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The S&P 500 rose following a US-China agreement to lower tariffs for 90 days, with the US cutting tariffs on Chinese goods to 30% from 145%, and China reducing its tax on US imports to 10% from 125%. US Treasury Secretary Scott Bessent noted both nations aim to avoid decoupling, while ongoing discussions could lead to a more durable deal. Despite challenges ahead, investors are optimistic about potential market opportunities during this cooling-off period.
US equity markets ended the week lower amid uncertainty before US-China trade talks, with the S&P 500 down 0.5%. Following initial discussions, President Trump announced "great progress," hinting at a potential tariff reduction from 145% to 80%, while global peace initiatives boosted market sentiment. Key economic data, including CPI and earnings reports from major companies, are anticipated this week.
The Federal Council has determined that only a simple majority of the people will decide on new EU treaties, bypassing the need for a majority of cantons, which could significantly impact Switzerland's future relations with the EU. In financial news, UBS reported a first-quarter profit of $1.7 billion, exceeding expectations despite a decline from the previous year, largely due to integration costs from Credit Suisse. The investment bank's performance improved, but the overall market outlook remains uncertain.
Raiffeisen, Austria's largest bank in Russia, has been ordered to pay over 2 billion euros in damages following a court ruling linked to a complaint from Rasperia, a Russian investment company. The bank is contesting the jurisdiction of Russian courts and plans to file a lawsuit in Austria by mid-2025. Despite efforts to reduce its presence in Russia, Raiffeisen continues to face scrutiny for its operations amid ongoing sanctions and geopolitical tensions.
Gold prices have surged over 18% year-to-date, hitting record highs for four consecutive days, driven by global safe haven demand, expectations of interest rate cuts, and strong central bank buying. Key labor market indicators are being monitored for insights into the Federal Reserve's interest rate decisions, while geopolitical tensions and a weaker US dollar continue to support gold's upward momentum. Technical targets suggest potential price levels of $2,995.85 and $3,755.00 per troy ounce, with an extended bull market possibly reaching $4,000.00.
President Trump expressed anger at Putin's comments regarding Ukraine's Zelenskyy, threatening secondary sanctions and tariffs on Russian oil if a peace deal isn't reached. Meanwhile, Russian drones targeted Kharkiv, killing two and wounding many, as Ukraine reported intensified attacks and preparations for a new offensive by Russian forces. Zelenskyy accused Russia of prolonging the war to gain more territory.
Elon Musk and members of the DOGE team will appear in an exclusive interview with Fox News' Bret Baier on Thursday at 6pm ET, marking their first group interview since launching efforts to cut federal spending. They are expected to discuss their findings on federal departments, particularly focusing on the Social Security Administration. This interview comes amid growing frustration among constituents regarding DOGE's proposed spending cuts.
Oil prices increased on Thursday, driven by a strong demand outlook in the US and a weaker dollar. Brent crude rose to $71.21 a barrel, while US West Texas Intermediate climbed to $67.54, supported by a significant drawdown in distillate inventories and expectations of a Federal Reserve interest rate cut.Despite a rise in US crude inventories, analysts noted that the overall demand remains healthy, with global oil demand averaging 101.8 million barrels per day. Geopolitical tensions in the Middle East and potential ceasefire talks in Ukraine also contributed to market volatility.
CGN passengers face disruptions this spring as several towns on Lake Geneva will not be served by boats due to maintenance. In Lausanne, a proposal aims to restrict access to injection rooms for local residents only. Meanwhile, a former Credit Suisse executive has been fined for failing to report a money-laundering transfer linked to the Mozambique scandal. In Gaza, the death toll from recent Israeli strikes has risen significantly, with Hamas expressing a willingness to negotiate amidst ongoing violence.
Starlink, popular in the UK for providing internet to rural areas, faces user backlash over Elon Musk's political actions, with some subscribers considering alternatives. As dissatisfaction grows, companies like Eutelsat and Viasat are exploring options to replace Starlink, which has seen its user base rise from 13,000 to 87,000 in three years. Despite the unease, many users remain reliant on Starlink for connectivity.
Volodymyr Zelenskyy
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us and china agree to lower tariffs amid ongoing trade talks
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