Asian Macro Initial Thoughts; Expect subdued trading. Trump announces plan to charge fees on Chinese ships docking at US ports ....
Markets closed NZX, ASX, HK, SG, Phils, India, DAX, CAC, FTSE, DOW, S&P and NDX
Overview.
Easter long weekend ahead with many likely to take Friday and Monday off which could mean lighter trading volumes. A number of markets closed higher on hopes over trade talks after comments that the talks between Japan and the US were encouraging. I think that a number of investors closed short positions for the long weekend, especially with many markets in Asia closed Monday although the US will be open.
Breaking news that Trump intends to charge fees on Chinese ships docking at US ports based on the value of the goods they are carrying; bad news for Chinese shippers.
The Economist reports that whilst Trump’s core supporters remain loyal but one in five of the new voters he gained in the election disapprove of his policies and that his net approval rating has fallen by 14 percentage points, steeper than the five-point drop he had suffered by this point in his first term.
President Trump's tariffs have darkened the global economic backdrop, forcing big central banks to reassess their next steps. Policymakers outside the United States now look more likely to cut interest rates than they would have done otherwise - or in Japan's case raise them less.
Surging U.S. tariffs will weaken the global economy and push up inflation this year, according to projections to be released next week by the International Monetary Fund. The IMF’s Managing Director, Kristalina Georgieva, said Thursday that the Trump administration’s sharp increases in duties have caused global uncertainty to spike. The import taxes will slow global growth, but not cause a worldwide recession, she added. The details of the IMF’s outlook will be issued Tuesday. The world economy’s resilience is being tested “by the reboot of the global trading system” that threatens to cause turbulence in financial markets, Georgieva said. That turbulence has been playing out in financial markets for weeks now, especially on Wall Street, which has experienced wild swings from day-to-day and often times even hour-to-hour.
The IMF chief also echoed some Trump administration concerns. She called on countries to reduce their tariffs and lower other barriers to trade, a process that she said had stalled out in the past decade after making steady progress for many years after World War II. “Trade distortions — tariff and nontariff barriers — have fed negative perceptions of a multilateral system seen to have failed to deliver a level playing field,” she said. “This feeling of unfairness in some places feeds the narrative: we play by the rules while others game the system without penalty.”
Trump has paused or pulled back on many of his tariff threats — leading to more volatility in the stock market — but has been in a tit-for-tat tariff battle with China and has shown no sign of backing down. Each time Trump has raised tariffs on China, Beijing has retaliated with tariffs on U.S. imports. The IMF is a 191-nation lending organization that works to promote economic growth and financial stability and to reduce global poverty.
Housekeeping
On Thursday afternoon I was on RTHK’s The Close, with host Nitin Dialis and Manishi Raychaudhuri CEO at Emmer Capital Partners If you want to listen to the show you can find the show here:
https://www.rthk.hk/radio/radio3/programme/the_close
Last Monday morning I was on RTHK’s Money Talk. With host Chloe Feng and Mark Michelson Chairman as Asia CEO Forum. If you want to listen to the show you can find it here https://www.rthk.hk/radio/radio3/programme/money_talk
There will be no show this Monday but I’ll be on on Tuesday.. do let me know if there is a topic you would like addressed.
Looking for insightful independent research, to try and make sense of the current environment or have specific questions then click on http://ERI-C.com it provides access to great independent research vendors; they list their research and trading analysis. ERI-C is free to access, you can browse different independent research providers, most offer free trials; so worth a look; Recent highlights include
Sean Maher of Entext ‘AI led Structural Deflationary Shock - Incoming from 2026?’ ,
Gerard Minack of Minack Advisors ‘2025 could be the top for US outperformance’ and
James Burgas of Commodity Intelligence ’The New World Order for Commodities’
Mark Tinker recently posted the Latest thoughts from Market Thinker - Unknown unknowns. Pattern recognition has stopped working…. Gives an explanation of what has been happening in the markets recently. The key I think is that whilst we might not know exactly why things are happening it is important to be as unemotional as possible believe the indicators …. I was taught that when learning to fly in the RAF, the importance of believing the instruments not your feelings. He also draws attention to the fact that it was when the bond market started to go awry that there was a policy change, underlining that people in the administration do understand the importance of not undermining that part of the financial system.
