• USTR’s office was reported on Friday to have prepared a framework for staggered reciprocal trade negotiations aimed at streamlining talks with 18 partners on a rolling basis over the next 2 months until the US’s July 8th deadline, according to WSJ.
• US Treasury Secretary Bessent said he had interaction with his Chinese counterpart in Washington last week and thinks the Chinese will see the tariff level as unsustainable and he also thinks there is a path to an agreement with China on tariffs,...

• MON: Canada Election
• TUE: NBH Announcement, German GfK Consumer Sentiment (May), Spanish Flash CPI (Apr), Swedish GDP (Q1), EZ Sentiment Survey (Apr)
• WED: Japanese Activity Data (Mar), Chinese Official PMI (Apr), Australian CPI (Mar), Chinese Caixin Manufacturing PMI Final (Apr), German Retail Sales and Import Prices (Mar), French Prelim CPI (Apr), Swiss KOF Indicator (Mar), German Flash GDP (Q1) and CPI (Apr), EZ Prelim GDP (Q1), US ADP (Apr), US GDP and...

• China is said to consider exempting some US goods from tariffs as costs increase with Chinese authorities considering removing additional levies for medical equipment and some industrial chemicals like ethane, according to Bloomberg citing sources familiar with the matter.
• China's Foreign Ministry says it is not having any consultations or negotiations with the US on tariffs; on tariff exemptions, says not familiar with specifics.
• European bourses edge higher on...

• China is said to consider exempting some US goods from tariffs as costs increase with Chinese authorities considering removing additional levies for medical equipment and some industrial chemicals like ethane, according to Bloomberg citing sources familiar with the matter.
• US President Trump said either countries negotiate a deal or they will set a deal and some will be tariffed, at some point, while they will set prices for deals.
• US President Trump reiterated that...

• US President Trump said it depends on China how soon tariffs can come down and they have spoken to 90 countries regarding tariffs already.
• US President Trump said if they don't have a deal, they will set tariffs and could set the tariff for China over the next two or three weeks, while he suggested that there is daily direct contact between US and China.
• European bourses are in the red amid the negative risk-tone; US futures also edge lower ahead of Alphabet...

• US President Trump said it depends on China how soon tariffs can come down and they have spoken to 90 countries regarding tariffs already.
• US President Trump said if they don't have a deal, they will set tariffs and could set the tariff for China over the next two or three weeks, while he suggested that there is daily direct contact between US and China.
• White House Economic Advisor Hassett said the USTR has 14 meetings scheduled this week with foreign trade...

• US President Trump said the Fed should lower interest rates and would like the Fed chair to be early or on time, adds no intention of firing the Fed chair and wants Powell to be more active on rates.
• European bourses move higher as US Treasury Secretary Bessent and the latest Trump comments on Powell boost sentiment; TSLA +6.3% in pre-market trade after Musk signals stepping back from DOGE following dismal earnings.
• USD mixed vs. peers with Antipodeans leading given...

• US Treasury Secretary Bessent told a closed-door investor summit that the tariff standoff with China is unsustainable and expects the situation to de-escalate.
• US President Trump said the Fed should lower interest rates; has no intention of firing the Fed chair and wants Powell to be more active on rates.
• APAC stocks rallied amid tailwinds from the US owing to trade deal hopes and after US President Trump softened his rhetoric on Fed Chair...

• European bourses modestly lower; US futures attempt to pare back Monday’s hefty losses.
• DXY flat, USD/JPY fails to sustain a move below 140, EUR/USD back on a 1.14 handle as USD bounces off lows.
• Modest UST & Bund divergence while Gilts lag and hit lows on BoE's Greene, who highlighted that wage growth remains "pretty high".
• Spot gold briefly tested USD 3,500/oz before waning; industrial commodities mostly...

• APAC stocks traded mixed with most indices rangebound despite the sell-off on Wall St after President Trump renewed his criticism against Fed Chair Powell.
• European equity futures indicate a lower cash market open with Euro Stoxx 50 future down 0.5%.
• DXY has extended on recent downside with JPY the main beneficiary, EUR/USD is above the 1.15 mark.
• Bunds are rangebound on return from the long weekend, crude futures have continued the mild...

• SUN: Easter Sunday, PBoC LPR Setting
• MON: Easter Monday
• TUE: Canadian Producer Prices (Mar), US Richmond Fed (Apr)
• WED: EZ/UK/US Flash PMIs (Apr)
• THU: German Ifo Survey (Apr), US Durable Goods (Mar)
• FRI: PBoC MLF, Japanese Tokyo CPI (Apr), UK Retail Sales (Mar), US UoM Final (Apr)

PBOC LPR (SUN): There are currently no expectations as to what the PBoC may...

• European bourses opened mixed, but gradually slipped lower as the morning progressed; US futures positive after strong TSMC results.
• USD is attempting to claw back some of Wednesday’s losses. EUR awaits ECB rate cut.
• Bonds are softer following the robust macro tone, EGBs await the ECB.
• Crude extends on recent strength, XAU/Copper moves lower.
• Desk Closure (Good Friday Related): The desk will operate its usual...

