Morning Juice – US Session Prep (28th April)

Sentiment
US equity futures moved slightly as investors awaited reports from American corporations worth $20 trillion and monitored for progress in US trade talks with Asian allies.

The wild market fluctuations triggered by Trump’s April 2nd tariff pronouncements have subsided slightly, but investors will be watching this week’s big company reports for the earnings impact of US trade policy.
Fresh data on the strength of the American economy may boost expectations of earlier-than-expected Fed interest rate decreases.

S&P 500 contracts fell after a four-day gain in US markets, the biggest winning streak since January. Europe’s Stoxx 600 index gained.

Gold fell as much as 1.6% as traders unloaded positions amid signals that the metal’s rally had gone too far and too fast. Yields on benchmark 10-year Treasuries rose 3bps, as the Dollar lost its previous gains.

US Treasury Secretary Bessent stated that the government is working on bilateral trade agreements with 17 key partners, except China. Bessent echoed the administration’s position that Beijing will be forced to negotiate because it cannot sustain Trump’s newest tariff rate of 145% on Chinese exports.

Docket
11:30 ET
US sells $76 bln 3-Month Bills
US sells $68 bln 6-Month Bills

Speakers
09:00 ET
ECB’s Rehn speaks at online event organized by LC-MA.

ECB’s Vice President de Guindos presents 2024 annual report at European Parliament’s ECON Committee in Brussels, Belgium.
The text will be made available on the ECB’s website.

Good luck!