Morning Economic Report 4-15-25

Yet another twist and turn in US tariff policy is helping equities edge higher. Mr Trump is considering exemptions on foreign auto and auto part imports from Mexico and Canada. Industrial output in the euro zone grew 1.1% in February from the preceding month, better than thought. Not all news is encouraging, German investor morale plummeted in April. Treasury yields are currently stable, the dollar is a touch stronger, but gold is in demand again. It is hard to believe that the protracted recovery in risk assets is imminent.