- Macro: Following President Trump’s “Liberation Day” tariff announcement, in a day that saw huge turnover, both US and European markets ended the day significantly lower, with the S&P ending down 4.84% and the Nasdaq down -5.97%. Interestingly, Europe, which is one of the targets of the tariffs, fell by less, with the Stoxx Europe 600 broad index down -2.57%. Later today in Europe, we get German Construction PMI and UK Construction PMI, along with Irish Live Register of unemployment for March. Then in the US, we have Non-Farm Payrolls and Unemployment Rate for March.
- Stock: We have updates on Volkswagen and Rio Tinto following Trump’s tariff announcement. (Comment attached)
- Debt: Core bond yields moved lower yesterday as investors were risk-off following Trump’s tariff announcement on Wednesday
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