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Top Stories🎯
Trump Demands Rate Cuts, Warns of Economic Slowdown if Fed Doesn't Act
President Trump urges Fed Chair Powell to immediately lower interest rates, warning of potential economic slowdown. Trump dismisses inflation concerns, criticizes Powell as "too late," and calls for preemptive cuts to prevent economic deceleration.
Trade War Fears and Trump's Fed Criticism Shake Global Markets
Asian equities and U.S. stock futures declined as tariff concerns and Trump's criticism of the Federal Reserve rattled investors. The dollar weakened while gold hit record highs amid mounting trade war tensions.
Stock Markets Events
Wall Street Tumbles: S&P 500, NASDAQ, and Dow Jones Open Sharply Lower
Major U.S. stock indexes plummet at market open. S&P 500 drops 1%, NASDAQ falls 1.5%, and Dow Jones declines 0.73%. Investors react to uncertain economic conditions, triggering widespread sell-off.
Trump's Powell Criticism Sparks Wall Street Bloodbath
US stocks plummeted, with the Dow dropping over 950 points, as President Trump's renewed criticism of Federal Reserve Chair Powell and tariff concerns rattled investors. The S&P 500 and Nasdaq also tumbled in a market-wide selloff.
Geopolitics Events
Pope Francis Dies at 88 Amid Escalating US-China Trade Tensions
Pope Francis, the leader of the Catholic Church for over a decade, has passed away at 88, triggering global mourning and the Vatican's centuries-old process to elect a new pope. World leaders, including Italian PM and French President Macron, praised his legacy of compassion and advocacy for the vulnerable. Meanwhile, economic tensions between the US and China continue to escalate. China has announced sanctions on US officials and NGO leaders over Hong Kong issues, warned against trade deals that may harm its interests, and is reportedly halting new investments in US private equity firms. US stock futures have dipped amid tariff worries and Trump's remarks on the Federal Reserve. China has also issued opinions on enhancing free trade pilot zones and expanding futures market access. The complex interplay of geopolitics, trade, and religious leadership transitions is creating a dynamic global landscape, with potential far-reaching implications for international relations and economic stability.
Trump Backs Defense Secretary Hegseth Amid Yemen Strike Information Leak Controversy
Defense Secretary Pete Hegseth is under scrutiny for sharing sensitive military information about a Yemen strike via Signal chat with family and advisers. Despite the controversy, President Trump stands firmly behind Hegseth. The White House maintains that no classified information was shared. Hegseth has spoken with Trump and affirms they will "continue fighting all the way."
Putin Criticizes Ukraine's Truce Response, Strengthens Ties with Iran Amid Ongoing Conflict
Putin accuses Ukraine of treating the Easter truce "like a game" as fighting resumes. He signed a strategic partnership with Iran and expressed satisfaction with the U.S. stance on Ukraine's NATO membership. Putin claims Russia is open to peace initiatives but expects the same from Kyiv.
Ukraine Joins London Peace Talks, Russia Receptive to NATO Exclusion Proposal
President Zelenskiy announced Ukraine's participation in London peace talks, emphasizing readiness for dialogue to end attacks on civilian targets. He awaits Russia's response to Ukraine's proposal, seeking a clear answer on a truce. Meanwhile, Russia welcomed a U.S. suggestion to deny Ukraine NATO membership as a potential war-ending solution, though showed no urgency in reaching an agreement. The developments highlight ongoing diplomatic efforts to resolve the conflict.
Trump and First Lady to Attend Pope Francis' Funeral in Rome
President Donald Trump announced via Truth Social that he and First Lady Melania Trump will travel to Rome to attend Pope Francis' funeral, marking their first foreign trip of his second term.
Putin Urges Analysis of Ukraine Ceasefire, Hints at Shifting Geopolitical Dynamics
Russian President Putin calls for analysis of the recent ceasefire experience in Ukraine, noting decreased Ukrainian activity during the truce. He emphasizes the need to examine the results and discuss initiatives to avoid targeting civilian infrastructure. Putin's comments come as fighting resumes after the Easter truce, with implications for US-Europe relations and European military buildup.
Trump Touts Diplomatic Progress on Ukraine, Russia, and Iran
President Trump reports positive meetings on Ukraine, Russia, and Iran, hinting at potential diplomatic progress. He suggests more time is needed but expresses optimism about negotiations and tariffs.
China Threatens Retaliation Over US Trade Deals, Warns Against Side Agreements
China issues stern warning to nations considering trade deals with the US, threatening retaliation if such agreements compromise Chinese interests. Beijing emphasizes its opposition to side deals favoring America.
