24th April 2025

PiQ is Proudly Partnered with Pepperstone - A Better Way To Trade - FIND OUT MORE

‍

TRADE:

• Trump told reporters that any reduction in tariffs placed on China will depend on the actions of that nation's leaders. Trump mused that he could announce tariff rates for countries, including China, “over the next two to three weeks.” He said the US has been having direct contact with China daily, also adding that if they don't reach a deal with China, it's ok. (Newswires)
• Trump said to reporters the 25% tariff imposed on cars imported from Canada to the US could go up, "All we're doing is we're saying, 'We don't want your cars, in all due respect. We want, really, to make our own cars.'" He added he has had nice conversations with Canadian PM Carney. (RTRS)
• Trump is planning to spare carmakers from some tariffs, specifically car parts, including those from China, following intense lobbying by industry executives over recent weeks, FT sources report. (FT)
• Revenue from customs duties spiked more than 60% in April as the first of President Donald Trump’s fresh tariffs took effect, bringing in at least $15 billion, according to Treasury data released Wednesday. (BBG)
• The US Commerce Department said on Wednesday it is opening a probe, which could lead to tariffs, into national security impacts of imports of medium-duty and heavy-duty trucks and related parts into the US. (RTRS)
• A Chinese official said China and the US are not yet in talks on tariffs, stating that China will fight a tariff war if necessary. He reiterated that respect is a condition for any talks to take place. (Newswires)
• China’s President Xi said Beijing is willing to work with other countries to uphold international trade rules, according to state media. (Newswires)
• The PBoC Governor, in Washington D.C., said China will firmly support free trade rules and the multilateral trading system. He said unilateralism and protectionism "have no way out" and are not in the interests of anyone, saying China will adhere to opening up and promote inclusive economic globalisation. (CCTV)
• China's Commerce Ministry held a meeting with foreign companies in China, attended by over 80 foreign firms and chambers. It expressed hope that foreign firms will raise their "rational voice," strengthen confidence, and turn crises into opportunities. (Newswires)
• Japanese Finance Minister Kato said that he hopes to hold talks with U.S. Treasury Secretary Bessent on the basis of past understanding on the need for close coordination. (RTRS)
• Taiwan is willing to buy more weapons, LNG and agricultural products from American companies in order to reduce its $73 billion trade deficit with the US, a Taiwan official said, who added negotiations on reducing tariffs are "going well". (Fox News)

‍

MACRO:

