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Stocks Gain on Prospect of Targeted US Tariffs: Markets Today

stock :: 2025-03-24 :: source - bloomberg

By Sujata Rao and Allegra Catelli

Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S. REUTERS/Brendan McDermid/File Photo

(Bloomberg) -- Stocks rallied and Treasuries slipped on signals that the next round of President Donald Trump’s tariffs would be more measured than previously suggested.

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Europe’s Stoxx 600 index opened 0.5% higher, with gains led by tariff-sensitive sectors such as commodity producers and automakers. Bayer AG fell after being ordered by a jury in the US state of Georgia to pay almost $2.1 billion to a plaintiff who claimed its Roundup weedkiller caused cancer. RWE AG gained as activist Elliott Investment Management LP urged more buybacks, having amassed a stake of close to 5%.

Futures on the S&P 500 added 0.9%, after an index snapped a four-week run of losses. Turkish stocks also rebounded as authorities acted to stem a steep selloff sparked the prospect of turmoil following the arrest of a key opposition figure.

Globally, markets are still on edge ahead of Trump’s April 2 deadline to impose reciprocal tariffs on a raft of other countries, but officials familiar with the matter said the announcement is shaping up to be more targeted than the sprawling, fully global effort that Trump has otherwise mused about.

Trump Plans His Tariff ‘Liberation Day’ With More Targeted Push

“Markets have taken some comfort from news that the next stage of the Trump administration’s tariff regime will involve targeted tariffs,” said Daniel Murray, chief executive officer of EFG Asset Management in Zurich. “This raises the possibility that some sectors and countries may fare better than others, helping explain market optimism.”

Investors are also bracing for more volatility in Turkish assets as the arrest of Ekrem Imamoglu, President Recep Tayyip Erdogan’s main political rival, is expected to spark protests across the country. The lira slipped further, though a short-selling ban and an easing of share buyback rules helped stabilize the equity market after last week’s 16.5% plunge.

Investors will be able to take some clues on the state of the global economy from purchasing managers indexes. In France, business activity contracted less than anticipated. Readings in Japan and India earlier hinted at softer growth this month.

In commodities, oil edged higher, benefiting from the prospect of more targeted trade tariffs. Bullion traded around $3,022 an ounce, just off record highs reached last week.

(Get the Markets Daily newsletter to learn what’s moving stocks, bonds, currencies and commodities.)

Some key events this week:

  • Eurozone HCOB Manufacturing & Services PMI, Monday

  • UK S&P Global Manufacturing & Services PMI, Monday

  • Bank of England Governor Andrew Bailey speaks, Monday

  • US S&P Global Manufacturing & Services PMI, Monday

  • Australia budget, Tuesday

  • Boao Forum for Asia, Tuesday through March 28

  • Australia CPI, Wednesday

  • UK CPI, Wednesday

  • Norway rate decision, Thursday

  • US revised 4Q GDP, Thursday

  • Mexico trade, rate decision, Thursday

  • Tokyo CPI, Friday

  • US core PCE price index, University of Michigan consumer sentiment, Friday

Some of the main moves in markets:

Stocks

  • The Stoxx Europe 600 rose 0.4% as of 8:42 a.m. London time

  • S&P 500 futures rose 1%

  • Nasdaq 100 futures rose 1.3%

  • Futures on the Dow Jones Industrial Average rose 0.8%

  • The MSCI Asia Pacific Index rose 0.1%

  • The MSCI Emerging Markets Index rose 0.5%

Currencies

  • The Bloomberg Dollar Spot Index fell 0.1%

  • The euro rose 0.3% to $1.0848

  • The Japanese yen fell 0.2% to 149.56 per dollar

  • The offshore yuan was little changed at 7.2578 per dollar

  • The British pound rose 0.3% to $1.2954

Cryptocurrencies

  • Bitcoin rose 2.7% to $87,432.31

  • Ether rose 4.6% to $2,084.2

Bonds

  • The yield on 10-year Treasuries advanced three basis points to 4.28%

  • Germany’s 10-year yield was little changed at 2.77%

  • Britain’s 10-year yield declined three basis points to 4.68%

Commodities

  • Brent crude fell 0.2% to $71.99 a barrel

  • Spot gold rose 0.1% to $3,026.65 an ounce

This story was produced with the assistance of Bloomberg Automation.

--With assistance from Catherine Bosley.

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