In this episode of Macro Mondays, James Todd, Will Cunliffe, and Edward Hayden-Briffett unpack the week that was in global markets. Markets are reacting to sweeping new trade deals - notably a major US-EU agreement involving zero tariffs and massive energy investments - while weak US and Eurozone PMIs, consolidating precious metals, and rising Japanese yields signal caution. Meanwhile, investors are withdrawing from US Treasuries amid political uncertainty, China's economy is under pressure despite upcoming stimulus, and global attention turns to a packed week of critical economic data releases.

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Key highlights include:

✅ US-EU trade deal announced

✅ Weak US and Euro PMIs

✅ Consolidation in precious metals

✅ Rising Japanese yields

✅ Gold remains stuck in range

📊 Key data releases this week:

📅 Monday – India Industrial Production, Dallas Fed Manufacturing

📅 Tuesday – Spain GDP, ECB Consumer Inflation Expectations, US house prices, JOLTS, CB Consumer Confidence

📅 Wednesday – US GDP, European GDP, ADP Employment

📅 Thursday – US PCE, European inflation, BoJ decision, China NBS Manufacturing PMI

📅 Friday – NFPs, Caixin Manufacturing PMI, Spain and Italy HCOB PMI, EA inflation, ISM manufacturing PMI

🕒 This episode was recorded on Monday, the 28th of July, 2025 at 10:30AM BST.

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Global Markets Shake: New Trade Deals, Rising Yields & Recession Risks | Macro Mondays

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