A U.S, federal appeals court has temporarily reinstated President Trump’s tariffs just a day after the U.S. Court of International Trade ruled he had overstepped his authority in imposing the levies. President Trump summons Federal Reserve Chairman Jerome Powell to the White House over his interest rate policy stance. Powell has insisted his rate decisions will remain data-based. And we are live in Dubrovnik where global economic policymakers are gathering for the Croatian National Bank/IMF meeting.   

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A U.S. court has ruled that a majority of President Trump’s tariffs, including reciprocal levies, which were tied to the Emergency Economic Powers Act were an overstep of presidential authority. The White House has filed a notice of appeal with the court. Chip giant Nvidia sees shares soar following the company posting a better-than-expected Q1 revenue beat of 69 per cent. CEO Jensen Huang has criticised the U.S. government’s chip export restrictions to China. Tesla CEO departs the U.S. government in his advisory role a day after calling a GOP budget bill to fund President Trump’s agenda ‘disappointing’.  

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All focus is on A.I. chip giant Nvidia which is due to report quarterly results after the U.S. bell today. Investors will be scrutinising how the company is faring following a $5.5bn China export hit. U.S. consumer confidence for May shows a sharp rebound, lifting equities out of a four-day slump in the red and helping the USD to its best performance in recent weeks. In Europe, Germany’s DAX posts a new record close, boosting yearly gains by more than 20 per cent as automotive and arms manufacturer Rheinmetall almost triples its market cap.  

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President Trump’s tariff postponement helps to boost sentiment in Europe with French and German stocks starting the week solidly in the green. The autos and aerospace sectors lead gains. ECB President Christine Lagarde says that the euro could rival the dollar in times of political volatility if the bloc can succeed in strengthening its security and capital markets. And in autos news, Tesla’s April sales in Europe decline by more than 50 per cent on the year while petrol car sales also slow by a fifth.  

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President Trump postpones EU tariff talks until July following a phone call with EC president Ursula Von Der Leyen to grant the bloc a reprieve from his threat of a 50 per cent levy. In Asia, Apple iPhone suppliers are in the red following Trump’s threat of a 25 per cent tariff on the company’s phones manufactured outside the U.S. Chinese automaker BYD cuts prices by up to 35 per cent as concerns over a global price war intensify.

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U.S. yields and the 30-year note rise above 5 per cent as U.S. debt burden worries persist. The U.S. House of Representatives passes President Trump’s tax and spending bill by a single vote that could add $4tn in U.S. debt. The bill is now due to makes its way through the Senate. We are live in Athens where Greek Prime Minister Kyriakos Mitsotakis tells us exclusively that he believes the U.S. and EU are close to agreeing a trade deal with the possibility of lowering the 10 per cent Trump tariff baseline figure.

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The House of Representatives holds an all-night session as the GOP looks to push President Trump’s budget bill. The proposed tax cuts are expected to add trillions of dollars to the country’s deficit in the next 10 years. As a result, European markets are in the red and are due to track Wednesday’s disappointing session. And in tech news, Open A.I. is to buy the A.I. device start-up belonging to former Apple designer Jony Ive. The all-stock deal is said to be worth $6.4bn.

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President Trump calls on Republican ‘holdouts’ to agree to his budget plans in a private meeting. Trump said he was confident the bill would soon be passed as law. Our colleagues Stateside sit down with Tesla CEO Elon Musk who says he wants to continue at the helm of the auto maker for the next 5 years and is committed to ramping up the number of autonomous vehicles on U.S. roads by next year.

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EV Battery maker CATL lists on the Hong Kong stock exchange, sending shares soaring. It’s the world’s largest IPO this year. UK Prime Minister Keir Starmer re-sets relations with the EU, promising to boost Britain’s global trade standing but the move provokes anger domestically. JP Morgan Chase CEO Jamie Dimon says markets and central banks are ‘complacent’ about risk amid a ballooning U.S. deficit, tariffs and rising global tensions.

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Global markets fall and yields jump as Moody's cuts its U.S. credit rating - the first time in history that the country hasn't held a perfect AAA rating with any of the major agencies. Attention turns to London as the U.K. and EU near a historic reset of trade relations - as Ryanair CEO Michael O'Leary calls for closer ties between the two sides.

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