Tonight's Highlights | Market Downplays Trump Tariff Threats, U.S. Stock Futures Rise

Wednesday saw investors remain calm despite U.S. President Trump’s latest tariff threats, with U.S. stock index futures edging higher and major European indices mostly up.  

Trump announced Tuesday a 50% tariff on copper and up to 200% on drug imports.  

 

This week, he sent letters to over a dozen countries, outlining tariff rates if trade deals aren’t reached, stating the “reciprocal tariff” will take effect on August 1 with no further adjustments or delays.  

 

The original “reciprocal tariff” grace period, set to expire Wednesday, was extended to August 1 this week, with reports suggesting Treasury Secretary Besant advised Trump to allow more negotiation time for trade agreements.  

 

Despite policy confusion, investors aren’t panicking, believing the Trump administration may not enforce the harshest tariffs. U.S. economic resilience also boosts market confidence.  

 

Beyond tariff updates, investors will watch for the Fed’s latest meeting minutes, due at 2:00 PM ET.  

Company News  

Intel to Cut Over 500 Jobs in Oregon, Advances Layoff Plan

 

Intel filed a Worker Adjustment and Retraining Notification on July 7, announcing layoffs starting July 15 at its Aloha and Hillsboro plants in Oregon, affecting 529 employees. This follows a prior cut of 107 jobs at its Santa Clara, California headquarters.  

 

Temasek Investment Value Hits Record, Up S$45B to S$434B  

 

Temasek released its 2025 fiscal year report on July 9, ending March, showing strong performance from its Singapore-listed portfolio companies, pushing its investment value to a record S$434 billion, a S$45 billion increase.  

 

Merck to Acquire Biopharma Verona Pharma for $10B

  

Merck announced a definitive agreement on July 9 to acquire Verona Pharma, a biopharma focused on respiratory diseases, for approximately $10 billion. The deal involves a subsidiary buying Verona’s American Depositary Shares at $107 each, with each ADS representing 8 ordinary shares.  

 

Volkswagen Group Q2 Global Deliveries Reach 2.27M, Up 1.2%  

Volkswagen Group reported on July 9 that its Q2 2025 global deliveries totaled 2,271,700 vehicles, up 1.2%. North American sales fell 16.2%, while deliveries in China rose 2.8% to 669,700 units.