InvestMacro

On Monday, the Dow Jones Index (US30) fell by 0.14%. The S&P 500 Index (US500) edged up by 0.02%. The tech-heavy Nasdaq (US100) closed higher by 0.36%. The US stocks were mostly flat as investors digested the new trade agreement between the US and the EU and prepared for a busy week filled with earnings reports and key economic data.

President Trump announced a tariff agreement with the EU, setting a baseline rate of 15% (lower than the previously threatened 30%) amid growing hopes for an extension of the US-China trade truce. Despite easing trade tensions, market sentiment remained cautious due to ongoing uncertainty about the broader economic impact of tariffs. Attention is now shifting to earnings reports from Meta, Microsoft, Apple, and Amazon, as well as the Federal Reserve meeting on Wednesday, where investors will closely watch for any hints of a potential rate cut in September.

European stock markets mostly declined yesterday. Germany’s DAX (DE40) dropped by 1.02%, France’s CAC 40 (FR40) closed down 0.43%, Spain’s IBEX 35 (ES35) fell by 0.12%, and the UK’s FTSE 100 (UK100) closed negative 0.43%. Major European equity markets fell after an early rally driven by the US-EU trade deal. The framework agreement includes a 15% import tariff on most EU goods, as well as an EU commitment to purchase $750 billion worth of energy and additional military equipment from the US. The deal also provides selective access to key segments of the European market. While considered a better outcome than the previously threatened 30–50% tariffs proposed by Trump, lingering uncertainty over the final terms sparked concern among European leaders.

WTI crude oil prices jumped more than 2% to $66.70 per barrel on Monday amid renewed geopolitical fears after US President Donald Trump accelerated the deadline for Russia to agree to a ceasefire in Ukraine. Trump warned that Russia has 10–12 days to comply or face 100% “secondary tariffs,” raising concerns over potential disruptions in oil supplies. This follows new EU sanctions, including a lower price cap on Russian oil and a ban on importing petroleum products from third countries, set to take effect in January. If fully implemented, such measures could reduce global oil supply, especially given OPEC’s limited spare capacity.

The US natural gas prices dropped to $3.07 per million British thermal units (MMBtu), the lowest level since April 22, as weaker-than-expected summer heat and high production levels kept downward pressure on prices throughout July. Meanwhile, production remained high, averaging 107.2 billion cubic feet per day across the lower 48 US states in July, exceeding June’s record of 106.4 billion cubic feet per day. Inventories were about 6% above seasonal norms, reinforcing the view of an oversupplied market.

On Monday, silver prices remained under pressure, staying below $38.50 per ounce after falling more than 2% in the previous session, as recent trade deals between the US and key partners reduced demand for safe-haven assets. Meanwhile, markets are watching for further developments in US-China trade talks, which begin today in Stockholm, with expectations that discussions will go beyond tariffs and include broader geopolitical and economic issues.

Asian markets were mostly up yesterday. Japan’s Nikkei 225 (JP225) dropped by 1.10%, China’s FTSE China A50 (CHA50) rose by 0.19%, Hong Kong’s Hang Seng (HK50) climbed by 0.68%, and Australia’s ASX 200 (AU200) posted a positive result of 0.36%.

Thailand aims to finalize trade negotiations with the US by the August 1 deadline, and US tariffs are unlikely to reach 36%, Finance Minister Pichai Chunhavajira said on Tuesday. Bangkok expects a “very favorable” trade deal from the Trump administration following a peace initiative that resolved the border conflict with Cambodia. In 2024, the US was Thailand’s largest export market, accounting for 18.3% of total exports, or $54.96 billion, while the US trade deficit with Thailand stood at $45.6 billion.

Hong Kong’s trade deficit widened to $58.9 billion in June 2025 from $55.7 billion in the same month last year. Exports rose by 11.9% year-over-year to $417.8 billion. Meanwhile, imports increased by 11.1% to $476.7 billion. Imports from most major suppliers showed strong growth, particularly from Vietnam (+50.6%), the United Kingdom (+44.7%), and the US (+3.9%).

On Thursday, the US stocks traded mixed: the Dow Jones Index (US30) fell by 0.70%. The S&P 500 (US500) rose by 0.07%, and the tech-heavy Nasdaq (US100) closed higher by 0.25%. The S&P 500 and Nasdaq 100 both ended Thursday at record highs, supported by strong earnings from Alphabet, which boosted investor confidence in AI-related investments.

