Tuesday saw another volatile session in the financial markets. Risk appetite rebounded from the Asian session on hopes ofTrump's willingness to negotiate tariffs with some partners, which extended into the European session and the start of the USsession. Asian and european stocks rose and while eurozone government bond yields rose slightly.
However, Trump's decision to go ahead with the tariffs and impose a total levy of 104% on China caused US equity indices tofall again and the VIX to rise further. On the macro front, the NFIB index of business confidence fell by the most since June2022. In this context, the US Treasury yield curve steepened as longer dated yields rose.
In commodities, other traditional safe havens such as gold were unchanged. However, energy prices extended their declines,with oil and natural gas falling. In currency markets, the dollar continued to weaken against its peers, with the euroapproaching $1.10 and the Swiss franc and the yen strengthening the most.
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