EU’s Mercosur deal advances amid tariff uncertainty - Jan 9, 2025 Titelbild

EU’s Mercosur deal advances amid tariff uncertainty - Jan 9, 2025

EU’s Mercosur deal advances amid tariff uncertainty - Jan 9, 2025

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 As of January 9, today’s news features the EU’s push on global trade agreements and renewed M&A activity in the mining industry. European Union countries backed a trade deal with the so-called Mercosur bloc of countries in South America, paving the way for the EU to sign its largest free-trade agreement next week. EU ambassadors supported the deal at a meeting in Brussels today, despite the opposition of France and a number of countries, according to people familiar with the matter, who spoke on the condition of anonymity. Meanwhile, Glencore shares rose by almost 10% today following news it is in talks with Rio Tinto about a potential takeover that would create the world's largest mining group, valued at almost 207 billion dollars. While Glencore gained, Rio Tinto shares fell by as much as 3%, reflecting investor scepticism towards a deal and concerns it will overpay. Turning to market updates, copper and nickel prices are anticipated to finish the week on a high note despite a recent selloff driven by profit-booking after favorable price rallies. The London Metal Exchange reported a rebound in copper prices, reflecting ongoing supply constraints, particularly in the U.S. The recent fluctuations in prices underscore the dual challenges of inflationary pressures and tariff-related uncertainties, influencing market dynamics significantly. Looking at broader macro trends, the U.S. Supreme Court is poised to announce rulings that may impact President Trump's global tariff regime, which has faced legal challenges questioning its legitimacy. This case could redefine presidential powers regarding economic controls, bearing implications for international trade and economic relations. In the energy sector, Barclays raised its price target for National Grid, referencing new growth opportunities in the UK energy landscape stemming from recent regulatory updates. Meanwhile, China is advocating for increased onsite renewable energy usage in industrial parks, indicating a strategic push for greener manufacturing processes. Amid these developments, U.S. President Donald Trump said he had canceled a second wave of attacks on Venezuela following cooperation from the South American nation.
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