• Trump said he has not called Fed Chair Powell but added that he might. "I haven't called him. I might call him," Trump said in response to a reporter's question. Trump again said he believes Powell and the Fed should be cutting interest rates. (RTRS)
• Trump said that imposing a higher tax rate on millionaires would spur the country’s richest to leave the US, downplaying an idea that is under discussion in some Republican circles as a way to pay for an economic package. (BBG)
• Fed's Hammack (non voter) warned that there is an "incredibly high bar" for the Fed to step in to aid markets which the Fed has not seen. She said conditions still support ongoing reductions in the central bank's balance sheet, adding that she believes some active management of market liquidity via Fed interventions is acceptable to her. (RTRS)
• Goldman Sachs's Hatzius in the FT, 'The dollar has further to fall', who caveats that dollar depreciation should not be confused with the loss of the dollar's status as the world's dominant currency. (FT)
• Barclays trading desk, on bearish Dollar bets, says “A healthy amount of the more tactical positioning has been cleaned out”. By Tuesday and Wednesday, market participants were “back and ready to fade the extremes.” (BBG)
• The US stock market is well past its best days and investors should be prepared to see further declines in the nation’s equities, Treasury bonds as well as the dollar, according to Christopher Wood of Jefferies Financial Group Inc. (BBG)
• Members of Trump's cabinet will likely move to limit the influence of DOGE employees and reassert control over budgets and staffing once Elon Musk steps back from DOGE. (RTRS)
• Trump signed an order intended to toughen standards for college accreditation, a requirement for accessing billions of dollars in federal student financial aid. (RTRS)
• Price of $TRUMP soars on news of gala for major token holders, raising conflict-of-interest concerns. (WSJ)
• A sudden inflow of cheap Chinese goods may prove “very disruptive” to emerging economies, particularly in Asia, triggering bigger trade imbalances, stronger disinflation and greater fiscal spending, according to an analysis by Nomura Holdings Inc. (BBG)
• Factories in China have begun slowing production and furloughing some workers as the trade war unleashed by US President Donald Trump dries up orders for products ranging from jeans to home appliances. (FT)
• China issued the first batch of special sovereign bonds for the year, in line with market expectations, as part of the stimulus announced by authorities to soften the blow from simmering trade tensions with the US. (BBG)
• Buyback plans announced in China this month have reached the most since a stock rout in February 2024, a sign that companies are putting in concerted effort to offset the market impact from US tariffs. (BBG)
• China's state regulator published a new version of the market access negative list that further relaxes barriers to entry to the world's second-largest economy. (CCTV)
• China’s imports of liquefied natural gas are set to fall by more than 20% this month compared with a year ago, extending a slump in purchases by the world’s biggest buyer of the fuel. (BBG)
• Citigroup Inc. strategists called on investors to build positions in Chinese property stocks, as policy support and better management practices are expected to improve the sector’s profitability. (BBG)
• Japanese bonds and stocks are set to draw the biggest combined monthly foreign inflows on record, adding to signs global funds are seeking alternatives to US assets. (BBG)
• Japanese investors were net buyers of overseas bonds in the week through April 19, as U.S. bond markets recovered somewhat after a heavy selloff earlier this month. (RTRS)
• BoJ watchers forecast a delay in interest-rate hikes and a lower level at the end of the cycle after Trump’s tariff measures darkened the economic outlook, according to a Bloomberg survey. (BBG)
• Japan’s Tokyo Stock Exchange is asking listed companies to reduce their minimum investment thresholds to attract smaller retail investments. (CNBC)
• Gas importers in Japan are watching nervously as Australia heads to the polls on May 3rd, worried that whatever the outcome, their long-time supplier of LNG could become less reliable and more costly. (RTRS)
• New car sales in Europe rose 2.8% in March, boosted by double digit jumps in Britain and Spain, as industry data on Thursday showed that an increase in registrations of EVs in the month offset a fall in those of petrol and diesel cars. (RTRS)
• UK PM Starmer and EU chief von der Leyen are expected to use talks Thursday to finalise plans for a new post-Brexit strategic alliance, as they close in on a defence and security pact and a deal on fishing rights, to be agreed by leaders at the May 19 summit. That could then pave the way for negotiations on a broader economic deal. (FT)
• UK shoppers took fright at the global financial market turmoil unleashed by Trump's tariff announcements earlier this month, according to a survey published by the BRC. (RTRS)
• Companies moving office in London last year leased more expansion space than they have done since 2019, just the year before the coronavirus pandemic. (BBG)
• The Swiss National Bank’s gold holdings allowed the central bank to report a first-quarter profit, a respite before a recent surge in the franc hits its earnings. (BBG)
• Australia's ruling centre-left Labor government pledged an initial investment of A$1.2 billion to set up a strategic reserve of critical minerals as it looks to create a separate supply chain in a market dominated by China. (RTRS)
• Australia’s fiscal policy is likely to be more expansionary under the center-right opposition than the ruling Labor Party, based on campaign pledges ahead of a May 3 election, according to Goldman Sachs. (BBG)
• South Korea’s economy contracted in the first quarter after large-scale wildfires and political turmoil over its president’s impeachment suppressed consumer sentiment and business activities. (WSJ)
• UBS Group AG is abandoning its long-held bearish view on Indian stocks, upgrading the market to neutral from underweight as it realigns its strategy given global trade uncertainties. (BBG)
• Indian energy importers are switching from pricey LNG to cheaper oil products, a move that will help ease tight global supplies of the super-chilled fuel. (BBG)
• South Africa’s National Treasury plans to scrap a proposed tax increase that threatened to rupture the nation’s coalition government. (BBG)

‍

PiQ is Proudly Partnered with Pepperstone - A Better Way To Trade - FIND OUT MORE

‍

GEOPOLITICS:

• The leaders of a U.S. congressional committee on Wednesday moved to force China's three telecom giants (China Mobile, China Telecom, and China Unicom) to cooperate with an investigation into their alleged support for the Chinese military and government. (RTRS)
• Some European officials fear differences over the Trump administration’s one-sided draft accord for Ukraine will put bilateral relations with London, Berlin and other capitals to the test, undermine transatlantic security and potentially derail a Nato summit in late June. (FT)
• Trump said to reporters he thinks he has a deal with both Russian President Putin and Ukrainian President Zelenskiy to settle the war in Ukraine. (RTRS)
• The Trump administration is prepared to allow Iran to have a civil nuclear program that relies exclusively on imported nuclear fuel, Secretary of State Rubio said, outlining a possible compromise with Tehran aimed at preventing it from building a nuclear weapon. (WSJ)
• Russia reserves the right to use nuclear weapons in the event it faces aggression by Western countries, Moscow's top security official, Sergei Shoigu, said. (TASS)
• China and South Korea agreed to continue strengthening communication and properly manage differences related to maritime affairs after a meeting in Seoul on Wednesday, China's foreign ministry said. (RTRS)

‍

EQUITIES:

