U.S. stock markets closed lower on Monday following Donald Trump’s renewed attacks on Federal Reserve Chair Jerome Powell, whom he slammed as a “major loser” for not lowering interest rates. Trump’s pressure campaign—aimed at offsetting inflation from his new tariffs—has spooked Wall Street, which dropped sharply, with the Dow, Nasdaq, and S&P 500 all losing over 2.4%. Despite Trump’s push, Powell remains cautious, warning that tariffs could worsen inflation and signaling no immediate rate cuts. Trump has even floated firing Powell, a move experts say could trigger market chaos and undermine the Fed’s independence.
Nomura is set to acquire the U.S. and European public asset management businesses of Australia’s Macquarie for $1.8 billion in cash. The deal, expected to close by year-end pending regulatory approval, will boost Nomura’s assets under management to $770 billion. While Macquarie retains its Australian operations, the two firms will collaborate on distribution and product development, including Nomura offering Macquarie’s alternative investments to U.S. clients. Both companies will remain independent until the deal is finalized, and Nomura expects minimal financial impact from the acquisition.
Asia-Pacific markets were mostly muted on Tuesday, mirroring Wall Street’s downturn as President Trump intensified pressure on Fed Chair Jerome Powell. Japan’s Nikkei and Topix traded flat, while South Korea’s Kospi and Kosdaq saw modest gains. Meanwhile, Australia’s ASX 200 dropped 0.63%.
The 6M Euribor decreased with 4 basis points to 2.15% compared to previous business day. The 10Y Swap is unchanged at 2.50% compared to previous business day.
In the attachment, today’s market data on money and capital market rates as well as other rates are presented.
The ECB lowered its interest rates by 25 basis points, as expected. The deposit rate was reduced from 2.50% to 2.25%, the main refinancing rate from 2.65% to 2.40%, and the marginal lending facility from 2.90% to 2.65%.
The Central Bank of Turkey increased its policy rate from 42.5% to 46%. Although inflation eased in March, the bank emphasized it will adjust rates cautiously based on inflation expectations. If inflation deteriorates significantly and persistently, further tightening will follow.
U.S. President Donald Trump urged Federal Reserve Chair Jerome Powell to cut rates “now for sure,” claiming Powell is always late and wrong. Trump pointed out that the ECB is expected to cut rates for the seventh time. Powell, however, reiterated the Fed has room to wait and warned tariffs might temporarily or persistently raise inflation.
The 6M Euribor decreased with 2 basis points to 2.19% compared to previous business day. The 10Y Swap decreased with 2 basis points to 2.50% compared to previous business day.
In the attachment, today’s market data on money and capital market rates as well as other rates are presented.
The WTO predicts global merchandise trade will fall 0.2% this year, nearly three percentage points lower than the base case with low tariffs. North American exports are expected to decline by 12.6%, although tariff freezes from the White House dampen the contraction somewhat. Despite the recent de-escalation of trade tariffs, trade policy uncertainty, especially between the U.S. and China, remains a serious threat to global growth, especially for fragile economies.
Stock markets experienced significant declines due to renewed fears about the global trade war’s impact on technology companies as Nvidia and AMD reported financial hits due to U.S. export restrictions to China. The S&P 500 and Nasdaq fell notably, with Nvidia’s shares dropping over 7% and AMD predicting $800 million in charges related to inventory and reserves. The ongoing tariff policies, particularly under the Trump administration, are causing market volatility and risk aversion.
The market for junk bonds has fallen sharply due to the trade war and associated economic uncertainty caused by President Trump. New issues are almost non-existent in both the US and Europe, which is especially a problem for private equity firms that rely on this form of financing. The risk premium on junk bonds has increased, making them an expensive and less attractive investment compared to previous years.
The 6M Euribor is unchanged at 2.21% compared to previous business day. The 10Y Swap is unchanged at 2.52% compared to previous business day.
In the attachment, today’s market data on money and capital market rates as well as other rates are presented.
Annual inflation in Canada unexpectedly eased to 2.3% in March. In the wake of an earlier sales tax break, consumer prices showed acceleration, with significant increases seen in food and alcohol. However, these increases were offset by a reduction in gasoline and travel tours prices. Furthermore, data released yesterday also indicated that, despite the reduced inflation rate, core inflation indicators remained elevated.
