Market Talks covering the impact of U.S. Politics and White House policies on companies and markets. Published exclusively on Dow Jones Newswires throughout the day.

0530 ET - President Trump's secondary tariffs on Russia would hurt buyers in Asia and Europe if implemented, potentially tightening global LNG markets further, according to Rabobank. "China and Japan are among the top importers of Russian pipeline and LNG volumes, while European buyers--from France and Spain to Hungary--also heavily rely on Russian flows," says Florence Schmit. While Russian pipeline gas has accounted for just 3% of Europe's supply mix so far this year, Russian LNG still made up nearly 14% of all LNG imports. However, "the imposition of such a tariff rate is incredibly unlikely, as it would send energy prices soaring if buyers were to refrain from purchasing Russian volumes," the energy strategist says. (giulia.petroni@wsj.com)

0523 ET - U.S. inflation data set to be released at 1230 GMT and the Johnson Redbook retail sales index due at 1255 GMT might shed some light on the impact of tariffs on the economy, J.P. Morgan Securities' Fabio Bassi says in a note. The effects of tariffs have been slow to emerge. "U.S. inflation and retail sales for the month of June will provide some clarity on the outlook for consumers in early summer," he says. (miriam.mukuru@wsj.com)

0511 ET - European natural-gas prices fall as President Trump's 50-day ultimatum to Russia signaled a more tempered response, easing fears of immediate supply disruptions. In midday trade, the benchmark TTF gas contract is down 1.5% to $35.30 euros a megawatt hour. However, Trump's 50-day deadline coincides with the start of Norway's seasonal gas maintenance in late August, which could introduce fresh uncertainty for European gas markets, according to analysts at Rabobank. Meanwhile, rising temperatures are threatening to boost gas demand in Asia and divert LNG cargoes away from Europe, heightening the risk of a supply squeeze at a time when the continent needs to bolster its gas reserves for the winter. (giulia.petroni@wsj.com)

0509 ET - The euro consolidates after recent falls against the dollar as investors consider the next move in U.S.-EU trade talks. The EU is yet to retaliate against President Trump's threat for a 30% tariff against the bloc. "Failure to get that rate negotiated lower (prior expectations were that it could be negotiated down to 10%) would look negative for the region," ING analyst Chris Turner says in a note. It will be a "noisy couple of weeks" leading up to the August 1 deadline when U.S. tariffs take effect, he says. The threat of even higher U.S. tariffs cannot be ruled out. The euro rises 0.2% to $1.1685 after hitting a nearly three-week low of $1.1649 on Monday, LSEG data show. (renae.dyer@wsj.com)

0454 ET - Nvidia shares are rising Tuesday premarket after the tech giant said it received assurances from the Trump administration that it could sell its H20 artificial-intelligence chip in China. Nvidia shares closed 0.5% lower at $164.07 on Monday. Shares are up 4.5% at $171.51 Tuesday premarket. The U.S. had restricted sales of the chips in April, costing Nvidia billions of dollars. Nvidia's announcement that it could sell the chips comes days after Chief Executive Jensen Huang met President Trump. Nvidia said it would be allowed to sell H20 chips after licenses are granted by the Commerce Department. (mauro.orru@wsj.com)

0451 ET - Ericsson delivered decent second-quarter results, but the outlook is more mixed, Kepler Cheuvreux analyst Sebastien Sztabowicz writes. Sales were 6% below consensus, but margins and adjusted EBITA were stronger than expected. Ericsson acknowledged increased uncertainties in the coming months, particularly related to tariffs and the global economy. The company sees lower-than-normal seasonality in networks and normal seasonality in cloud software and services in the third quarter, potentially leading to flat or slightly lower organic sales in the quarter, Sztabowicz says. This leaves third-quarter sales guidance around 6% below consensus. However, Ericsson expects continued strong adjusted gross margin in the networks business of 48%-50%, despite U.S. tariffs. Shares fall 3.5%. (dominic.chopping@wsj.com)