Market opening indications and data
New Zealand - No Data Due
NZX market closed Friday and Monday
Australia - No Data Due
ASX 200 market closed Friday and Monday
Japan
Market to open higher
Nikkei 225 Futures indicate up 710pts 2.1% at 34,523 after the
Yen closed 142.39 in US testing 142 level in early trading.
Data Due Pre Market
Inflation Rate Mar YoY vs 3.7% Feb (F/cast is 3.7%)
Inflation Rate Mar MoM vs -0.1% Feb (F/cast is 0.2%)
Core Inflation Rate Mar YoY vs 3% Feb (F/cast is 3%)
Inflation Rate Ex Food & Energy Mar YoY vs 2.6% Feb (F/cast is 2.7%)
Lunchtime
3 month Bill Auction vs 0.3468% prior
S Korea - No Data Due
Kospi to open lower; futures indicate -2.6pts -0.74% at 355.85 expect light volumes which could increase volatility.
On Thursday trading volume was moderate at 589.6 million shares worth 6.5 trillion won ($4.58 billion), with winners beating losers 638 to 225. Institutions were net purchasers while foreign and retail investors net sold. The local currency was quoted at 1,418.9 won against the US dollar at 3:30 p.m., up 7.8 won from the previous session.
Taiwan - No Data Due
Market to open flat; down side should be limited after strong earnings from TSMC.
China
Markets were indicating to open slightly lower after the Golden Dragon Index closed -28pts -0.42% at 6,484. With HK closed volumes are likely to be light.
Data could get
FDI (YTD) Mar YoY vs -20.4% Feb (F/cast is -22%)
Sunday scheduled but likely Monday
Loan Prime Rates 1 year 3.1% and 5 year 3.6% no change expected
Hong Kong - No Data Due
HSI market closed Friday and Monday
ADR’s closed -268pts -1.27% at 21,127 with only HSBC, CLP, SHKP and Bank of China in the green.
Turnover on Thursday eased to $192.411bn continuing the decline from the $620.898 bn Monday (7 April).
Macau - No Data Due
Singapore - Market closed - No Data Due
Malaysia - Data Due
Balance of Trade Mar vs MYR 12.6B Feb (F/cast is MYR 13B)
Exports Mar YoY vs 6.2% Feb (Consensus 1.5%)
Imports Mar YoY vs 5.5% Feb (Consensus 1%)
GDP Growth Rate Prelim Q1 YoY vs 5% Q4 (F/cast is 5%)
Thailand - No Data Due
Myanmar - No Data Due
Indonesia - No Data Due
Philippines - Market closed - No Data Due
Cambodia - No Data Due
Vietnam - No Date Due
India - Market Closed - Data Due
Foreign Exchange Reserves Apr 11 vs $676.27B prior
Europe
Eurozone No Data Due
Germany - Markets closed Friday and Monday - No Data Due
France - Markets closed Friday and Monday - No Data Due
United Kingdom - Markets closed Friday and Monday - No Data Due
United States - Markets closed Friday - Re-opens Monday
Futures opened indicating Dow -524pts -1.31%, S&P 0.13% and NDX -0.02%
After the close Netflix reported earnings that beat estimates and shares traded higher in the aftermarket
Data due Feds Daly speaks
HEADLINES & NEWS
AUSTRALIA
BHP boss says China holds key to the world avoiding recession. The Chinese demand driving resource giant BHP’s output of Australia’s largest commodity export, iron ore, will fade as President Donald Trump’s tariffs reduce global growth.
