In a unilateral declaration echoing the tempests of past trade wars, President Donald Trump terminated all U.S.-Canada negotiations on Thursday, claiming Canada deployed a "fraudulent" Reagan-era advertisement to undermine U.S. tariff policies. The ad, part of Ontario Premier Doug Ford’s $75 million campaign targeting American consumers, incorporated a 1987 Reagan radio address on trade barriers, though the Reagan Foundation condemned its selective editing as a distortion of the late president’s stance. This act now leaves Canadian Prime Minister Mark Carney in an awkward position, having abandoned the fragile thaw forged after Trump’s prior annexation threats. As the Reagan Foundation reviews legal recourse, the episode exposes the fragility of transnational commerce when historical figures become political pawns in modern tariff battles. History whispers that such ruptures often sow seeds for deeper economic wounds that outlast the initial conflict.

EQUITY

This week's trading session has been choppy, with main indexes recovering from early-month losses with support from strong corporate earnings ahead of a high-stakes meeting between President Trump and Chinese President Xi Jinping next week. Tesla perseveres even with a profit miss, though overall earnings beat expectations, with about 86% of S&P 500 companies beating forecasts.

GOLD

Gold price is steady, holding on to a lower price level after falling to a low of 8.6% from its peak. This pullback marks the end of gold's nine-week winning streak, suspected of profit-taking activity over fundamental shifts. Gold remains highly valued as a safe haven, with geopolitical tensions and central bank purchases still elevated.

OIL

Crude oil prices rocketed to near two-week highs as sweeping U.S. and EU sanctions on Russian energy giants Rosneft and Lukoil, responsible for more than 5% of global supply, roil markets and force Asian refiners to scale back purchases. Despite Friday’s retreat, crude remains firmly supported by fears of supply disruption and shifting trade alliances.

CURRENCY

The U.S. dollar held steady with cautious sentiment ahead of key economic data. The euro strengthened slightly against the dollar, while the yen felt slight volatility due to intervention risks as USD/JPY approached 150. The Chinese yuan maintained its stability even with optimism regarding China's economic trajectory, while the Malaysian ringgit weakened marginally against the dollar ahead of the ASEAN summit.