📆 Friday, April 18
► European markets remained largely closed for the Good Friday holiday, leaving traders with little direction. However, sentiment remained cautiously positive as President Trump hinted at possible progress in trade talks between the US and the EU, while tensions with China continued. The meeting betweenItalian Prime Minister Giorgia Meloni and Trump at the White House was very harmonious. European bond markets remained firm following the ECB's recent rate cuts, with traders focusing on whether the trade conflicts will result in further monetary easing.
► US markets ended Thursday mixed, as investors digested earnings and more hawkish signals or rather a wait-and-see stance from the Fed. The S&P 500 posted a modest loss for the week, closing Thursday with some disappointment after Fed Chair Jerome Powell pushed back against immediate rate cuts citing that current tariffs are a inflation risk. Meanwhile, President Trump reignited tensions by criticizing Powell on social media, claiming the Fed Chair’s removal “can’t come soon enough,” and reigniting speculation about political risks to central bank independence. “If I want him out, he'll be out of there real fast, believe me,” Trump said in the Oval Office while taking questions from reporters during a visit with Italian Prime Minister Giorgia Meloni. “I'm not happy with him.” (see video 📺)
► Asian stocks moved mostly higher in light trading. Japan’s Nikkei 225 rose 0.72%, extending its rally after “big progress” was claimed in US-Japan trade talks. Optimism lifted tech stocks, helped by solid earnings from TSM. China’s Shanghai Composite fell 0.12%, snapping an eight-day winning streak, after the US threatened new tariffs on Chinese shipping vessels. The offshore CNY weakened to around 7.30/USD, as investors grew cautious over a potential escalation. Hong Kong, India, and Australia markets were closed for the Easter holiday.
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