US Futures Edge Higher; Copper Slumps After Trump Threat – Europe Market Wrap

US stock futures rose as traders awaited announcements on the tariff status for a number of countries, a day after President Donald Trump escalated his trade rhetoric and threatened more charges on copper.

Contracts for the S&P 500 ticked higher 0.2% after the US benchmark closed little changed in the previous session. European stocks advanced 0.8% to the highest in almost a month. LME copper slid as much as 2.4%. The metal retreated 2.6% in New York after Tuesday’s 13% surge.

Earlier this week, traders had largely brushed off a batch of letters in which Trump effectively delayed his tariff deadline while outlining new rates targeting over a dozen countries. Sentiment shifted on Tuesday, when he signaled fresh resolve to move forward with steep levies on foreign imports.

He also signaled that updates to the trade status of at least seven nations would be released Wednesday morning, with more announcements later in the day.

Europe’s benchmark index was set for a third day of gains, with EssilorLuxottica SA rising as much as 7.1% after Meta Platforms Inc. bought a minority stake in the world’s largest eyewear manufacturer. Banks were the best performing sector, led by Société Generale SA’s advance to the highest since 2017.

US Treasuries held steady, with the 10-year yield at 4.40%, following a five-day run of losses which lifted the rate almost 20 basis points. The Treasury will sell $39 billion of 10-year notes later Wednesday followed by $22 billion of 30-year bonds Thursday. An offering of three-year securities on Tuesday was met with soft demand.

Swaps are almost fully pricing two quarter-point cuts until the end of the year, with a 65% chance of a first reduction in September.