Morning Bid: Switch 2 debuts but no fun-and-games in trade

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

It’s Switch 2 Day! The much-anticipated sequel to Nintendo’s immensely successful portable gaming unit goes on sale around the world on Thursday. But don’t bother trying to find one: They’re all sold out.

The Switch 2 is manufactured mostly in China and sold out of Japan, so it’s anybody’s guess when there will be more of them available and what they’ll cost, given all the uncertainty over tariffs and supply chains.

A United States deadline for “best offers” on trade came and went on Wednesday without any trade announcements, and President Donald Trump continued to stir up controversy on the global stage with a proclamation banning nationals of 12 countries from the U.S.

But the trade talks go on, with Japan sending its head trade negotiator Ryosei Akazawa to the U.S. again today in search of a deal. Germany’s new chancellor, Friedrich Merz, is also headed to Washington for some face time with Trump in the Oval Office.

The main event today will be the European Central Bank’s interest rate decision, which is almost certain to cut rates by 25 basis points. The post-decision comments by President Christine Lagarde will be all the more important for clues on future policy moves.

Stock futures pointed to flat openings for both European and U.S. markets.

Key developments that could influence markets on Thursday:

– ECB decision, speech by Christine Lagarde

– German Chancellor Friedrich Merz travels to Washington

– German data on industrial orders, consumer goods for April

– U.S. data on jobless claims for end of May, trade data for April     

– Fed’s Jeffrey Schmid, Patrick Harker, Adriana Kugler to speak

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(By Rocky Swift; Editing by Edmund Klamann)