Markets waiting for potential negotiations on tariffs
Last week volatility eased somewhat on news of potential negotiations on US trade tariffs, although no formal agreements have yet been reached; however, the key factor for the future global macroeconomic picture is still the evolution of trade relations with China, the only country that has acted in strong retaliation of US tariffs.
On the macro front, US data were once again confirmed solid, led by retail sales. This prompted the Fed to disappoint the White House’s expectations by confirming the pause in rate cuts, in waiting for the picture to become clearer. In Europe, by contrast, the ECB sees the slowdown of the global cycle as the main risk to Eurozone growth, and has cut rates by 25bps (as expected).
The dollar weakened further, closing the week in the 1.15 area against the euro.



































































































































































































































































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