Macro Events
Trump's Powell Attacks Spark Market Freefall: Dow Plunges 800 Points Amid Fed Independence Concerns
US markets tumbled as President Trump renewed his attacks on Federal Reserve Chair Jerome Powell, demanding immediate interest rate cuts. The Dow plunged 800-1000 points, while the S&P 500 and Nasdaq fell around 2-3%. Trump's criticism of Powell, whom he called a "major loser," raised concerns about Fed independence amidst ongoing trade tensions. Tech stocks, particularly Tesla, led the decline. The dollar weakened, and gold surged to new highs as investors sought safe havens. The market volatility reflects growing fears of an economic slowdown and uncertainty surrounding Trump's trade policies. Analysts suggest the President's comments are adding pressure to an already fragile market situation.
BOJ Holds Firm on Rate Hike Plans Amid Global Uncertainties and Potential Price Forecast Cuts
The Bank of Japan (BOJ) is likely to maintain its rate-hike stance despite global economic risks, including Trump's tariffs. However, the BOJ is considering lowering its price forecast due to potential delays in reaching inflation goals. JPY bulls remain attractive due to historically low prices, BOJ tightening, and increasing global fear. The tariff war is adding economic risks, as noted by ECB's Kazaks.
Fed's Goolsbee Highlights Stable Long-Term Inflation Outlook, Stresses Central Bank Independence
Fed's Goolsbee notes short-term inflation expectations have risen, but emphasizes the importance of stable long-term expectations. He reiterates the economy's benefit from Fed independence, avoiding comment on potential leadership changes under Trump.
Harvard Sues Trump Administration Over Frozen Federal Funding
Harvard University has filed a lawsuit against the Trump administration over the freezing of billions in federal funding. This legal action marks an escalation in tensions between the prestigious institution and the government.
Mexico-US Trade Talks Inconclusive, Markets React as Tariff Discussions Continue
Mexico's President Sheinbaum reports no final agreement reached with President Trump on trade discussions, particularly regarding auto and steel tariffs. The news impacts markets, with the Nasdaq falling 2.4%. Talks are ongoing as both nations continue to negotiate trade terms.
Trump Touts Success of Tariff Talks, Confident in U.S. Position
President Trump expresses optimism about ongoing tariff negotiations, claiming they're progressing well with various countries. He believes the U.S. is in a strong position to secure favorable trade deals during the 90-day negotiation period.
US Slaps Massive Tariffs on Southeast Asian Solar Imports, Shaking Industry
The US Commerce Department has finalized steep tariffs on solar cell imports from Cambodia, Malaysia, Thailand, and Vietnam, with duties reaching up to 3,403.96%. This decision affects countries that provide the bulk of America's solar panels, intensifying the trade crackdown on Southeast Asian solar imports.
Citigroup Pushes Fed Rate Cut Prediction to June, Holds Firm on 2025 Outlook
Citigroup has revised its forecast for the Federal Reserve's next interest rate cut, now expecting it in June instead of May 2025. Despite this adjustment, Citi maintains its projection of 125 basis points in total cuts for 2025. This shift reflects evolving expectations for monetary policy timing.
Bond Markets React to Fed Policy and Political Pressure Amid Mixed Signals
Bond markets show mixed signals as US Treasury yields fluctuate. ETF flows and international bonds reach new highs, while short-term bills see slight yield decreases. Investors closely watch Fed policy and political rhetoric's impact on bond markets.
Bank of Japan Urged to Speed Up Bond Tapering as Global Yields Fluctuate
The Bank of Japan is advised to accelerate tapering of government bond purchases, as potential interest rate hike pauses provide flexibility. Meanwhile, high-yield savings rates peak at 4.41% APY, and India's 10-year bond yield drops 5 bps to 6.32%. An Indonesian car port monopoly, IPCC IJ, boasts impressive financials with a 27% trailing FCF yield, net cash position, and 11% dividend yield, attracting investor attention.
Crypto Events
Bitcoin Soars to $87.5K Amid Dollar Slump and Trump's Fed Criticism
Bitcoin surges 3% to $87,500 as the dollar weakens following Trump's criticism of the Federal Reserve. The cryptocurrency benefits from the dollar's three-year low.
MicroStrategy Expands Bitcoin Holdings with $555.8 Million Purchase, Funded by Stock Sale
MicroStrategy has made a significant investment in Bitcoin, purchasing 6,556 BTC between April 14-20, 2025, at an average price of $84,785 per coin. The total investment amounts to $555.80 million, funded by selling 1.755 million MSTR shares for net proceeds of $547.7 million.
Fixed Income And Interest Rates Events
Treasury Yields Surge Amid Inflation Concerns and Market Volatility
Treasury yields are on the rise, with the 30-year yield hitting 4.90%, up 10 basis points, reflecting a bond selloff as inflation fears resurface. Investors are pricing in sticky price pressures and a potential delay in Fed rate cuts. Meanwhile, Gulf bond issuers are pressing ahead with fresh sales despite market volatility. In India, the 10-year benchmark government bond yield ended 5 basis points lower at 6.3164%. Goldman Sachs notes a significant disparity between gross and net leverage in the market. Investors are flocking to the safety of US short-term government bond funds amid uncertainty. The 10-year Treasury yield is also rising as investors weigh various factors, including criticism of the Fed chair.
