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CHF 2y rates -ve again / 40% of SPX reporting this week / China-US de-escalation needed

  • Writer: Stéphan
    Stéphan
  • Apr 28
  • 3 min read


  • Week ahead : Big Techs earnings (AAPL, MSFT, AMZN, META and more see below), macro (inflation, U.S NFP and quarterly GDP) and most important U.S Treasury refunding on Wed (consensus seems to be for a bond friendly one), Canada goes to the polls today >>> SPX implied move is about 150pts this week, busiest earnings week, 40% of index reporting, USD showing a few signs of 'recovering' from oversold levels

  • Trump tariffs lead to supply chain disruptions at US ports

  • Japan denies report citing Bessent's push for strong yen and

    Bessent does not back up Trump on China tariff discussions - reuters

  • Citadel CEO Ken Griffin, a billionaire supporter of President Donald Trump and a megadonor to Republican candidates, had some unusually harsh words for the president about his trade war: It’s hurting America’s standing in the world and eroding the nation’s brand

  • Axios : U.S. and China are talking, but China needs a de-escalation, Bessent says

  • More Americans are financing groceries with buy now, pay later loans (41%) — and more are paying those bills late, survey says. Apollo's Torsten Slok : "data from the Fed shows that a record-high share of [US] households are only making the minimum payment on their credit cards."

  • $$$ views : euro based on past performance given the potential regime changes.  It expects further euro strength against the dollar, yen, franc, but prefers to sell the euro against the pound into rallies. and UBS believes as long as the US stands off with China on tariffs, there will be pressure on the US dollar from the capital flow side.  At the same time, there appears to be no obvious solution to solving non-tariff trade barriers with the European Union

  • World central banks are diversifying their reserves: Foreign holdings of Treasuries as % of US government debt have fallen to ~23%, the lowest in 22 years.

  • Saudi Arabia, Qatar to settle Syria’s World Bank debt

  • CHF 2year rates in negative territory again -0.1% >>> didn't think we would see this again TBH















 
 
 

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