Global Markets Steady Amid US-Indonesia Tariffs, Inflation Data

Investors remain cautious as trade tensions and tariff updates continue to influence markets globally. Canadian markets held steady with futures unchanged amid Prime Minister Mark Carney's announcement of steel tariff quotas for countries excluding the U.S., following President Donald Trump's increase of U.S. steel and aluminum import duties. In the U.S., stock index futures showed little movement despite Taiwan's TSMC reporting record profits fueled by AI chip demand, while concerns over the Federal Reserve's independence persisted after reports of Trump considering the firing of Fed Chair Jerome Powell. Inflation data revealed a slight rise in U.S. inflation to 2.7%, indicating tariffs may be impacting prices, which tempered expectations for Federal Reserve rate cuts. Trade negotiations continue, with Trump securing a deal with Indonesia involving a 19% tariff on Indonesian goods and ongoing talks between the EU and U.S. to resolve transatlantic tariff disputes. Corporate news included the withdrawal of Alimentation Couche-Tard's $46 billion bid for Seven & i Holdings due to unconstructive engagement and Renault's stock dropping sharply after lowering its financial outlook amid tariff concerns.