Markets rally after the US does a trade deal with the UK that keeps the 10% baseline tariff on most imports. The Bank of England cuts rates, but hawkishly. And exports from Taiwan and Vietnam jumped unexpectedly in April after US importers front-loaded shipments as soon as the 90-day US tariff pause started.

In our bonus Deep Dive interview, ANZ Economist Dhiraj Nim looks at how the China-plus-one diversification strategy has affected regional Foreign Direct Investment flows in surprising ways.

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The Fed has held, as expected. China has lowered interest rates to cushion its domestic economy from the Liberation Day tariff shock. Those lower rates have unleashed extra funds going out of China and into Hong Kong, putting upward pressure on its currency peg with the US dolllar. And New Zealand jobs data was soft, despite a better than expected unemployment rate.

In our bonus Deep Dive interview, ANZ’s Senior Rates Strategist Jack Chambers explains how Australia’s A$4 trillion pension savings system is improving Australia’s current account deficit.

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US stocks fall on a lack of trade deals ahead of tomorrow’s FOMC decision. The US trade deficit blows out on import stockpiling ahead of Trump’s tariffs. The UK signs a trade deal with India, and China’s consumers spend strongly over a holiday weekend.

In our bonus Deep Dive interview, ANZ’s Senior Rates Strategist Jack Chambers explains how Australia’s A$4 trillion pension savings system is reducing the nation’s previous reliance on foreign capital.

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The Taiwan dollar surges, forcing central bank intervention. The Hong Kong Monetary Authority also intervenes to stop the Hong Kong dollar breaking its peg. Oil prices slide on extra production from OPEC. Indonesia is set to cut interest rates.

In our bonus Deep Dive interview, ANZ’s Chief Economist for Southeast Asia and India, Sanjay Mathur, looks at whether a sharp selloff in India’s stock market is justified.

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Oil prices are set to fall again with Saudi Arabia expected to force through a deal to increase output later today. Australia’s election result suggests incumbent Governments are safer than they used to be. ANZ Research trims its Australian GDP forecasts. And Indonesia’s GDP growth is softening.

In our bonus Deep Dive interview, ANZ Senior Commodities strategist Daniel Hynes says metals markets should prepare for strategic reserves building of the type already seen in oil markets.

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US stocks jump on tech earnings, but a new US manufacturing survey points to rising chances of a US recession. The Bank of Japan holds dovishly, which drives the yen down. Australia’s exports jump in March pre-tariffs, while Korea’s exports fall in April.

In our bonus Deep Dive interview ANZ New Zealand Chief Economist Sharon Zollner looks at the prospects of lower business confidence feeding into the Reserve Bank of New Zealand’s rate cut projections.

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US GDP falls for the first time since 2022. US stocks slide 0.5% and oil prices fall 3.4%. Lower core inflation in Australia lends support to the RBA cutting in May, New Zealand business confidence slumps on the tariff shock, and the Bank of Thailand cuts.

In our bonus Deep Dive interview ANZ Economist Dhiraj Nim analyses foreign direct investment flows in Asia, with some interesting findings on outward investment flows.

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US stocks firm, but oil prices slide after another slump in US consumer confidence drove growth views and Treasury yields lower. Australian consumer confidence falls, and Australia’s inflation rate is forecast to be lower in March quarter data out today.

In our bonus Deep Dive interview ANZ Head of Asia Research Khoon Goh analyses Vietnam’s growth prospects as it scrambles to get a trade deal with the United States.

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US stocks and the US dollar are down again on nerves about tech earnings. China exempts some US imports from tariffs, but a wider deal is unlikely. And ANZ Research changes its Bank of Japan call to no hike this week, from a hike.

In our bonus Deep Dive interview, ANZ Economist Krystal Tan reviews how South Korea’s political turmoil put its economy on the back foot before the tariff shock.

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Signs the sharp edges are coming off the global trade war have lifted US stocks and the US dollar, which means the Aussie and Kiwi dollars start lower this morning. South Korea’s economy weakened before the tariffs, while consumer confidence rises in New Zealand.

In our bonus Deep Dive interview, ANZ Group Chief Economist Richard Yetsenga says markets may be welcoming some positive tariff news, but there’s still plenty of uncertainty.

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