📆 Wednesday, March 26
► European markets traded mostly sideways but fell into the red on Wednesday as investors held back ahead of Trump’s looming tariff announcement. The Stoxx 600 declined by 0.3%, with energy stocks gaining on stronger oil prices, while defensive sectors like healthcare and telecom underperformed. The FTSE 100 benefited from a weaker GBP and UK inflation slowing to 2.8% boosting the case for future BOE rate cuts. Both the German DAX and French CAC are trading currently more than 0.5% lower. Spain’s Q4 GDP came in at +0.8% QoQ, meeting estimates and offering some support to southern European equities.
► U.S. stock futures held steady following a third straight day of gains during Wall Street’s regular trading session. In pre-market trading, the S&P 500 is currently flat, while the Nasdaq is trading slightly lower at -0.1%. Investors stayed cautious ahead of fresh Fed speeches and Friday’s PCE inflation data. Markets digested Trump’s evolving tariff rhetoric, with the president reiterating that while April 2 remains the target for “Liberation Day” tariffs, some exceptions are likely, and the approach will be “probably more lenient than reciprocal.” Fed officials like Bostic and Goolsbee delivered mixed signals, with Goolsbee warning the U.S. is no longer on the “golden path,” signaling a potential delay in rate cuts amid economic uncertainty and inflation risks tied to tariffs.
► Asian markets ended mostly higher, supported by Wall Street’s upbeat tone and easing fears over the scope of Trump’s tariff package. The Nikkei 225 rose +0.73% logging back-to-back gains. The JPY weakened again to 150.7/USD, pressured by BoJ minutes showing a willingness to hike further — if inflation expectations hold but recovered 50-60 pips (vs. the USD). In China, mainland stocks rebounded slightly, with the Shanghai Composite and Shenzhen Component traded flat, led by mining and materials names amid a surge in global copper prices. The Hang Seng Tech Index added +0.6% after Tuesday’s sharp drop, boosted by Goldman Sachs and Morgan Stanley raising targets for Chinese equities. Australia’s ASX 200 climbed +0.71%, marking its fifth straight day of gains, helped by softer CPI data (2.4%) which bolstered hopes of RBA rate stability.
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