Daily Market Insight

• Bessent states China must take the lead in easing the trade war • Texas manufacturing slumps to lowest since 2020 on tariffs • US boosts net quarterly borrowing estimate to $514 billion • Putin declares 72-hour Ukraine truce to mark WWII victory • The dollar softened ahead key data

• US Officials adopt ‘systematic’ framework for trade negotiations • US consumer sentiment stays low in April amid tariff worries • UK retail sales were soaring before tariffs hit confidence • China may lift tariffs on some US goods amid rising costs • China signals calm, vows emergency readiness • Dollar strengthened at the close of a volatile week

• Fed’s Hammack hints June rate cut still on the table • US durable goods orders soar on aircraft bookings in March • Tokyo CPI inflation surges to 2-year high in April • Beijing rejects trade talks, demands US remove tariffs first • Thai exports jumped in March on pre-tariff front-loading • US dollar weakens, partly due to dovish comments from the Fed

• Bessent clarifies no unilateral tariff cuts despite Trump remarks • US PMI is weakest since 2023 on tariffs • Eurozone PMI drops amid tariff-driven slowdown in services • Indonesia central bank holds policy rates to keep rupiah stable • The greenback outperformed most of its major peers

• Bessent expects tariff standoff with China to de-escalate • Trump says he has no intention of firing Fed chief Powell • IMF lowers global growth projections, warns of growing economic risks • Trump tariffs already hitting some Japanese firms • The dollar climbed on trade-driven risk optimism

• Trump ramps up pressure on Powell • Fed’s Goolsbee warns against curbing central bank independence • China holds loan prime rate steady amid US tariff tensions • US imposes new duties on solar imports from southeast Asia • Thai-US trade talks on April 23 postponed • Dollar slides on Fed independence threat

• Fed’s Daly says rates on hold but cuts still possible this year • Japan looks to car safety rules for deal with Trump • China pledges to help tariff-hit exporters find local buyers • China accelerates budget spending to counter tariff woes • Korea’s 20-day exports drop on lower US exports amid tariffs • The US dollar held steady in thin holiday trading

• Williams says the Fed doesn’t need to adjust rates soon • Initial jobless claims dip and beat forecasts • ECB cuts interest rates 25bps as market expected • Japan’s March inflation rises as rice prices hit 50-year high • Dollar bounces after Powell

• US retail sales jump by most in two years on car-buying rush • Powell dashed traders’ expectations for a rate cut • China’s economic growth beats forecasts ahead of tariff impact • China open to talks if US shows respect, names negotiator • UK inflation eases ahead of April’s surge in household bills • US Dollar retreats further on trade war woes

• Trump excludes smartphones and computers from latest tariffs • US PPI unexpectedly fall in March • German investor outlook sinks amid US trade turmoil • China orders Boeing jet delivery halt as trade war expands • Chinese exports surge before US tariffs set to disrupt trade • US Dollar rebounds modestly but uncertainty looms over long-term prospects