Data released yesterday from Eurostat revealed that industrial output in the eurozone unexpectedly increased in February. Production in the sector grew by 1.1 percent compared to January, which had already seen a rise of 0.6 percent.
According to yesterday’s data, the UK’s job market showed signs of weakness ahead of the April tax increase on employers, despite continued robust wage growth. The Office for National Statistics revealed that vacancies dropped below pre-pandemic levels for the first time, while the economy faces potential challenges from impending U.S. trade tariffs.
The 6M Euribor decreased with 3 basis points to 2.21% compared to previous business day. The 10Y Swap increased with 2 basis points to 2.52% compared to previous business day.
In the attachment, today’s market data on money and capital market rates as well as other rates are presented.
South Korea unveiled a 33 trillion won ($23.12B) support package to bolster its semiconductor sector amid rising U.S. tariff threats. The plan includes infrastructure subsidies, expanded low-interest loans, and R&D investments to safeguard key exporters like Samsung and SK Hynix. With semiconductors making up over 20% of exports, the move aims to maintain competitiveness as U.S. trade policy uncertainty grows.
UK retail sales rose 1.1% in March, driven by warm weather and seasonal events like Mother’s Day, but underlying economic pressures are mounting. While spending on gardening and DIY surged, high inflation, rising taxes, and weak big-ticket purchases indicate cautious consumer behavior. Businesses face squeezed margins as a looming price war and government cost hikes weigh on investment and hiring.
Americans are increasingly worried about job security, with a New York Fed survey showing a 44% perceived chance of higher unemployment within a year — the highest since April 2020. Despite continued job growth, rising near-term inflation expectations (3.6%) and uncertainty over U.S. trade policy may dampen consumer spending and economic momentum. Long-term inflation views remain stable, offering some reassurance.
The 6M Euribor increased with 5 basis points to 2.24% compared to previous business day. The 10Y Swap decreased with 7 basis points to 2.50% compared to previous business day.
In the attachment, today’s market data on money and capital market rates as well as other rates are presented.
EU finance ministers have agreed to present a united front in trade talks with the U.S. after President Trump suspended some import tariffs for 90 days. They warned that while the current impact on the EU is limited, long-term or permanent tariffs could push the EU towards recession. Meanwhile, the U.S. economy would likely suffer even more under such a scenario. The EU aims to strengthen its internal market and is ready to retaliate if talks fail, with key sectors like steel, cars, and microchips most at risk.
U.S. Commerce Secretary Howard Lutnick revealed that smartphones, computers, and other electronics recently exempted from steep tariffs on Chinese imports will face new tariffs within two months, alongside tariffs on semiconductors. These new tariffs will be separate from the reciprocal tariffs that have already surged to 125% on Chinese goods. The uncertainty created by President Trump’s shifting tariff policies has caused significant volatility in financial markets. Meanwhile, China has responded by increasing its tariffs on U.S. imports and is evaluating the impact of the exemptions granted late last week.
Gold has had its strongest week in five years, soaring over 6.5% to a record $3,237 per troy ounce, as investors fled to safety amid market turmoil caused by Trump’s escalating trade war. The sell-off in U.S. stocks and Treasuries, along with a weakening dollar, has boosted gold’s appeal as a safe haven asset. Central banks and investors are driving demand, with China even paying a premium for physical gold. UBS raised its 12-month gold forecast to $3,500, citing continued global uncertainty and strong institutional buying.
The 6M Euribor decreased with 4 basis points to 2.19% compared to previous business day. The 10Y Swap increased with 2 basis points to 2.57% compared to previous business day.
In the attachment, today’s market data on money and capital market rates as well as other rates are presented.
Consumer prices in the United States decreased by 0.1% in March, following a 0.2% increase in February. This decline was contrary to economists’ expectations, who had anticipated a slight increase of 0.1%. As a result, the annual inflation rate fell more than expected—from 2.8% in February to 2.4% in March.
The European Union has decided to postpone its planned trade countermeasures for 90 days, aligning with the United States’ announcement of a 90-day pause on import tariffs. European Commission President Ursula von der Leyen confirmed the decision, saying the EU is giving negotiations a fair chance. Although the EU was close to approving retaliatory tariffs, the pause is meant to create space for dialogue. However, von der Leyen warned that if talks do not yield satisfactory results, the EU is prepared to implement the countermeasures after the 90-day period. “All options remain on the table,” she stated.