Invesco ETFs Declare Distributions as Bond Markets Show Mixed Signals Amid Economic Uncertainty
Invesco has declared monthly distributions for several of its ETFs, including high-yield bonds, variable rate investment grade, and municipal bonds. International bonds are reaching all-time highs, while municipal bonds are showing signs of recovery after recent market volatility. Treasury yields are declining, with the 2-year yield dropping significantly. Money managers still see opportunities in municipal bonds despite recent market turbulence. The US Treasury held successful 3-month and 6-month bill auctions, while Yuan trade settlements are increasing amid US Treasury market volatility. JPMorgan's Bob Michele expresses optimism about bond market trends, citing increased foreign central bank holdings of Treasuries. However, some investors remain concerned about a potential recession.
BOJ Holds Firm on Rate Hike Plans Amid Global Uncertainties and Potential Price Forecast Cuts
The Bank of Japan (BOJ) is likely to maintain its rate-hike stance despite global economic risks, including Trump's tariffs. However, the BOJ is considering lowering its price forecast due to potential delays in reaching inflation goals. JPY bulls remain attractive due to historically low prices, BOJ tightening, and increasing global fear. The tariff war is adding economic risks, as noted by ECB's Kazaks.
Education Department to Restart Aggressive Collection on Defaulted Student Loans, Impacting Millions
The U.S. Department of Education has announced it will resume collection efforts on defaulted student loans starting May 5. This decision affects over 5 million borrowers who have been in default since 2020. Measures may include garnishing Social Security checks and tax refunds. The move marks a significant shift in federal student loan policy.
Bond Markets React to Fed Policy and Political Pressure Amid Mixed Signals
Bond markets show mixed signals as US Treasury yields fluctuate. ETF flows and international bonds reach new highs, while short-term bills see slight yield decreases. Investors closely watch Fed policy and political rhetoric's impact on bond markets.
Bank of Japan Urged to Speed Up Bond Tapering as Global Yields Fluctuate
The Bank of Japan is advised to accelerate tapering of government bond purchases, as potential interest rate hike pauses provide flexibility. Meanwhile, high-yield savings rates peak at 4.41% APY, and India's 10-year bond yield drops 5 bps to 6.32%. An Indonesian car port monopoly, IPCC IJ, boasts impressive financials with a 27% trailing FCF yield, net cash position, and 11% dividend yield, attracting investor attention.
Miscellaneous Events
World Leaders Pay Tribute to Pope Francis, Reflect on His Legacy of Compassion and Interfaith Dialogue
World leaders and dignitaries are reacting to the death of Pope Francis, expressing condolences and reflecting on his impact. Taiwan, one of the Vatican's few allies, sent its sympathies. JD Vance, US Vice President, acknowledged meeting the Pope in his final hours. Trump, Meloni, and others shared messages of respect. The Pope's final Easter message focused on migrants and marginalized people, a central theme of his papacy. Leaders from South Korea and Turkey praised his interfaith efforts. Speculation about his successor has begun, with various contenders being discussed. East Timor's president hailed Francis as a symbol of justice and peace. The Pope's business diplomacy legacy is also being examined.
Technology Events
Huawei's 910C AI Chip Set for Mass Shipment, Challenging Nvidia's Dominance in Chinese Market
Huawei is set to begin mass shipments of its advanced 910C artificial intelligence chip to Chinese customers as early as next month. This move comes as China seeks alternatives to Nvidia's chips amid tightened U.S. export restrictions. The 910C GPU reportedly achieves performance comparable to Nvidia's H100 chip, representing an architectural evolution in AI technology.
Legal Events
FTC Sues Uber Over Alleged Deceptive Practices in Uber One Subscriptions
The Federal Trade Commission has sued Uber, alleging deceptive billing and cancellation practices related to its Uber One subscription service. The lawsuit claims Uber charged customers without consent, raising concerns about consumer protection.
Tesla Settles Lawsuit in Fatal Model Y Crash Amid Sudden Acceleration Claims
Tesla settles wrongful death lawsuit over a 2021 Ohio crash involving a Model Y that allegedly accelerated suddenly, burst into flames, and killed 72-year-old Clyde Leach.
Metals Events
India Slaps 12% Tariff on Steel Imports to Shield Domestic Industry from Chinese Competition
India is implementing a 12% safeguard duty on certain steel imports for 200 days starting April 21. This temporary tariff aims to protect the domestic steel industry from a surge in cheap imports, particularly from China. The government's move highlights ongoing trade tensions and efforts to support local manufacturers.
Corporate Actions Events
Nomura Acquires Macquarie's Western Asset Management Units in $1.8 Billion Deal
Nomura is set to acquire Macquarie's public investments business in North America and Europe for A$2.8 billion ($1.8 billion). This strategic move expands Nomura's presence in Western markets and bolsters its asset management capabilities.
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