Morning Report 4/3/25

There is a blanket 10% tariffs introduced on US imports (apart from the already existing tariffs on Canada and Mexico). Around 60 countries will suffer from reciprocal measures ranging from 10% to 50%.(although someone should explain to the current administration , what the word reciprocal actually means https://www.bbc.com/news/articles/c93gq72n7y1o) Fears of inflation and recession have jumped considerably. Deutsche Bank believes it could potentially shave 1%-1.5% off US growth estimates and Fitch calls it a game changer for the global economy. HCOB's final composite Purchasing Managers' Index for the Euro zone edged slightly higher last month. Equities are in a freefall, gold is just a tad lower, and the yen is viewed as a safe haven.