Alphabet shares rose by 1% after the company beat Q2 expectations and raised its capital expenditure forecast for 2025 by $10 billion, lifting other tech giants like Microsoft, Nvidia, and Amazon. Tesla fell by 7.9% after CEO Elon Musk warned of challenging quarters ahead. Markets also focused on an unexpected visit by President Trump to the Federal Reserve, where he increased pressure on Chairman Powell regarding interest rates. Meanwhile, trade negotiations remained a key topic: progress was reported in talks with the EU, Japan, and South Korea, although Trump stated that tariffs would not fall below 15%.

The Canadian dollar traded near 1.36 per US dollar, rebounding sharply from the July 17 low of 1.374, aided by a weakening US dollar as optimism returned around US trade deals with Japan and the EU, possibly preventing tariff escalation. Rising crude oil prices also supported Canada’s export revenues and lent further strength to the loonie. However, the rally paused as markets shifted focus to the looming August 1 tariff deadline, with US-Canada talks deadlocked. At the same time, stronger June retail sales likely support domestic growth expectations and increase pressure on the Bank of Canada to extend its easing cycle.

European stock markets traded higher yesterday. Germany’s DAX (DE40) rose by 0.23%, France’s CAC 40 (FR40) closed down 0.41%, Spain’s IBEX35 (ES35) gained 1.34%, and the UK’s FTSE 100 (UK100) ended the day 0.85% higher. On Thursday, European stocks closed higher as markets evaluated the outlook for EU trade and monetary policy. The ECB kept interest rates unchanged and noted that disinflation is progressing in line with its previous forecasts. The central bank also stated that more information on economic developments is needed for further policy clarity. Nevertheless, markets trimmed expectations for rate cuts this year after ECB President Christine Lagarde said that cuts might be unjustified. Meanwhile, reports emerged that the US is likely to agree to reduce tariffs on the EU to 15%, the lowest level applied to other countries, amid a trade deal that EU diplomats are close to finalizing.

The UK’s GfK Consumer Confidence Index fell to 19 in July 2025 from 18 in June, pulling back from a six-month high as households became more cautious amid growing concerns about taxes and inflation. Finance Minister Rachel Reeves is expected to raise taxes for the second consecutive year in her upcoming budget, after Prime Minister Keir Starmer scrapped previous plans to cut billions in welfare spending. Amid uncertainty, households boosted savings, with GfK’s savings index jumping 7 points to 34, its highest since November 2007, reflecting a shift toward financial prudence.

Hopes that easing trade tensions will support global economic growth helped ease concerns over future oil demand. WTI crude prices rose 1.2% to $66 per barrel on Thursday, breaking a four-day losing streak. On the supply side, US crude inventories fell by 3.2 million barrels last week, more than double analysts’ expectations, signaling strong demand.

Asian markets mostly advanced yesterday. Japan’s Nikkei 225 (JP225) rose by 1.59%, China’s FTSE China A50 (CHA50) gained 0.11%, Hong Kong’s Hang Seng (HK50) increased by 0.51%, while Australia’s ASX 200 (AU200) declined by 0.32%.

In New Zealand, markets are pricing in a roughly 75% chance that the Reserve Bank of New Zealand will cut its official cash rate by 25 basis points from 3.25% at its August meeting, though investors suspect it may be near the end of the easing cycle. Meanwhile, RBNZ Chief Economist Paul Conway said Thursday that the central bank is prepared to lower rates further if price pressures continue to ease as expected, warning that US tariffs could weigh on economic growth and inflation. This week, the New Zealand dollar rose by 1%, ending a two-week losing streak.

The Australian dollar fell to around 0.658 USD on Friday, extending losses from the previous session as investors remained cautious ahead of next week’s key inflation data releases. Both monthly and quarterly inflation figures are expected, which could play a pivotal role in shaping the Reserve Bank of Australia’s monetary policy outlook. RBA Governor Michele Bullock recently emphasized that the central bank is not ready to cut interest rates until stronger evidence emerges that inflation is sustainably returning to its 2.5% target, defending the RBA’s slow and steady approach.