‘Looks and smells like a tax’: Dutton’s gas plan flagged as unconstitutional. Dutton’s Australian gas scheme could spark a High Court battle with fossil fuel giants and legal experts warn the policy appears discriminatory.
Corporate watchdog launches investigation into billionaire Richard White’s share trading. The corporate regulator has already examined current and former directors at the logistics software giant as it probes disclosures made about share trading.
$100 leggings for five bucks? The viral TikTok post taunting US consumers. Chinese manufacturers purportedly behind big-name American brands are hitting back at US tariffs. But experts are questioning their legitimacy.
Zijin Mining backs Strickland with $5M strategic placement. Strickland Metals has locked in $5M from Zijin Mining to fast-track drilling at its Serbian Rogozna gold-copper project, where Zijin already has big in-country assets.
JAPAN
A crisis over rice has become emblematic of Japan’s rising cost of living, following a poor harvest in 2023. In March the price in Tokyo was nearly 90% higher than a year earlier. Soaring food prices could push the consumer-price inflation figure for the year to March, due on Friday, above 3%.
President Trump said on Thursday that a deal between U.S. Steel and Nippon Steel (5401.T) could be a part of tariff negotiations with Japan, but added he doubted it would be. "If Nippon wants to come in here, they're working on it very hard. I have great respect for Nippon," he told a press briefing. "But we want to have U.S. Steel remain in this country.”
Japan is "deeply concerned" about global economic fallout from U.S. President Donald Trump's trade tariffs, Finance Minister Katsunobu Kato said on Thursday in the government's strongest warning yet as the two nations began trade talks. In an interview with Reuters in Tokyo hours after the talks began in Washington, Kato also voiced concern over recent volatile market moves triggered by Trump's tariff announcements, saying they could hurt Japan's economic recovery. "The recent U.S. tariff measures affect various industries and heighten uncertainty. We're deeply concerned they could affect Japan's economy, as well as the global economy, through various routes such as trade and financial markets," said Kato, who plans to go to Washington next week for meetings of the International Monetary Fund and the Group of 20.
Renault Chairman Jean-Dominique Senard is to step down from Nissan's board of directors, the company said on Thursday, as the company tackles its declining performance. Senard, who served as Nissan's vice chairman, will resign at the end of the annual general meeting of shareholders scheduled for June, a company statement said. It said another Renault representative, Pierre Fleuriot, would also leave Nissan's board at the same time. As the two step down, Valerie Landon, a former Credit Suisse executive who is serving on the board of automotive supplier Forvia, and Timothy Ryan, who was an executive at Natixis, would be nominated to join the board. A source close to Renault, speaking on condition of anonymity, said the financial background of the two nominees, put forward by Renault, meant they could support Nissan in its ongoing restructuring. Both automakers agreed in March to modify their alliance to allow for a reduction in cross-shareholdings and to relieve Nissan of its commitment to invest in Renault's electric vehicle unit Ampere.
Zeon (4205.T) aims to decide by the summer whether to move forward with plans it put on hold to expand production in the United States, its CEO said. Zeon in January froze plans to expand capacity in Texas for producing binders used in lithium-ion batteries. The company was uncertain over the outlook for the electric vehicle market following the election of President Donald Trump. Zeon, a supplier to manufacturers of tyres, TVs and batteries, sees a business chance in manufacturing in the U.S. but also rising risk, its CEO said.
"Uncertainty around investment is increasing with the volatility in American society, regulation and other factors," Tetsuya Toyoshima said in an interview. "However in the mid-to-long term, given the growth of batteries, I feel the current situation should be seen as an opportunity. But things are changing day-to-day," he said.
SOUTH KOREA
The South Korean government announced Thursday that it would freeze the medical school admissions quota for the 2026 academic year at 3,058 students — rolling back last year’s 2,000-place expansion that triggered classroom boycotts and mass walkouts by junior doctors. The decision was made with "careful consideration," according to Deputy Prime Minister and Education Minister Lee Ju-ho, accepting university leaders’ calls to normalize medical education despite falling short of the government’s previously set condition for restoring the original quota. The government asked for the full return of medical students and training doctors as a prerequisite for backing down on its medical school quota expansion policy.
