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EUR/USD remains stable in the 1.13-1.14 range as the US Dollar weakens against all G10 currencies, with the Euro appreciating over 5% in April. Analysts note a fragile relief rally in US Treasuries and suggest buying EUR/USD on dips, despite ongoing policy uncertainties.
Stocks in London are poised to open higher, with the FTSE 100 expected to rise by 16.4 points. UK food inflation accelerated to 2.6% in April, while shop price deflation slowed. In corporate news, HSBC reported a 25% drop in first-quarter profit and announced a significant dividend cut alongside a new share buyback program.
The global economy remains uncertain despite recent US reassurances, with Barclays warning that trade negotiations are fraught with unpredictability, increasing the risk of a US recession. The IMF has downgraded growth forecasts, attributing the slowdown to high tariffs, while geopolitical tensions, particularly regarding China, complicate the outlook. As corporate leaders brace for turbulence, the likelihood of economic decoupling between the US and China looms large.
Japan's four largest life insurers are expected to either reduce their holdings or maintain a flat position in Japanese Government Bonds (JGBs), according to Barclays. This shift reflects a broader trend in the financial strategies of these major institutions amid changing market conditions.
Goldman Sachs is advising countries like Japan, South Africa, and Saudi Arabia on navigating the complexities of US trade policies under President Trump. This guidance includes insights on tax policies and contentious reforms, as nations seek to balance domestic strategies with international pressures. The firm's role highlights the increasing importance of expert advice in shaping global economic relations amid rising trade tensions.
TikTok is set to make its entry into Japan's ecommerce market, expanding its influence beyond social media into online retail. This move reflects the platform's strategy to diversify its offerings and tap into new revenue streams in a competitive landscape.
US-China trade tensions eased, leading to a significant rally in US equity markets, with the Nasdaq 100 rising 6.4% and the S&P 500 up 4.6%. Bitcoin surged 12% to over $90,000, while the USD/JPY rebounded from seven-month lows amid a strengthening dollar. Key economic indicators and major tech earnings are anticipated this week, including reports from Microsoft, Meta, Apple, and Amazon.
China's auto imports fell sharply in Q1, with a 39% year-on-year decline, totaling 95,000 vehicles. Imports from the US plummeted 66% to 8,870 units, while Japan remained the largest supplier at 30,517 vehicles. The decline is attributed to rising local brands and complex international relations, impacting demand for gasoline vehicles.
Nintendo fans recently had the opportunity to test the new Switch 2 at an event near Tokyo, amid concerns over potential price hikes due to tariffs. Despite these worries, consumer demand appears strong, with 2.2 million applications for the lottery to purchase the console in Japan. The Switch 2 is priced at 49,980 yen ($350) in Japan, while the U.S. price remains at $449.99 despite initial pre-order pauses related to tariff issues.
TikTok is set to enter Japan's ecommerce market, according to a report by Nikkei. This move marks a significant expansion for the platform as it seeks to diversify its offerings and tap into the growing online shopping trend in the region.
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