Europe anticipates falls of around 0.5%, while US futures lose around 0.8%, in a market that is digesting the new tariff shift in the United States. On Friday, the Supreme Court annulled a large part of the tariffs imposed by Donald Trump under the International Emergency Economic Powers Act (IEEPA), but the reaction from the White House was almost immediate: the president went on to use Section 122 of the Trade Act, which allows tariffs to be applied temporarily, and raised the global rate to 15% from the 10% initially announced. In addition, it keeps intact the tariffs already in force under Section 301 – linked, among others, to China – and Section 232, which affect steel, automobiles and sectors linked to national security. Faced with this scenario, analysts call for calm. “Stay still and do nothing, this is noise,” some experts summarize, considering that this is not a structural change but rather a legal readjustment. From ING they are categorical: “Tariffs are here to stay.” The entity emphasizes that “the White House has been preparing for the ruling,” finalizing alternative tariff figures for months. Along the same lines, the chief economist of Rystad Energy, Claudio Galimberti, warns that, although the Supreme Court invalidates a large part of the existing tariffs and limits the ability to target specific countries, “it does not dismantle the broader tariff framework.” Uncertainty has spread rapidly. The head of Trade of the European Parliament plans to propose the freezing of the ratification of the trade agreement between the United States and the European Union at the extraordinary meeting this Monday, given the lack of clarity in US trade policy. In this context, the president of the European Central Bank, Christine Lagarde, has insisted that it is “fundamental” to have certainty about the future of the trade relationship. «You have to know the rules of the game before getting in the car. The same thing happens with commerce,» he said on CBS. While European and American futures are trading negative, although with contained cuts, in Asia green has dominated. The South Korean Kospi rose 1.7% and marked a new all-time high, with advances of more than 3% in SK Hynix and 2% in Samsung Electronics. The Kosdaq gained 0.74%. In Australia, the S&P/ASX 200 rose 0.17% and Hong Kong’s Hang Seng rose more than 2%, on a day in which China and Japan were closed for holidays. Bitcoin, for its part, fell more than 3%, below $65,000, following the announcement of the 15% global tariff. AVALUE OF RESULTS AND GEOPOLITICAL TENSIONS In parallel, other geopolitical tensions are still very present. U.S. and Iranian negotiators will meet in Geneva on Thursday to discuss an Iranian nuclear proposal, while prediction markets assign an increasing probability to an eventual U.S. attack in the coming weeks. All of this coincides with a macro agenda that includes this Monday the German Ifo for February and US factory orders for December, as well as business results in Spain such as those of Almirall or Línea Directa. It is the preview of a particularly intense week at the corporate level, with accounts from companies such as Telefónica, Endesa, Iberdrola, ACS, Indra and Grifols, as well as relevant events such as Santander’s ‘Capital Markets Day’ on Wednesday. Outside our country, the main protagonist is Nvidia, which announces its accounts on Wednesday. OTHER MARKETS The euro is exchanged at 1.1833 dollars (+0.44%). Oil falls just over 1% (Brent barrel: $71.01; WTI barrel: $65.72). Gold added 2% ($5,182) and silver added +5.6% ($86.95). The yield of the 10-year American bond rises to 4.086%. Bitcoin falls to $65,299 and Ethereum drops to $1,872.
