Yesterday's session was mixed across asset classes and regions. In the Eurozone, sovereign yields rose and peripheral
spreads widened as countries grapple with the need for higher military spending. Separately, ECB's Schnabel argued the
2.75% rate is not undoubtedly restrictive, while ECB's Panetta argued that the consumer led recovery is not materialising.
US Treasury yields fell despite the latest FOMC minutes showed policymakers were concerned about the inflationary
impact of Trump's policies, after companies told the Fed of widespread expectations of price increases to pass on tariffs.
In the equity market, major US indices rose, with the S&P500 hitting new highs, while European indices fell after Trump
threatened to impose tariffs of around 25% on autos, pharmaceuticals and semiconductors as early as 2 April.
In the currency market, the dollar strengthened amid these tariff threats and geopolitical tensions. In commodities,
European natural gas prices fell on talk of a possible end to the war in Ukraine and forecasts of milder, windier weather.