U.S. stocks rose modestly on Monday, the first trading day of June, as investors digested a flurry of news from Washington and Beijing that has been shaping global trade policies.
Stock Performance
- The S&P 500 index added 0.2%, closing at 4,159.19.
- The Dow Jones Industrial Average gained 0.1%, finishing at 33,144.49.
- The Nasdaq Composite Index rose by about the same amount, closing at 13,341.25.
European Market Trends
European stocks declined for the most part:
- Britain’s FTSE fell by about 0.5%.
- Germany’s DAX lost around 1%.
- France’s CAC dropped nearly 2%.
- Italy’s MIB was down almost 3%.
- Spain’s IBEX lost more than 2%.
- Switzerland’s SMI fell by around 1.5%.
Impact of U.S. Tariffs
Analysts note that President Donald Trump’s announcement of a tariff on steel imports is expected to increase metal prices in America, potentially impacting companies that rely heavily on imported materials, such as:
- Ford Motor Co
- General Motors Co
This move is part of a broader shift in global trade policies, raising concerns over U.S. fiscal spending and proposed foreign capital taxes, which are expected to be included in Trump’s budget proposal for next year.
Investment manager Ninety One’s Alan Siow describes this shift as "a recalibration toward global balance, cyclical recovery, and multi-polar growth."
Agricultural Trade Challenges
American agricultural products are losing ground in China due to tariffs imposed by Beijing on U.S. goods, including:
- Soybeans
- Corn
- Wheat
- Cotton
- Wine
- Whiskey
- Coal
- Oil
- Natural gas
- Beef
- Pork
- Lamb
- Dairy
- Meat
- Fruits
- Vegetables
- Nuts
- Coffee
- Tea
- Tobacco
- Paperboard
- Cardboard packaging
- Wood pulp
- Paper
- Tissue
- Toilet paper
- Sanitary napkins
- Diapers
- Baby wipes
U.S. poultry exports plummeted nearly 40% in April compared to the previous year, according to data released by the USDA Foreign Agricultural Service.
Geng Xiaoyun, a restaurant owner in Beijing, noted that he had removed salt-baked chicken feet imported from America from his menu due to rising prices caused by tariffs, which have climbed 30% since March. He remarked, "American chicken feet are so beautiful. They’re spongy, so they taste great."
Other countries have seen their share of imports grow due to U.S. trade policies:
- Brazilian beef now accounts for about one-third of all imported red meat sold by major retailers across China, with its share growing more than threefold this month.
- Russian grain shipments surged almost six times higher than pre-war levels, even though most was not destined for human consumption following Moscow’s invasion of Ukraine last February.
Agriculture Minister Tang Keqiang stated that it would take time for domestic production capacity expansion plans to yield results.
Asian Market Overview
In other news, Chinese shares fell slightly after data showed retail sales grew at a slower-than-expected pace, while industrial output expanded faster than forecast:
- The Shanghai Composite Index dropped about 0.4%.
- Hong Kong-listed shares fell just under 0.5%.
- The Hang Seng Index closed down nearly 0.7%.
Asian equities were mixed ahead of European market opening hours:
- Japan’s Nikkei Stock Average added nearly 0.8%.
- South Korea’s Kospi gained just over 0.4%.
- Australia’s ASX All Ordinaries index fell slightly.
- Taiwan shares declined, while Hong Kong-listed shares slipped early Tuesday morning before rebounding later.
Ongoing Conflict in Ukraine
Ukraine reported that it had received no new offers from Russia regarding prisoner exchanges, despite earlier reports that Kyiv had agreed to exchange hundreds of prisoners, including some high-profile figures.
Russia launched strikes against Ukrainian cities overnight, resulting in several civilian casualties. A spokesperson for Ukrainian President Volodymyr Zelenskiy confirmed there were casualties during the overnight attack.
Russian forces shelled several regions along its border with Ukraine, killing five people and injuring dozens more. A total of 27 people died across the country during the past 24 hours, according to officials.
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