50% actually come to pass, the EU will certainly respond with counter-tariffs. In this case, it is unlikely that the tariffs will be limited to selected products such as motorcycles, jeans, peanut butter, or bourbon whiskey.

"More far-reaching measures are conceivable. For example, the service businesses of major US tech giants in Europe could come under greater scrutiny. An escalation of the tariff disputes would likely result in significant growth losses and, at the same time, higher inflation rates for both the US and the EU."

Source: Poundsterlinglive

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Warren Takunda

Economic

US President Donald Trump announced on Sunday that he had agreed to delay the implementation of a 50% tariff on EU imports to 9 July, following a phone call with European Commission President Ursula von der Leyen.

The announcement sparked a sharp rebound in US stock futures and boosted European equities on Monday.

“I agreed to the extension — July 9, 2025 — It was my privilege to do so,” Trump posted on Truth Social, quoting von der Leyen’s statement on X, in which she wrote:

“The EU and US share the world’s most consequential and close trade relationship. Europe is ready to advance talks swiftly and decisively. To reach a good deal, we would need the time until July 9.”

Trump had originally announced 20% “reciprocal tariffs” on the EU on 2 April before reducing them to 10% for 90 days.

However, he threatened to impose a 50% tariff from 1 June, citing a lack of progress in negotiations due to disagreements among EU member states. According to the bloc’s trade chief, Maroš Šefčovič, the EU submitted a revised trade proposal to the US last week.

In a social media post on Friday, Trump criticised the EU’s non-tariff barriers, including VAT regimes, “ridiculous corporate penalties,” non-monetary trade restrictions, and “unjustified lawsuits against American companies,” which he claimed contributed to an annual trade deficit of over $250 billion (€219 billion). “Our discussions with them are going nowhere!” he wrote, justifying his move to raise import levies.

Trump’s tariff threats triggered broad market sell-offs in both the US and Europe on Friday, representing a renewed escalation in global trade tensions, just two weeks after the latest round of US-China trade talks.

European stock markets open higher

Major stock benchmarks in Europe opened higher on Monday following Trump’s reversal. The Euro Stoxx 600 jumped 1.00%, and the DAX surged 1.67% as of 9:25 am CEST.

“It's obviously a derivation of the Trump put. But it's prompting traders to place their bets that any new tariff threat is bluster and any existing tariff will eventually be lowered,” said Kyle Rodda, a senior market analyst at Capital.com Australia.

The US stock futures also rebounded significantly, with the Dow Jones Industrial Average rising 0.85%, the S&P 500 up 1%, and the Nasdaq 100 climbing 1.19%.

Asian markets were mixed in the early trading on Thursday, with Japan’s Nikkei 225 and South Korea’s Kospi rising, while Australia's ASX 200 and China’s Hang Seng Index fell.

The euro hits a one-month high as dollar weakens

The euro extended gains against the US dollar during Monday’s Asian session. As of 3:35 am CEST, the EUR/USD pair rose above 1.40, its highest level since 29 April.

The dollar remained under pressure after Trump’s tariff threats on Friday, with the US dollar index falling below 99 for the first time in May.

“While part of the dynamic is the market pricing in policy convergence between the US and the rest of the world, I think the major driver of dollar depreciation is the marginal loss of confidence in US assets,” Rodda said.

Recently, Moody’s downgraded the US credit rating, citing concerns over rising government debt and the widening budget deficit. Trump’s proposed tax cuts and spending plans are also facing stiff opposition in Congress.

These compounding factors have renewed sell-offs in US assets, including equities, the dollar, and government bonds, in the past week.

Source: Euronews

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Gerik

Economic

Stocks

Markets Rebound on Tariff Reprieve

European stock markets opened the week on a high note, with the pan-European STOXX 600 index rising 1% by early Monday trading, recouping Friday’s 0.9% loss. The recovery followed U.S. President Donald Trump’s decision to postpone the implementation of a proposed 50% tariff on EU goods, extending the deadline from June 1 to July 9 after discussions with European Commission President Ursula von der Leyen.

This extension provided immediate relief to investors concerned about a sharp escalation in trade tensions, prompting a widespread rebound across sensitive sectors.

Autos and Luxury Lead the Charge

Industries most vulnerable to transatlantic tariff shocks—such as automobiles and luxury goods—saw some of the largest gains. The STOXX automobiles and parts index rose 1.4%, with Mercedes-Benz climbing 2.1%, BMW up 2%, and Volkswagen advancing 1.9%. These companies are highly exposed to U.S. demand and global supply chains, and any tariff reduction or delay directly improves their earnings outlook.

Luxury brands with significant U.S. customer bases also surged. Kering, LVMH, and Richemont each posted gains ranging from 1.5% to 2.4%, reflecting improved investor confidence in cross-border consumer resilience.

Broader Sector Gains Reflect Eased Risk Perception

Banking stocks, which are closely tied to economic sentiment and interest rate dynamics, jumped 1.5%, while technology led all sectors with a 1.9% gain. The tech rally reflects broader global optimism, fueled in part by anticipation of strong earnings from industry leaders like Nvidia, whose upcoming quarterly report is expected to influence sentiment far beyond U.S. borders.

Although trading volumes were relatively subdued due to public holidays in the U.S. and UK, the market reaction underscored how critical trade policy clarity is for European investors. U.S. futures also climbed more than 1%, hinting at a risk-on mood returning globally.

Upcoming Economic Data Could Shape Market Trajectory

While the tariff delay delivered short-term support, European markets are also bracing for a data-heavy week. Key indicators include euro zone economic sentiment readings, as well as German unemployment and inflation figures for May. These will help clarify the state of the regional economy and shape expectations for European Central Bank policy moving into the second half of the year.

Trump’s decision to delay EU tariffs provided European markets with a temporary reprieve, but the underlying uncertainty in trade negotiations continues to loom. For now, investors have welcomed the breathing space, but the July 9 deadline ensures that volatility could resurface quickly if talks falter. In the meantime, equity markets appear poised to capitalize on earnings momentum and easing short-term geopolitical risk.