The global markets presented a mixed picture today as investors digested key economic data, corporate earnings, and geopolitical developments. While Wall Street’s positive momentum from earlier in the week provided some support, regional factors and company-specific events led to varied performances across major indices.
APAC Markets: Mixed Performance Amid China’s Reopening
Asian markets saw a mixed trading session, with only partial follow-through from the US rally. Investors closely watched China’s return to trading after the Spring Festival, but sentiment was dampened by weaker-than-expected Caixin Services PMI data. The disappointing report added to concerns about the strength of China’s post-holiday economic rebound, contributing to uncertainty in the region.
US-China Trade: Trump in ‘No Rush’ for Talks
Former US President Donald Trump commented on trade relations with China, stating that he would speak with Chinese President Xi Jinping “at the appropriate time” but is not in a hurry to do so. His relaxed response to China’s retaliatory tariffs (“that’s fine”) signaled a lack of urgency in resolving ongoing trade disputes. Investors remain cautious as trade tensions continue to linger.
EU vs. US Big Tech: Trade Tensions Brewing
The European Union is reportedly preparing measures against US tech giants in response to potential tariffs from the US. According to the Financial Times, the EU is considering retaliatory actions if Trump decides to impose trade barriers on European companies. This development adds another layer of complexity to global trade relations, particularly between the US and the EU.
US Markets: Alphabet’s Disappointing Earnings Weigh on Sentiment
US equity futures were subdued ahead of the market open, with tech earnings failing to impress. Notably, Alphabet (Google’s parent company) fell 7.6% after hours following a revenue miss in its Google Cloud division. The weaker-than-expected performance raised concerns about growth prospects in the highly competitive cloud computing space.
European Markets: Weak Open Expected
European equity futures indicated a weaker start to the trading session, with Euro Stoxx 50 futures down 0.4%, reversing some of Tuesday’s 0.9% gain in the cash market. The cautious sentiment reflects broader concerns around economic data, corporate earnings, and global trade uncertainties.
Key Events to Watch
Investors will be closely monitoring a range of economic data releases and central bank speeches, including:
- Italian Retail Sales
- US ADP National Employment Report
- ISM Services PMI
- US International Trade Data
- ECB Wage Tracker
- NBP (Poland’s Central Bank) Policy Announcement
- Speeches from ECB’s Lane & Fed officials (Barkin, Goolsbee, Jefferson & Bowman)
- UK & US Treasury Quarterly Refunding Announcement
Earnings Spotlight: Major Reports on Tap
A slew of corporate earnings reports are set to drive market sentiment, with results expected from:
- TotalEnergies
- Credit Agricole
- Novo Nordisk
- Equinor
- Pandora SSE
- GSK
- Santander
- Uber
- Disney
- Ford
- Arm Holdings
- Qualcomm
With major tech and consumer-focused firms reporting, investors will be looking for insights into broader economic trends, particularly in consumer demand, AI investments, and corporate spending.
While markets remain cautiously optimistic, China’s economic slowdown, US-EU trade tensions, and mixed earnings results continue to create uncertainty. With a heavy slate of economic data and corporate reports, volatility is likely to remain high as investors navigate shifting macroeconomic and geopolitical landscapes.
IBAFIN 
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