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Daily Market Briefing, Asia Pacific

US tariffs: delayed not derailed

• Trump vol. Markets were swung around by tariff news on Pres. Trump’s first day in office. But on net, equities rose while bond yields & the USD declined.• Delayed not derailed. Wide ranging reviews into US trade were announced. Findings due by 1 April. US trade tariffs still in the pipeline.• AUD & NZD. Softer USD has supported AUD & NZD. NZ headline CPI also a touch firmer than forecast. AU Q4 CPI due next week. Global Trends US President Trump’s second first day in office created a lot of buzz and generated a burst of volatility across markets....

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Trump & tariffs

• US politics. President Trump is officially back in power. Reports tariffs could be implemented in a ‘measured way’ eased market nerves.• USD trends. Lack of follow through of election tariff threats exerted downward pressure on the USD. AUD & NZD bounced back.• Still watching. Various policies will be implemented. Vol. likely over period ahead. Short-term USD could ease helping AUD claw back more ground. Global Trends US politics has been in focus. Earlier today President Trump was inaugurated as the 47th US President. Outside of the inauguration there was little for markets to digest. US bond and equity markets...

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Get set for Trump 2.0

• Positive tone. US equities, bond yields, & the USD rose at the end of last week. US data remains positive. Markets also positioning for Trump 2.0.• US policy. Pres. Trump will be in the drivers seat. Will he announce a range of measures after coming into power or is too much expected?• Event Radar. US Pres. Inauguration (Tues), NZ CPI (Weds), BoJ & MAS meetings (Fri), & global PMIs (Fri) in focus this week. Global TrendsGlobal equities ended last week on a positive note ahead of today’s US holiday and the US Presidential Inauguration (Tues 4am AEDT). A positive...

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Holding on

• Mixed signals. US equities failed to push on despite further falls in bond yields. USD/JPY continues to slip back. AUD & NZD lose a bit of ground.• Data & comments. US consumer spending holding up. Fed’s Waller encouraged by inflation trends keeps the door open to more policy easing.• AU jobs. Another robust Australian labour force report. Unemployment better than RBA expecting. China data batch, which includes Q4 GDP, out today. Global Trends A mixed performance across markets overnight with the data flow and comments by US officials in focus. After yesterday’s strong rally US equities consolidated despite a...

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US CPI boosts sentiment

• Inflation trends. Softer US & UK core CPI weighed on bond yields & supported risk sentiment overnight. The backdrop helped AUD & NZD edge higher.• AU jobs. Monthly labour force data due today. There is a risk of payback after a strong report last month. Softer figures could bolster RBA rate cut bets.• Data & politics. US retail sales out tonight. China data batch released tomorrow. Next week focus will be on the US Presidential Inauguration. Global TrendsUS and UK inflation was in focus overnight and downside surprises generated a ‘relief rally’ in some of the recently beaten-up markets....

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