• European bourses opened mixed, but gradually slipped lower as the morning progressed; US futures positive after strong TSMC results.
• USD is attempting to claw back some of Wednesday’s losses. EUR awaits ECB rate cut.
• Bonds are softer following the robust macro tone, EGBs await the ECB.
• Crude extends on recent strength, XAU/Copper moves lower.
• Desk Closure (Good Friday Related): The desk will operate its usual...

• Fed Chair Powell reaffirmed a wait-and-see approach and suggested incredibly high uncertainty
• US President Trump said "Big Progress!" was made with Japan on trade
• APAC shrugged off the negative Wall St. handover, but gains were capped with drivers limited
• DXY found reprieve from recent pressure but remains below 100.00, USD/JPY hit a seven-month low but has since rebounded back above 142.00
• USTs & JGBs soft while...

• China is said to be open to talks if US President Trump shows respect, via Bloomberg sources; China wants Trump to rein in cabinet members and show consistency; wants US talks to address concerns on Taiwan and sanctions.
• White House said over 15 trade deal proposals are being considered and some could be announced soon.
• European indices downbeat, but some upside seen on source reports that China is open to talks, albeit with conditions; ASML -5% after poor Q1...

• US bourses finished mixed with futures thereafter pressured after NVIDIA flagged 5.5bln of charges.
• White House said over 15 trade deal proposals are being considered and some could be announced soon.
• DXY gave back some of Tuesday's strength, EUR/USD back above 1.13 and Cable above 1.3250 into UK CPI.
• USTs paused for breath after gains sparked by Treasury officials, Bunds rebounded and JGBs retested 141.00
• Crude...

• China orders a halt to Boeing (BA) jet deliveries as the trade war expands, according to Bloomberg citing sources.
• US President Trump said they will put tariffs on imported pharmaceuticals in the not-too-distant future.
• European indices at session highs, LVMH -7% after weak results; US futures are modestly higher.
• DXY holds a downward bias whilst Antipodeans outperform.
• Initial fixed divergence eroded by...

• APAC stocks traded with a predominantly positive bias following on from the gains on Wall St.
• US President Trump said they will put tariffs on imported pharmaceuticals in the not-too-distant future.
• Fed's Waller said under the large-tariff scenario with significant economic slowdown, he would favour cutting policy rate sooner and more than previously thought.
• European equity futures indicate a contained cash market open with the Euro Stoxx...

• US President Trump’s administration exempted items from reciprocal tariffs including smartphones, storage devices and some other electronics.
• However, Trump posted on Sunday that there was no tariff exception announced on Friday and that these products are subject to the existing 20% fentanyl tariffs and are just moving to a different tariff bucket.
• European bourses open higher as markets digest exemptions on smartphones/electronics; US futures also...

• Equities began the week with strength after the tariff reprieve for smartphones, though Trump's walk-back on this capped gains.
• Trump said there were no exceptions announced on Friday; Lutnick said semiconductor-tariffs in a month & pharma-tariffs in a month or two.
• DXY remained below the 100 mark, EUR/USD briefly surpassed 1.14 & Cable briefly surpassed 1.31.
• USTs attempted to nurse recent pressure but the constructive tone capped,...

• MON: Chinese Trade Balance (Mar)
• TUE: RBA Minutes, UK Jobs Report (Feb/Mar), EZ Industrial Production (Feb), German ZEW Survey (Apr), Canadian CPI (Mar)
• WED: BoC Announcement, Chinese GDP (Q1) & Activity Data (Mar), UK CPI (Mar), EZ Final CPI (Mar), US Retail Sales (Mar), New Zealand CPI (Q1)
• THU: ECB Announcement, CBRT Announcement, Japanese Trade Balance (Mar), Australian Jobs Report (Mar)
• FRI: Good...

• China unveils additional tariff measures on US goods; to raise additional tariffs on US goods to 125% from 84%. Effective April 12th.
• China’s Finance Ministry says “if the US continues to impose additional tariffs on Chinese goods exported to the US, China will ignore it”.
• European indices hit after China raises tariffs; US futures modestly lower into bank earnings.
• DXY slumps to a 99.01 low after China increases tariffs on the US; EUR...

• US stocks pared some of Wednesday's historic gain, the Dollar was heavily sold, while the long-end of the Treasury curve saw further selling despite a strong US 30yr auction.
• The risk-off mood further exacerbated after reports that the White House clarified that US tariffs on China now totalled 145% after the latest hike (20% already in place + 125% added this year).
• APAC stocks mostly followed suit to the declines on Wall St, DXY suffered another bout of selling...

• European bourses gain as they react to Trump’s 90-day tariff pause whilst US futures wane.
• USD is softer vs. most peers as markets digest Trump's tariff walk back.
• “Beautiful” trade for USTs, Gilts bid but fading, Bunds languish in the red.
• Crude remains subdued while base metals surge and gold holds onto gains.
• Looking ahead, US CPI, US Jobless Claims, Chinese M2 Money Supply, Speakers including, BoE’s Breeden,...

• Trump lifted the tariff on China to 125% with immediate effect, announced a 90-day pause & cut reciprocals to 10% for nations that asked for talks.
• Sparked significant risk on with US bourses closing higher by around 10%, APAC stocks surged & European futures are markedly higher.
• DXY gave back Wednesday's strength, FOMC Minutes a non-event; EUR higher but shy of 1.10, USD/JPY faded from highs above 148.00.
• USTs rebound from lows,...

