Tariffs & inflation
• Improved sentiment. After a difficult spell risk appetite improved a little overnight. US equities rose, as did bond yields. AUD & NZD edged higher.• Tariff news. After the US confirmed tariffs on steel & aluminium imports the EU unveiled countermeasures. Canada also announced more steps.• US CPI. Inflation cooled in the US. This supported risk markets. But the data doesn’t yet capture impacts from higher duties on US imports. Global Trends Global trade tensions remain an underlying focus for markets, but despite more tit-for-tat moves over the past 24hrs fragile risk sentiment improved a little after data showed US...