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Steel rebar futures rose to CNY 3,135 per tonne in May, the highest in six weeks, and tracking the stronger momentum for ferrous metals after the outlook of improved trade flows. The US and China lowered bilateral tariffs for the next three months to de-escalate their trade war, easing concerns of poor manufacturing demand and a weaker consumer this year. In the meantime, Baosteel signaled that Beijing will likely mandate a nationwide output cut in steel goods to combat overcapacity and lingering weakness in construction activity. While the government has not specified the magnitude of the cut, reports indicated that supply could fall by 50 million tonnes this year. Stronger bids were tempered by reports that Beijing may overhaul the country's laws to halt sales of homes before their completion. If done, the rule would remove a key source of financing for major property developers and magnify the financial stress for the debt-ridden sector, limiting steel demand from a major buyer.

Steel Rises to 6-Week High

The CAC 40 fell 0.5% to 7,835 on Wednesday, breaking a four-session winning streak, as momentum from optimism surrounding a US-China trade truce began to fade. The two countries agreed to suspend and roll back most tariffs during trade talks in Switzerland over the weekend. Meanwhile, investors remained focused on corporate earnings reports and news. Kering was the worst performer on the index, plunging 3.3% after the firm saw a sharp drop in demand for high-end fashion and luxury goods in the US. The news dragged down peers, with LVMH falling 1.9% and Hermès down 1.4%. Other notable laggards included STMicroelectronics, Legrand, and Stellantis NV, with losses ranging from 1.5% to 2.2%. On the upside, Bouygues was the top performer, advancing 1.6% after posting stronger-than-expected Q1 core earnings and affirming its full-year guidance despite what it described as a “very uncertain macroeconomic and geopolitical environment."

French Stocks Snap 4-Day Winning Streak

Industrial production in Hungary stagnated in March 2025 compared to the same month last year, following a 8.7% slump in the previous month. The figure confirmed initial estimates and market expectations. Among major subsections of manufacturing, increases were seen in output for computer, electronic and optical products (15.6%), transport equipment (2.8%), and food products, beverages and tobacco products (0.9%). However, production declined for electrical equipment (-20.5%), basic metals and fabricated metal products (-4.8%), and rubber and plastics products and other non-metallic mineral products (-1.3%). On a seasonally adjusted monthly basis, industrial output rose by 0.1% in March, rebounding slightly from a 1.1% drop in February.

Hungary Industrial Output Stagnates in March

The FTSE MIB climbed to around 40,290 on Wednesday, advancing for the fifth straight session to reach its highest level since November 2007. The index also outperformed most of its regional peers, with the extended rally supported by easing global trade tensions, which provided relief to investors worried about the economic fallout from prolonged disputes. Among the top performers, Stellantis jumped over 4%, followed by A2A (+1.3%), Telecom Italia (+2%), and UniCredit (+1%). On the downside, notable laggards included STMicroelectronics (-1.5%), Moncler (-1%), and Buzzi Unicem (-2.2%).

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