At the end of Monday, the Dow Jones Index (US30) declined by 0.04%. The S&P 500 Index (US500) gained 0.14%. The Nasdaq Technology Index (US100) closed higher by 0.50%. The S&P 500 and Nasdaq 100 indexes closed at record highs on Monday as optimism over strong corporate earnings outweighed lingering trade tensions. Growth in mega-large tech companies, such as Alphabet, Amazon, and Meta, fueled the rally. Alphabet rose by 2.7% ahead of Wednesday’s earnings report. Verizon shares also rose by 4% after the release of a strong quarterly report, fueling hopes for continued earnings growth. So far, more than 85% of companies reporting on the S&P 500 have beaten expectations, with the large technology industry expected to provide most of the projected 6–7% earnings growth this quarter. Investor sentiment remained upbeat despite uncertainty over tariffs. Commerce Secretary Howard Lutnick again called August 1 a “hard deadline” for compliance, although negotiations could continue beyond that.

Equity markets in Europe were mostly up yesterday. Germany’s DAX (DE40) rose by 0.08%, France’s CAC 40 (FR40) closed down 0.31%, Spain’s IBEX35 (ES35) added 0.30%, and the UK’s FTSE 100 (UK100) closed positive 0.23%. European stocks posted modest losses on Monday as markets continued to assess the outlook for EU trade. The US authorities maintained their threat to impose 30% tariffs on EU exports, while the EU Commission continued to negotiate lower duty rates until August 1. At the same time, the EU also signaled that aggressive retaliatory measures would follow in the absence of an agreement, risking escalation of tensions and price hikes in the bloc. Luxury giants led the session’s losses, with Hermes, LVMH, and Ferrari falling 0.5–1.6%. Meanwhile, Stellantis lost 1.5% despite reporting a loss of more than €2.3 billion in the first half of the year due to restructuring costs and US tariffs. In addition, Ryanair jumped 5.7% after reporting that its first-quarter net profit more than doubled.

WTI crude oil prices held near the 67.1 dollar per barrel mark on Monday. The focus remained on US-EU trade talks ahead of potential US tariffs on EU imports from August 1, while the EU stepped up pressure on Russia with its 18th package of sanctions. The new measures include lower price caps on Russian crude, restrictions on the supply of oil products, and a ban on a major Indian refinery using Russian crude. China has responded to EU sanctions targeting its banks and firms by vowing to protect its interests. Meanwhile, Iran will hold nuclear talks with EU countries this Friday amid threats of renewed international sanctions.

The US natural gas (XNG/USD) prices fell more than 6% to $3.34/MMBtu on Monday, reversing part of the 7% gain made last week as prices were pressured by high supply and lower demand expectations. Production reached a new record in July, averaging 107.0 billion cubic feet per day (bcf/day), surpassing the previous June high of 106.4 bcf/day. This surge in production allowed energy companies to pump 46 bcf into storage during the week ended July 11, well above both the 18 bcf added during the same week last year and the five-year average of 41 bcf. As a result, total gas inventories are now 6.2% above the seasonal norm.

Silver prices (XAG/USD) rose to $38.9 an ounce, the highest level since August 2011, as the US dollar and Treasury yields declined amid concerns about ongoing trade talks and growing expectations of a Federal Reserve rate cut. Fed spokesman Christopher Waller reiterated his support for easing rates in July, citing a weakening labor market and lower inflation risks. He also downplayed the inflationary impact of rates, calling it temporary, and stated that there are no signs of rising inflation expectations, giving the Fed room to act. Further support for silver came from China, where the Ministry of Industry pledged to stabilize growth in key sectors such as machinery, automobiles, and electrical equipment. This initiative is aimed at modernizing production and is expected to boost demand for metals.

Asian markets traded yesterday without any single dynamics. Japanese Nikkei 225 (JP225) fell by 0.21%, Chinese FTSE China A50 (CHA50) rose by 0.33%, Hong Kong Hang Seng (HK50) rose by 0.68%, and the Australian ASX 200 (AU200) yesterday showed a negative result of 1.02%.

The Reserve Bank of Australia (RBA) considered a third rate cut in four meetings, but ultimately stayed on hold, deeming such a move inconsistent with a strategy of cautious and gradual easing, minutes of the July meeting showed. A minority of the Council’s representatives supported a rate cut, citing downside risks to global economic growth and weak domestic GDP, which could lead to a faster decline in inflation than previously expected.

Hong Kong’s annualized inflation rate fell to 1.4% in June 2025 from 1.9% in the previous month, the slowest pace in three months. On a month-on-month basis, consumer prices were unchanged in June after falling 0.3% in May.

