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03 Feb 2025

03 Feb 2025

Headline driven markets

• Tariff news. Tariff-related risk aversion & the stronger USD unwound overnight. News tariffs on Mexico & Canada will be delayed boosted sentiment.• FX swings. After falling sharply AUD & NZD are back around where they ended last week. More headline driven volatility should be anticipated.• Data flow. In the US, JOLTS job openings due tonight. In NZ, Q4 jobs report is out tomorrow. But this can be overshadowed by tariff news. Global Trends The fallout from the US announcing trade tariffs on three of its largest trading partners (Canada, Mexico, China) rattled nerves and sent markets into a tailspin...

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03 Feb 2025

Trade Shock Roils Global Markets

The dollar is climbing, yields are rising and equity markets are setting up for sharp losses at the open after US President Donald Trump fired the opening salvo in what could quickly devolve into a global trade war. The administration said Saturday it will levy 25 percent import taxes on goods from Canada and Mexico—with Canadian “energy resources” subjected to a lower 10 percent levy—along with an extra 10 percent tariff on imports from China. If implemented immediately and sustained, this would represent the biggest increase in duties since the Smoot-Hawley Tariff Act of 1930—often blamed for deepening the Great...

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