Thursday 15th May 2025

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Equity markets were a little more restrained today, perhaps because there were no big announcements to drive the enthusiasm. Tech is the exception, that continues to move up. And deals with Japan and South Kores are close, apparently.  NAB’s Tapas Strickland says the lowering of tariffs on China has already had an impact, with container ship bookings rising sharply this week. Data out later will show us the impact the cuts had on retail sales and producer pries in the US in April. The US President is still in the Middle East, and will perhaps move to Turkey later today if Putin indicates he will show up for negotiations with Zelensky. But don’t count on it. There’s also an increasing focus on the Beautiful Bill - what form will it eventually take. The Wall Street Journal has described it as a Turkish Bazaar of ideas and there are concerns that it could add to debt without assisting with growth.

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