Core Points - The article discusses the impact of tariff uncertainties on the market, highlighting a slight increase in the US dollar and mixed performance in European stock indices [1][5] - A legal challenge to Trump's tariff agenda has been reported, with a US appellate court reinstating the tariff policy, providing the Trump administration with some relief [1][2] - Concerns about "stagflation and tariffs" are causing a decline in market risk appetite [1][2] Market Performance - European stock indices opened mixed, with the Euro Stoxx 50 down 0.02%, while the German DAX rose 0.1% and the UK FTSE 100 increased by 0.24% [3][5] - The 10-year US Treasury yield remained stable at 4.41% [4][5] - The S&P 500 futures showed little change, while the Nasdaq 100 futures fell by 0.1% [5] Currency and Commodity Movements - The US dollar index increased by 0.21% to 99.54 points, while the euro fell by 0.2% against the dollar to 1.1349 [5][8] - Gold prices decreased by 0.5% to $3,295.62 per ounce, and West Texas Intermediate crude oil fell by 0.2% to $60.79 per barrel [5]

Group 1 - Goldman Sachs raised the 12-month target for the Tokyo Stock Price Index (Topix) from 2775 to 2900 and adjusted the 2025 annual earnings growth forecast from -1% to 2% [1] - The adjustment by Goldman Sachs follows a strong upward trend in the Topix index, which has risen for 13 consecutive trading days as of May 13, after the US and China announced a temporary reduction in tariffs [1] - Foreign investors have increased their holdings in Japanese stocks for six consecutive weeks, marking the longest streak since February 16, 2024 [1] Group 2 - Major contributors to the rise in the Topix index include Japanese exporters like Toyota and Nintendo, with strong performance from bank stocks [2] - The easing of trade tensions between the US and China is expected to positively impact Japan's export economy, which has a significant reliance on these two countries [2] - There is a growing possibility of a trade agreement between Japan and the US due to the positive trade consensus between China and the US [2] Group 3 - Concerns have been raised about overly optimistic sentiment in the Japanese market, suggesting that market expectations may be ahead of actual developments [3]