Wall Street responded positively to Trump’s announcements over the weekend of temporary exemptions for electronics and possibly autos. Muted session, longer-term uncertainty remains. S&P 500 up 0.79%, NASDAQ up 0.64%. Dow recovered from some midday softness to end the session closer to the high, up 312 points. All sectors up.  Real Estate was largest winner, rate sensitive sector, benefitted from US yields falling after last week’s rise. Mood was cautious, defensive sectors did well, Utilities and Consumer Non-Cyclicals. Apple (+2.21%) largest winner of Big Tech, most to gain from electronics temporary tariff relief. Amgen (+2.78%) up despite antirust suit over US patient access to Erelzi. Pfizer (+0.96%) stopped development of obesity pill over liver injury risk. Resources mixed, oil flat, copper up amid China stimulus hopes and a declining dollar. Other metals like aluminium and zinc down.   

ASX to rise. SPI Futures up 18 points (+0.23%).

• Gold down 0.39%, still near record highs. US dollar (-0.40%) down again, status as safe haven is taken a bruising. Bitcoin up 1.36%.
• European markets up, all major markets recorded gains >2%. Euro Stoxx up 2.69%, Germany up 2.85%. More modest gains in Asia. Japan up 0.88%, HK up 2.40%.
• Bond yields gave up some of last week’s gains and stabilised, US 10Y dropped 11.4bps, US 2Y dropped 11.7bps.

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