• US President Trump’s reciprocal tariffs alongside the 104% levy on China came into effect; US President Trump said China is manipulating its currency in offset against tariffs, and added the US will be announcing tariffs on pharmaceuticals soon.
• China's top leaders are to hold a meeting as soon as Wednesday (today) to discuss measures to boost the economy after US trade tariffs, via Reuters citing sources.
• Indices trade lower in Europe whilst US futures are mixed as...

• US President Trump’s reciprocal tariffs alongside the 104% levy on China came into effect; US President Trump said China is manipulating its currency in offset against tariffs, and added the US will be announcing tariffs on pharmaceuticals soon.
• Shanghai Comp. (+0.2%) was somewhat cushioned following recent stabilisation measures and expected policy support; E-mini S&P futures fell (-2.2%); markets await China’s response.
• 10yr UST futures notably slumped amid a...

• China MOFCOM says China strongly opposes 50% additional tariffs and urges resolution of disputes with United States via dialogue.
• European bourses are on a firmer footing with US futures also in the green; ES +1.5%.
• USD softer vs. most major peers, antipodeans lead, EUR/USD remains on a 1.09 handle.
• Bonds were initially contained but has recently given way to pressure as the risk tone recovers.
• Crude choppy in a...

• US President Trump showed no signs of easing up on his aggressive approach to trade as he threatened an additional 50% tariff on China.
• US President Trump said the US is not looking at pausing tariffs; tariffs could be permanent and there could also be talks.
• APAC stocks were mostly positive as markets regained some composure and bounced back from the recent tariff turmoil.
• European equity futures indicate a positive cash market open with...

• US Commerce Secretary Lutnick said there is no postponing tariffs and April 9th tariffs are coming; tariffs are going to stay in place for days and weeks.
• US NEC Director Hassett said more than 50 countries have reached out to the White House to begin trade negotiations.
• Stocks continue to sink as risk-off sentiment continues, reports that China is mulling accelerating stimulus measures fails to life the complex; NQ -4%.
• Havens lead,...

• US Commerce Secretary Lutnick said there is no postponing tariffs and April 9th tariffs are coming; tariffs are going to stay in place for days and weeks.
• US NEC Director Hassett said more than 50 countries have reached out to the White House to begin trade negotiations.
• Fed Chair Powell said on Friday that it feels like the Fed does not need to be in a hurry and has time; it is not clear what the path of monetary policy should be.
• APAC...

• MON: Japanese Cash Earnings (Feb), German Trade Balance (Feb), EZ Retail Sales (Feb), EZ Sentix Index (Apr)
• TUE: N/A
• WED: FOMC Minutes, RBNZ Announcement, RBI Announcement
• THU: Chinese Inflation (Mar), Swedish GDP (Feb), Norwegian CPI (Mar), Taiwan Trade Balance (Mar), US CPI (Mar)
• FRI: UK GDP (Feb), US PPI (Mar), US UoM Prelim (Apr), US Earnings Season (Q1 25)

JAPANESE CASH EARNINGS...

• US President Trump, when asked about the market response, said "now it settles in" and added he is open to negotiating if "other countries offer something phenomenal."
• Trump tariffs take a toll on European stocks which currently reside near lows, US futures also lower with underperformance in the RTY.
• USD attempts to claw back some of Thursday’s lost ground as attention pivots to NFP and then Fed Chair Powell thereafter, where a text and Q&A are...

• US President Trump, when asked about the market response, said "now it settles in" and added he is open to negotiating if "other countries offer something phenomenal."
• Fed's Jefferson said there is no need to be in a hurry on policy adjustments, Cook said the Fed needs to be "patient but attentive".
• APAC stocks continued the sell-off after Wall Street experienced its worst session since 2020.
• DXY down to near 101.50, EUR held...

• US President Trump unveiled individual reciprocal tariffs for each country which are essentially half of what countries were charging the US.
• The US is to apply a 20% tariff on imports from EU, 34% tariff on imports from China, 26% tariff on imports from India and 25% tariff on imports from South Korea.
• Trump also stated that the baseline tariff is 10% for all nations and announced 25% auto tariffs, while Canada and Mexico were not subject to reciprocal tariffs for...

• US President Trump unveiled individual reciprocal tariffs for each country which are essentially half of what countries were charging the US.
• The US is to apply a 20% tariff on imports from EU, 34% tariff on imports from China, 26% tariff on imports from India and 25% tariff on imports from South Korea.
• Trump also stated that the baseline tariff is 10% for all nations and announced 25% auto tariffs, while Canada and Mexico were not subject to reciprocal tariffs...

• US "Liberation Day": US President Trump to announce reciprocal tariffs at 16:00EDT/21:00BST on Wednesday; US Commerce Secretary Lutnick speaks at 08:30EDT/13:30BST
• USTR has reportedly prepared "an across-the-board tariff on a subset of nations that likely would not be as high as the 20% universal tariff option", according to WSJ.
• Stocks move lower as markets await reciprocal tariff updates on “Liberation Day”.
• USD steady, Antipodeans...