Hyundai Motor will temporarily suspend production of its Ioniq 5 and Kona electric vehicles (EVs) at its main domestic plant next week, as weakening overseas demand continues to weigh on exports, according to industry sources Thursday. The automaker plans to shut down Line 12 at its Plant 1 in Ulsan, 305 kilometers southeast of Seoul, where the two EV models are assembled, from April 24-30, citing declines in orders from key export markets, including Europe, Canada and the United States. The drop follows a shift of government EV policy changes abroad. Canada and several European countries, including Germany, have scrapped or scaled back EV subsidies, while the U.S. is facing renewed uncertainty from steep tariff threats under the Donald Trump administration. Hyundai Motor has attempted to counter sluggish demand by offering zero-interest financing deals in North America and down payment assistance in markets like Germany and Britain, but with limited success, according to sources.
Kim Ki-hong, chair and CEO of JB Financial Group, has purchased an additional 200 million won ($141,000) worth of treasury shares as part of ongoing efforts to enhance corporate value and shareholder returns. According to a recent regulatory filing with the Financial Supervisory Service, Kim acquired 12,127 shares on the open market on April 9 at 16,542 won per share. The latest purchase raises Kim’s total holdings to 160,000 shares, equivalent to 0.08 percent of JB Financial Group’s outstanding shares. That places him among the largest individual shareholders across the chairs of South Korea’s seven major financial holding groups.
Amorepacific announced Thursday that its luxury skincare brand Sulwhasoo is accelerating its push into the US market by entering Macy’s, the largest department store chain in the country. Following its debut on Macys.com in February, Sulwhasoo expanded its physical footprint in March with store openings at Macy's locations in Flushing, New York; Santa Anita in Los Angeles, and South Coast Plaza, California's largest shopping center.
TAIWAN
TSMC Thursday gave a strong revenue growth forecast for the current quarter and maintained its revenue growth forecast for this year of about 25 percent year-on-year, given that customers did not act differently despite potential US tariffs on chips. The company has not engaged in any kind of discussions on a joint venture, or technology licensing, transfer or sharing, TSMC CEO C.C. Wei told an online earnings conference, ending speculations that the company was in talks with Intel Corp to form a foundry joint venture.
TSMC also said it was not involved in “reciprocal” tariff negotiations with the US. “This kind of tariff discussion is between countries. We are a private company. Certainly, no, we are not getting involved,” Wei said. Despite the uncertainties, TSMC said it continues to focus on its business’ fundamentals. Revenue would expand about 13 percent sequentially this quarter to about US$28.8 billion, fueled by robust demand for advanced 3-nanometer and 5-nanometer chips used in high-performance computing (HPC) applications such as artificial intelligence (AI) servers, the chipmaker said. The growth would mostly be driven by robust AI-related demand throughout this year, TSMC said. It also reaffirmed that its revenue from AI accelerators would double this year, easing worries that DeepSeek’s cost-efficient AI models would encroach on Nvidia Corp’s turf.
TSMC said it is confident that its revenue growth from AI accelerators would approach 45 percent over the next five years. “Other than China, demand is still very strong, especially in the US,” Wei said.
To cope with the strong AI chip demand, TSMC plans to double its advanced packaging, or chip-on-wafer-on-substrate (CoWoS), this year, Wei said, adding that TSMC could not satisfy customers’ demand three months ago, but now the CoWoS supply is catching up with demand “a little bit.” TSMC also reiterated that it would stick to its previous capital expenditure budget of between US$38 billion and US$42 billion for this year, and that its revenue growth forecast for the global semiconductor industry remains unchanged at 10 percent annual growth this year.
