The U.S. will delay tariffs on the European Union until July 9, President Trump said on Sunday, giving a reprieve to his threat for 50% tariffs on the 27-nation bloc that were set to go into effect on June 1.
Trump said in a social-media post that he received a call from European Commission President Ursula von der Leyen requesting an extension. “It was my privilege to do so,” he wrote. The extension on the tariff deadline comes after Trump unexpectedly threatened duties of 50% on the EU on Friday morning. The move surprised European officials who thought they were making progress with his administration on talks to avert the 20% “reciprocal” tariffs Trump announced in April—and then paused for 90 days. Trump’s statement on Sunday reverts the negotiations back to where they were before his Friday missive, giving the sides just over a month to come to an agreement.
In a statement on X, von der Leyen said the EU is “ready to advance talks swiftly and decisively,” adding that to “reach a good deal, we would need the time until July 9.”

The Swiss stock market edged lower on Friday. The SMI fell by 0.6 per cent to 12,199 points. Among the 20 SMI stocks, there were 16 losers and 3 gainers, while Swisscom closed unchanged. A total of 22.3 million shares were traded (Thursday: 15.07 million). Nestlé ended the day 0.4 per cent higher, Roche 0.3 per cent. Novartis slipped by only 0.3 per cent. The shares of asset manager Partners Group (-5.2 per cent), which were traded ex-dividend, came in last. Logitech dropped by 3.6 per cent and Richemont by 2.3 per cent. Kühne + Nagel lost 1.7 per cent. The logistics group announced an agreement to acquire TDN, a Spanish road logistics service provider, without providing any financial details. The fact that the shareholders of Helvetia and Baloise gave the green light for the merger of the two insurers was largely expected and hardly moved share prices. Both shares dipped slightly. Among small caps, Curatis soared by over 27 per cent. The biotechnology company had spread confidence for its cancer candidate Corticorelin based on a study.

Europe
The European stock markets closed lower on Friday after US President Donald Trump reignited the trade war by indicating that he wanted to tax European products by up to 50% on 1 June. The Stoxx Europe 600 index fell by 0.9% to 545.1 points. In Paris, the CAC 40 and the SBF 120 lost 1.7% and 1.6% respectively. The DAX 40 in Frankfurt was down 1.5% and the FTSE in London shed 0.2%. BANKING, LUXURY, AUTOMOTIVE: Banking stocks and representatives of the main exporting sectors plunged in the face of the threat of new US tariffs. In Paris, Stellantis lost 4.6%, STMicroelectronics 4.2%, Rémy Cointreau 4.1% Société Générale 2.7% and Hermès 2.6%. VUSION (+9.2%): The electronic labels specialist confirmed on Thursday evening that UK retailer The Co-operative Group (“Co-op”) would be deploying its technology solutions in its 2,400 shops. ORANGE (-0.7%): The telecommunications operator Orange reported on Friday having signed a memorandum of understanding for the sale of its fintech Anytime to the bank Crédit Coopératif, one of the parent companies of Groupe BPCE.

United States
On Friday, President Trump launched new broadsides in his tariff campaign, threatening to impose a 50% rate on the European Union within days, and warning Apple that foreign-made iPhones could face significant levies. The fresh threats are aimed at core pillars of global commerce: one of the world’s most valuable companies and one of the U.S.’s biggest trading partners. The initial market response reflected revived fears that tariff policy could knock economic growth. Major stock indexes declined less than 1%, with the Nasdaq Composite falling the most. Investors sought shelter in government bonds and haven currencies such as the Swiss franc and Japanese yen, weighing on the dollar. Gold prices rallied. APPLE shares fell more than 3%. CONSTELLATION (+2.1%), VISTRA (+2.3%): nuclear energy producers took advantage of the decrees adopted by the Trump administration to support the sector. These measures aim to equip certain military installations with nuclear reactors and to reform the sector's regulatory framework. INTUIT (+8.1%): The financial software company raised its forecasts for the financial year ending next July, after posting better-than-expected results and sales in the third quarter. AUTODESK (+0.1%): The design software company reported adjusted net profit of 2.29 dollars per share for the first quarter of the financial year ending January 2026, ahead of analysts' expectations of 2.15 dollars. Bitcoin prices edged off record highs. Trump held a gala dinner late Thursday with the biggest holders of his meme coin. Meantime, the biggest U.S. banks are exploring whether to issue a joint stablecoin. Gold futures jumped 2.2%. Wall Street’s “fear gauge,” the VIX, surged more than 8%. On Monday stock and bond markets are closed for Memorial Day.

Asia
Asian stocks were mixed on Monday. In Tokyo, the Nikkei 225 index gained 0.9 per cent to 37,484 points. Nippon Steel climbed 2 per cent after the US President essentially approved the takeover of US Steel by the Japanese steel group, although some details still need to be clarified. Negative signs dominate the Chinese stock markets. The Composite Index in Shanghai fell by 0.3 per cent. In Hong Kong, the Hang Seng Index dropped by 1 per cent. The share price of Apple supplier AAC Technologies declined by 2 per cent. The shares of car manufacturers BYD (-7.9 per cent), Li Auto (-4.9 per cent) and Geely (-7.3 per cent) are also under heavy pressure. Profit-taking is being reported by market participants. The Kospi in Seoul rose by 1.4 per cent. Index heavyweight Samsung Electronics added 0.5 per cent.

Bonds
U.S. government debt yields fell On Friday, but still end the week higher, as investors focus on the widening U.S. deficit and Trump revives tariff turbulence. Longer-term yields rose faster than the short end. U.S. markets are closed Monday for Memorial Day. The 10-year Treasury note yield gave up 2 basis points (0.02 percentage points) to 4.52%, after hitting a 3-month high of 4.62%, on the back of concerns about the sustainability of US debt. The 2-year Treasury note yield erased its decline at the start of the session to finish unchanged at around 4%.

Analysis
Vontobel upgrades Galenica target to CHF 82 (78) - Hold
Deutsche Bank lifts SoftwareONE target to CHF 7.40 (6.20) - Hold
Vontobel increases PSP Swiss Property target to CHF 165 (150) - Buy