Consumer prices in China dropped again in March, falling by 0.1% year-on-year, following a sharper decline of 0.7% in February. On a monthly basis, prices also decreased by 0.4% in March, compared to a 0.2% drop the previous month.
The 6M Euribor increased with 4 basis points to 2.23% compared to previous business day. The 10Y Swap decreased with 4 basis points to 2.55% compared to previous business day.
In the attachment, today’s market data on money and capital market rates as well as other rates are presented.
China plans an 84% tariff on US imports from April 10, escalating a US-China trade dispute. This tariff follows President Trump’s high tariffs, which have caused global markets to slump, resulting in a drop of over 2% in US futures and 4% in European stocks. Chinese officials aim for strategic restraint by avoiding the full 104% match, demonstrating resilience amid economic risks.
On Wednesday, nearly all EU member states, except Hungary, approved retaliatory tariffs worth €22 billion on American products such as tobacco and orange juice, responding to U.S. steel and aluminum tariffs. These tariffs, ranging from 10% to 25%, will be implemented in three stages between April and December 2025. The European Commission emphasizes that these measures are crucial to mitigate economic damage while continuing to seek a solution with Washington.
US shares surged after President Trump announced a suspension of steep tariffs on goods from most countries, opting instead for a 10% import tax rate, although tariffs on Chinese goods are increased to at least 125%. This decision prompted the S&P 500 to rebound by 9.5% amid earlier fears of economic recession, but leading indexes remain lower year-to-date despite Wednesday’s gains. Trump’s move follows political pressure and aims to negotiate trade agreements, although challenges with China remain, especially given their significant import presence in the US.
The 6M Euribor decreased with 9 basis points to 2.19% compared to previous business day. The 10Y Swap increased with 2 basis points to 2.59% compared to previous business day.
In the attachment, today’s market data on money and capital market rates as well as other rates are presented.
This morning, the yield on ten-year U.S. government bonds exceeded the threshold of 4.5%, following previous increases to 4.21% on Tuesday. The development indicates growing anxiety within global financial markets due to international trade disputes. The recent implementation of new import tariffs by the United States has sparked concerns over a possible recession and global economic slowdown, also impacting the bond market.
According to data published yesterday by Statistics Netherlands, consumption by Dutch households rose by 2.1 percent in February compared to the same month last year. Both the purchase of goods and the services consumed increased.
In April, Australian consumer sentiment experienced a significant decline, affected by global market disruptions linked to U.S. tariff proposals. According to recent data, consumer confidence measure dropped by 6.0%, reversing the gains from the previous month, though it remained 9.3% above the level from the previous year.
The 6M Euribor increased with 2 basis points to 2.28% compared to previous business day. The 10Y Swap decreased with 3 basis points to 2.57% compared to previous business day.
In the attachment, today’s market data on money and capital market rates as well as other rates are presented.
Oil prices fell about 2% on Monday, extending last week’s sharp losses as fears over President Trump’s tariffs raised concerns about a potential U.S. and global recession. Crude and Brent prices hit their lowest levels since 2021, with added pressure from increased OPEC+ output and Saudi Aramco’s price cuts. Trump welcomed the oil price drop, but analysts warned that tariffs could weaken economic activity and reduce oil demand.
Following President Trump’s announcement of new tariffs, investors are moving into traditional safe-haven assets like the Japanese yen, Swiss franc, bonds, and even the Brazilian real. The yen and franc have both strengthened against the dollar, and bond yields have dropped as demand rises. While the yen often performs well in times of global stress, analysts also highlight currencies like the Brazilian real for their relative independence from global trade pressures.
Bitcoin recovered slightly on Monday after dropping over $10,000 during the weekend amid a broader market sell-off triggered by fears over import tariffs. Prices briefly fell below $75,000 before bouncing back to around $78,000. Other cryptocurrencies like Ether and Solana also declined. The sharp move led to hundreds of millions in long position liquidations as investors pulled back from riskier assets.
The 6M Euribor decreased with 4 basis points to 2.26% compared to previous business day. The 10Y Swap increased with 8 basis points to 2.60% compared to previous business day.
In the attachment, today’s market data on money and capital market rates as well as other rates are presented.
