Asia Market Movers: Trump gives EU until July 4 to implement Turnberry deal or face tariff hike

Friday, 08 May, 2026 News Trump gives EU until July 4 to implement Turnberry deal or face tariff hike Trump has given the EU until July 4 to implement the Turnberry trade deal or face much higher tariffs; car tariff hikes are on hold after Trump spoke with von der Leyen. Summary: US President Donald T News Japan services PMI hits 11-month low in April. War costs bite, input costs 42-month high Japan's services PMI fell to 51.0 in April from 53.4, an 11-month low, as Middle East war costs drove input inflation to a 42-month high and business confidence hit its lowest since the pandemic. Summ Learn more Commodities Morgan Stanley sees gold at $5,200 (Central bank buys, Fed cuts), fear trade is now dead Morgan Stanley targets $5,200 gold this year, driven by ETF buying, China accumulation and 2027 Fed cuts, but warns the Iran conflict has exposed gold as a rates trade, not a safe haven. Summary: Morg Central Banks PBOC is expected to set the USD/CNY reference rate at 6.8138 – Reuters estimate The People’s Bank of China is due to set the daily USD/CNY reference rate at around 0115 GMT (2115 US Eastern time), a fixing that remains one of the most closely watched signals in Asian foreign exch Stock market update Paul Tudor Jones says AI bull market has one to two years left to run Paul Tudor Jones says the AI bull market has one to two years left, likens the moment to 1999, and warns the eventual correction could be breathtaking; he has added to AI stock positions. Info via CNB Central Banks Japan wage growth streak hits three months, putting June BOJ move in focus Japan's real wages rose 1.0% in March, a third straight monthly gain; total cash earnings rose 2.7% against a 3.2% consensus and prior; BOJ rate decision due June 15-16. Summary: Japan's inflation-adj Stock market update Deutsche Bank flags inconsistent market pricing as Iran conflict drags on Deutsche Bank warns markets are pricing the Iran conflict inconsistently across equities, rates and credit, with long-run inflation faith looking increasingly difficult to sustain. Summary: Deutsche B Commodities Iran and Israel report separately that hostility flare up has ended at present Iran and the US exchanged missiles and more: Reports filtering in that Iran launched missiles at US Navy ships US strikes Bandar Abbas and Qeshm as Gulf tensions surge past ceasefire US CENTCOM says U Learn more News US trade court strikes down Trump's 10% global tariffs in 2-1 ruling A US trade court struck down Trump's 10% global tariffs 2-1, ruling the duties were not justified under a 1970s trade law; the White House had cited a $1.2 trillion goods trade deficit as grounds. Sum

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