- Macro: Following a rebound to start yesterday on hopes for progress on trade negotiations, which saw the EuroStoxx600 finish higher by 2.7%. US equity markets reacted negatively to Trump’s 104% retaliatory tariff on China which saw the S&P500 (-1.57%) and the Nasdaq (-2.15%) both end in the red. The main economic news today will come out of the US, when we get MBA Mortgage Applications, Wholesale Inventories, and the minutes from the FOMC’s March meeting.
- Stock: In response to the US administration’s 25% blanket auto tariffs, Volkswagen’s Audi brand is holding onto all vehicles that arrived in U.S. ports after the 2nd of April. (Comment attached)
- Debt: Core bond yields were little changed in Europe yesterday as markets await Europe’s response to US tariffs later today.
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