Malaysia’s annualized inflation rate for June 2025 was 1.1%, slightly below the market consensus and May’s 1.2%. This is the lowest rate since February 2021. Core inflation, which excludes volatile fresh food and administrative prices, held at 1.8% y/y for the second month, remaining at the highest level since November 2023.

At the end of Thursday, the Dow Jones (US30) Index rose by 0.52%. The S&P 500 (US500) Index rose by 0.54%. The Nasdaq (US100) Technology Index closed higher by 0.75%. The US stocks rose on Thursday as strong earnings and economic data helped major indices reach new record highs. The US retail sales rose by 0.6% in June, exceeding expectations and underscoring the resilience of consumer spending despite ongoing tariff issues. Initial jobless claims fell to 221,000, the lowest level in three months, bolstering confidence in the strength of the labor market. Shares of United Airlines and PepsiCo rose by 3.1% and 7.4%, respectively. TSMC shares added 3.9% on record profits, boosting chipmakers including Nvidia (+0.9%) and Marvell (+1.6%) and lifting sentiment across the chip sector ahead of Netflix’s quarterly results, due to be released after the close.

The Canadian dollar weakened to 1.37 per US dollar, its lowest level since early June. The broad-based recovery of the US dollar, driven by rising US retail sales, unexpectedly low weekly jobless claims, and renewed expectations that the Federal Reserve will hold rates longer, put pressure on the CAD.

On Friday, Bitcoin rose above $120,000, just shy of the record high reached earlier in the week, as markets reacted to the passage of the first major digital assets law in the US. The House of Representatives approved the bill on Thursday after the Senate voted in favor of it earlier, and President Donald Trump is expected to sign it later in the day. The legislation establishes a regulatory framework for stablecoins — digital tokens backed by assets such as the US dollar — marking a key milestone after years of lobbying by the industry. Over the past year, Bitcoin has risen nearly 30% thanks to optimism about regulatory progress and growing institutional demand through ETFs.

European stock markets were mostly higher yesterday. Germany’s DAX (DE40) rose by 1.51%, France’s CAC 40 (FR40) closed up 1.29%, the Spanish IBEX35 (ES35) added 0.78%, and the British FTSE 100 (UK100) closed positive 0.52%.

European stocks closed sharply higher on Thursday, erasing the losses of the last three sessions, as markets assessed a number of key corporate indicators and revised their outlook for European trade. Consumer price inflation in the Eurozone in June 2025 was confirmed at 2% year-on-year, up from May’s eight-month low of 1.9% and in line with the European Central Bank’s official target. Inflation in the services sector accelerated to 3.3% from May’s three-year low of 3.2%. Meanwhile, core inflation, which excludes energy, food, alcohol, and tobacco prices, remained at 2.3%, the lowest since January 2022.

WTI oil prices rose by 1.7% to $67.5 per barrel on Thursday, ending a three-day losing streak as low inventories and renewed tensions in the Middle East supported the market. According to the latest data, US crude oil inventories fell by 3.9 million barrels last week, significantly exceeding previous expectations and signaling a reduction in supply. Meanwhile, drone attacks on oil fields in Iraqi Kurdistan led to a shutdown and reduction in production of 150,000 barrels per day. Ongoing instability in the region, including recent Israeli strikes in Syria, also heightened market concerns.

Natural gas prices (XNG/USD) in the US are holding at $3.56/MMBtu, the highest in three weeks, due to increased demand for cooling in hotter-than-usual weather. Power generators are burning more gas to meet air conditioning needs. In addition, projections show that high temperatures will continue in the lower 48 states until early August, with the peak of the summer heat expected next week.

Asian markets were mostly up on Thursday. Japan’s Nikkei 225 (JP225) rose by 0.60%, China’s FTSE China A50 (CHA50) added 0.04%, Hong Kong’s Hang Seng (HK50) lost 0.08%, and Australia’s ASX 200 (AU200) showed a positive result of 0.90%.

Malaysia’s economy grew by 4.5% year-on-year in the second quarter of 2025, slightly higher than the 4.4% growth in the previous period. The growth was driven by an acceleration in agricultural activity, which grew by 2% compared to 0.6% growth. Growth in the services sector also accelerated to 5.3% from 5%, supported by positive performance across all subsectors.

