• 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...

• 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.
• APAC stocks were mostly positive but with the major indices stuck within narrow parameters on 'Liberation Day'.
• European equity futures indicate a marginally lower cash market open with Euro Stoxx 50 futures down 0.3% after the cash market closed with gains of 1.4% on...

• US Treasury Secretary Bessent said President Trump will announce reciprocal tariffs at 15:00EDT/20:00BST on Wednesday.
• US President Trump says maybe Tuesday night or Wednesday you will see tariff details and we are going to be nice in comparison to other countries, adds in some cases maybe substantially lower.
• European bourses gain and reside near session highs whilst US futures trade modestly on either side of the unchanged mark.
• USD...

• US President Trump said we will see tariff details maybe Tuesday night or on Wednesday which are going to be nice in comparison to other countries and in some cases, they may be substantially lower.
• US President Trump is said to be still deciding which plan he will take for reciprocal tariffs and has been presented with "multiple" tariff plans, according to administration sources cited by FBN's Lawrence
• US Treasury Secretary Bessent said President Trump will...

• US President Trump is said to be pushing senior advisers to go bigger on tariff policy as they prepare for ‘Liberation Day’ on April 2nd; reportedly revived the idea of a flat universal tariff single rate on most imports.
• European bourses and US futures in the red given the above and into month & quarter end, Euro Stoxx 50 -1.5%, ES -1.0%; NQ -1.3% with NVDA pressured.
• DXY has been on either side of the unchanged mark throughout the morning, EUR and GBP...

• US President Trump is said to be pushing senior advisers to go bigger on tariff policy as they prepare for ‘Liberation Day’ on April 2nd; reportedly revived the idea of a flat universal tariff single rate on most imports.
• APAC stocks were pressured heading into month- and quarter-end amid tariff concerns as Trump's April 2nd Liberation Day drew closer.
• US President Trump threatened to bomb Iran if a nuclear deal can't be reached, while he also warned of secondary...

• MON: Japanese Activity Data (Feb), Chinese NBS PMIs (Mar), German Retail Sales (Feb), German Prelim CPI (Mar), US Chicago PMI (Mar)
• TUE: Completion of US Trade Policy Review, RBA Announcement, Potential RBNZ Governor Appointment Decision, Japanese Tankan Survey (Feb), South Korean Trade Balance (Mar), Chinese Caixin Manufacturing Final PMI (Mar), EZ Flash CPI (Mar), US ISM Manufacturing (Mar), EZ/UK/US Final Manufacturing PMIs (Mar),
• WED: US Tariff...

• European bourses and US futures approach PCE in the red following the overnight tone and further risk aversion from earthquakes in Myanmar
• Canadian PM to speak with Trump today; EU has mentioned Apple, Meta and PayPal as part of any potential tariff response
• DXY attempts to claw back Thursday's pressure and is firmer vs peers ex-JPY, which is the best performer after Tokyo CPI
• A firmer start for fixed benchmark ahead of US PCE and any...

• APAC stocks were mostly pressured amid the ongoing themes of tariffs and growth concerns heading closer to next week's 'Liberation Day' and with markets also bracing for the latest US PCE Price Index.
• DXY traded rangebound after weakening yesterday, USD/JPY retreated beneath the 151.00 level amid the underperformance in Japanese stocks and after firmer-than-expected Tokyo CPI data.
• EU reportedly looks to hit big tech in a crackdown on US services exports, according...

• The US is to impose 25% tariffs on all cars made outside of the US effective on April 2nd
• Trump reiterated that reciprocal tariffs are also set for next week but stated they will be lenient
• Updates which weigh on European equities with Auto names lagging, US futures mixed/firmer
• DXY mixed with GBP outperforming in an attempted recovery from Wednesday's action while JPY lags
• EGBs and USTs diverge as they focus on...

• APAC stocks were ultimately mixed with cautiousness seen after Trump's latest tariff salvo
• The US is to impose 25% tariffs on all cars made outside of the US effective on April 2nd
• Trump reiterated that reciprocal tariffs are also set for next week but stated they will be lenient
• European equity futures indicate a lower cash market open with Euro Stoxx 50 future down 0.5% after the cash market closed with losses of 1.2% on...