📆 Tuesday, April 29
► European markets posted modest gains as investors processed a wave of corporate earnings and continued to track trade policy developments. The Stoxx 600 rose over 0.3%, advancing for a sixth consecutive session. Gains were lead by financials, with Deutsche Bank and HSBC beating expectations. Germany’s DAX benefited from mostly positive earnings reports and trades up 0.75%, while France’s CAC 40 is near flat (- 0.1%). London’s FTSE 100 benefited from financials (+ 0.3%) but as AstraZeneca and BP weighed on UK's main index. Spain’s Q1 GDP expanded 2.8% Y/Y and Sweden’s trade surplus widened, though consumer confidence fell. Earnings from Novartis, Adidas, Porsche, and AstraZeneca painted a mixed picture, with pharma underperforming amid China-related tax concerns.
► US stock futures edged higher as investors braced for key earnings from Big Tech and awaited macroeconomic data later in the week. S&P 500 futures rose over 0.3% following a quiet Monday session. Treasury yields ticked higher, while the DXY (USD-index) gained nearly 0.3%. Markets showed relative calm after volatility from Trump’s April 2 tariff moves began to ease. Traders continued monitoring developments in trade talks, with the White House confirming a reprieve on auto tariffs and Treasury Secretary Bessent saying China had been “put to the side” for now. Investors remained focused on economic prints including US GDP, ISM, and PCE inflation later this week, which could influence expectations around Fed rate cuts, as well as earnings reports from companies like Visa, Coca-Cola, and Spotify later today. General Motors beats Wall Street estimates but reassesses full-year guidance any and suspends additional stock buybacks amid expected cost increases and industry uncertainty (down more than 3% at the moment).
► Asian equities closed mostly higher, supported by calmer sentiment and a reprieve in auto-related tariffs, though concerns lingered over the slow pace of US-China trade negotiations. Japan’s Nikkei 225 rose 0.38%, supported by stable earnings outlooks. China’s Shanghai Composite ended flat, with both Beijing and Washington blaming the other for stalled trade discussions. Hong Kong’s Hang Seng rose 0.16% as U.S. futures lifted sentiment. Australia’s ASX 200 advanced 0.92%, its highest close this month. Market participants adopted a wait-and-see approach ahead of upcoming U.S. earnings and data releases.
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