The trade dispute has increasingly driven investors on both sides of the Atlantic in recent trading days. In addition to sporadic economic data, it was the NVIDIA quarterly figures in particular that attracted attention as expected.
This Friday, investors can look forward to final price data for the Federal Republic of Germany and the USA.
DAX
Source: TradingView
US Court of Appeals overturns decision of the Court of International Trade
On Thursday, a US court blocked the trade tariffs imposed by Donald Trump. However, 30 minutes before the close of trading, an appeals court reversed the decision, allowing Trump to impose tariffs on imports into the US, at least for the time being. In case of doubt, the government said it could appeal to the Supreme Court.
Previously, a ruling by the US court responsible for international trade in New York found that Trump had exceeded his authority with regard to tariffs.
Investors welcome postponement of punitive tariffs on imports against the eurozone
While the stock markets in the US and the UK remained closed at the start of the week due to the holiday, investors in Germany welcomed the signs of easing in the trade dispute between the US and the EU. A week ago, Trump had threatened the EU with tariffs of 50% on imports from June 1, but these were put on hold a few days later until July 9.
GfK consumer climate brightens only slightly - "FOMC Minutes" unspectacular
According to data published on Tuesday, the GfK consumer climate in Germany has improved only slightly, remaining at a low level. For June 2025, the indicator climbed by 0.9 points to minus 19.9 points. Consumers' propensity to save increased by 1.6 points to 10 points in May.
Meanwhile, the eagerly awaited "FOMC Minutes" on Wednesday evening produced virtually no new findings.
US GDP declines by 0.2 percent compared to the previous quarter (annualized)
As the US GDP figures published on Thursday showed, a second estimate signaled the damaged state of the US economy. In the first quarter of 2025, GDP fell by 0.2% (annualized) compared to the previous quarter, the Department of Commerce announced in Washington on Thursday. In the fourth quarter of 2024, GDP had still increased by 2.4%. The effects of the trade dispute instigated by Donald Trump are not yet likely to be fully reflected.
This afternoon, investors should keep an eye on the preliminary inflation rates in Germany (14:00) as well as the so-called "PCE deflator" for personal consumption expenditure (14:30), which could send important inflation signals.
NVIDIA increases sales by almost 70 percent despite problems in the Chinese business
Meanwhile, AI chip manufacturer NVIDIA increased its turnover by 69% to around 44 billion dollars in the past quarter (compared to the same quarter of the previous year), according to figures published on Wednesday after the close of the US stock exchange. This represents an increase of twelve percent compared to the previous quarter.
Profits climbed by around 25 percent to almost 18.8 billion dollars compared to the same quarter last year, exceeding Wall Street expectations. NVIDIA is thus defying the difficulties in the Chinese business.
Dow Jones Industrial Average Index
Source: TradingView
NVIDIA
Source: TradingView
