Morning Update | 02.04.2025. 
Asian markets are trading mixed this morning, following a soft U.S. close:
China is flat to slightly up (0.00–0.10%)
JP225 +0.10%
AU200 -0.30%
SG20 -0.30%
U.S. index CFDs are down 0.10–0.20%.
European markets also point to a soft open.
Focus of the day:
At 20:00 GMT, markets await the Trump administration’s tariff decision.
Before that, we’ll see the ADP jobs report for March — an early snapshot of the labour market.
From yesterday:
WSJ reports the U.S. Treasury & Commerce Depts have proposed a broad tariff hike (up to 20%) for selected countries.
Treasury Secretary Bessent: Tariffs are a “cap” and may be lowered later.
Small boost seen in EUR, AUD & NZD — though gains faded.
RBA’s Kent raised the OMO repo rate by 5 bps (now +10 bps above cash rate), calling it a technical tweak, not a policy shift. Still, AUD is gaining.
BoJ’s Ueda warned U.S. tariffs could dent global trade. USDJPY is up 0.18%, trading near 149.88.
Chicago Fed’s Goolsbee:
U.S. economy = solid hard data
Confidence = collapsing
Tariffs = supply shock risk → potential inflation
In New Zealand:
Feb building permits +0.7% MoM (vs +2.6% prior) YoY -7.8% (vs +10.6% in Jan)
NZD barely moved, still reacting to tariff news.
In Europe:
Germany’s banking association slashed its 2025 GDP forecast to just +0.2% (from 0.7%). Rebound to 1.4% expected in 2026 thanks to gov’t spending.
