A look at the day ahead in European and global markets from Rae

Wee

There have been growing signs that investors are becoming

more indifferent to Donald Trump's tariff salvos, and nowhere

has this been more evident than in the price action across

stocks over the past few days.

Asia shares on Thursday rode the high from Nvidia's ( NVDA )

brief rise to a $4 trillion valuation and futures pointed to

similar gains in Europe later in the day, even as Trump dealt

his latest blow to the global trade landscape.

The U.S. President launched his tariff assault into

overdrive on Wednesday as he announced a new 50% tariff on U.S.

copper imports and a 50% duty on goods from Brazil, both to

start on August 1.

Copper prices in London and China did come under pressure

and the Brazilian real slid, but the hit on markets elsewhere

was fairly muted.

Bitcoin remained perched near a record high and the

dollar fell as investors chose to take on more risk,

looking past the slew of headlines from Trump.

"Desensitised" and "numb" are some of the buzzwords money

managers and analysts have used in recent times, though it

remains to be seen how long this could hold on for.

A host of countries have yet to receive their letters from

Trump, and investors are also awaiting the progress of a deal

between the U.S. and the European Union.

Trump said he would "probably" tell the EU soon what rate it

could expect for its exports to the U.S., adding that the

27-nation bloc had become much more cooperative.

EU trade chief Maros Sefcovic said good progress had been

made on a framework trade agreement and a deal may even be

possible within days.

While Trump's latest tariff delay provided hope to major

trade partners Japan, South Korea and the European Union that

deals to ease duties could still be reached, it has also

bewildered some smaller exporters such as South Africa and left

companies with no clarity on the path forward.

For now, though, investors seem to be taking the news in

their stride and see little reason to panic as they put their

faith in the notion of "TACO", the acronym for Trump Always

Chickens Out.

Key developments that could influence markets on Thursday:

- U.S. weekly jobless claims

- Federal Reserve's Alberto Musalem, Mary Daly speak

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(Editing by Muralikumar Anantharaman)