Holly Thompson
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History in the making
Markets plunged on Trump’s tariff news, then rebounded after a pause was announced. The S&P swung sharply, bonds and oil whipsawed, and the US dollar lost ground to key currencies.
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Devil in the detail
The US tariff announcement on April 2nd caused major market losses, with the S&P 500 and Nasdaq seeing their biggest declines since 2020. Nike and Apple lost heavily due to fears of higher tariffs.
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Defensive positioning going into tariff event
Uncertainty likely to persist beyond Liberation Day. Euro held back by softer inflation. Lacking directional conviction.
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Price swings are the new normal
Weak economic data and trade uncertainty weighed on sentiment, with equities holding modest gains. Stagflation fears are replacing tariff optimism. The Fed is cautious to rate cuts, Germany’s Ifo index rose, and GBP remains resilient despite Spring Statement worries.
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From optimism to caution: Flows shift post-Fed
Fed kept rates unchanged. Post-Fed rally was short-lived. President Lagarde warned. Bank of England left rates at 4.5%. Dollar saw renewed demand. Political uncertainty in Germany.
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Trade war sends stocks into correction
S&P 500 has entered correction territory. February inflation came in lower. President Trump announced a 200% tariff. Fed to hold rates at 4.5%. European natural gas prices to drop. UK GDP shrank 0.1%. US dollar rebounded.