US stocks tumbled overnight, with the Dow (-444pts), S&P 500 (-0.95%), and NASDAQ (-1.37%) after Trump announced plans to introduce reciprocal tariffs reigniting fears of a global trade war. Trump did not specify which countries would be targeted, but markets worried about the potential inflationary effects of new tariffs. On the economic front, the US consumer sentiment index dropped to 67.8, marking a second straight month of declines, while one-year inflation expectations jumped to 4.3%. Non-farm payrolls showed 143K jobs were added, below expectations, though the unemployment rate ticked down to 4%. Wage growth accelerated to 0.5%, reinforcing speculation that the Federal Reserve will hold off on rate cuts for longer. US treasury yields rose on jobs data. 2Y yield up 7.1bps and 10Y yield up 4.8bps. USD Index rose 0.35%, and Bitcoin lost 0.94%.

Donald Trump said on Sunday that he will be announcing on Monday 25% tariffs on all steel and aluminum imports into the US. 

SPI down 64 - JBH, CAR, ANN results out.

COMMODITIES

• Chile's Codelco targets 2025 copper output jump to 1.39m tons, document shows.
• Copper production from Chile rose nearly 5% last year.
• Trump considering allowing Nippon Steel's deal for US Steel, CBS reports.
• Oil set for third straight weekly decline amid tariff concerns.
• Gold poised for sixth week of gains on safe-haven demand.
• Copper prices hit three-month high, on track for biggest weekly gain since September.

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