Taiwan is an important base for the global development of artificial intelligence (AI) computing and technologies, Hon Hai Precision chairman Young Liu said yesterday at an event organized by the Chinese National Federation of Industries in Taipei. Taiwanese contract manufacturers accounted for 90 percent of the global AI server market, whereas Hon Hai, also known as Foxconn Technology Group, supplied at least 40 percent of the market to meet global demand for AI computing, Liu said. Hon Hai’s AI product lineups cover graphics processing units, servers, and full system assembly and liquid-cooling solutions, he said. “One of the biggest advantages of Taiwan’s technology industry is its comprehensive supply chain, in which manufacturers can reach one another within one-and-a-half hours,” he said. “Other countries might have similar supply chains, but their factories are scattered across much larger regions than Taiwan.”
The German Trade Office Taipei yesterday pressed for closer trade ties with Taiwan, calling Taiwan a stable market and local firms reliable partners amid rising global uncertainty linked to US tariff challenges. “In today’s uncertain global environment, companies value reliable partners and stable markets more than ever,” the trade office said in a report. “Taiwan is exactly such a market and we will continue fostering bilateral exchange and advancing Germany-Taiwan economic cooperation to new heights.” The office last month conducted a survey to assess the impact of global political developments on business strategies, with a focus on the implications of the German federal election and the return of US President Donald Trump to the White House. Most German businesses in Taiwan reported limited direct effects from the German election, and many expressed hope that the new government would strengthen economic and investment ties with Taiwan.
The Bank of Taiwan yesterday said that its gold price reached a record-high NT$3,518 (US$108.14) per gram at noon as the trade war between the US and China raged on. The state-run bank said its intraday gold passbook price has increased 25.6 percent since the start of the year, when the price stood at NT$2,801 per gram. The sharp rise in the price was driven by an influx of capital into gold markets amid escalating tariffs between the US and China, the bank said in its international gold market report.
CHINA
Ukraine President Zelensky accused China of supplying Russia with weapons and said it was producing “some” of these on Russian territory. Ukraine’s president said he planned to share details next week. Despite a cosy relationship with Russia, China’s leaders have consistently claimed neutrality and have been careful to avoid direct military involvement. This month Ukrainian forces captured two Chinese citizens fighting for Russia.
Worth noting; Chinese steel goliath, Jingye in the UK this week for wanting to close the UK’s last steel plants. Part of the issue is that In 2023, the company saw a 24% drop YoY in profits, according to Fortune. All the Chinese steel industry has been struggling since the real estate crisis and as previous overcapacity comes to a head. In light of this, Jingye’s desire to shut down the loss-making British Steel strikes could be considered reasonable, especially as it can produce steel cheaper in China. But it also highlights a true national security issue if the UK losses the ability to produce its own steel but equally it is obviously not cost effective.
JPMorgan and Bank of America should withdraw from working on the initial public offering of Chinese electric vehicle battery giant CATL (300750.SZ) Republican lawmaker John Moolenaar said on Thursday. He chairs the House Select Committee on China, said he sent letters to JPMorgan CEO Jamie Dimon and Bank of America CEO Brian Moynihan, urging them to pull out of underwriting the upcoming Hong Kong IPO. CATL has been designated as a Chinese military company by the U.S. Department of Defense, and its lithium-ion batteries may soon power China's submarine fleet, Moolenaar wrote in the letter to Dimon. He also alleged the company has ties to a paramilitary entity that operates forced labor camps for the Uyghur minority in China's Xinjiang region. "If JPMorgan and Bank of America proceed with this IPO, they risk complicity in underwriting genocide, undermining American industry and endangering U.S. service members," Moolenaar said in a statement.
President Trump said on Thursday that China has reached out to talk since the U.S. imposed tariffs on imports from the country. Trump added he would delay a deal on TikTok until the trade issue with China is worked out. He told reporters U.S. tariffs on Chinese goods might not go higher and may even go lower. It will be interesting to see if there is any confirmation from China or whether this is just talk from Trump.
