Morning Economic Report 5/6/25

Trump has much to say on pharma tariffs, goads Canada and China as wanting to make tariff deals and concerns the market with film industry tariffs. China shares are better as country plays catch up after long holiday even though Caixin Services PMI missed. Paramount, Netflix and other film names drag the Nasdaq lower, but global bourses feel the unwelcome news that Hong Kong Monetary Authority has reduced duration in US treasuries. Therefore, yesterday's US ISM decent Services PMI sees no follow through and investors now concentrating on FED decision this week. DAX -1.30%, CAC -0.91%, FTSE -0.25%, Euro STOXX600 -0.78%. HKMA news and risk tone sees the USD slip, DXY 99.72. Gold 3381. BTC $94,275.