At the end of Wednesday, the Dow Jones (US30) Index rose by 0.53%. The S&P 500 (US500) Index rose by 0.32%. The Nasdaq (US100) Technology Index closed higher by 0.25%. The US stocks rebounded from session lows and closed higher on Wednesday after President Trump said he had no plans to fire Fed Chairman Jerome Powell, easing concerns sparked by earlier reports that he was considering taking action. Markets initially fell on reports that Trump was considering Powell’s resignation, exacerbating investor concerns about persistent inflation and ongoing trade tensions. The June Producer Price Index, which remained unchanged, brought some relief after Tuesday’s Consumer Price Index came in higher than expected and showed the fastest annual inflation since February. On the corporate front, Bank of America fell by 0.3% after earnings came in below expectations, while Morgan Stanley declined by 1.3% despite solid profits. Meanwhile, Goldman Sachs added 1% after beating earnings expectations, and Johnson & Johnson jumped 6.2% after strong results and an upgrade to its full-year expectations.

On Thursday, Bitcoin hovered around $118,000, moving sideways after retreating from record highs earlier in the week as investors assessed developments on key digital assets regulation bills. The House of Representatives approved rules for debating cryptocurrency legislation late Wednesday, the result of intense negotiations and direct intervention by President Trump. While the procedural breakthrough signaled progress, new opposition from moderate Republicans and key committee members over the changes raised doubts about the bill’s ultimate passage. The continuing uncertainty affected sentiment as markets await a clearer direction for regulation.

European stock markets were mostly lower yesterday. The German DAX (DE40) fell by 0.21%, the French CAC 40 (FR40) closed down 0.57%, the Spanish IBEX35 (ES35) rose by 0.08%, and the British FTSE 100 (UK100) closed down 0.13%. The Frankfurt DAX Index has been falling for five consecutive trading sessions. The index is affected by ongoing trade uncertainty and weak corporate earnings of European companies. While investors were hoping for a more favorable tariff agreement than previously planned, President Trump again threatened to extend tariffs to pharmaceutical products and semiconductors, possibly as early as August 1, when his “retaliatory” tax policy expires. Volkswagen fell by 3.7%, Porsche AG lost 3%, and Mercedes-Benz Group fell by 1.9%.

WTI crude oil prices fell to $66.3 per barrel on Wednesday, marking the third consecutive day of decline. The decline was driven by renewed concerns about potential oversupply and the impact of US trade tariffs on global economic growth and fuel demand. The EIA’s weekly report showed a decline in total US crude oil inventories of 3.86 million barrels, but inventories at the Cushing, Oklahoma hub rose to their highest level since June. Traders remain concerned about the risk of oversupply as OPEC+ accelerates the return of previously cut production volumes and production in North and South America continues to grow.

On Wednesday, silver prices rose to $38 per ounce, recovering from a two-day decline as the US dollar and Treasury yields retreated from recent highs. The pullback came as investors reassessed the outlook for Federal Reserve policy and monitored changes in trade dynamics. On Tuesday, silver came under pressure after US consumer inflation data caused traders to abandon expectations of an imminent Fed rate cut.

Asian markets were mostly down on Wednesday. Japan’s Nikkei 225 (JP225) fell by 0.04%, China’s FTSE China A50 (CHA50) lost 0.31%, Hong Kong’s Hang Seng (HK50) decreased by 0.29%, and Australia’s ASX 200 (AU200) showed a negative result of 0.79%.

The Bank of Indonesia lowered its base interest rate by 25 basis points to 5.25% at its July 2025 policy meeting, in line with market expectations. This move reflects the inflation projections for 2025–2026, which remains within the target range of 2.5±1%. Annual inflation rose to 1.87% in June from 1.60% in May, slightly above expectations but still within the target range. Meanwhile, the rupiah exchange rate against the US dollar rose by 0.34% in June and remains stable in mid-July, mainly due to stabilization measures by the Bank of Indonesia. Economic growth in 2025 is expected at between 4.6% and 5.4%.

The Australian dollar weakened to below $0.650 on Thursday, reversing the previous session’s gains, as weaker-than-expected employment data reinforced expectations of an RBA rate cut in August. The Australian Bureau of Statistics reported that the unemployment rate rose to a more than three-year high of 4.3% in June, ending a five-month hold and exceeding projections of 4.1%, while employment increased by only 2,000 people, significantly below the expected increase of 20,000. Weak labor market data added to evidence of an economic slowdown, strengthening the case for policy easing. Markets now see an 89% chance of a 25 basis point rate cut at the Central Bank’s August meeting.

