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Market sentiment has improved following a deluge of data and earnings announcements on both sides of the Atlantic. In Europe, strong growth numbers were spoiled by stronger-than-expected inflation update, while in the US, terrible GDP figures were countered by a softer-than-expected PCE read.

In Japan, the Nikkei rose despite the Bank of Japan’s (BoJ) downside revision for growth and worries about inflation, and the futures hint at a positive session as both Meta and Microsoft jumped after announcing their quarterly results.

All eyes are on Apple and Amazon today, after the bell.

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Donald Trump's tariff announcements injected high liquidity into the global financial markets.

In this special episode, NFG Partners' Glenn Coxon dissects Trump's tariff strategy, different outcomes and how to invest in different scenarios.

Join us for an engaging and eye-opening conversation!

Market sentiment somehow improved on news that Donald Trump would ease auto tariffs by lifting some levies on imported auto parts, and to avoid aluminium and steel levies stacking up alongside the rest of the tariffs—probably as a marketing move as he gave a speech in Michigan marking his 100 days in office. As a result, carmakers around the world and major US indices posted gains yesterday.

Part of the gains was also due to hope that US corporate earnings would be resilient to tariff uncertainty, that Scott Bessent is eyeing July 4th to pass a multi-trillion-dollar tax cut package to help improve the new administration’s plunging approval ratings, and that the Federal Reserve (Fed) would step in if things worsened. But the majority of the news was less than ideal—to say the least.

Microsoft, Meta, and Qualcomm are due to release earnings today after the bell; Apple and Amazon report tomorrow. US GDP growth and jobs data, and Eurozone countries’ CPI updates are among key data that investors will watch today.

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The week kicked off on a slightly positive note for European equities on continued expectations that the disinflationary impact of Trump’s trade policies would allow the European Central Bank (ECB) to give ample support to the underlying economies. But sentiment was much less bullish for US equities, which saw an initial drop on rising inflation expectations for the US economy and worries that any Federal Reserve (Fed) support would be limited due to a heat-up in inflation dynamics.

Calmer flow of Trump news may allow investors to focus on critical economic data (US jobs, GDP, Euro inflation) and earnings (including European bog banks, US Big Tech and Big Oil). But risks prevail and the latter keeps gold – and miners - a popular trade despite a more than 40% rally since last August.

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The week starts with mixed feelings. Market mood improved last week as US President Donald Trump eased pressure on Federal Reserve (Fed) Chair Jerome Powell, announced some progress with trading partners including Japan and India, and said that the triple-digit import taxes on Chinese products will probably be ‘substantially’ revised lower. And happily, we heard no major bombs from Trump or his administration over the weekend. It could hardly get better than this given the situation.

Investors will focus on an avalanche of earnings announcements, the first update of the US Q1 GDP and April preliminary inflation figures of the eurozone. The Bank of Japan (BoJ) is expected to maintain status quo, but the latest rise in inflation keep the BoJ hawks alert.

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Yesterday allowed global risk investors to take a deeper breath. Dovish comments from Federal Reserve (Fed) members, and de-escalation of trade tensions between the US and China allowed a further recovery in global equities. Optimism was backed today by the Chinese announcement that it is considering easing tariffs on some US imports, further signalling de-escalation of trade tensions and supporting earlier comments from the Trump administration that triple-digit tariffs could come ‘substantially’ down.

On the individual front, Google - that announced its latest results yesterday after the bell - showed better-than-expected revenue growth for both its advertising and cloud segments, justifying the company’s AI spending plans, hence giving AI investors a timid smile, indicating that the AI theme isn’t dead—it’s just been overshadowed by Trump’s trade news. Nasdaq futures are leading gains this morning, and sentiment across major markets suggests that the week will likely end in a better mood than when it started! Let’s cross our fingers that the weekend news don’t spoil the latest optimism.

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Hectic and unpredictable, the Trump show continues. Sentiment is fragile, pressure on equities and the USD remains tight, crude oil’s positive momentum is hit by lower IMF growth forecasts and nothing is less certain for company earnings: the earnings season is shadowed by tariff uncertainty as well. Gold remains the ultimate hedge to trade shenanigans while the European assets and the euro attract inflows.

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Valuing a company doesn’t have to be rocket science. While complex models like DCF and enterprise value exist, most investors turn to one powerful tool: the Price-to-Earnings (PE) ratio. In this episode, we break down what the PE ratio really tells you, why it matters, and how it can help spot growth vs. value stocks — with real examples like Tesla, Nvidia, and Nestlé.

You’ll learn how PE ratios can uncover hidden potential or warn you of overhyped bubbles, depending on market conditions, rates, and investor expectations!

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Bonds aren’t just for fixed-income geeks — they’re the heartbeat of global markets. In this episode, we dive deep into bond yields and the yield curve, exploring how they shape everything from equity valuations to FX trends and central bank policy transmission.

Whether you’re trading stocks, watching the Fed, or just wondering why markets react so strongly to rate moves, this is your must-watch explainer. We’ll break down why rising yields hurt tech stocks, how carry trades work in FX, and what an inverted yield curve could be telling you.

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A few pieces of good news helped calm investors’ nerves before the Easter break. First, Donald Trump said yesterday that the US and Japan made ‘big progress’ in trade negotiations. He also said that there could be a deal with the EU, even though I’m reading that the EU is preparing export restrictions toward the US, provided that the first round of talks didn’t result in anything other than frustration for the Europeans. The Chinese are open to talk if Trump and team respect them, so that’s not an easy win. But overall, things haven’t gotten worse over the past 24 hours—with the old friends, nor with China. But they don’t look good with Jerome Powell and that is no good news for the markets!

Anyway, Netflix posted better-than-expected earnings yesterday after the bell. The markets are closed for Easter holiday. Next week will be a new week!

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