Earlier on Thursday, China's commerce ministry urged the United States to stop putting "extreme pressure" on the world's second-largest economy and demanded respect in any trade talks, but the two sides remained at an impasse over who should start those talks. While Trump has temporarily relaxed his recently announced hefty tariffs on goods from dozens of trading partners, he left in place his new import levies on Chinese goods that summed together total 145%.
The U.S. State Department on Thursday accused a Chinese firm, Chang Guang Satellite Technology, of directly supporting attacks on U.S. interests by Iran-backed Houthi fighters and called this "unacceptable”. Earlier, the Financial Times cited U.S. officials as saying that the satellite company, linked to China's military, was supplying Houthi rebels with imagery to target U.S. warships and international vessels in the Red Sea. "We can confirm the reporting that Chang Guang Satellite Technology Company Limited is directly supporting Iran-backed Houthi terrorist attacks on U.S. interests," State Department spokesperson Tammy Bruce told a regular news briefing. "China consistently attempts ... to frame itself as a global peacemaker ... however, it is clear that Beijing and China-based companies provide key economic and technical support to regimes like Russia, North Korea and Iran and its proxies," she said. The spokesperson for China's Washington embassy, Liu Pengyu, said he was not familiar with the situation, so had no comment. The firm did not immediately respond to a request for comment.
HONG KONG
Earnings
CHINA TOWER (00788.HK) announced its unaudited key performance indicators for 1Q25. Net profit amounted to RMB3.024 billion, up 8.6% YoY, while EBITDA grew 4.2% YoY to RMB17.295 billion. Operating revenue was RMB24.771 billion, up 3.3% YoY. Revenue from TSP business was RMB21.224 billion, up 1.1% YoY, of which, revenue from Tower business decreased by 0.4% YoY to RMB18.877 billion; revenue from indoor distributed antenna system (DAS) hiked by 15.2% YoY to RMB2.347 billion. Revenue from Smart Tower business was RMB2.312 billion, up 17.1% YoY, while revenue from Energy business was RMB1.145 billion, up 19.6% YoY.
Buybacks - None reported
HSI Short Selling Thursday 16.3% vs 16.7% Wednesday
Top shorts Xinyi Solar (968) 46%, Sino Biopharm (1177) 45%, MTRC (66) 45%, Bud APAC (1876) 40%, Hengan (1044) 39%, Galaxy Ent (27) 38%, Anta Sports (2020) 36%, Xinyi Glass (868) 34%, CSPC Pharma (1093) 34%, China Res Mixc (1209) 33%, Ali Health (241) 32%, NTES (9999) 31%, China Res Power (836) 30%, BYD (1211) 29%, Trip com (9961) 29%, China Res Beer (291) 29%, HK & China Gas (3) 29%, Zijin Mining (2899) 29%, Hang Seng Bank (11) 28%, SHKP (16) 28%, Chow Tai Fook (1929) 27%, JD Health (6618) 27%, CKI (1038) 26%, Tingyi (322) 26%, Zhong Sheng (881) 25%.
WATCH
Chinese online retailers, Shein, and Temu, owned by PDD Holdings (PDD.US) warned U.S. customers of price adjustments starting next Friday, April 25, due to rising operating costs from changes in global trade rules and tariffs. Since U.S. President Donald Trump imposed tariffs, Shein and Temu have seen sharp drops in app store rankings. Temu, previously among the top five free apps in the U.S. Apple App Store for two years, now ranks 75th, while Shein has fallen from 15th last month to 58th. Meanwhile, DHgate has surged to second place, and BABA-W (09988.HK) Taobao ranks seventh.
SENSETIME-W (00020.HK) announced that, based on the upgraded "SenseNova V6", it formed a strategic partnership with leading embodied intelligence company Fourier. This collaboration enables multimodal foundation models to serve as the brain and eyes of robots, enhancing their perception capabilities, allowing them to think deeply, express naturally, and possess stronger memory, akin to humans.
