Trump Delays EU Tariffs, Euro Surges, Stocks Rally; TD Bank Announces Restructuring, Job Cuts After Strong Q2 Earnings

U.S. stock futures and European equity markets experienced gains following President Trump's decision to postpone the imposition of 50% tariffs on the European Union until July 9, allowing for further trade negotiations. This decision reversed earlier market losses triggered by Trump's initial tariff announcement. The euro saw a rise against the dollar, while European shares surged. Meanwhile, TD Bank (Canada) announced a restructuring plan that includes job cuts affecting approximately 2,000 employees. This decision follows a strong second-quarter earnings report, boosted by the sale of its stake in The Charles Schwab Corporation. The restructuring is expected to incur pre-tax charges of approximately $650 million in the coming quarters, primarily related to severance and other costs. CEO Raymond Chun aims to streamline operations amid ongoing regulatory scrutiny. TD Bank reported earnings of $6.27 per share for the quarter ending April 30, up from $1.35 per share a year earlier.