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Claim then denials on US tariff policy shifts. Softer European and US PMI data; US beige book shows early economic impact of tariffs. Equities rise, then fade. USD broadly stronger

Claim then denials on US tariff policy shifts. Softer European and US PMI data; US beige book shows early economic impact of tariffs. Equities rise, then fade. USD broadly stronger

More positive mood music around trade and tariffs, with "significant progress" on a US-India trade deal and Bessent expecting de-escalating US-China trade tension. IMF slashes growth forecasts on the trade war

More positive mood music around trade and tariffs, with "significant progress" on a US-India trade deal and Bessent expecting de-escalating US-China trade tension. IMF slashes growth forecasts on the trade war

Trump renews attack on Fed Chair Powell, reinvigorating the "Sell America" trade. US-Japan trade negotiations not going well. US assets trading more like a Banana republic. US longer-term rates increase and USD falls to fresh multi-year lows

Trump renews attack on Fed Chair Powell, reinvigorating the "Sell America" trade. US-Japan trade negotiations not going well. US assets trading more like a Banana republic. US longer-term rates increase and USD falls to fresh multi-year lows

Roger J Kerr says markets are tiring of Trump positions that make no sense, but on watch for collision with Powell. NZD rises as local economists turn gloomy. USD nears long-term support level as it depreciates further

Roger J Kerr says markets are tiring of Trump positions that make no sense, but on watch for collision with Powell. NZD rises as local economists turn gloomy. USD nears long-term support level as it depreciates further

US equities under pressure again. US pressuring trading partners to limit their dealings with China; China open to trade talks under certain conditions. Bank of Canada on hold and ditches forecasts and guidance

US equities under pressure again. US pressuring trading partners to limit their dealings with China; China open to trade talks under certain conditions. Bank of Canada on hold and ditches forecasts and guidance

China stops ordering new Boeing aircraft and halt purchases of aircraft and parts from US companies. No progress on EU-US trade negotiations. But financial markets calmer

China stops ordering new Boeing aircraft and halt purchases of aircraft and parts from US companies. No progress on EU-US trade negotiations. But financial markets calmer

Trump considers windback of tariffs to help the auto sector, following the carve-out for some electronic goods from China. Calmer markets. US Treasuries reverse some of last week's movement. Global equities recover

Trump considers windback of tariffs to help the auto sector, following the carve-out for some electronic goods from China. Calmer markets. US Treasuries reverse some of last week's movement. Global equities recover

Roger J Kerr says when international confidence in an economy and currency is lost, its value can only go one way

Roger J Kerr says when international confidence in an economy and currency is lost, its value can only go one way

US dollar under pressure with higher UST yields not providing support. The USD index fell to a three year low. The Michigan consumer sentiment survey expectations index slumped to the lowest level since 1980 while inflation expectations continued to rise

US dollar under pressure with higher UST yields not providing support. The USD index fell to a three year low. The Michigan consumer sentiment survey expectations index slumped to the lowest level since 1980 while inflation expectations continued to rise

Further large swings in asset markets. US equities fall sharply. US CPI softer than expected though the data predates the impact of tariffs. Gold prices reach another record high

Further large swings in asset markets. US equities fall sharply. US CPI softer than expected though the data predates the impact of tariffs. Gold prices reach another record high

Equity indices surge higher after Trump announced a 90 day pause on the implementation of tariffs on non-retaliating countries. The S&P gained more than 7%. Huge bond market volatility

Equity indices surge higher after Trump announced a 90 day pause on the implementation of tariffs on non-retaliating countries. The S&P gained more than 7%. Huge bond market volatility

Market focus on tariff negotiations with countries lined up; China is a notable exception and China said it will "fight to end". Markets remain choppy; Big early gain in US equities eroded

Market focus on tariff negotiations with countries lined up; China is a notable exception and China said it will "fight to end". Markets remain choppy; Big early gain in US equities eroded

Some wild market movements overnight; S&P500 trades a high/low range of 8.5%; EU working out how to retaliate. Bond markets sell off; UST 10-year rate trades above 4.2% overnight, curve steepens

Some wild market movements overnight; S&P500 trades a high/low range of 8.5%; EU working out how to retaliate. Bond markets sell off; UST 10-year rate trades above 4.2% overnight, curve steepens

Roger J Kerr says the Trump regime appear disturbingly unaware of the damage they have created in attempting to reverse globalisation and build a protective wall around the US economy

Roger J Kerr says the Trump regime appear disturbingly unaware of the damage they have created in attempting to reverse globalisation and build a protective wall around the US economy

Extreme volatility across global markets after China escalated the trade war by hitting an extra 34% tariff on US goods. S&P closed 6% lower as growth assets slumped. Powell focused on inflation suggesting limited scope for a near-term policy pivot

Extreme volatility across global markets after China escalated the trade war by hitting an extra 34% tariff on US goods. S&P closed 6% lower as growth assets slumped. Powell focused on inflation suggesting limited scope for a near-term policy pivot