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JPY

08 Apr 2025

Wild market swings continue

• Volatility. Tariff news continues to generate volatility. US equities unwound early gains to end the day lower. AUD & NZD followed. CNH also weaker.• Tariff news. While there were signals about deals for some nations, goods from China are set to be hit with another tariff. This dampened sentiment.• Macro events. RBNZ expected to cut interest rates again today. Tariff developments will continue to drive markets for a while. Global Trends Volatility in markets has continued with tariff-related headlines still the driving force. The initial positive sentiment in the US session following the rebound in Asian and European equities...

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08 Apr 2025

Markets Stabilise As Tariff Negotiation Hopes Rise

The dust is settling after a tumultuous Monday in financial markets. North American equity markets are setting up for a modestly-positive open, benchmark ten-year Treasury yields are pushing above the 4.20-percent mark, and the dollar is edging lower against all of its major trade-sensitive counterparts. To summarise yesterday’s* insanity: the S&P 500 jumped more than 8 percent on an erroneous headline suggesting that tariffs would be paused for ninety days, then plunged again when this was rebuffed by the White House, only to rise again as investors hedged against the possibility that another, more accurate version of the same headline...

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07 Apr 2025

Volatility continues

• Market swings. Tariff headlines generated more vol. overnight. S&P500 traded in a ~8.5% range. AUD still tracking at levels last seen during COVID.• Negative vibes. Tariffs will slow US/global growth. But is the extreme market vol. justified? These types of moves only seen during a crisis.• AUD levels. Momentum/sentiment have been overpowering fundamentals. AUD in ‘rarefied air’ having only traded sub-$0.60 very infrequently since 2015. Global Trends Volatility has continued as markets adjust to the changing economic landscape stemming from recent tariff developments and react to new news. Negative sentiment dominated yesterday’s early trade as Friday’s US market turmoil...

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07 Apr 2025

Tariff Turmoil Engulfs Global Markets

Financial markets are caught in the grip of a deepening selloff after a string of Trump administration officials hit the Sunday talk-show circuit to defend the president’s tariff policies, forcing investors to further mark down US asset values and slash global growth forecasts. Equity futures are setting up for another 3-percent drop at the open, benchmark ten-year Treasury yields are holding below the 4-percent threshold, and the safe-haven yen and euro are outperforming their advanced-economy peers as traders seek protection against the building storm. The administration’s messaging seems remarkably unified. Commerce Secretary Howard Lutnick said on CBS “The army of...

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06 Apr 2025

Tariff tantrum

• Vol. shock. Growth concerns after China retaliated to US tariffs saw markets tumble again on Friday. AUD & NZD plunged, as did equities/commodities.• Extreme moves. The over 10% two-day drop in the S&P500 has only happened a handful of times. AUD’s one-day trading range also historically wide.• Event Radar. Tariff developments will continue to be in the drivers seat. Data wise, US CPI due this week, RBNZ meets, & RBA Gov. Bullock speaks. Global Trends Risk sentiment continues to deteriorate. Asset markets tumbled again on Friday as worries about a tariff induced ‘Trumpcession’ ramped up. Anxiety levels spiked further...

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