S&P futures slightly down with yields US 2-year down to 3.8% and 10-year down to 4.3%. Asia equities are trading mostly higher, European equity markets are narrowly mixed. Dollar softer. Oil down. Gold pulling back with White House to clarify tariff on gold bars. Industrial metals are mostly higher. On the latest batch of trade headlines, press coverage are mostly on US secondary tariffs over Russian crude purchases. VP Vance said China could be hit with tariffs, echoing President Trump last week. However, he also acknowledged the challenges targeting China given current ongoing talks, desire for Trump-Xi summit and China's rare earths leverage. Defiant stance from Beijing and Delhi also heightened skepticism that secondary sanctions will prompt any change to their Russian energy purchases.

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