• Fed Chair Powell reaffirmed a wait-and-see approach and suggested incredibly high uncertainty
• US President Trump said "Big Progress!" was made with Japan on trade
• APAC shrugged off the negative Wall St. handover, but gains were capped with drivers limited
• DXY found reprieve from recent pressure but remains below 100.00, USD/JPY hit a seven-month low but has since rebounded back above 142.00
• USTs & JGBs soft while...

• China is said to be open to talks if US President Trump shows respect, via Bloomberg sources; China wants Trump to rein in cabinet members and show consistency; wants US talks to address concerns on Taiwan and sanctions.
• White House said over 15 trade deal proposals are being considered and some could be announced soon.
• European indices downbeat, but some upside seen on source reports that China is open to talks, albeit with conditions; ASML -5% after poor Q1...

• US bourses finished mixed with futures thereafter pressured after NVIDIA flagged 5.5bln of charges.
• White House said over 15 trade deal proposals are being considered and some could be announced soon.
• DXY gave back some of Tuesday's strength, EUR/USD back above 1.13 and Cable above 1.3250 into UK CPI.
• USTs paused for breath after gains sparked by Treasury officials, Bunds rebounded and JGBs retested 141.00
• Crude...

• China orders a halt to Boeing (BA) jet deliveries as the trade war expands, according to Bloomberg citing sources.
• US President Trump said they will put tariffs on imported pharmaceuticals in the not-too-distant future.
• European indices at session highs, LVMH -7% after weak results; US futures are modestly higher.
• DXY holds a downward bias whilst Antipodeans outperform.
• Initial fixed divergence eroded by...

• APAC stocks traded with a predominantly positive bias following on from the gains on Wall St.
• US President Trump said they will put tariffs on imported pharmaceuticals in the not-too-distant future.
• Fed's Waller said under the large-tariff scenario with significant economic slowdown, he would favour cutting policy rate sooner and more than previously thought.
• European equity futures indicate a contained cash market open with the Euro Stoxx...

• US President Trump’s administration exempted items from reciprocal tariffs including smartphones, storage devices and some other electronics.
• However, Trump posted on Sunday that there was no tariff exception announced on Friday and that these products are subject to the existing 20% fentanyl tariffs and are just moving to a different tariff bucket.
• European bourses open higher as markets digest exemptions on smartphones/electronics; US futures also...

• Equities began the week with strength after the tariff reprieve for smartphones, though Trump's walk-back on this capped gains.
• Trump said there were no exceptions announced on Friday; Lutnick said semiconductor-tariffs in a month & pharma-tariffs in a month or two.
• DXY remained below the 100 mark, EUR/USD briefly surpassed 1.14 & Cable briefly surpassed 1.31.
• USTs attempted to nurse recent pressure but the constructive tone capped,...

• MON: Chinese Trade Balance (Mar)
• TUE: RBA Minutes, UK Jobs Report (Feb/Mar), EZ Industrial Production (Feb), German ZEW Survey (Apr), Canadian CPI (Mar)
• WED: BoC Announcement, Chinese GDP (Q1) & Activity Data (Mar), UK CPI (Mar), EZ Final CPI (Mar), US Retail Sales (Mar), New Zealand CPI (Q1)
• THU: ECB Announcement, CBRT Announcement, Japanese Trade Balance (Mar), Australian Jobs Report (Mar)
• FRI: Good...

• China unveils additional tariff measures on US goods; to raise additional tariffs on US goods to 125% from 84%. Effective April 12th.
• China’s Finance Ministry says “if the US continues to impose additional tariffs on Chinese goods exported to the US, China will ignore it”.
• European indices hit after China raises tariffs; US futures modestly lower into bank earnings.
• DXY slumps to a 99.01 low after China increases tariffs on the US; EUR...

• US stocks pared some of Wednesday's historic gain, the Dollar was heavily sold, while the long-end of the Treasury curve saw further selling despite a strong US 30yr auction.
• The risk-off mood further exacerbated after reports that the White House clarified that US tariffs on China now totalled 145% after the latest hike (20% already in place + 125% added this year).
• APAC stocks mostly followed suit to the declines on Wall St, DXY suffered another bout of selling...

• European bourses gain as they react to Trump’s 90-day tariff pause whilst US futures wane.
• USD is softer vs. most peers as markets digest Trump's tariff walk back.
• “Beautiful” trade for USTs, Gilts bid but fading, Bunds languish in the red.
• Crude remains subdued while base metals surge and gold holds onto gains.
• Looking ahead, US CPI, US Jobless Claims, Chinese M2 Money Supply, Speakers including, BoE’s Breeden,...

• Trump lifted the tariff on China to 125% with immediate effect, announced a 90-day pause & cut reciprocals to 10% for nations that asked for talks.
• Sparked significant risk on with US bourses closing higher by around 10%, APAC stocks surged & European futures are markedly higher.
• DXY gave back Wednesday's strength, FOMC Minutes a non-event; EUR higher but shy of 1.10, USD/JPY faded from highs above 148.00.
• USTs rebound from lows,...

• US President Trump’s reciprocal tariffs alongside the 104% levy on China came into effect; US President Trump said China is manipulating its currency in offset against tariffs, and added the US will be announcing tariffs on pharmaceuticals soon.
• China's top leaders are to hold a meeting as soon as Wednesday (today) to discuss measures to boost the economy after US trade tariffs, via Reuters citing sources.
• Indices trade lower in Europe whilst US futures are mixed as...