At the end of Tuesday, the Dow Jones (US30) Index fell by 0.98%. The S&P 500 (US500) Index fell by 0.40%. The Nasdaq (US100) Technology Index closed lower by 0.13%. Investors digested June inflation data, the latest earnings reports from major banks, and news that Nvidia may resume chip sales to China. The Consumer Price Index for June rose by 0.3% month-on-month and 2.7% year-on-year, heightening concerns that President Trump’s planned 30% tariffs on the EU and Mexico could push inflation higher. The CPI report raised concerns that tariff-driven price pressures are beginning to emerge. Shares of Wells Fargo (-5.5%) and JPMorgan (-0.9%) fell after mixed results, while Citigroup bucked the trend, rising 3.8% on strong results and a share buyback plan. As earnings season gathers momentum, Wall Street remains cautious as S&P 500 earnings growth expectations remain low and uncertainty about future Fed policy grows amid trade and inflation risks.

The Canadian dollar strengthened to 1.37 per US dollar as investors balanced rising domestic inflation with the recent softness of the US currency. Canada’s Core Consumer Price Index, the preferred measure of underlying inflation, remained unchanged at 3% in June, reinforcing expectations that the Bank of Canada will maintain its hawkish stance and keep its overnight rate at 2.75% rather than prematurely easing.

European stock markets were mostly down yesterday. The German DAX (DE40) fell by 0.42%, the French CAC 40 (FR40) closed down 0.54%, the Spanish IBEX35 (ES35) fell by 1.15%, and the British FTSE 100 (UK100) closed down 0.66%. On Tuesday, European stock indices lost their early gains and closed mostly lower as markets continued to assess how potential US tariffs could affect European businesses. US President Trump had earlier announced the introduction of 30% tariffs on imports from the European Union from August 1, prompting the bloc to continue its search for a trade agreement. EU officials recently said that negotiations on an agreement to avoid tariffs are continuing, but in any case, a retaliatory package is being prepared that could impose tariffs on US goods worth up to €72 billion.

WTI oil prices fell below $67 a barrel on Tuesday after dropping 2.2% in the previous session, as traders became skeptical that President Trump’s new campaign to pressure Russia would significantly disrupt its oil exports. Trump increased military aid to Ukraine and warned of imposing 100% tariffs if a peace agreement was not reached within 50 days, which was perceived as a threat to impose secondary sanctions on major buyers of Russian oil, such as India and China. However, markets viewed the 50-day delay as a reduction in the risk of immediate supply disruptions. Nevertheless, China provided some support, with refinery activity reaching 15.2 million barrels per day in June, the highest level since September 2023.

Asian markets were mostly up on Tuesday. Japan’s Nikkei 225 (JP225) rose by 0.55%, the Chinese FTSE China A50 (CHA50) fell by 0.40%, the Hong Kong Hang Seng (HK50) added 1.60%, and the Australian ASX 200 (AU200) showed a positive result of 0.70%.

On Wednesday, the New Zealand dollar traded around $0.594, close to its lowest level in more than three weeks, due to the strengthening of the US dollar. The US dollar strengthened after consumer inflation in the US rose in June, prompting traders to reduce bets on Federal Reserve rate cuts in the coming months. The kiwi also reacted to better-than-expected second-quarter GDP data from China, New Zealand’s largest trading partner.

The Australian dollar strengthened to $0.653 on Wednesday, ending a three-day losing streak, as investors turned their attention to Thursday’s labor market data, which could provide new insight into the near-term policy outlook. The Reserve Bank of Australia (RBA) has recently taken a cautious stance, focusing on data, citing a more balanced inflation outlook and continued labor market strength. A strong jobs report could cast doubt on the 80% probability of a rate cut at next month’s meeting, as predicted by the market. Markets currently expect an increase of 20,000 jobs in June and an unchanged unemployment rate of 4.1%.

On Tuesday, US President Donald Trump announced the conclusion of a trade agreement with Indonesia, which includes key procurement commitments that will help the country avoid tougher tariffs. Indonesian goods will now be subject to tariffs of 19%, compared to the 32% he had previously threatened.