📆 Tuesday, April 22
► European markets were mixed on Tuesday as investors returned from the Easter break. The Stoxx 600 fell about 0.4%, led lower by losses in healthcare and pharma stocks. Germany’s DAX dropped over 0.35% and France’s CAC 40 slid past 0.3%, while London’s FTSE 100 rose 0.25% on gains in consumer staples. Investor sentiment remained fragile amid ongoing worries over U.S. Fed independence following President Trump’s repeated attacks on Chair Jerome Powell. Shares of Novo Nordisk plunged 7% after rival Eli Lilly reported strong weight-loss pill trial results. Meanwhile the Swiss healthcare company Roche, aiming to dodge U.S. tariffs, committed to invest $50 billion in the U.S. over the next five years, creating over 12,000 jobs. On an economic front, ECB survey forecasts showed slightly higher inflation expectations through 2026, with GDP growth projections revised modestly lower.
► US stock futures rebounded Tuesday, clawing back losses from the prior session’s Fed-induced selloff. S&P 500 and Nasdaq 100 futures were both up about 1%, signaling dip buying despite lingering concerns about Fed policy stability. Monday’s market drop was triggered by Trump’s fresh social media criticism of Powell, labeling him “Mr. Too Late” and hinting at replacement. The USD steadied (DXY +0.1%) after touching a 15-month low, while Treasury yields held firm. Traders now turn their attention to a packed earnings week, including Tesla (later today) and Alphabet (Thursday) results, and further clues on how firms are weathering macro and trade policy uncertainty. Notably, U.S. officials continued to pressure India for greater e-commerce access as trade talks progress, and discussions with Thailand were delayed. Tensions persist, but markets were mildly relieved by Vice President JD Vance’s remarks on “significant progress” in talks with India.
► Asian equities ended mixed as renewed U.S. policy uncertainty and trade tensions kept sentiment cautious. Japan’s Nikkei 225 slipped 0.14%, weighed by a stronger JPY hovering near 140.5/USD and Fed credibility worries. China’s Shanghai Composite edged up 0.25% and the Shenzhen Component dipped 0.36%, as the PBoC reaffirmed its support for the yuan in global trade and left key lending rates unchanged. India’s Sensex rose 0.24%, supported by a new 12% safeguard duty on steel imports and continued progress in trade talks with Washington. Australia’s ASX 200 traded flat as markets reopened post-holiday, with the AUD touching a four-month high above $0.64.
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