Risk appetite recovered somewhat yesterday. In a volatile session ahead of today's announcement by Trump of reciprocal UStariffs on virtually every other country in the world, investors assessed a series of price and activity data as increasing t hechances of rate cuts.
In the eurozone, government bond yields fell as inflation data for March came in slightly below expectations, which couldsupport ECB rate cuts. In the US, longer dated Treasury yields also fell as the ISM manufacturing index for Marchdisappointed and the JOLTS report for February showed job openings were slightly below expectations.
Against this backdrop, equity indices rose in most parts of the world, including the US, where volatility was high throughoutthe session. In the FX market, the dollar strengthened amid tariff uncertainty. In the commodities market, oil prices wererather flat as concerns about Trump's tariffs were tempered by his own threats on Russian oil and on attacking Iran.
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