Opinion – Thursday 1 May 2025

Markets chopped to the slew of data releases with contracting US GDP initially hitting equities and bonds, but the move faded to see T-notes settle flat while stocks closed green (ex-Russell). The GDP report was soft and accompanied by rising Core PCE Prices, boosting...

Opinion – Wednesday 30 April 2025

US Indices closed positive on Tuesday, grinded higher for large parts of the US session as both Treasury Secretary Bessent and Commerce Secretary Lutnick spoke, albeit indices saw a bout of pressure on the former, but strength on the latter. The appearances come ahead...

Opinion – Tuesday 29 April 2025

Stocks were choppy on Monday with early optimism unwound at the open in a tech-led sell-off as Huawei AI chip ambitions continue to hit Nvidia (NVDA). Meanwhile, the only data point released yesterday also caused some concern. The Dallas Fed Manufacturing survey was...

Opinion – Monday 28 April 2025

U.S. Indices closed mixed on Friday with outperformance in the NASDAQ 100 seen thanks to Alphabet’s (GOOGL) earnings beat when reported on Thursday night, while the SPX also finished green. Both the Dow and Russell 2000 lagged, however. Trade uncertainties...

Opinion – Thursday 24 April 2025

U.S. Indices had rallied early Wednesday morning and accelerated to peaks in the US session on positive rhetoric regarding China and US trade. The Wall Street Journal reported that the White House is considering cutting China tariffs to de-escalate the trade war, with...

Opinion – Wednesday 23 April 2025

U.S. Indices saw strength on Tuesday and pared some of Monday’s weakness amid the broader risk-on sentiment and participants buying Dollar-denominated assets. Risk-on trade was already seen as US players entered for the day and after the US cash equity open, but...

Opinion – Tuesday 22 April 2025

U.S. Indices tumbled on Monday while the Treasury curve steepened in response to further pressure from US President Trump on Fed Chair Powell to lower interest rates. It remains to be seen if the President can fire Powell, but NEC Director Hassett suggested Trump is...

Opinion – Thursday 17 April 2025

U.S. Indices closed lower in what turned to be a volatile Wednesday trading session. The Dollar was weak closing at year-to-date lows. Trade tensions with China remain high, US President Trump launched an investigation into national security risks posed by US reliance...

Opinion – Wednesday 16 April 2025

U.S. Indices closed mixed and within contained ranges, amid limited trade updates on Tuesday, albeit still a couple of worthy updates. Recapping, the US implemented a review on pharmaceutical and semiconductor imports ahead of Trump’s planned tariff...

Opinion – Tuesday 15 April 2025

Risk sentiment was initially buoyed overnight and through Europe after the US announced that smartphones and electronics were exempt from China’s additional tariffs, but Trump clarified they are still subject to the 20% tariff rate imposed on China due to the...

Opinion – Monday 14 April 2025

U.S. Indexes closed higher following another choppy session on Friday. T-Notes initially saw downward pressure to hit lows of 109-08 in wake of a dismal consumer confidence report accompanied by surging inflation expectations. However, stocks and bonds recovered from...

Opinion – Thursday 10 April 2025

Volatility continued on Wednesday but ultimately equities saw historic upside (SPX +9.5%, NDX +12.0%, RUT +8.7%, DJI +7.9%) as US President Trump implemented a 90-day pause on reciprocal tariffs to the 75 countries who approached the US for talks, seeing their tariff...

Opinion – Wednesday 9 April 2025

Markets were, once again, extremely volatile with earlier risk on sentiment faded by the U.S. close. Early upside was supported by commentary from US officials that many countries are looking for trade deals with the US, while Trump posted on Truth that China wants a...

Opinion – Tuesday 8 April 2025

Monday was a very choppy session with assets seeing two-way trade. Stocks and yields gapped lower at the start of APAC trade, with US President Trump showing no signs of easing up on his aggressive approach to trade. However, some countries are aiming for deals with...