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Bloomberg
By Sujata Rao and Margaryta Kirakosian
10 april 2025 at 00:44 CEST
Updated on 10 april 2025 at 13:42 CEST
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Wall Street’s burst of euphoria flipped back to unease, with a slide in US stock futures, oil and the dollar pointing to concern that the trade war will bring lasting damage to the American economy.
S&P 500 futures sank 1.5%, indicating a pullback from Wednesday’s almost 10% surge. The dollar fell for a third day. Bonds advanced and investors looked for safety in gold, the Swiss franc and yen. Brent crude sank below $64 a barrel.
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While President Donald Trump’s decision to pause some tariffs drove the US stocks to a historic one-day rally, the focus among traders is shifting to the impact of an economic downturn and prolonged volatility. Consumer inflation data is due later today, and a Treasury auction of 30-year bonds will be a closely watched for any signs of nervousness around owning US debt.
“The damage has been done. They’ve opened Pandora’s box and they can’t undo what’s been done in one statement,” said Colin Graham, head of multi-asset strategies at Robeco Groep. “We would definitely be a bit more of a seller at this point.”
Other strategists echoed that view. Citigroup Inc. advisers are saying “don’t chase this, don’t buy the dip,” the bank’s global wealth head Andy Sieg said in a interview on Bloomberg Television. Jefferies strategist Mohit Kumar advised allocating away from US markets, and Tiffany Wilding, an economist at Pacific Investment Management Co., put the odds of a recession at 50-50, even if the tariff reprieve is extended.
Companies around the world have already started hitting their own pause button on orders, and the upcoming earnings season is expected to show many firms slashing their guidance for the year. JPMorgan Chase & Co, Morgan Stanley and BlackRock Inc. kick off the run of first-quarter reports on Friday.
Meanwhile as Trump escalates his trade war with China, worry is growing that the world’s two largest economies are starting to decouple, as their respective exports to each other face prohibitive duties.
“We could again be seeing escalation and de-escalation at the same time, pulling markets in different directions,” wrote Philip Marey, senior US strategist at Rabobank. “Policy uncertainty is likely to remain a drag on business investment, while investors may be seeing US Treasuries in a different light now.”
China’s top leaders have planned to meet on Thursday to discuss additional stimulus, and Beijing is also letting its currency weaken to offset the pressure on the economy. The onshore yuan dropped to levels last seen in 2007 against the dollar on Thursday, before paring the move.
Elsewhere, European and Asian markets rallied as investors caught up to the previous day’s rally on Wall Street. The Stoxx 600 Index was up almost 5%, the biggest gain since 2020