Markets around the world are being jolted by a mix of geopolitical developments, economic indicators, and corporate earnings, with trade tariffs and political uncertainty dominating the headlines.

Ukraine Nears Major Deal with the US

Ukraine is reportedly ready to sign a significant resources agreement with the United States as early as Wednesday. The deal could mark a turning point in Ukraine’s energy strategy and deepen cooperation between the two nations amid ongoing geopolitical tension in the region. However, US lawmakers such as Senator Marco Rubio are pressing for concrete proposals, warning that without clear plans, American support could wane.

Tariffs in the Spotlight as Trump Targets Powell and China

At a rally marking his 100th day post-announcement, former President Donald Trump lashed out at Federal Reserve Chair Jerome Powell and doubled down on his support for tariffs, claiming that China would “eat” the costs. Trump also congratulated Bank of Canada’s Mark Carney on recent developments and said the two planned to meet in the near future, signaling ongoing transatlantic economic dialogue.

Eurozone Beats Growth Expectations—But Warnings Linger

The Eurozone economy exceeded forecasts in Q1, largely driven by frontloaded activity in anticipation of incoming US tariffs. While German retail sales declined less than feared, France’s economy continues to struggle, raising concerns that tariff disruptions could slow momentum. Still, house price inflation across parts of Europe appears to be stabilizing following tax changes, such as the UK’s stamp duty reform.

China Struggles with Economic Data and Manufacturing Downturn

In China, manufacturing output has slumped under pressure from US tariffs, prompting calls for new economic stimulus. Meanwhile, delays in releasing trade data have added to the uncertainty. The shipping sector has also been hit hard, further complicating China’s response.

Corporate Earnings Reflect Tariff and Market Volatility

A slew of companies reported earnings this week, with mixed results:

• Super Micro and Snap both saw sharp stock declines after warning of weaker-than-expected performance and advertising headwinds, respectively.
• Volkswagen and Stellantis flagged tariff risks in their guidance, with Stellantis suspending its forecast altogether following a sales slump.
• Glencore warned of lower trading profits amid economic volatility, while UBS acknowledged the unpredictable path ahead.
• On the brighter side, Barclays saw profits boosted by strong trading activity, and GSK outperformed expectations thanks to strong sales of asthma and HIV treatments.
• TotalEnergies surprised investors by maintaining payout levels despite a downbeat outlook.

US Housing Market Softens

Back in the United States, mortgage demand continues to decline as economic uncertainty grips the housing market. Nationwide, price inflation has steadied, but the broader trend suggests hesitancy among buyers as interest rates and global trade fears weigh on sentiment.

---

As global leaders navigate a maze of tariffs, alliances, and market reactions, investors and policymakers alike are bracing for a turbulent economic landscape in the months ahead.