Markets Rattle as Trump Fires New Tariff Salvo Into Volatile Week

Thursday brought a slew of data and high-profile earnings:

• German Preliminary CPI came in at 0.3%, slightly above expectations.
   

• Canadian GDP disappointed with a -0.1% print.
   

• From the U.S., Core PCE Price Index landed at 0.3%—matching prior levels and keeping the Fed cautious.
   

• The U.S. Employment Cost Index rose 0.9%, exceeding forecasts and reinforcing inflationary concerns.
   

On the corporate front, the spotlight was on Apple, Amazon, and Mastercard:

• Apple impressed, with earnings that spurred a 2% gain pre-market.
   

• Amazon, despite beating on earnings, hammered the market with weak guidance—sending pre-market shares tumbling 7% and dragging equity sentiment lower.
   

The result: both the S&P 500 and NASDAQ formed bearish engulfing patterns on Thursday’s daily charts—technically signaling possible downside ahead.

Today’s macro calendar holds major flashpoints:

• Eurozone Flash CPI, expected at 1.9%, remains in focus as the ECB navigates inflation constraints.
   

• U.S. Labor Report, including Non-Farm Payrolls (expected at 106,000), Average Hourly Earnings (0.3%), and Unemployment Rate (4.2%), are set to land midday.
   

• ISM Manufacturing PMI, expected around 49.5, will be watched for signs of contraction.
   

Early Friday price action is cautious:

• Futures are uneven—with Nasdaq under pressure following Amazon's sell-off and broader trade concerns.
   

• In Europe, DAX futures are down, testing critical support levels.
   

• In FX, the USD holds firm; Aussie dollar and Euro are showing modest rebound, while NZD remains fragile.
   

• Commodities:
   

  • Oil continues to exhibit strength and range-holds near weekly highs.
     

  • Metals like gold and copper remain under pressure after Thursday’s sell-off.
     

With NFP on deck, Trump's trade headlines in the air, and divergent momentum across markets—Friday doesn't promise a dull exit to August.