Japan Monetary Base YoY

Lumber prices fell below $600 per thousand board feet, reaching a one-month low as weaker US housing demand and heightened trade uncertainty weighed on the market. US construction spending unexpectedly declined in June, with spending on lumber-intensive single-family housing falling 0.6% from the previous month and 3.3% from a year earlier, pointing to softer demand for construction timber. Although Canadian softwood lumber was exempt from Washington's new 50% tariffs, it remains subject to existing duties of nearly 35%, continuing to pressure producers' margins. The Forest Products Association of Canada said the trade measures dealt a further blow to the forestry sector, where mills are already operating below capacity following production curtailments and closures, including the Fox Creek mill. Meanwhile, the US Lumber Coalition argued that Canada's excess production capacity continues to distort the market, while Ottawa has extended support measures for the industry.

Lumber Falls to One-Month Low

European stocks rose to record highs on Monday as lower energy prices drove benchmark borrowing costs to drop. The Euro STOXX 50 gained 1.2% to close at 6,440 and the STOXX Europe 600 gained 0.4% to 652. Oil and natural gas prices fell sharply after the US refrained from attacking Iran over the weekend and US President Trump signaled willingness for a ceasefire. Sovereign yields fell and softened soaring credit costs, aiding banks and insurers with UniCredit, Santander, BBVA, and BNP Paribas gaining over 2%. Meanwhile, Intesa Sanpaolo rose 2.4% as talks between Banca MPS and Banco BPM for a merger of equals collapsed, reigniting Intesa's odds for an acquisition of the latter. Software companies also closed higher, tracking US counterparts with SAP adding 4.4%. Meanwhile, Deutsche Telekom rose 5% ahead of its earnings.

European Stocks Rise to Records

The FTSE MIB Index went up by 699 points or 1.34 percent on Monday to close at 52872 points. The rise was led by Brunello Cucinelli (5.30%), Diasorin (4.59%) and Avio (4.34%).

The FTSE MIB Index Closes 1.34% Higher

The DAX Index rose 372 points or 1.45 percent on Monday to close at 26001 points. Leading the gains are Siemens Healthineers (6.16%), Deutsche Telekom (4.93%) and SAP (4.91%).

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Lumber Falls to One-Month Low

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Japan Monetary Base YoY