Euro

US economy contracts in Q1 amid a pre-tariff implementation surge in imports. Absolute moves in financial markets relatively small despite the economic data deluge

US economy contracts in Q1 amid a pre-tariff implementation surge in imports. Absolute moves in financial markets relatively small despite the economic data deluge

US economic data awful - exploding trade deficit adds to Q1 GDP downside risk; weaker consumer confidence and drop in job openings. Some backdown on auto tariffs but China won't "kneel down" on trade war

US economic data awful - exploding trade deficit adds to Q1 GDP downside risk; weaker consumer confidence and drop in job openings. Some backdown on auto tariffs but China won't "kneel down" on trade war

China's foreign ministry confirms China and the US are NOT engaged in trade talks. Another poor Fed regional survey; plenty of media commentary on reduced China-US trade and prospect of empty US shelves ahead

China's foreign ministry confirms China and the US are NOT engaged in trade talks. Another poor Fed regional survey; plenty of media commentary on reduced China-US trade and prospect of empty US shelves ahead

Positive risk sentiment continued despite conflicting news on tariff developments. The S&P advanced 0.7% extending its weekly gain to almost 5%. US treasury yields declined with limited economic data to provide direction

Positive risk sentiment continued despite conflicting news on tariff developments. The S&P advanced 0.7% extending its weekly gain to almost 5%. US treasury yields declined with limited economic data to provide direction

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

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

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