Morning Update | 03.04.2025. 
Trump signs executive order on tariffs
A blanket 10% tariff on all U.S. imports kicks in from 5 April (Canada & Mexico excluded via USMCA).
Retaliatory tariffs effective 9 April:
EU: 20%
Japan: 24%
UK: 10%
China: extra 34% → Total: 54%
Auto tariffs? Already in effect from today.
Wall Street: Green closes, red futures
Yesterday:
S&P 500: +0.87%
DJIA: +0.56%
Nasdaq: +0.87%
Russell 2000: +1.65%
After-hours plunge post “Liberation Day” speech:
S&P 500: -2.7%
DJIA: -2%
Nasdaq: -3.2%
Russell 2000: -4%
Magnificent 7 meltdown Tesla -8% | Apple -7% | Amazon -6% Nvidia -5.7% | Meta -4.7% | Alphabet -3.5% | Microsoft -2.9%
Von der Leyen responds:
Slams U.S. tariffs, calls for “
negotiation not confrontation.”
EU preparing countermeasures on steel & aluminium.
Fed’s Kugler: No rush to cut rates amid inflation worries.
UBS warns: Tariffs could push inflation to 5%.
Asia-Pacific deep in red Nikkei 225: -3.3%
HSCEI: -1.7% Shanghai: -0.5%
Kospi: -1.15%
ASX 200: -0.95%
China Services PMI surprises:
51.9 (forecast 51.5) → Best new business growth since Dec, plus lower costs & hiring surge.
Australia Services PMI rises:
From 51.3 → 51.6
Growth driven by lower price pressures & highest employment jump since April 2023.
FX Market:
After Trump’s speech, the dollar weakens across the board (USDIDX: -0.75%). USDJPY: -1.4% CHFUSD: +1.1%
EURUSD: +0.85% → Above 1.09
Capital flows to safe havens.
Commodities bleeding:
Gold: -0.19% ($3,129/oz)
Silver: -2.13% ($33.15/oz)
Brent & WTI: -2.5%
NATGAS: -1.7%
Crypto in retreat:
₿ bitcoin: -2.6% ($83,440)
Ξ ethereum: -2.6% ($1,831.50) Trump token: -7.5% Solana: -4.5% Chainlink: -2.9%
