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Morning Report 06 Jun 25: US stocks fall as Trump–Musk feud sinks Tesla
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US stocks ended lower despite a wave of early optimism, sparked by news that U.S. President Donald Trump and China’s Xi Jinping have agreed to resume trade talks. In corporate news, Brown-Forman — the maker of Jack Daniel’s — suffered its steepest share price drop since 2008 following weaker-than-expected earnings. Meanwhile, consumer goods giant Procter & Gamble announced plans to cut 7,000 jobs as part of a restructuring effort. Across the Atlantic, the European Central Bank cut interest rates once again but signaled a possible pause in future easing. Oil prices climbed on renewed hopes surrounding U.S.-China trade negotiations. Back home, Australian shares are set to finish the week in the red ahead of the long weekend.
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