• Tesla’s sales in the EU plunged for the third consecutive month in March, a setback for Elon Musk’s electric-vehicle maker even as demand for battery-electric vehicles grew in the bloc. (WSJ)
• A Japanese quick-charging standard for EVs has surfaced as a potential flash point in tariff negotiations with the US as Washington flags what it sees as an undue obstacle for American players like Tesla. (Nikkei)
• IBM dropped in extended trading after reporting results that showed strong profit while also suggesting that economic uncertainty and US government cost cuts may dent the company’s business. (BBG)
• Lam Research beat Wall Street expectations for third-quarter revenue on Wednesday, fueled by robust demand for advanced AI chips. (RTRS)
• Texas Instruments gave a better-than-anticipated forecast for the current period after demand for industrial and automotive components improved. (BBG)
• Southwest Airlines became the latest U.S. carrier to withdraw its financial forecast as Trump's trade war has created the biggest uncertainty for the industry since the COVID-19 pandemic. (RTRS)
• ExxonMobil has defeated an attempt by rival Occidental Petroleum to contest its production rights on one of the largest lithium deposits in the US, as oil companies fight for a foothold in the critical minerals business. (FT)
• ServiceNow Inc. gained in late trading after giving an outlook for sales growth that topped analysts’ estimates, suggesting that software demand remains resilient even as the economy reels from the threat of tariffs. (BBG)
• Newmont Mining beat Wall Street estimates for first-quarter profit on Wednesday as a rally in bullion prices helped offset lower production. (RTRS)
• Lyft Inc. will begin dispatching standard taxis to some US riders starting next month in a first as it expands its features to compete with much-larger rival Uber Technologies Inc. (BBG)
• Whirlpool sales dropped in the latest quarter, with business taking a hit as tariffs prompted Asia-based appliance manufacturers to ramp up shipments into the U.S. and put a chill on its business in Canada and Europe. (WSJ)
• Southeast Asia's Royal Golden Eagle and Asia Pulp & Paper Co, as well as Brazil's Suzano are the final bidders for Kimberly-Clark's international tissue business valued at around $4 billion. (RTRS)
• South Korea's data protection authority said that Chinese AI startup DeepSeek transferred user information and prompts without permission when the service was still available for download in the country's app market. (RTRS)
• Carmakers have been forced to tone down their promotion of autonomous driving functions in new models unveiled at this week’s Shanghai automotive show after a safety crackdown by Beijing. (FT)
• China-based robotaxi developer http://Pony.ai Inc said that Trump's trade war with China was likely to dampen its international expansion plans, but it anticipated little direct impact on its supply chain. (RTRS)
• TSMC said it plans to put its most advanced 1.4-nanometer chips into production in 2028, as the world's top chipmaker looks to stay ahead of Samsung and Intel. (Nikkei)
• SK Hynix posted stronger-than-expected earnings for the first quarter on brisk demand for artificial-intelligence chips amid uncertainty about sweeping U.S. tariffs. (WSJ)
• LG Electronics reported higher net profit in the first quarter, beating market expectations and showing resilience in the face of challenges. (WSJ)
• Japan’s major carmakers saw their US sales surge in March, fueled by a last-minute rush to buy cars before US President Donald Trump’s tariffs on imported vehicles kicked in. (BBG)
• Japanese electronics group Rohm has developed a silicon carbide (SiC) power semiconductor device designed to be 50% more energy-efficient than competing parts, opening up the prospect of EVs that charge faster and travel longer. (Nikkei)
• Renault posted a drop in revenue for both its car division and the overall group despite an uptick in sales, and backed its full-year guidance. (RTRS)
• BNP Paribas reported first-quarter earnings in line with expectations thanks to rising sales at its investment bank, and stuck with its profit forecasts despite a deteriorating economic outlook prompted by a global trade war. (RTRS)
• STMicroelectronics reported first-quarter earnings in line with expectations on Thursday, calling it the bottom point for the year, as it sees a better second quarter. (RTRS)
• Sanofi reported first-quarter profit that beat analysts' expectations, boosted by strong demand for its anti-inflammatory drug Dupixent, as well as newer treatments and vaccines. (RTRS)
• Orange reported first-quarter core profit in line with market expectations, citing good performance of its retail activities. Reaffirmed FY25 guidance. (RTRS)
• Thales SA’s first-quarter sales beat estimates as momentum in its defense division continued, driven mainly by projects for expanding radar production. Reaffirmed guidance. (BBG)
• Unilever said it is on track to meet its goals for the year after first-quarter sales were boosted by its key brands, and despite a hit to turnover from net disposals and currency effects. (WSJ)
• Eni SpA reduced its outlook for free cash flow this year following the oil price slump triggered by global trade tensions, but signaled no impact on its share buybacks as it took action to reduce spending. (BBG)
• Roche first-quarter sales rose 7% to 15.44 billion Swiss francs, above expectations, and it confirmed its full-year guidance. (RTRS)
• Nestle posted better-than-expected Q1 organic sales growth as the world's biggest packaged food company increased prices for its Kit-Kat chocolate bars and Nescafe-branded coffee. The Swiss company maintained its 2025 outlook. (RTRS)
• Nokia reported first-quarter profit well below market expectations, and flagged a short-term disruption from U.S. tariffs with an estimated impact of between 20 million and 30 million euros to its second-quarter profit. Reaffirmed FY guide but said top end more difficult to meet. (RTRS)
• Hyundai Motor said it has launched a task force to respond to U.S. tariffs and reaffirmed its annual earnings target after reporting a 2% rise in first-quarter operating profit. (RTRS)

‍