Markets had a mixed session yesterday. Sovereign yields continued to decline across the U.S. and euro area, while the EURcrawled back above $1.17 and touched a 10 day high. European stock markets were mixed while the U.S.' S&P 500 wavered.This morning Japan's Nikkei rallied on the back of a U.S. Japan trade deal that would set tariffs on Japan at 15% (incl. cars).
The White House continued to comment on the future of the Fed's leadership. Treasury Secretary Scott Bessent said he seesno reason for Jerome Powell to step down before his term ends, but added that the Fed should be cutting rates now. Trumpreiterated his criticism while stating that "in eight months he'll be out" (Powell's term as Chair ends on May 15, 2026).
On the data front, the ECB's Bank Lending Survey showed that housing loan demand continued to increase strongly in Q22025, but demand for firm loans remained weak. Credit standards tightened slightly for housing loans and more markedly forconsumer credit, while credit standards for firm loans remained broadly unchanged.
BANCO BPI, S.A., com sede na Avenida da Boavista, 1117, 4100-129 Porto; Capital Social: € 1 293 063 324,98; matriculada na CRC Porto sob o número de matrícula PTIRNMJ 501 214 534, como o número de identificação fiscal 501 214 534. Intermediário financeiro registado na CMVM com o n° 300 e no Banco de Portugal sob o código n° 10. Agente de Seguros n.º 419527591, registado junto da Autoridade de Supervisão de Seguros e Fundos de Pensões em 21/01/2019, e autorizado a exercer atividade nos Ramos de Seguro Vida e Não Vida.