Global Markets in Flight to Safety After Tariff News
Global Markets in Flight to Safety After Tariff News
While plenty of uncertainty remains over the finer points of Wednesday afternoon's tariff announcement, markets have heard enough to brace for impact on global trade. That "bracing" is being traded in the form of a flight to safety (sell stocks, buy bonds) that began yesterday and continued overnight. 10yr yields were already close to 4.0% before this morning's weaker ISM Services data, and have been inching closer since then.
Late Day Volatility on Tariff Speech
| Time | Event | Period | Actual | Forecast | Prior |
|---|---|---|---|---|---|
| Thursday, Apr 03 | |||||
| 7:30AM | Mar Challenger layoffs (k) | Mar | 275.24K | 172.017K | |
| 8:30AM | Mar/22 Continued Claims (ml) | Mar/22 | 1903K | 1860K | 1856K |
| 8:30AM | Feb Trade Gap (bl) | Feb | $-122.7B | $-123.5B | $-131.4B |
| 8:30AM | Mar/29 Jobless Claims (k) | Mar/29 | 219K | 225K | 224K |
| 9:45AM | Mar S&P Global Composite PMI | Mar | 53.5 | 53.5 | 51.6 |
| 9:45AM | Mar S&P Global Services PMI | Mar | 54.4 | 54.3 | 51 |
| 10:00AM | Mar ISM Services Employment | Mar | 46.2 | 53.9 | |
| 10:00AM | Mar ISM Services Prices | Mar | 60.9 | 62.6 | |
| 10:00AM | Mar ISM Biz Activity | Mar | 55.9 | 54.4 | |
| 10:00AM | Mar ISM N-Mfg PMI | Mar | 50.8 | 53 | 53.5 |
| 12:30PM | Fed Jefferson Speech | ||||
| 2:30PM | Fed Cook Speech | ||||
| Friday, Apr 04 | |||||
| 8:30AM | Mar Participation Rate | Mar | 62.4% | ||
| 8:30AM | Mar Average earnings mm (%) | Mar | 0.3% | 0.3% | |
| 8:30AM | Mar Non Farm Payrolls (k) | Mar | 135K | 151K | |
| 8:30AM | Mar Unemployment rate mm (%) | Mar | 4.1% | 4.1% | |
| 11:25AM | Fed Chair Powell Speech | ||||
| 12:00PM | Fed Barr Speech | ||||
| 12:45PM | Fed Waller Speech | ||||