May 5, 2025
United States:
US Stock Rally Cools as Fed Meeting Nears, Tariff Doubts Linger
US stocks fell Monday with the S&P 500 on track to snap its longest winning streak in two decades as mixed messages on trade policy clouded the market outlook.
The S&P 500 fell 0.7% as of 9:33 a.m. in New York, the Nasdaq 100 declined 0.8% and the Dow Jones Industrial Average lost 0.5%.
Europe:
ECB’s Panetta Says Protectionism Threatens to Weaken Prosperity
European Central Bank Governing Council member Fabio Panetta said a new wave of protectionism could damage economies around the world.
“Openness to trade has benefited both advanced and developing nations, reducing inequality and lifting hundreds of millions of people out of extreme poverty,” Panetta, who also heads the Bank of Italy, said at an Asian Development Bank meeting held in Milan on Monday. “Protectionism threatens to undo these achievements and to weaken the very fabric of global prosperity.”
Asia:
Japan’s Kato Walks Back Talk of Treasuries Sale in Trade Talks
Japan’s Finance Minister Katsunobu Kato said the country won’t use the sale of its US Treasury holdings in trade talks with Washington, clarifying his previous remarks that suggested they could be used as a negotiating tool.
“We are not considering the sale of US Treasuries as a means of Japan-US negotiations,” Kato said in Milan, Italy, on Sunday, where he was attending the annual meeting of the Asian Development Bank.
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