The Market Update

• Tuesday’s financial markets are starting with relative gains in the major stock indices. Asian markets are continuing to rebound after Wall Street closed higher yesterday.
• The Japanese Nikkei is currently up 1%, the Hang Seng is up 0.1%, and the Kospi is up 1.05%.
• Futures are currently pointing to a relatively flat opening in Europe and the US today. The US100 is up 0.1%, while the German DE40 is down 0.04%.
• Japanese carmaker Nissan is set to cut production of its best-selling model in the US, the Rogue SUV, between May and July this year in response to the tariff changes.
• Comments from the Fed’s Raphael Bostic are keeping the FX market uncertain. Bostic noted that the US economy is currently in a precarious position in the face of the tariff changes. However, he also said that inflation remains high and the labour market remains tight. The comments cast a shadow over the Fed’s near-term rate-cutting narrative.
• Among individual currencies, the best performers are the Antipodean currencies. The worst performers are the Japanese yen and the Swiss franc.
• The minutes of the Reserve Bank of Australia’s April meeting revealed a shift toward more easing, setting the stage for a rate cut at its May meeting. Policymakers highlighted rising global risks from the US tariff changes and stressed the importance of not undermining progress on inflation by acting too early. The RBA said the labor market was not as tight as previously thought and wage growth could continue to slow.
• The US Secretary of Commerce has launched an inquiry into the national security implications of pharmaceutical and pharmaceutical ingredient imports, setting the stage for upcoming tariff changes in the sector.
• Commodity sentiment is buoyant. Gold is up 0.45% today and trading near its record highs. Natural gas is also up nearly 0.6%. On the other hand, concerns about the global economy are pushing down oil prices, which are down 0.6% today.
• The economic calendar will focus on numerous inflation reports today. Investors will also learn about ZEW data from Germany and NY Empire from the US. Citigroup, Bank of America, Intercative Brokers and Johnson & Johnson will present their quarterly results today.

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