Markets

Wall Street seen higher after Trump's tariff jitters; European investors soothed

Wall Street shares plunged on Thursday as President Trump pulled the trigger on tariffs
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The Dow Jones Industrial Average plunged 251 points on Thursday

Wall Street shares are seen bouncing back from yesterday's lows as European indices have been cheered by the formation of a new government in Italy and ahead of the closely watched US monthly jobs report.

Wall Street shares plunged on Thursday as President Trump pulled the trigger on tariffs for steel and aluminum imports from three big trade partners - Canada, Mexico and, highly significantly, the EU.

The Dow Jones Industrial Average shed 251 points to close at 24,415; the S&P 500 lost nearly 19 while the tech heavy Nasdaq benchmark was off around 20 points at 7,442.

Dow futures are today trading up 128 points, while Nasdaq futures are over 22 points ahead. S&P 500 futures are 12 points to the good.

In London, FTSE 100 is up over 52 points at the time of writing, at 7,732, while the German DAX and France's CAC 40 are also heading north as traders welcomes news the populist parties the 5 Star Movement and the League agreed a new coalition government.

Italy’s new prime minister, Giuseppe Conte, is a lawyer and new to politics.

In Asian shares overnight, stocks went lower after the Trump tariffs. The Nikkei 225 shed around 30 points at 22,171, while the Shanghai Composite Index lost 20 points at 2,075.

Attention turns to the may non-farms figure today and job growth is seen to have accelerated in May.

Economists surveyed reckon the job creation number will be 188,000 jobs last month. The US economy added 135,000 and 164,000 jobs in March and April respectively.


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