Xiaomi’s Phase II auto factory project in Beijing successfully completed today (17th) its planning inspection. The factory is located east of the Phase I facility and is expected to be completed by mid-June, with production starting as early as July or no later than August. The successful inspection ensures robust supply chain support for future market demand. Once operational, the Phase II factory will reportedly increase Xiaomi Auto’s annual production capacity to over 300,000 vehicles, laying the foundation for its 2025 delivery target of 350,000 units.
EUROPE & US RECAP for Thursday
DAX -0.49%, CAC -0.6%, FTSE Flat
DAX opened higher but sold down while the FTSE and CAC opened lower and traded sideways through the morning. In the PM the FTSE & CAC worked better whilst the DAX trading sideways. Sentiment helped as the ECB cut interest rates by 25 bpts.
Siemens Energy up 10% after it upgraded its fiscal 2025 outlook. Hermès -3.2% following a narrow sales miss.
Banco Santander has dethroned UBS as continental Europe’s largest bank by market capitalization, as U.S. tariffs ripple through the region’s banking sector.
DOW -1.33%, NDX -0.13%, S&P 0.13%, Russel 2K 0.92%
US markets opened mixed, DOW opened lower after UnitedHealth -22% earnings missed. NDX & S&P opened slightly higher. All markets saw choppy trading; NDX traded around flat all day. S&P traded better until late afternoon when it sold back down to flat. DOW traded sideways in the red.
Trump said he expects trade deals to be reached with China and the European Union.
Eli Lilly surged more than 15% after delivering positive trial results for a weight-loss pill. Arch rival Novo Nordisk’s ADRs, tumbled as much as 8.9% to a 52-week low Thursday, leaving it 60% below its all-time high reached last June.
Nvidia -3% on Thursday, building on its drop of nearly 7% in the previous session. Having disclosed a quarterly charge of about $5.5 billion tied to exporting its H20 graphics processing units, or GPUs, to China and other destinations due to U.S. export controls.
US listed shares of Taiwan Semiconductor popped around 1% on a strong quarterly financial report.
Alphabet fell more than 1% on Thursday after a federal judge ruled that Google has unlawfully dominated online advertising technology, holding a monopoly over the publisher ad server and ad exchange markets in particular.
Banks JPMorgan Chase 2.35%, Citigroup 1.15% Wells Fargo 0.73%, Amex -1.61%
Ecommerce Meta -0.83%, Apple 2.71%, Amazon -1.72%, Netflix 11.4%, Disney 2.04%, Zoom Video 0.29%, Alphabet -2.14% and Microsoft -3.83%,
Tech NXP Semi 2.15%, Nvidia -3%, Micron -0.53%, AMD -0.79%, Skyworks 0.12%
Industrial/Discretionary Boeing 5.43%, Caterpillar 4.11%, Simon Property 2.35%, Kohl’s 0.35%, Nordstrom flat, Gap 0.9%, United Airlines -0.69%, Carnival 0.12%, Wynn Resorts 1.04%
Energy Chevron 2.51%, Exxon Mobil 2.73%,
Consumer Staples Campbell Soup 0.68% General Mills 1.04%, JM Smucker 1.6%
DAILY DATA
USD stable, Bitcoin 1.01% at 84,998.94, VIX -9.16% at 29.65
US T10 up 5 bpts to 4.333% and T2 up 1 bpts at 3.8% as Powell warns about the impact of tariffs and Trump expresses his disappointment in Powell not cutting rates and hinting he could remove him if he wanted which would undermine the Feds independence. Note the bond market closed early for Easter.
OIL Brent 3.2%, WTI 3.54% as the US imposed new sanctions on Iranian oil exports
Gold -0.15%, Silver -1.32%, Copper 0.42% Platinum -0.33%, Palladium -1.75%.