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In the context of bridge, "trumped" means playing a trump card on a trick when you are unable to follow suit, and this trump card wins the trick unless a subsequent player plays a higher trump.
Donald J. Trump Posts From His Truth Social
Stock markets continue to fall as tariff wars escalate. China's response of 34% on all US goods cemented a global recession as the world's two biggest economies go to economic war. Now Trump wants Powell to slash rates but Powell's speech Friday had him reading from a script written a week earlier it would seem.
It was red across the board for global equities
The NASDAQ and others enter official bear market territory (20% from high). We're still nowhere near the long term support from the COVID low, below, which shows how all the free money has distorted prices. We can't have a normal economy until all that free money is returned and deleted. And a good start is to halve the value of stock markets. That's one of Trump's goals. Along with 10 year rates much lower enabling rolling of the trillions of USD debt a lot cheaper.
NASDAQ Daily
Completely overlooked was a stronger than expected NFP with benign inflation component.
Economic Indicators Released Overnight
China hits back at Trump with 34 per cent tariffs on all US goods [ABC News]
Wall St Week Ahead Shell-shocked markets brace for more tariff tumult [Reuters]
Gold took the hit as not subject to tariffs as originally believed and the trade unwinds. Silver smashed as it's industrial as well as precious.
But the real collapse was in energy prices, as Trump noted in his tweet above. We're going to see oil significantly lower as economies go into recession, especially China.
Oil dives 7% to lowest in over 3 years on China's tariffs [Reuters]
SPOT BRENT Daily
London bullion association launches digital database for gold bars [Reuters]
A ray of hope in all the chaos. We're not quite there yet, but when BTC delinks from tech stocks, it's going to be explosive.
BITCOIN / USD Daily
IMPORTANT: U.S. HOUSE TO HOLD HEARING ON CRYPTO MARKET LEGISLATION APRIL 9
Regional banks were big losers this week as stocks tanked. Now's a really good time to get all the bad loans news out there.
US Economic Indicators
Still mixed news economically or maybe we should look at it as stagnating until the tariff battle plays out.
10 year bond yields are now 75bps below the high and now have a 3 handle. Mr Bessent will be pleased.
Don't fade the bond rally, we've only just begun.
US 10 Year Government Bond Yield Daily
The USD hasn't quite hit our target at 100.00 but it's early days. One thing not in the game plan is a lower dollar. Worth watching if a collapse has Trump begging Powell to intervene. How sweet would that be?
DXY Daily
China Economic Indicators
The Chinese economy is seemingly stabilising but it won't survive the tariff battle, which will escalate further.
Japan Economic Indicators
The MoF / BoJ has spent 40 years trying to raise rates and in 2 days, all the hard work has been erased. Not a chance of raising rates now and deflation may return soon.
Japan 10 year Government Bond Yield Daily
EU Economic Indicators
Stagnant. If the EU can get it's act together, now's the chance to strike. It would be the world's biggest economy, with most citizens, if it were a state and not just a political framework.
Do it now.
UK Economic Indicators
Nothing happening here either. Minimal tariffs, the keys to Greenland, 7 trillion USD turnover of FX every day and ownership of tiny islands in the middle of big oceans, replete with airforce bases. Just get rid of Starmer and the UK's back
Cable took a small hit on Friday but still looking good.
GBP / USD Daily
Canada Economic Indicators
Going backwards and wage inflation lowering. Canada didn't get tariffs this week but you can bet it'll be high on the hit list next week. Canada needs to get the election out of the way and then forge new alliances. Carney already saying this but he may not get in.
Australia Economic Indicators
Aussie dollar absolutely poleaxed as the disgraceful disregard for security and privacy from the superannuation companies finally saw them all hacked. These are the entitled entities who laugh about the crypto hacks (it's no laughing matter). Their day has come.
Money taken in co-ordinated cyberattack on big super funds [AFR]
AUD / USD Daily
Trump to deal with Canada and Mexico, as he lets the rest of the world stew.
There won't be a stop in markets falling until the uncertainty is removed or the FED gives markets a put.
Be careful out there but don't overlook the opportunities.