Negative drivers pile up
SPY•Copper strength cushions parts of Europe
Copper is in the spotlight, as the possibility of U.S. tariffs continues to suck metal from the global market into U.S. warehouses. LME copper futures CMCU3 are up 0.8% at $14,627 a ton, around record highs, which is offering a cushion to the FTSE .FTSE, which is only down 0.3% compared with the 0.5% drop in the DAX .GDAXI and the CAC 40 .FCHI.
The STOXX 600 .STOXX is down 0.4% on the day. A 10% drop in shares of Novartis following a second unsuccessful drug trial, is combining with declines in other heavyweights such as HSBC HSBA.L, down 1.6% and ASML ASML.AS, down 0.6%, to offset gains of 1.1% to 1.5% in Shell SHEL.L, BP BP.L, and copper miners Antofagasta ANTO.L and Glencore GLEN.L, which are up 1.2% and 0.5%, respectively.
Stocks slide as multiple negative catalysts build
Stocks are firmly in the red on Tuesday, as investors fret over a combination of negative catalysts, including oil nearing $100 a barrel again, as attacks around the Gulf intensify, and the Japanese yen on a tear.
The rally in the yen threatens to plunge previously lucrative carry trades under water - something that hit global equities in August 2024, when a sudden strengthening in the Japanese currency unleashed a storm of volatility.
