📆 Thursday, April 24
► European markets gave back some of the week's gains on Thursday, as investor optimism waned amid renewed tariff jitters and a flood of corporate earnings. The Stoxx 600 is trading slightly lower at -0.1%, pointing to a negative session but recovering from sessions lows. Germany’s DAX dropped over 0.3%, while France’s CAC 40 declined around 0.2% and London’s FTSE 100 slipped similarly (-0.2%). Uncertainty over U.S.-China trade policy resurfaced after Treasury Secretary Scott Bessent said a deal may take years and would not involve immediate tariff removals. Meanwhile, China clarified that no talks were currently underway and added that the US should revoke unilateral tariffs. Mixed corporate earnings added to caution: Kering tumbled over 5% on weak sales, BNP Paribas slipped after reaffirming guidance despite a profit dip, while Unilever and Adidas rose on earnings beats. Nokia plunged 8% after citing disruption from U.S. tariffs. Notably, the German Ifo business morale index surprised to the upside, offering a silver lining to otherwise gloomy sentiment.
► U.S. markets paused after a strong two-day rally, as contradictory headlines around tariffs and the Fed brought fresh uncertainty. S&P 500 futures and Nasdaq futures are trading slightly lower, falling about 0.2%. After President Trump softened his rhetoric on Powell and China earlier in the week, Treasury Secretary Bessent and White House officials struck a more cautious tone, saying tariffs may remain in place unless broader trade issues are addressed. Trump also signaled China may receive a “new tariff rate” within weeks, reviving market concerns. IBM led tech laggards, falling 6.5% in premarket after disappointing earnings. Investors remain cautious ahead of big tech earnings later today from companies like Alphabet and Intel. The 10-year Treasury yield slipped 4 basis points to 4.34% as haven demand ticked up, while the USD softened against the JPY, CHF, and EUR. Overall we could expect more volatility as political signals remain murky.
► Asian equities were mixed, with Japan outperforming while China and Hong Kong retreated on fresh trade tension signals. Japan’s Nikkei 225 rose 0.61%, continuing its rebound amid better-than-expected services PMI and steady JPY flows. China’s Shanghai Composite remained unchanged, while the Shenzhen Component dropped over 0.5%. The offshore CNY traded around 7.30/USD, stabilizing despite rising tension. Hong Kong’s Hang Seng dropped 0.74% after a strong three-day rally, with investors taking profits. India’s Sensex dipped 0.15% after the World Bank downgraded its FY25–26 growth outlook to 6.3%, citing global headwinds. Australia’s ASX 200 climbed 0.6%, supported by mining stocks on firm commodity demand.
Subscribe to see more
