This report is from today’s TNC’s Daily Open, our international markets update. TNC Daily Open keeps investors informed on everything they need to know, no matter where they are.
The S&P 500 has entered correction territory, which is generally understood to indicate a drop of 10% or more from a recent peak, following Thursday’s sell-off, joining the Nasdaq Composite.
In reality, investors who want to use alcohol as a diversion may suffer even more. After the European Union lifted its previous suspension of tariffs on American whisky, U.S. President Donald Trump threatened to put a 200% duty on alcoholic beverages from EU countries.
That glass of French champagne may become less bubbly and acquire sour undertones if Trump continues to insist on tariffs despite the three-week market slump.
What To Note Today
Trump Vows To Retaliate With Tariffs
On Thursday, U.S. President Donald Trump announced his intention to impose a 200% tariff on alcohol from France and other European countries. This is in reaction to the European Union reintroducing a tax on American whisky imports, which will be among the goods most severely impacted by the EU’s levies, along with Michigan rearview mirrors and California almonds. Trump declared he was “not going to bend at all” on tariffs at a meeting in the Oval Office on Thursday.
S&P 500 Slips Into Correction
Thursday saw the U.S. markets close lower. The S&P 500 entered correction territory after falling 1.39% and closing 10.1% below its record close. The Nasdaq Composite dropped 1.96%, and the Dow Jones Industrial Average dropped 1.3%, its fourth consecutive day of declines. Asia-Pacific stocks, on the other hand, largely increased on Friday. As gold prices reached a record high, Australian mining stocks surged, and China’s CSI 300 soared more than 2%.
PPI Flat, But Not All Praise
Seasonally adjusted data released Thursday by the Bureau of Labour Statistics indicated that the U.S. producer price index was flat in February, less than the 0.3% increase predicted by a Dow Jones survey. The core PPI had its first negative result since July, falling 0.1% against an expected 0.3% increase. However, the U.S. Federal Reserve may not be pleased with the weak February consumer and producer price readings.
Russian Silence On The Ceasefire Agreement
According to an NBC translation, Russian President Vladimir Putin stated Thursday that Moscow “agrees in principle with the U.S.-led ceasefire plan backed by Ukraine earlier this week, but there are issues that need to be discussed.” On Thursday, Steve Witkoff, Trump’s special envoy, led a U.S. delegation in Russia for ceasefire negotiations. Russian officials had previously indicated that the government was apprehensive about the agreement.
JPMorgan Says Recession Fears Are Not To Blame
Market observers have blamed fear of a U.S. economic recession for this week’s terrible stock run. If JPMorgan’s judgment is correct, there might be a bright side to the recent sell-off, suggesting something else might be the cause.Â
Other Update
Logistics firms are using cutting-edge technologies like robotics and artificial intelligence to remain competitive in a market where clients value speed and convenience above all else.
According to Asia-Pacific CEO of DHL Supply Chain Javier Bilbao Uzquiano, the multinational logistics corporation DHL has been implementing robotics “very extensively” throughout its warehouses.
Talabat, an online meal-ordering service in Dubai, is also enhancing its AI skills. Tomaso Rodriguez, the company’s CEO, stated on Thursday that the company’s main goal is to use the technology’s predictive capabilities to encourage more clients to place orders on its platform.