0423 ET - London copper prices fall in early trade, with three-month futures down 0.3% to $9,616 a metric ton as looming U.S. tariffs shift global demand dynamics. "LME copper prices fell below $9,600 a ton yesterday as requests to withdraw copper from the LME warehouses dropped by 25,100 tons to 15,875 tons," analysts at ING say. "This is the biggest decline since March 2019, driven by the re-warranting of metal in South Korea's Gwangyang port and Taiwan." U.S. buyers have rushed to stockpile copper from international warehouses ahead of the 50% tariff set for Aug. 1, with copper holdings in Comex-registered warehouses more than doubling in the second quarter. As the deadline nears, this rush is slowing, reducing demand for copper from other regions and adding downward pressure on LME prices, according to ING. (giulia.petroni@wsj.com)

0422 ET - Bitcoin falls as traders take profits after the cryptocurrency surged to record highs, Tickmill Group's Patrick Munnelly says in a note. Bitcoin's earlier rally was driven by optimism surrounding possible advancements in U.S. digital assets regulation that could support President Trump's crypto-friendly policies, he says. "Additionally, the cryptocurrency has gained from a recent upswing in other risk assets, including near-record U.S. stock prices, as worries about the economic repercussions of [President] Trump's new trade war subsided." Bitcoin falls 2.8% to $116,851, LSEG data show. It reached a record high of $123,153 Monday. (renae.dyer@wsj.com)

0416 ET - The FTSE 100 is trading above 9000 points for the very first time. After a moderate 0.04% rise in morning European trade, the index trades at 9001.44 points. The index follows other European markets inching higher on hopes of a U.S.-Europe trade deal, head of investment at Interactive Investor Victoria Scholar writes. Experian is the index's largest riser after first-quarter revenue surpassed estimates. A disappointing update from Barratt Redrow sent the stock down nearly 9%. (adam.whittaker@wsj.com)

0412 ET - Gold prices rise in early trade, with futures are up 0.4% to $3,371.50 a troy ounce ahead of key U.S. inflation data due later on Tuesday. "Today's CPI print matters given all the recent tariff volatility and new calls to replace Fed Chair Powell," analysts at Peak Trading Research say. The data is expected to provide further clues on the path of U.S. interest rates, with markets expecting cuts by year-end. Prices are also supported by demand for safer assets amid escalating tariff tensions, with traders closely monitoring developments in trade talks before the Aug. 1 deadline. "Investors are in 'show me, don't tell me' mode regarding Trump's new tariff announcements," the analysts say. (giulia.petroni@wsj.com)

0337 ET - Oil prices fall in early trade, with Brent crude back below $70 a barrel after President Trump's 50-day ultimatum to Russia eased fears of immediate sanctions that could disrupt energy flows. The international oil benchmark is down 0.7% to $68.75 a barrel, while the U.S. oil gauge WTI slides 0.8% to $66.46 a barrel. "The lack of concrete steps tempered market reactions," says Soojin Kim, analyst at MUFG. However, market watchers warn that, if effectively implemented, U.S. sanctions against the Kremlin could significantly alter the outlook for oil markets. Russia exports more than 7 million barrels a day of crude oil and refined products, with China and India among its largest buyers. Meanwhile, concerns over the global economic outlook driven by escalating trade tensions continue to weigh on prices, with traders closely monitoring developments in trade talks before Trump's Aug. 1 deadline. (giulia.petroni@wsj.com)

0152 ET - Global growth may slow to just over 2% in 2025 and 2026, from nearly 3% in 2024 amid uncertainties created by U.S. trade policy shifts, says Stefan Angrick at Moody's Analytics. U.S. policy swings on trade, fiscal spending and immigration have scrambled the outlook for growth and inflation. Fresh tariff threats, financial market volatility and geopolitical flashpoints are key risks facing our already-gloomy outlook, says the head of Japan and Frontier markets economics in a note. With military conflicts compounding a highly uncertain outlook, central banks are moving cautiously on policy change. Businesses are under strain as heightened uncertainty complicates planning and delays investment decisions and hiring. Growth is slowing, and employment conditions are softening, he adds. (monica.gupta@wsj.com)

(END) Dow Jones Newswires

July 15, 2025 05:30 ET (09:30 GMT)

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