Ian Reynolds
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Overnight
Canada CPI March 2025
The recent pickup of Canadian CPI has unsurprisingly faded as consumers close their wallets.
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Germany ZEW Current Conditions April
Even though German Industrial Production continues to show recovery the forward looking indicators are grim reading.
A pretty quiet day for markets as the USD and 10 year treasury yield take all the attention. Scott Bessent more in the media than Trump as markets need to be kept happy.
World Equity Markets
Breaking
Investors are most bearish in 30 years, BofA survey finds [investing.com]
Oversubscription rate for a 5-year German debt sale lowest since March 2023.
Equities
The darling of tech stocks, NVIDIA, is now in a downtrend, lower lows and lower highs. I can't see what good news it can produce now that isn't priced in.
NVIDIA Daily
Bitcoin
Maybe retest of the break. Certainly there is no upward momentum currently.
BITCOIN / USD Daily
Commodities
Classic bear flag forming for oil. May take a few weeks before we get the next leg down.
SPOT BRENT Daily
China Offers Banks Extra Gold Import Quotas as Investors Flock [Bloomberg]
Bonds
Crazy JGB chart. The next BoJ meeting will be key in the next direction. Either CPI collapses or rates go higher. 4 weeks ago option B was the only choice but now...
Japan 10 Year Government Bond Yield Daily
Foreign Exchange
The UK narrative has really changed in the last month or two. A better economy with better economic policy and a better relationship with Trump, than other countries. And the cable trade is back on course.
GBP / USD Daily
Interesting
China, Vietnam support multilateral trade regime amid U.S. tariff pressure [Reuters]
Treasury Secretary Scott Bessent on Tariffs, Bonds and the Next Fed Chair
Economic Indicators Today
