Finance
Morning Bid: Uncertainty dominates ECB forum
Published by Global Banking & Finance Review®
Posted on July 1, 2025
2 min readLast updated: January 23, 2026
Global Banking & Finance Review®
Company
Published by Global Banking & Finance Review®
Posted on July 1, 2025
2 min readLast updated: January 23, 2026
The ECB Forum in Sintra highlights global economic uncertainty with key discussions on trade, growth, and inflation. Markets react to U.S. trade policies and Asian resilience.
A look at the day ahead in European and global markets from Rocky Swift
A central bank Who's Who is due to speak in Sintra, Portugal today as policymakers grapple with an uncertain landscape for trade, growth and inflation.
Uncertainty was the key theme in opening remarks from European Central Bank President Christine Lagarde on Monday at the ECB's annual forum for central bankers. Lagarde is scheduled to join a panel with central bank heads from the United States, Japan, Britain and South Korea at 1330 GMT.
And uncertainty remains over U.S. President Donald Trump's "One, Big, Beautiful Bill," which remains logjammed at the Senate. Trump is desperate to get it passed before America's "Independence Day" on July 4, while deadlines over his "Liberation Day" tariffs loom over trade negotiations.
Trump called Japan "spoiled" as a trade deal between the two nations remained elusive, and U.S. Treasury Secretary Scott Bessent warned that countries could be notified of sharply higher tariffs.
Except for Japan's Nikkei, equity markets were broadly higher in Asia, with benchmark indexes in South Korea and Taiwan climbing more than 1.4%. Fresh readings from the Bank of Japan's tankan index and China's Caixin PMI indicated Asia's biggest economies were weathering the tariff storm, at least for now.
Euro Stoxx 50 futures pointed to a flat opening, while German DAX futures were up about 0.1%. U.S. stock futures, the S&P 500 e-minis, were down 0.1%.
The euro continued its winning days, poised for a record 10th consecutive day of gains against the U.S. dollar, reaching $1.1808, the highest since September 2021.
Key developments that could influence markets on Tuesday:
- ECB's Sintra conference policy panel
- U.S. ISM manufacturing data for June
- Manufacturing Purchasing Managers Indexes (PMI) data for France, Germany, and Euro Zone for June
- UK house prices for June
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(Editing by Jacqueline Wong)
Uncertainty was the key theme highlighted by ECB President Christine Lagarde during the opening remarks at the forum.
Equity markets were broadly higher in Asia, with benchmark indexes in South Korea and Taiwan climbing more than 1.4%, except for Japan's Nikkei.
Key developments include the ECB's Sintra conference policy panel, U.S. ISM manufacturing data, and manufacturing PMIs for France, Germany, and the Euro Zone.
U.S. President Trump described Japan as 'spoiled' as trade negotiations between the two nations remain unresolved, with warnings of potential tariff increases.
The euro was poised for a record 10th consecutive day of gains against the U.S. dollar, reaching $1.1808, the highest level since September 2021.
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