Trump's EU tariff threat, rising Treasury yields, SpaceX Starship relaunch

In this briefing

• Trump threatens the EU with a 'substantial tariff' over fines against Google and other US tech firms.
• Rising US Treasury yields are feeding through to mortgage and other consumer borrowing rates.
• SpaceX conducts its first Starship test flight since going public.
• Saudi Arabia strikes Houthi targets in Yemen after Red Sea shipping attacks.
• WSJ: a volatile week for markets settled into a calmer Friday.

Desk Analysis

The throughline today is that the number of distinct sources of uncertainty is growing, not shrinking. Trade (EU tariffs), rates (yield-driven borrowing costs), and geopolitics (Middle East escalation) are all thickening at once — so even if one calms down, another can still move markets. With next week's rate decision ahead, how these three threads interact is the thing to watch.

For informational purposes only. Not investment advice.