Author: Michael Crowley

ECB to lower rates again today

US equity markets fell yesterday, led by a 3% decline in the Nasdaq, extending their losses after Fed Chair Powell reiterated that the central bank will keep interest rates on hold for now as it assesses the inflationary consequences of Trump’s tariffs. US bonds rallied (yields fell) as stocks sold off, while the dollar lost […]

Stocks under pressure again

US equities closed (marginally) lower for the first day in three yesterday, while Asian markets were softer overnight after Nvidia revealed the US has imposed curbs on its exports of chips to China. European stocks have also opened lower this morning, off around 1%. US and UK bond yields continued to retrace some of last […]

Calmer market conditions

US stocks and bonds rose yesterday, a welcome change from the latter part of last week when both were selling off together at times and a sign of some improvement in investor confidence. Indications from Trump that US imports of auto parts might be exempt from tariffs helped sentiment, though he again threatened tariffs on […]

Dollar remains under pressure

There was some respite for US equity markets on Friday with the main indices chalking up gains of 1.5%-2.5%, while Asian equities have had a positive session overnight on the back of news that US imports of some electronic products (which mainly come from China) will be exempt from reciprocal tariffs (albeit perhaps only temporarily). […]

Dollar sinks

ÙS stocks and long bonds sold off again and the dollar fell sharply across the board yesterday, as investor confidence in US asset remains fragile to say the least following the chaos wrought by Trump’s trade policy. The dollar’s slide continued in overnight trading with EURUSD getting up close to $1.14 before easing back to […]

Stocks surge on tariffs “reprieve”

Not surprisingly, the Trump administration’s decision to pause “reciprocal” tariffs for 90 days to allow for negotiations with trading partners has buoyed equity markets. US stocks surged into the New York close and Asian equities are higher overnight. US 10-year yields, which had risen sharply this week causing unease in the Trump camp it seems, […]

Dollar on the back foot again

The semblance of relative calm that descended on equity markets yesterday has evaporated after the US announced tariffs of 104% on imports from China. US stocks sold off into the New York close, more than reversing earlier gains, and Asian equities are lower overnight. Surprisingly, and worryingly perhaps, US long bonds are selling off (i.e. […]

Mayhem in markets

“Manic Monday” is an apt description of yesterday’s trading in markets. US equities oscillated between steep losses and modest gains  – the latter triggered by a social media post saying Trump would pause his “reciprocal” tariffs for 90 days, which was quickly denied – before ending flat to marginally lower on the day. US bond […]

Equity markets head further south

The fall-out from Trump’s tariffs is continuing in markets. Asian equities are sharply lower overnight following China’s announcement of retaliatory tariffs on the US on Friday, while US bond yields are heading south again after bouncing off their lows on Friday. In FX, the Swiss franc and the Japanese yen  – the so-called ‘safe-haven’ currencies […]

Euro on the front foot

US equity markets fell sharply and the dollar weakened considerably yesterday, indicating investors believe Trump’s trade policy will have a large negative impact on the US economy. The Fed is now seen cutting interest rates quite aggressively over the coming months with about 100bps of easing priced in by the end of this year. The […]